EX-99.1 2 d356816dex991.htm EX-99.1 EX-99.1
FOR IMMEDIATE RELEASE    Exhibit 99.1

 

LOGO

Results for the Quarter and Year ended March 31, 2022 under IFRS

IT Services delivers strong sequential revenue growth for the quarter at 3.1% in CC,

Revenue growth for the year at 27.3% YoY, and

EPS growth rate for the year of 17.0% YoY

Bangalore, India and New Jersey, USA – April 29, 2022 - Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2022.

Highlights of the Results

Results for the Quarter ended March 31, 2022:

 

   

Gross Revenue was 208.6 billion ($2.7 billion1), an increase of 28.4% YoY

 

   

IT Services Segment Revenue was at $2,721.7 million, an increase of 3.1% QoQ and 26.4% YoY

 

   

Non-GAAP2 constant currency IT Services segment revenue increased by 3.1% QoQ and 28.5% YoY

 

   

IT Services Operating Margin3 for the quarter was at 17.0%, a decrease of 60 bps QoQ

 

   

Net Income for the quarter was 30.9 billion ($406.9 million1), an increase of 4.0% QoQ and 3.9% YoY

 

   

Earnings Per Share for the quarter was at 5.64 ($0.071), an increase of 4.6% YoY

 

   

Operating Cash Flow was at 23.3 billion ($307.3 million1), which is 75.5% of Net Income

Results for the Year ended March 31, 2022:

 

   

Gross Revenue was 790.9 billion ($10.4 billion1), an increase of 27.7% YoY

 

   

IT Services Segment Revenue was at $10,355.9 million, an increase of 27.3% YoY

 

   

Non-GAAP2 constant currency IT Services Segment Revenue increased by 26.9% YoY

 

   

IT Services Operating Margin3 for the year was at 17.7%, a decrease of 254 bps YoY

 

   

Net Income for the year was 122.2 billion ($1,610.5 million1), an increase of 13.2% YoY

 

   

Earnings Per Share for the year was at 22.35 ($0.291), an increase of 17.0% YoY

 

   

Operating Cash Flow was at 110.8 billion ($1,460.4 million1), which is 90.7% of Net Income

 

   

Our closing strength of employees for IT Services was at 243,128, an increase of 45,416 employees on a YoY

Performance for the Quarter and Year ended March 31, 2022

Thierry Delaporte, CEO and Managing Director said, “We have had an outstanding year, finishing with $10.4 Bn in revenues, and an industry-leading growth of 27% year on year. This is our sixth straight quarter of strong revenue growth at or over 3%. We are excited with the addition of Rizing and the CAS Group to Wipro’s service offerings. With all markets, sectors and Global Business Lines now growing in double-digits year on year, we have a strong foundation for next year’s growth.”

Jatin Dalal, Chief Financial Officer said, “Our efforts on client mining have resulted in an addition of eight customers in more than $100 Mn bucket on YoY basis. We delivered operating margins of 17.7% for the year, after significant investments on solutions, capabilities and talent. Net Income for the year was highest ever at $1.6 Bn and delivered robust growth in EPS of 17.0% YoY.”

 

1.

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 = 75.87, as published by the Federal Reserve Board of Governors on March 31, 2022. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2022 was US$1= 75.91

2.

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

3.

IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials

 

Public   

1

  


LOGO

 

Outlook for the quarter ending June 30, 2022

We expect Revenue from our IT Services business to be in the range of $2,748 million to $2,803 million*. This translates to a sequential growth of 1% to 3%.

 

*

Outlook is based on the following exchange rates: GBP/USD at 1.34, Euro/USD at 1.12, AUD/USD at 0.73, USD/INR at 75.26 and CAD/USD at 0.79

Capital Allocation

The interim dividend of 1 and 5 declared by the Board at its meetings held on January 14th and March 25th, 2022 shall be considered as the final dividend for the financial year 2021-22.

IT Services

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

 

   

A US-based global healthcare company will leverage Wipro FullStride Cloud Services to engineer products for cloud and digital technologies based on a Product Oriented Delivery (POD) model.

 

   

A US-based multinational technology company has renewed its existing contract to curate geospatial information that will enable the customer with evaluations and recommendations on map modelling processes.

 

   

A leading US-based global benefits and payroll administration company has awarded Wipro a transformational business process services contract to optimize costs in health & wealth benefits and customer care.

 

   

A multinational telecommunications network company, headquartered in the Nordics, has awarded Wipro a contract to drive transformation and digitalization of business processes that enhances customer value through high quality service delivery.

 

   

A leading Europe-based provider of transport solutions has partnered with Wipro to transform their digital workplace, supporting the shift towards sustainable transport solutions.

