Wipro Records 19% YoY Growth in Net Income for the year

           Wipro Records 19% YoY Growth in Net Income for the year

Results for the quarter and year ended March 31, 2013 under IFRS

PR Newswire

BANGALORE, India and EAST BRUNSWICK, N.J., April 19, 2013

BANGALORE, India and EAST BRUNSWICK, N.J., April 19, 2013 /PRNewswire/ --
Wipro Limited (NYSE: WIT) today announced financial results under
International Financial Reporting Standards (IFRS) for its fourth quarter and
year ended March 31, 2013.

Highlights of the Results:

Results for the Quarter ended March 31, 2013:

  oThe Scheme of Arrangement for the demerger of the 'Diversified Business'
    of Wipro, including the Consumer Care and Lighting segment, is effective
    from March 31, 2013. Our financial statements show the performance of the
    'Diversified Business' as discontinued operations.
  oTotal Revenues were rupees 110.26 billion ($2.02 billion^1), an increase
    of 12% YoY. Revenues for continuing operations were rupees 96.14 billion
    ($1.76 billion^1), an increase of 13% YoY. Revenues for discontinued
    operations were rupees 14.12 billion ($259 million^1), an increase of 4%
    YoY.
  oTotal Net Income was rupees 17.29 billion ($317 million^1), an increase of
    17% YoY. Net Income for continuing operations was rupees 15.76 billion
    ($289 million^1), an increase of 13% YoY. Net Income for discontinued
    operations was rupees 1.53 billion ($28 million^1), an increase of 88%
    YoY.
  oTotal Non-GAAP Adjusted Net Income was rupees 17.22 billion ($316
    million^1), an increase of 16% YoY. Non-GAAP Adjusted Net Income for
    continuing operations was rupees 15.69 billion ($288 million^1), an
    increase of 12% YoY. Non-GAAP Adjusted Net Income for discontinued
    operations was rupees 1.53 billion ($28 million^1), an increase of 88%
    YoY.
  oNon-GAAP constant currency IT Services Revenue in dollar terms was
    $1,598.6 million, within our guidance range of $1,585 million to $1,625
    million.
  oIT Services Revenue was $1,585.1 million, a sequential increase of 0.5%
    and YoY increase of 3.2%.
  oIT Services Revenues in Rupee terms was rupees 85.54 billion ($1,569
    million^1), an increase of 13% YoY.
  oIT Services Earnings Before Interest and Tax (EBIT) was rupees 17.27
    billion ($317 million^1), an increase of 10% YoY.
  oOperating Income to Revenue for IT Services was 20.2% for the quarter.
  oWipro declares a final dividend of rupees 5 ($0.09^1) per share/ADS,
    taking the total dividend declared during the year to rupees 7 ($0.13^1)
    per share/ADS.

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 March 29, 2013, for cable transfers in Indian rupees,
as certified by the Federal Reserve Board of New York, which was US $1= rupees
54.52. However, the realized exchange rate in our IT Services business segment
for the quarter ended March 31, 2013 was US$1= rupees 53.96

Results for the Year ended March 31, 2013:

  oTotal Revenues for were rupees 433.61 billion ($7.95 billion^1), an
    increase of 16% YoY. Revenues for continuing operations were rupees 376.88
    billion ($6.91 billion^1), an increase of 17% YoY. Revenues for
    discontinued operations were rupees 56.73 billion ($1.04 billion^1), an
    increase of 7% YoY.
  oTotal Net Income was rupees 66.36 billion ($1.22 billion^1), an increase
    of 19% YoY. Net Income for continuing operations was rupees 61.36 billion
    ($1.13 billion^1), an increase of 17% YoY. Net Income for discontinued
    operations was rupees 5.0 billion ($92 million^1), an increase of 47% YoY.
  oTotal Non-GAAP Adjusted Net Income was rupees 66.04 billion ($1.21
    billion^1), an increase of 19% YoY. Non-GAAP Adjusted Net Income for
    continuing operations was rupees 61.05 billion ($1.12 billion^1), an
    increase of 17% YoY. Non-GAAP Adjusted Net Income for discontinued
    operations was rupees 5.0 billion ($92 million^1), an increase of 47% YoY.
  oIT Services Revenue was $6,217.8 million, an increase of 5% YoY. Non GAAP
    constant currency growth YoY for IT Services was 7.4%.
  oIT Services Revenues were rupees 338.43 billion ($6.21 billion^1), an
    increase of 19% YoY.
  oIT Services Earnings Before Interest and Tax (EBIT) was rupees 69.93
    billion ($1.28 billion^1), an increase of 18% YoY.
  oOur Operating Income to Revenue for IT Services was 20.7% for the year.

