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                            New York, United States & Bangalore, Karnataka, India:
                         Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced financial results under International Financial Reporting Standards (IFRS) for the Quarter ended December 31, 2021.

 Highlights of the ResultsResults for the Quarter ended December 31, 2021:

Gross Revenue was Rs 203.1 billion ($2.7 billion1), an increase of 3.3% QoQ and 29.6% YoY
IT Services Segment Revenue was at $2,639.7 million, an increase of 2.3% QoQ and 27.5% YoY
Non-GAAP2 constant currency IT Services Segment Revenue increased by 3.0% QoQ and 28.5% YoY
IT Services Operating Margin3 for the quarter was at 17.6%, a decrease of 19 bps QoQ
Net Income for the quarter was Rs 29.7 billion ($399.1 million1), increase of 1.3% QoQ
Earnings Per Share for the quarter was at Rs 5.43 ($0.071), an increase of 4.2% YoY
Operating Cash Flow was at Rs 30.1 billion ($404.2 million1), which is 101.3% of Net Income
Our closing strength of employees for IT Services was at 231,671, an increase of 41,363 employees on a net basis YoY. We added 10,306 employees during the quarter
Wipro declared an interim dividend of Rs 1 ($0.0131) per equity share/ADS

 Performance for the quarter ended December 31, 2021
 Thierry Delaporte, CEO and Managing Director said, “Wipro has delivered a fifth consecutive quarter of strong performance, both on revenues, and margins. Order bookings have been strong too, and we have added seven new customers in the more than $100 Mn revenue league, in the last 12 months. Our strategy and improved execution continue to serve us well, and we are confident of building on this momentum. We are also excited to have completed the acquisitions of Edgile and LeanSwift Solutions in the quarter, both of which will add to our capabilities significantly.”
 Jatin Dalal, Chief Financial Officer said, “We delivered robust operating margins after absorbing substantial investments on salary increases, owing to continued improvement in operating metrics. We also improved our working capital, by reducing our Days Sales Outstanding. This has resulted in strong operating cash flow conversion, of 101.3% of net income. Additionally, we have declared an interim dividend of Rs 1 per equity share.”
 Outlook for the quarter ending March 31, 2022
We expect Revenue from our IT Services business to be in the range of $2,692 million to $2,745 million*. This translates to a sequential growth of 2.0% to 4.0%.
 
*Outlook is based on the following exchange rates: GBP/USD at 1.34, Euro/USD at 1.13, AUD/USD at 0.73, USD/INR at 75.73 and CAD/USD at 0.79
 IT Services
Wipro continued its momentum in winning large deals with our customers as described below:
 
A US-based healthcare company has awarded Wipro a business process and platform services contract spanning claims processing and setting up a customer service center using Wipro’s proprietary healthcare platform. Wipro will enable the client to expand its product offerings and go-to-market strategies and grow in this business segment.
A leading US-based student-aid organization has awarded Wipro a multi-million dollar engagement to manage and streamline their mainframe operations to support their mission critical platform and help enhance end-user experience.
Wipro has won a multi-million dollar engagement with a US-based industrial manufacturing company to drive workplace transformation that delivers best-in-class end-user experience with an effective approach for mergers and acquisitions integrations.
Wipro has won an engagement with a leading US-based retail brokerage for a large integration program that includes modernizing and scaling applications across its multiple lines of business.
A technology-driven travel marketplace has selected Wipro as its strategic partner to modernize its core travel platform and help set up a capability hub in Mexico. The modernized platform will significantly enhance customer experience and help generate new revenue streams for the customer.

 Digital Services Highlights
We continue to see increasing traction in digital oriented and other strategic deals as illustrated below:
A large, Brazil-based water and waste management company has awarded Wipro a strategic engagement to transform their internal processes, improve operational efficiency, and enhance competitiveness leveraging Wipro FullStride Cloud Services.
A leading US-based Cloud Security and Identity Governance solutions provider has selected Wipro to develop demanding functionalities and enhancements to support their core Product Development function. Wipro will help the customer meet growing demands, enable a quicker time to market and scale their software business globally.
A leading US-based financial advice firm has selected Wipro and Capco as strategic partners to deliver multiple digital transformation programs. Together with Capco, Wipro will lead an innovation program to facilitate greater adoption of new technologies to accelerate the company’s digital transformation journey.
Wipro has won an engagement with a US-based multi-state healthcare organization to deliver modernized member services. Wipro will leverage a new cloud-based, globalized contact center service delivery model to digitally transform and optimize stakeholder experience and ensure cost savings, quality, compliance and growth for the customer.
 
