13mm Spine
Sense Forward and Respond Today
DODDAKANNELLI, SARJAPUR ROAD, BENGALURU - 560035, INDIA
CIN number : L32102KA1945PLC020800 | Email: info@wipro.com
WWW.WIPRO.COM
13mm Spine
CORPORATE INFORMATION
Board of Directors
Azim H. Premji - Chairman
T.K. Kurien
Rishad Premji
Dr. Ashok S. Ganguly
Dr. Jagdish N. Sheth
M. K. Sharma
Narayanan Vaghul
Ireena Vittal
Vyomesh Joshi
William Arthur Owens
Chief Financial Officer
Jatin Pravinchandra Dalal
Statutory Auditors
BSR & Co. LLP Chartered
Accountants
Auditors - IFRS
KPMG
Company Secretary
M. Sanaulla Khan
Depository for American
Depository Shares
J.P. Morgan Chase Bank N.A.
Registrar and Share Transfer
Agents
Karvy Computershare Private Ltd.
Registered & Corporate Office
Doddakannelli, Sarjapur Road
Bengaluru – 560 035, India
Ph: +91 (80) 28440011
Fax: +91 (80) 28440256
Website: http://www.wipro.com
INSIDE
Wipro in Brief
Sense Forward and Respond Today
Financial Highlights
Key Metrics
Chairman's Letter to the Stakeholders
CEO's Letter to the Stakeholders
Board of Directors
Sustainability Highlights 2014-15
2
4
8
9
10
12
14
16
Management Discussion & Analysis
Directors Report
Corporate Governance Report
Business Responsibility Report
Standalone Financial Statements
Consolidated Financial Statements
Consolidated Financial Statements under IFRS
Glossary
24
41
83
106
130
171
210
260
Certain statements in this annual report concerning our future growth prospects are forward-looking statements, which involve a
number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements 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. 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.
This Annual Report is printed on 100%
recycled paper as certified by the UK-based
National Association of Paper Merchants
(NAPM) and France - based Association des
Producteurs et des Utilisateurs des papiers et
cartons Recycles (APUR).
Wipro is harnessing the power of new and emerging technologies
to create breakthrough applications and solutions.
WIPRO IN BRIEF
Wipro Limited (NYSE:WIT) is a leading global information technology, consulting and business process services company that
delivers solutions to enable its clients to do business better. Wipro delivers winning business outcomes through its deep industry
experience and the 360 degree view of ‘Business through Technology’ - helping clients create successful and adaptive businesses. A
company recognized globally for its comprehensive portfolio of services, a practitioner’s approach to delivering innovation, and an
organization wide commitment to sustainability, Wipro has a workforce of over 150,000, serving over 1050 clients in 175+ cities
across six continents.
We began our business as a vegetable oil manufacturer in 1945 at Amalner, a small town in Western India and thereafter, forayed
into soaps and other consumer care products. During the early 1980s, we entered the Indian IT industry by manufacturing and
selling mini computers. We began selling personal computers in India in the 1980s. In the 1990s, we leveraged our hardware R&D
design and software development expertise and began offering software services to global clients. With a track record of over 25
years in IT Services, we are, today, focused entirely on the Information Technology business.
Wipro is listed on National Stock Exchange and Bombay Stock Exchange in India and New York Stock Exchange in the US.
VALUES
At the core of Wipro is the "Spirit of Wipro". It encapsulates the values, which are the guiding principles for our culture and
behaviour in Wipro. It binds us together and inspires us to achieve excellence in whatever we do.
Spirit of Wipro identifies three core values
Intensity To Win
Make customers successful
Team, innovate, excel
Unyielding Integrity
Delivering on commitments
Honesty and fairness in action
Act With Sensitivity
Respect for the individual
Thoughtful and Responsible
Annual Report I 2014-2015
03
sense forward and respond today
Next Gen Technologies to sense forward and respond today
Desktops and laptops are fast being replaced by tablets, e-
readers and smartphones. Newspapers and television have
given way to Twitter, Facebook and YouTube. iTunes and Spotify
have replaced albums and CDs. GPS and dynamic guidance
with live crowd-sourced traffic data are guiding us around cities
and the world. Retail stores and banks are giving way to online
stores and phone banking. Organs are being 3D printed. An
entire generation is interacting with machines using voice,
touch and natural gestures.