Performance for the quarter and year ended March 31, 2013
Azim Premji, Chairman of Wipro, commenting on the results said – "We have
completed the demerger of the 'Diversified Business' effective March 31, 2013
to make Wipro Limited a pure play IT company. We are confident that being a
technology-focused company will provide a fresh momentum for growth."

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said –
"The cross currencies have been volatile and impacted our financial
performance in the quarter. Excluding the impact of foreign exchange, we have
been able to maintain margins on a sequential basis. We have shown significant
improvements in cash flow generation for the year."

T K Kurien, Executive Director & Chief Executive Officer, IT Business, said –
"We continue to see improvement in our customer satisfaction and employee
engagement. Our continued investments in the go-to-market organization
positions us well for the future."

Outlook for the Quarter ending June 30, 2013
We expect Revenues from our IT Services business to be in the range of $1,575
million to $1,610 million*.

* Guidance is based on the following exchange rates: GBP/USD at 1.52, Euro/USD
at 1.31, AUD/USD at 1.04, USD/INR at 54.14.

IT Services
The IT Services segment had 145,812 employees as of March 31, 2013, an
increase of 2,907 people in the quarter. We added 52 new customers for the
quarter.

Wipro has secured a contract from a large Europe-based universal bank to build
a "Centralized Testing Unit" that will help the bank achieve higher production
stability and lower cost of avoidance in its Testing processes. Wipro's
Transformation Services and Data Obfuscation Services along with industry
leading testing services will help the bank achieve standardized Testing
processes across the organization.

GVK-led Mumbai International Airport Pvt. Ltd. (MIAL), the operator of the
Chhatrapati Shivaji International Airport (CSIA) in Mumbai has chosen Wipro to
provide world-class IT services for the new integrated terminal "T2." Wipro
will be responsible for providing Managed Services across the entire IT
landscape at MIAL and deliver high availability and operational efficiency
across all the critical airport processes.

Wipro has won an ERP deal for Asset and Infrastructure Management from a key
national defense organization.

Awards and accolades
Wipro was named a "Leader" by technology global research and advisory firm
Forrester Research Inc., in its report "The Forrester Wave™: Enterprise
Mobility Services, Q1 2013." Forrester Research Inc. evaluated 13 leading
enterprise mobility service providers across 15 criteria, relating to current
offering, strategy, and market presence based on interviews with clients.
Wipro scored the highest for its breadth of mobile technology skills and
competencies, R&D and go-to-market strategy.

Wipro was appraised at Capability Maturity Model Integration CMMI-DEV 1.3
Level 5. This assessment is a validation of Wipro's process capability based
on the CMMI standards that measure process improvements.

Wipro received the 'NASSCOM Corporate Award for Excellence in Diversity and
Inclusion, 2012,' in the category 'Most Effective Implementation of Practices
& Technology for Persons with Disabilities,' at the annual NASSCOM Diversity
and Inclusion Summit.

Wipro was named a "Leader" by Verdantix, a leading analyst firm in providing
advice to clients in the field of energy, environment and sustainability
challenges, in its report "Green Quadrant® Sustainable Technology Services
(Global), March 2013." Verdantix evaluated 16 of the leading sustainable
technology service providers globally.

Wipro won the Frost & Sullivan Product Leadership Award (2012) in the Middle
East Managed Services Market for its flagship product, FixOmatic Endpoint
Automation Product (EAP).

IT Products

  oOur IT Products segment recorded Revenue of rupees 39.24 billion ($720
    million^1) for the year ended March 31, 2013 an increase of 2% YoY.
    Revenue for the quarter was rupees 10.75 billion ($197 million^1), an
    increase of 15% YoY.
  oEBIT was rupees 990 million ($18 million^1) for the year, a decrease of
    45% YoY. EBIT was rupees 268 million ($5 million^1) for the quarter, a
    decrease of 39% YoY.
  oThe ratio of our Operating Income to Revenue for this segment was 2.5% for
    the year and also for the quarter.

Consumer Care & Lighting (Discontinued Operations)

  oConsumer Care & Lighting segment recorded Revenue of rupees 40.59 billion
    ($745 million^1) for the year ended March 31, 2013 an increase of 22% YoY.
    Revenue for the quarter was rupees 10.44 billion ($191 million^1), an
    increase of 15% YoY.
  oEBIT was rupees 5.01 billion ($92 million^1) for the year, an increase of
    27% YoY. EBIT was rupees 1.34 billion ($25 million^1) for the quarter, an
    increase of 18% YoY.

Please see the table on page 7 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.