Analyst Recognition
 
Wipro has been recognized as a Leader for the second consecutive time in the 2021 Gartner® Magic Quadrant™ for Managed Network Services (Ted Corbett et al., 10 Nov 2021)
Wipro positioned as a Leader in The Forrester Wave™: Data Management Service Providers, Q4 2021
Wipro was featured in the Top 3 players in HFS Top 10: Life Sciences Service Providers 2021
Wipro was featured in the Top 4 players in HFS Top 10: Energy Services 2021
Wipro was rated as a Leader in Avasant High-Tech Industry Digital Services 2021–2022 RadarView
Wipro was positioned as a Leader in IDC MarketScape: Worldwide Salesforce Implementation Services 2021 Vendor Assessment (Doc  # US47073921, Nov 2021)
Wipro was rated as a Leader and Star Performer in Everest Group’s Enterprise Quality Assurance (QA) Services PEAK Matrix® Assessment 2022
Wipro was recognized as a Leader in Everest Group’s Cloud Services PEAK Matrix® Assessment 2022 – Europe, North America
Wipro was recognized as a Leader in Everest Group’s Advanced Analytics and Insights (AA&I) Services PEAK Matrix® Assessment 2022
Wipro ranks among the Top Service Providers in Customer Satisfaction and Innovation categories in Whitelane & Navisco Germany IT Outsourcing Study 2021
Wipro ranks among the Top Service Providers in Customer Satisfaction and Innovation categories in Whitelane French IT Outsourcing Study 2021
Wipro was recognized as a Leader in Everest Group’s Intelligent Automation in Healthcare – Solutions PEAK Matrix® Assessment 2022
Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of 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 1.8 billion ($23.8 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 1.6 billion ($21.8 million1)
India SRE Segment Results for the quarter was a profit of Rs 0.1 billion ($1.8 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 December 31, 2021, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com

Quarterly Conference CallWe will hold an earnings conference call today at 07:15 p.m. Indian Standard Time (08:45 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=WIP20220112
 
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 74.39, as published by the Federal Reserve Board of Governors on December 31, 2021. However, the realized exchange rate in our IT Services business segment for the quarter ended December 31, 2021 was US$1= Rs 76.12
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

 

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 December 31, 2021
 
 
 
 
 
 
 
Convenience translation into US dollar in millions Refer footnote 1
ASSETS
 
 
 
 
 
 
 
Goodwill
 
 
139,127 
 
242,945 
 
3,266 
Intangible assets
 
 
13,085 
 
44,320 
 
596 
Property, plant and equipment
 
 
85,192 
 
90,248 
 
1,213 
Right-of-Use assets
 
 
16,420 
 
18,445 
 
248 
Financial assets
 
 
 
 
 
 
 
Derivative assets 
 
 
16 
 
35 
 
^
Investments 
 
 
10,576 
 
17,543 
 
236 
Trade receivables 
 
 
4,358 
 
1,301 
 
17 
Other financial assets
 
 
6,088 
 
6,052 
 
81 
Investments accounted for using the equity method
 
 
1,464 
 
775 
 
10 
Deferred tax assets
 
 
1,664 
 
2,357 
 
32 
Non-current tax assets
 
 
14,323 
 
10,222 
 
137 
Other non-current assets
 
 
15,935 
 
12,377 
 
166 
Total non-current assets
 
 
308,248 
 
446,620 
 
6,002 
Inventories
 
 
1,064 
 
1,025 
 
14 
Financial assets
 
 
 
 
 
 
 
Derivative assets
 
 
4,064 
 
5,277 
 
71 
Investments
 
 
175,707 
 
235,740 
 
3,169 
Cash and cash equivalents
 
 
169,793 
 
107,458 
 
1,445 
Trade receivables
 
 
94,298 
 
122,365 
 
1,645 
Unbilled receivables
 
 
27,124 
 
38,908 
 
523 
Other financial assets
 
 
7,245 
 
9,608 
 
129 
Contract assets
 
 
16,507 
 
16,680 
 
224 
Current tax assets
 
 
2,461 
 
4,185 
 
56 
Other current assets
 
 
24,923 
 
29,504 
 
397 
Total current assets
 
 
523,186 
 
570,750 
 
7,673 
 
 
 
 
 
 
 
 
TOTAL ASSETS
 
 
831,434 
 
1,017,370 
 
13,675 
 
 
 
 
 
 
 
 
EQUITY
 
 
 