Digital Services Highlights

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

 

   

A leading global cosmetics company has selected Wipro to rollout their SAP S/4HANA in a region that will drive their business growth. This transformation will enable the customer to harmonize their business processes, accelerate time to market, innovate, and enhance user experience.

 

   

A leading Asia-based multinational automotive electronics supplier has selected Wipro to develop the engineering blueprint for their next generation software defined vehicle platform using Wipro’s Cloud Car architecture.

 

   

Designit has been selected by a multinational technology conglomerate to design a digital onboarding experience and support hybrid working needs of employees of a large company in the mobility sector.

 

   

A Smart City based in the Middle East has selected Wipro to build a secure, reliable on-demand 5G network using autonomous drones for the high-bandwidth requirements of residents, businesses, and visitors.

 

   

A Europe based financial services company has renewed is its Data Center and cloud infrastructure management contract with Wipro to support its transformation to a Hybrid Cloud model.

 

   

A government body based in the Middle East has selected Wipro as the digital partner to build a data-led AI marketplace that will bring the local talent, government and private sector together.

 

   

Wipro is engaged as the primary partner to design and develop hardware for a series of RUs (radio units) to enable end to end O-RAN 5G solution deployment for service provider customers with one of the leading US based telecommunications networking provider.

 

2


LOGO

 

Analyst Recognition

 

   

Wipro was recognized as a Leader in the 2022 Gartner® Magic Quadrant for Data and Analytics Service Providers

 

   

Wipro was recognized as a Leader in the 2022 Gartner® Magic Quadrant for Outsourced Digital Workplace Services

 

   

Wipro was recognized as a Leader in the 2022 Gartner® Magic Quadrant for Customer Service BPO

 

   

Wipro was featured in HFS Top 10: Retail and CPG Services, Application Modernization Services and SAP S/4HANA Services, 2022

 

   

Wipro ranks among the Top Service Providers in Whitelane Benelux IT Sourcing Study 2022 and Netherlands IT Outsourcing Study 2021

 

   

Wipro was rated as a Leader in Everest Group’s Digital Interactive Experience (IX) and Digital Product Engineering Services PEAK Matrix® Assessment 2022

 

   

Wipro was rated as a Leader in Everest Group’s Artificial Intelligence (AI) Services and Intelligent Process Automation (IPA) Solution Provider Landscape with PEAK Matrix® Assessment 2022

 

   

Wipro was recognized as a Leader in Everest Group’s Healthcare Payer Operations and Oracle Cloud Applications (OCA) Services PEAK Matrix® Assessment 2022 – Global

 

   

Wipro was recognized as a Leader in Avasant Healthcare Payor Digital Services and Provider Digital Services RadarView 2022 – 2023

 

   

Wipro was rated as a Leader in Avasant Intelligent Automation Services RadarView 2021 – 2022

Disclaimer: *Gartner, “Magic Quadrant for Data and Analytics Service Providers “, Jorgen Heisenberg, et al, 7 February 2022. Gartner, “Magic Quadrant for Data and Analytics Service Providers”, Gartner, “Magic Quadrant for Outsourced Digital Workplace Services”, Daniel Barros, et al, 22 February 2022. Gartner, “Magic Quadrant for Customer Service BPO“, Deborah Alvord, et al, 28 March 2022. GARTNER and MAGIC QUADRANT are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. 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

IT Products

 

   

IT Products segment revenue for the quarter was 1.2 billion ($15.8 million1)

 

   

IT Products segment results for the quarter was a loss of 0.02 billion ($0.29 million1)

 

   

IT Products segment revenue for the year was 6.2 billion ($81.4 million1)

 

   

IT Products segment results for the year was a profit of 0.12 billion ($1.5 million1)

India business from State Run Enterprises (ISRE)

 

   

India SRE segment revenue for the quarter was 1.9 billion ($24.6 million1)

 

   

India SRE segment results for the quarter was a profit of 0.17 billion ($2.3 million1)

 

   

India SRE segment revenue for the year was 7.3 billion ($96.2 million1)

 

   

India SRE segment results for the year was a profit of 1.2 billion ($15.5 million1)

 

3


LOGO

 

Please refer to the table on page 9 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 on page 9 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 and Year ended March 31, 2022, 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 07:30 p.m. Indian Standard Time (10:00 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=WIP290422

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 240,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

 

Contact for Investor Relations      Contact for Media & Press
Aparna Iyer   Abhishek Kumar Jain      Purnima Burman
Phone: +91-80-6142 7139   Phone: +91-80-6142 6143      Phone: +91-80-6142 6450
iyer.aparna@wipro.com   abhishekkumar.jain@wipro.com      purnima.burman@wipro.com

 

4


LOGO

 

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.

