Wipro Announces Fourth Quarter and Year end Results, Delivers Record Total Bookings

East Brunswick, N.J., United States & Bangalore, Karnataka, India:

• IT Services Revenue for the year increased by 11.5% YoY
• Total Bookings up by 28% YoY for the Year
• Operating Cash Flows at 115% of Net Income for the Year
• Board approves Buy-Back for the value of Rs 120 billion
• Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2023.

Highlights of the Results

Results for the Quarter ended March 31, 2023:

1. Gross Revenue reached Rs 231.9 billion ($2.8 billion¹), a decrease of 0.2% QoQ, increased 11.2% YoY
2. IT Services Segment Revenue increased to $2,823.0 million, an increase of 0.7% QoQ and 3.7% YoY
3. Non-GAAP² constant currency IT Services segment revenue decreased 0.6% QoQ, increased 6.5% YoY
4. Total Bookings⁴ were up by 29% and large deal bookings⁵ were up by 155% YoY
5. IT Services Operating Margin³ for the quarter was at 16.3%, flat QoQ
6. Net Income for the quarter was at Rs 30.7 billion ($374.1 million¹), an increase of 0.7% QoQ and decrease of 0.4% YoY
7. Earnings Per Share for the quarter was at Rs 5.61 ($0.07¹), an increase of 0.7% QoQ and decrease of 0.5% YoY
8. Operating Cash Flows at 120.6% of Net Income for the quarter was at Rs 37.3 billion ($453.8 million¹), an increase of 60.0% YoY
9. Voluntary attrition⁶ decreased 330 bps from the previous quarter, landing at 14.1% on a quarterly annualised basis and at 19.2% on a trailing twelve months basis

Results for the Year ended March 31, 2023:

1. Gross Revenue reached Rs 904.9 billion ($11.0 billion¹), an increase of 14.4% YoY
2. IT Services Segment Revenue increased to $11,159.7 million, an improvement of 7.8% YoY
3. Non-GAAP² constant currency IT Services segment revenue was up 11.5% YoY
4. IT Services Operating Margin³ for the year was at 15.7%, a decrease of 205bps YoY
5. IT Services Operating profit was higher than any previous period at Rs 140.8 billion, an improvement of 1.2% YoY
6. Earnings Per Share for the year was at Rs 20.73 ($0.25¹), a decrease of 7.2% YoY
7. Operating Cash Flows at 114.9% of Net Income for the year was at Rs 130.6 billion ($1,589.0 million¹), an increase of 17.9% YoY

Performance for the Quarter and Year ended March 31, 2023

Thierry Delaporte, CEO and Managing Director, said, “We closed FY23 with the strongest-ever bookings recorded in a year. We delivered two consecutive quarters of total bookings of over $4.1 billion. Our large deal order booking grew by 155% year-over-year for the quarter. We are also pleased to announce our share buyback, which is part of our philosophy to deliver consistent returns to shareholders.
“Compared to just a few years ago, we are seeing a visible change in the structure of our deals and our market position. We are winning large transformation deals, benefitting from a consolidating market, and deepening relationships with existing clients.”
“We have built a strong foundation to sustain through this period of increased uncertainty. We have the growth mindset, right organizational structure, and the talent for long-term success.”

Jatin Dalal, Chief Financial Officer, said, “We continue to maintain our focus on operational improvements and productivity enhancements which led to our IT services margin exit at 16.3% in Q4 despite macro headwinds. We generated strong operating cash flows at 121% of our net income for the Quarter.”