 
 
 
 
Share capital
 
 
10,958 
 
10,962 
 
147 
Share premium
 
 
714 
 
1,304 
 
18 
Retained earnings
 
 
466,692 
 
555,789 
 
7,471 
Share-based payment reserve
 
 
3,071 
 
4,094 
 
55 
SEZ Re-investment reserve
 
 
41,154 
 
44,167 
 
594 
Other components of equity
 
 
30,506 
 
37,609 
 
506 
Equity attributable to the equity holders of the Company
 
 
553,095 
 
653,925 
 
8,791 
Non-controlling interests
 
 
1,498 
 
446 
 

TOTAL EQUITY
 
 
554,593 
 
654,371 
 
8,797 
 
 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
Financial liabilities
 
 
 
 
 
 
 
Loans and borrowings
 
 
7,458 
 
55,417 
 
745 
Derivative liabilities   
 
 
–   
 

 
^
Lease liabilities 
 
 
13,513 
 
15,056 
 
202 
Other financial liabilities
 
 
2,291 
 
3,676 
 
49 
Deferred tax liabilities
 
 
4,633 
 
14,989 
 
201 
Non-current tax liabilities
 
 
11,069 
 
14,520 
 
195 
Other non-current liabilities
 
 
7,835 
 
8,238 
 
111 
Provisions 
 
 

 

 
^
Total non-current liabilities
 
 
46,801 
 
111,903 
 
1,503 
Financial liabilities
 
 
 
 
 
 
 
Loans, borrowings and bank overdrafts
 
 
75,874 
 
78,501 
 
1,055 
Derivative liabilities
 
 
1,070 
 
340 
 

Trade payables and accrued expenses
 
 
78,870 
 
87,506 
 
1,175 
Lease liabilities
 
 
7,669 
 
8,647 
 
116 
Other financial liabilities
 
 
1,470 
 
3,906 
 
53 
Contract liabilities
 
 
22,535 
 
28,161 
 
379 
Current tax liabilities
 
 
17,324 
 
18,992 
 
255 
Other current liabilities
 
 
24,552 
 
24,238 
 
326 
Provisions
 
 
676 
 
805 
 
11 
Total current liabilities
 
 
230,040 
 
251,096 
 
3,375 
TOTAL LIABILITIES
 
 
276,841 
 
362,999 
 
4,878 
 
 
 
 
 
 
 
 
TOTAL EQUITY AND LIABILITIES
 
 
831,434 
 
1,017,370 
 
13,675 
^ Value is less than 1
 
 
 
 
 
 
 

 

WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Rs  in millions, except share and per share data, unless otherwise stated)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended December 31,
 
Nine months ended December 31,
 
 
 
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
 
 
156,700 
 
203,136 
 
2,731 
 
456,976 
 
582,334 
 
7,828 
Cost of revenues
 
 
(104,313)
 
(142,778)
 
(1,919)
 
(313,400)
 
(407,907)
 
(5,483)
Gross profit
 
 
52,387 
 
60,358 
 
812 
 
143,576 
 
174,427 
 
2,345 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling and marketing expenses
 
 
(11,326)
 
(13,988)
 
(189)
 
(30,721)
 
(40,857)
 
(549)
General and administrative expenses
 
 
(7,814)
 
(12,036)
 
(162)
 
(25,997)
 
(33,854)
 
(455)
Foreign exchange gains/(losses), net
 
 
566 
 
1,187 
 
16 
 
2,109 
 
3,280 
 
44 
Other operating income/(loss), net
 
 
–   
 
14 
 
^
 
(81)
 
2,179 
 
29 
Results from operating activities
 
 
33,813 
 
35,535 
 
477 
 
88,886 
 
105,175 
 
1,414 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finance expenses
 
 
(1,400)
 
(1,403)
 
(19)
 
(3,966)
 
(3,608)
 
(49)
Finance and other income
 
 
5,975 
 
3,578 
 
48 
 
16,465 
 
12,311 
 
165 
Share of net profit/ (loss) of associates accounted for using the equity method
 
 
101 
 
76 
 

 
126 
 
73 
 

Profit before tax
 
 
38,489 
 
37,786 
 
507 
 
101,511 
 
113,951 
 
1,531 
Income tax expense
 
 
(8,524)
 
(8,063)
 
(108)
 
(22,590)
 
(22,547)
 
(303)
Profit for the period
 
 
29,965 
 
29,723 
 
399 
 
78,921 
 
91,404 
 
1,228 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit attributable to:
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity holders of the Company
 