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 7 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. We consider a stock option award with a graded vesting
schedule to be in substance a single award not multiple stock option awards
and accordingly believe the straight line amortization reflects the economic
substance of the award. 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. 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.

These 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. In addition to these 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.

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.

Results for the quarter and year ended March 31, 2013, 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 a conference call 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. 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 (NYSE: WIT)
Wipro provides comprehensive IT solutions and services, including systems
integration, Information Systems outsourcing, IT enabled services, 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.

For more information, please visit our websites at www.wipro.com.

Forward-looking and Cautionary 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, 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
AUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Rupees in millions, except share and per share data, unless otherwise
stated)
                                       As of March  As of March 31,
                                       31,
                                       2012         2013     2013
                                                             Convenience
                                                             translation into
                                                             US$ in millions
ASSETS
Goodwill                               67,937       54,756   1,004
Intangible assets                      4,229        1,714    31
Property, plant and equipment          58,988       50,525   927
Investment properties                  -            -        -
Investment in equity accounted         3,232        -        -
investee
Other Investments                      -            4        0
Derivative assets                      3,462        51       1
Non-current tax assets                 10,287       10,308   189
Deferred tax assets                    2,597        4,235    78
Other non-current assets               11,781       10,738   197
Total non-current assets               162,513      132,327  2,427
Inventories                            10,662       3,263    60
Trade receivables                      80,328       76,635   1,406
Other current assets                   25,743       31,069   570
Derivative assets                      -                     -
Unbilled revenues                      30,025       31,988   587
Available for sale investments         41,961       69,171   1,269
Derivative asset                       -            -        -
Current tax assets                     5,635        7,408    136
Derivative assets                      1,468        3,031    56
Cash and cash equivalents              77,666       84,838   1,556
Total current assets                   273,488      307,403  5,638
TOTAL ASSETS                           436,001      439,730  8,065
EQUITY
Share capital                          4,917        4,926    90
Share premium                          30,457       11,760   216
Retained earnings                      241,912      259,178  4,754
Share based payment reserve           1,976        1,316    24
Other components of equity             6,594        7,174    132
Shares held by controlled trust        (542)        (542)    (10)
Equity attributable to the equity      285,314      283,812  5,206
holders of the company
Non-controlling Interest               849          1,171    21
Total equity                           286,163      284,983  5,227
LIABILITIES
Long - term loans and borrowings       22,510       854      16
Deferred tax liabilities               353          846      16
Employee benefit obligations           -            -        -
Derivative liabilities                 307          118      2
Non-current tax liability              5,403        4,790    88
Other non-current liabilities          3,519        3,390    62
Provisions                             61           9        -
Total non-current liabilities          32,153       10,007   184
Loans and borrowings and bank          36,448       62,962   1,155
overdrafts
Trade payables and accrued expenses    47,258       48,067   882
Unearned revenues                      9,569        10,347   190
Current tax liabilities                7,232        10,226   188
Derivative liabilities                 6,354        975      18
Other current liabilities              9,703        10,989   202
Provisions                             1,121        1,174    22
Total current liabilities              117,685      144,740  2,655
TOTAL LIABILITIES                      149,838      154,747  2,838
TOTAL EQUITY AND LIABILITIES           436,001      439,730  8,065