# # #

(Tables to follow)

 

5


LOGO

 

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, 2021      As at March 31, 2022  
                   Convenience translation into
US dollar in millions

Refer footnote in page 1
 

ASSETS

        

Goodwill

     139,127      246,989      3,255

Intangible assets

     13,085      43,555      574

Property, plant and equipment

     85,192      90,898      1,198

Right-of-Use assets

     16,420      18,870      249

Financial assets

        

Derivative assets

     16      6      ^  

Investments

     10,576      19,109      252

Trade receivables

     4,358      4,765      63

Other financial assets

     6,088      6,084      80

Investments accounted for using the equity method

     1,464      774      10

Deferred tax assets

     1,664      2,298      30

Non-current tax assets

     14,323      10,256      136

Other non-current assets

     15,935      14,826      195
  

 

 

    

 

 

    

 

 

 

    Total non-current assets

     308,248      458,430      6,042
  

 

 

    

 

 

    

 

 

 

Inventories

     1,064      1,334      18

Financial assets

        

Derivative assets

     4,064      3,032      40

Investments

     175,707      241,655      3,185

Cash and cash equivalents

     169,793      103,836      1,369

Trade receivables

     94,298      115,219      1,519

Unbilled receivables

     27,124      60,809      801

Other financial assets

     7,245      42,914      566

Contract assets

     16,507      20,647      272

Current tax assets

     2,461      2,373      31

Other current assets

     24,923      28,933      381
  

 

 

    

 

 

    

 

 

 

    Total current assets

     523,186      620,752      8,182
  

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

     831,434      1,079,182      14,224
  

 

 

    

 

 

    

 

 

 

EQUITY

        

Share capital

     10,958      10,964      145

Share premium

     714      1,566      21

Retained earnings

     466,692      551,252      7,266

Share-based payment reserve

     3,071      5,258      69

Special Economic Zone Re-investment reserve

     41,154      47,061      620

Other components of equity

     30,506      42,057      554
  

 

 

    

 

 

    

 

 

 

    Equity attributable to the equity holders of the Company

     553,095      658,158      8,675

    Non-controlling interests

     1,498      515      7
  

 

 

    

 

 

    

 

 

 

TOTAL EQUITY

     554,593      658,673      8,682
  

 

 

    

 

 

    

 

 

 

LIABILITIES

        

Financial liabilities

        

Loans and borrowings

     7,458      56,463      744

Lease liabilities

     13,513      15,177      200

Derivative liabilities

     —        48      1

Other financial liabilities

     2,291      2,961      39

Deferred tax liabilities

     4,633      12,141      160

Non-current tax liabilities

     11,069      17,818      235

Other non-current liabilities

     7,835      7,571      100

Provisions

     2      1      ^  
  

 

 

    

 

 

    

 

 

 

    Total non-current liabilities

     46,801      112,180      1,479
  

 

 

    

 

 

    

 

 

 

Financial liabilities

        

Loans, borrowings and bank overdrafts

     75,874      95,233      1,255

Lease liabilities

     7,669      9,056      119

Derivative liabilities

     1,070      585      8

Trade payables and accrued expenses

     76,512      99,034      1,305

Other financial liabilities

     1,470      33,110      436

Contract liabilities

     22,535      27,915      368

Current tax liabilities

     17,324      13,231      174

Other current liabilities

     24,552      27,394      361

Provisions

     3,034      2,771      37
  

 

 

    

 

 

    

 

 

 

    Total current liabilities

     230,040      308,329      4,063
  

 

 

    

 

 

    

 

 

 

TOTAL LIABILITIES

     276,841      420,509      5,542
  

 

 

    

 

 

    

 

 

 

TOTAL EQUITY AND LIABILITIES

     831,434      1,079,182      14,224
  

 

 

    

 

 

    

 

 

 

 

^

Value is less than 1

 

6


LOGO

 

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

( in millions, except share and per share data, unless otherwise stated)

 

     Three months ended March 31,     Year ended March 31,  
     2021     2022     2022     2021     2022     2022  
                 Convenience
translation into
US dollar in
millions

Refer footnote
in page 1
                Convenience
translation into
US dollar in
millions

Refer footnote
in page 1
 

Revenues

     162,454     208,600     2,749     619,430     790,934     10,425

Cost of revenues

     (109,805     (147,965     (1,950     (423,205     (555,872     (7,327
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     52,649     60,635     799     196,225     235,062     3,098