 
29,667 
 
29,690 
 
399 
 
78,225 
 
91,318 
 
1,227 
Non-controlling interests 
 
 
298 
 
33 
 
^
 
696 
 
86 
 

Profit for the period
 
 
29,965 
 
29,723 
 
399 
 
78,921 
 
91,404 
 
1,228 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per equity share:
 
 
 
 
 
 
 
 
 
 
 
 
 
Attributable to equity holders of the Company
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
5.21 
 
5.43 
 
0.07 
 
13.74 
 
16.71 
 
0.22 
Diluted
 
 
5.17 
 
5.42 
 
0.07 
 
13.46 
 
16.67 
 
0.22 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of equity shares
 
 
 
 
 
 
 
 
 
 
 
 
 
used in computing earnings per equity share
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
5,696,798,493 
 
5,467,954,878 
 
5,467,954,878 
 
5,694,731,405 
 
5,465,359,077 
 
5,465,359,077 
Diluted
 
 
5,741,070,466 
 
5,481,204,821 
 
5,481,204,821 
 
5,812,779,105 
 
5,478,766,612 
 
5,478,766,612 
^ Value is less than 1
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional Information:
 
Particulars
Three months ended 
Nine months ended
Year ended
December
31, 2021
September
30, 2021
December
31, 2020
December
31, 2021
December
31, 2020
March
31, 2021
Audited
Audited
Audited
Audited
Audited
Audited
Revenue
 
 
 
 
 
 
IT Services
 
 
 
 
 
 
Americas 1
56,644 
53,205 
45,015 
159,532 
131,581 
178,091 
Americas 2
61,076 
59,260 
44,702 
175,441 
133,346 
179,821 
Europe
59,620 
58,619 
42,880 
172,700 
120,334 
165,441 
APMEA
23,596 
22,715 
20,717 
67,543 
61,637 
82,462 
Total of IT Services
200,936 
193,799 
153,314 
575,216 
446,898 
605,815 
IT Products
1,767 
1,894 
1,563 
4,972 
5,568 
7,685 
ISRE
1,623 
1,867 
2,388 
5,427 
6,610 
8,912 
Reconciling Items
(3)
47 

(1)

13 
Total Revenue
204,323 
197,607 
157,266 
585,614 
459,085 
622,425 
 
 
 
 
 
 
 
Other operating income/(loss), net
 
 
 
 
 
 
IT Services
14 
15 
–   
2,179 
(81)
(81)
Total Other operating income/(loss), net
14 
15 
–   
2,179 
(81)
(81)
 
 
 
 
 
 
 
Segment Result
 
 
 
 
 
 
IT Services
 
 
 
 
 
 
Americas 1
11,390 
10,521 
8,075 
31,290 
23,177 
33,040 
Americas 2
12,057 
11,819 
10,190 
35,226 
31,089 
41,589 
Europe
9,172 
9,186 
9,283 
26,683 
22,969 
31,673 
APMEA
2,483 
3,028 
2,778 
8,577 
8,402 
11,476 
   Unallocated
173 
(156)
2,945 
73 
3,896 
5,153 
Other operating income/(loss), net
14 
15 
–   
2,179 
(81)
(81)
Total of IT Services
35,289 
34,413 
33,271 
104,028 
89,452 
122,850 
IT Products
96 
94 
78 
137 
(100)
45 
ISRE
134 
393 
471 
1,002 
474 
1,061 
Reconciling Items
16 
20 
(7)

(940)
(903)
Total
35,535 
34,920 
33,813 
105,175 
88,886 
123,053 
Finance expenses
(1,403)
(1,459)
(1,400)
(3,608)
(3,966)
(5,088)
Finance and Other Income
3,578 
4,114 
5,975 
12,311 
16,465 
20,912 
Share of net profit/ (loss) of associates accounted for using the equity method
76 
(10)
101 
73 
126 
130 
Profit before tax
37,786 
37,565 
38,489 
113,951 
101,511 
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 December 31, 2021
IT Services Revenue as per IFRS                                                          $         2,639.7
Effect of Foreign currency exchange movement                                    $              17.2
Non-GAAP Constant Currency IT Services Revenue based on             $         2,656.9
previous quarter exchange rates                     
 Three Months ended December 31, 2021
IT Services Revenue as per IFRS                                                         $          2,639.7
Effect of Foreign currency exchange movement                                   $              21.2
Non-GAAP Constant Currency IT Services Revenue based on             $         2,660.9
exchange rates of comparable period in previous year  

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