WIPRO LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME
(`in millions, except share and per share data, unless otherwise stated)
                   Three months ended March 31,                 Year ended March 31,
                   2012           2013           2013            2012           2013           2013
                                                 Convenience                                   Convenience
                                                 translation                                   translation
                                                 into                                          into
                                                 US $ in                                       US $ in
                                                 millions                                      millions
                                                 (Unaudited)                                   (Unaudited)
Continuing
Operations
Gross revenues     84,547         96,078         1,762           318,747        374,256        6,865
Cost of revenues   (59,140)       (67,008)       (1,229)         (225,794)      (260,665)      (4,781)
Gross profit       25,407         29,070         533             92,953         113,591        2,084
Selling and        (4,838)        (6,183)        (113)           (17,953)       (24,213)       (444)
marketing expenses
General and
administrative     (5,263)        (5,820)        (107)           (18,416)       (22,032)       (404)
expenses
Foreign exchange
gains/(losses),    521            62             1               3,328          2,626          48
net
Results from
operating          15,827         17,129         314             59,912         69,972         1,284
activities
Finance expenses   (375)          (395)          (7)             (3,371)        (2,693)        (49)
Finance and other  2,448          3,077          56              8,982          11,317         208
income
Share of
profits/(losses)   -              -              -               -              -              -
of equity
accounted investee
Profit before tax  17,900         19,811         364             65,523         78,596         1,442
Income tax expense (3,804)        (3,973)        (73)            (12,955)       (16,912)       (310)
Profit for the
period from        14,096         15,838         291             52,568         61,684         1,132
continuing
operation
Discontinued
operation
Profit after tax
for the period     816            1,535          28              3,419          5,012          92
from discontinued
operation
Profit for the     14,912         17,373         319             55,987         66,696         1,224
period
Attributable to:
Equity holders of  14,809         17,287         317             55,730         66,359         1,217
the company
Non-controlling    103            86             2               257            337            6
interest
Profit for the     14,912         17,373         319             55,987         66,696         1,223
period
Profit from
continuing
operations
attributable to:
Equity holders of  13,996         15,756         289             52,325         61,362         1,126
the company
Non-controlling    100            82             1               243            322            6
interest
                   14,096         15,838         290             52,568         61,684         1,132
Attributable to
equity share
holders of the
company
Basic              6.04           7.04           0.13            22.75          27.05          0.50
Diluted            6.03           7.02           0.13            22.68          26.98          0.49
From continuing
operations
Basic              5.71           6.42           0.12            21.36          25.01          0.46
Diluted            5.70           6.40           0.12            21.29          24.95          0.46
Weighted average
number of equity
shares used in
computingearnings
per equity share
Basic              2,450,584,622  2,455,037,295  2,455,037,295   2,449,777,457  2,453,218,759  2,453,218,759
Diluted            2,457,137,406  2,460,940,973  2,460,940,973   2,457,511,538  2,459,184,321  2,459,184,321
Additional
Information
Segment Revenue
IT Services        75,897         85,538         1,569           284,313        338,431        6,207
IT Products        9,370          10,746         197             38,436         39,238         720
IT Services &      85,267         96,284         1,766           322,749        377,669        6,927
Products
Consumer Care and
Lighting           9,067          10,440         191             33,401         40,594         745
(Discontinued
operation)
Others
(Discontinued      4,288          3,393          62              18,565         14,785         271
operation)
Reconciling Items  69             147            3               534            560            10
Total              98,691         110,264        2,022           375,249        433,608        7,953
Operating Income
IT Services        15,731         17,268         317             59,265         69,933         1,283
IT Products        438            268            5               1,787          990            18
IT Services &      16,169         17,536         322             61,052         70,923         1,301
Products
Consumer Care and
Lighting           1,134          1,337          25              3,956          5,012          92
(Discontinued
operation)
Others
(Discontinued      35             (23)           -               110            290            5
operation)
Reconciling Items  (395)          (473)          (9)             (1,105)        (1,079)        (20)
Total              16,943         18,376         337             64,013         75,146         1,378
Reconciliation of
adjusted Non-GAAP
profit to profit
as per IFRS
Profit for the
period
attributable to
Equity holders of  13,996         15,756         289             52,325         61,362         1,126
the Company
(Continuing
operations)
Adjustments :
Accelerated
amortization of
stock options that (3)            (68)           (1)             (121)          (308)          (6)
vest in a graded
manner
Non-GAAP adjusted
profit (Continuing 13,993         15,688         288             52,204         61,054         1,120
Operations)
Profit for the
period
attributable to
Equity holders of  813            1,531          28              3,405          4,997          92
the Company
(Discontinued
operations)
Adjustments :
Accelerated
amortization of
stock options that 1              (2)            -               (4)            (13)           (0)
vest in a graded
manner
Non-GAAP adjusted
profit             814            1,529          28              3,401          4,984          92
(Discontinued
operations)
Reconciliation of Non-GAAP Constant Currency
IT Services Revenue to IT Services Revenue as
per IFRS ($MN)
                   Q4 FY12-13   FY'13
IT Services
Revenue as per     1,585
IFRS
Effect of Foreign
currency exchange  13
movement
Non-GAAP Constant
Currency IT
Services Revenue   1,599
based on previous
quarter exchange
rates
IT Services
Revenue as per     1,585          6,218
IFRS
Effect of Foreign
currency exchange  30             139
movement
Non-GAAP Constant
Currency IT
Services Revenue   1,615          6,357
based on previous
year exchange
rates

SOURCE Wipro Limited

Website: http://www.wipro.com
Contact: Investor Relations, Manoj Jaiswal, Phone: +91-80-25056186,
Manoj.Jaiswal@wipro.com, or Sridhar Ramasubbu, Phone: +1 408-242-6285,
sridhar.ramasubbu@wipro.com, or Media & Press, Vipin Nair, Phone:
91-80-3991-6154, vipin.nair1@wipro.com
 
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