Selling and marketing expenses

     (10,679     (14,078     (185     (41,400     (54,935     (724

General and administrative expenses

     (8,689     (12,528     (165     (34,686     (46,382     (611

Foreign exchange gains/(losses), net

     886     1,075     14     2,995     4,355     57

Other operating income/(loss), net

     —       7     ^       (81     2,186     29
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Results from operating activities

     34,167     35,111     463     123,053     140,286     1,849

Finance expenses

     (1,122     (1,717     (23     (5,088     (5,325     (70

Finance and other income

     4,447     3,946     52     20,912     16,257     214

Share of net profit/ (loss) of associates accounted for using the equity method

     4     (16     ^       130     57     1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

     37,496     37,324     492     139,007     151,275     1,994

Income tax expense

     (7,755     (6,399     (84     (30,345     (28,946     (382
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period

     29,741     30,925     408     108,662     122,329     1,612
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit attributable to:

            

Equity holders of the Company

     29,721     30,873     407     107,946     122,191     1,610

Non-controlling interests

     20     52     1     716     138     2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period

     29,741     30,925     408     108,662     122,329     1,612
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per equity share:

            

Attributable to equity holders of the Company

            

Basic

     5.39     5.64     0.07     19.11     22.35     0.29

Diluted

     5.38     5.63     0.07     19.07     22.29     0.29

Weighted average number of equity shares used in computing earnings per equity share

            

Basic

     5,510,335,838     5,470,020,412     5,470,020,412     5,649,265,885     5,466,705,840     5,466,705,840

Diluted

     5,524,619,810     5,486,955,729     5,486,955,729     5,661,657,822     5,482,083,438     5,482,083,438

 

^

Value is less than 1

 

7


LOGO

 

Additional Information:

 

Particulars

   Three months ended     Year ended  
   March 31,
2022
    December 31,
2021
    March 31,
2021
    March 31,
2022
    March 31,
2021
 
   Audited     Audited     Audited     Audited     Audited  

Revenue

          

IT Services

          

Americas 1

     58,342     56,644     46,510     217,874     178,091

Americas 2

     63,963     61,076     46,475     239,404     179,821

Europe

     60,743     59,620     45,107     233,443     165,441

APMEA

     23,560     23,596     20,825     91,103     82,462
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     206,608     200,936     158,917     781,824     605,815

IT Products

     1,201     1,767     2,117     6,173     7,685

ISRE

     1,868     1,623     2,302     7,295     8,912

Reconciling Items

     (2     (3     4     (3     13
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Revenue

     209,675     204,323     163,340     795,289     622,425
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other operating income/(loss), net

          

IT Services

     7     14     —       2,186     (81
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Other operating income/(loss), net

     7     14     —       2,186     (81
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment Result

          

IT Services

          

Americas 1

     11,530     11,390     9,863     42,820     33,040

Americas 2

     12,150     12,057     10,500     47,376     41,589

Europe

     9,056     9,172     8,704     35,739     31,673

APMEA

     1,946     2,483     3,074     10,523     11,476

Unallocated

     361     173     1,257     434     5,153

Other operating income/(loss), net

     7     14     —       2,186     (81
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     35,050     35,289     33,398     139,078     122,850
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

IT Products

     (22     96     145     115     45

ISRE

     171     134     587     1,173     1,061

Reconciling Items

     (88     16     37     (80     (903
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Segment result

     35,111     35,535     34,167     140,286     123,053

Finance expenses

     (1,717     (1,403     (1,122     (5,325     (5,088

Finance and Other Income

     3,946     3,578     4,447     16,257     20,912

Share of net profit/ (loss) of associates accounted for using the equity method

     (16     76     4     57     130
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

     37,324     37,786     37,496     151,275     139,007
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

8


LOGO

 

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 March 31, 2022

  

IT Services Revenue as per IFRS

   $ 2,721.7  

Effect of Foreign currency exchange movement

   $ (1.3
  

 

 

 

Non-GAAP Constant Currency IT Services Revenue based on

   $ 2,720.4  

previous quarter exchange rates

  

Three Months ended March 31, 2022

  

IT Services Revenue as per IFRS

   $ 2,721.7  

Effect of Foreign currency exchange movement

   $ 43.2  
  

 

 

 

Non-GAAP Constant Currency IT Services Revenue based on

   $ 2,764.9  

exchange rates of comparable period in previous year

  

Year ended March 31, 2022

  

IT Services Revenue as per IFRS

   $  10,355.9  

Effect of Foreign currency exchange movement

   $ (33.0
  

 

 

 

Non-GAAP Constant Currency IT Services Revenue based on

   $ 10,322.9  

exchange rates of comparable period in previous year

  

 

9