We have entered a world where change is taking place at an
astounding pace. Technology breakthroughs play a remarkable
role in redefining consumer experience and determining how
we lead our lives. Consumers are becoming increasingly
sophisticated and demanding. Consumption patterns and
delivery platforms are evolving steadily. In such a world, the key
to doing business better lies in the skill and ability to effectively
innovate and create breakthrough applications that help us to
interact, communicate, collaborate and conduct business in a
new way. The outcomes of these interactions and experiments
challenge our imagination.
Next Gen Technologies
Growing project complexities, competitive pressures,
operational challenges and the need to maintain and grow
margins compels companies to adopt technologies that will
help run business as usual, improve operational efficiency and
provide competitive differentiation. In essence, this will
prepare organizations to fundamentally change the way they
do business. Next generation digital technologies like Artificial
Intelligence, Internet of Things, Big Data Analytics and
emerging collaborative development methodologies like Open
Source are driving this change.
Wipro is harnessing
the power of new and emerging
technologies to create breakthrough applications and
solutions. Here 'breakthrough' implies products, services,
processes, ideas and answers that were not possible before. We
do this by mapping the future landscape; by sensing tomorrow
and responding today.
scalability. They have knowledge-enabled processes and
mimic human-like decision making abilities to enable
man and machine to interact more naturally. They can
extend human expertise and efficiency by intelligently
analyzing large volumes of data. These systems can come
up with insights and solutions in a fraction of the time it
takes today. Cognitive techniques help minimize the
number of test cycles while running test cases. These
result in substantial savings in the cycle time between
development and release, and ensure the same level of
quality with reduced human effort and hyper automation.
They operate best on platforms that enable fast and
continuous processing of data, and support a variety of
applications.
At Wipro, we are working towards delivering solutions
that are dynamic, adaptive and are designed to learn,
anticipate, think and support decision making. Driven by
robotics and process accelerators, we will increasingly
see "the next best automatic actions". These will lead
organizations to achieve higher effectiveness and
efficiencies.
Wipro has invested in developing an
TM
artificial intelligence platform - Wipro HOLMES
(heuristics and ontology-based learning machines and
experiential systems). Wipro HOLMES , an outcome of
four years of research and development, is built on Open
Source technologies and addresses key domains in
cognitive computing. When deployed in internal systems,
it categorizes problems based on its learning from
historical data. Wipro HOLMES has deep learning
algorithms that help to automatically take remedial steps
when a system fails. It can also learn continuously and can
reason by leveraging language structure, semantics, and
relationships. The platform is capable of integrating
multiple heterogeneous data sources (structured &
unstructured; static & streaming) and facilitates
synthesizing ideas or answers from them.
TM
TM
It is clear we are fast approaching technological
singularity, which according to Ray Kurzweil will be the
time when $1000 will be able to buy enough computing
power to match 1,000 human brains.
Artificial Intelligence
Everything Digital
Machine Learning, Cognitive Intelligence and Neocortex
Intelligence tools are artificial intelligence platforms that
can help achieve non-linear growth through hyper-
Our world has become unimaginably interlinked with
billions of people and devices connected, globally. Smart
devices are flexible and capable of sensing new
Annual Report I 2014-2015
05
parameters, analyze situations, anticipate risks and offer
context-aware intelligence. Progressive organizations
around the world are already leveraging these smart
devices to make businesses more profitable. To ensure
successful business outcomes, innovation needs to be
centered on users' needs and preferences. A design
thinking approach is imperative today to own the
customer journey.
With Wipro Digital we are doing exactly that – we have
even gone a step further and are working on
reengineering customer journeys. We bring together
end-to-end digital capabilities to design and deliver
digital transformation. We combine digital strategy and
consulting, customer-centered design, advanced
analytics, product engineering, process and operations,
enterprise and infrastructure services and digital
assurance to provide differentiated solutions in the
marketplace. Our strength lies in our technology assets,
experience and global partnerships. As the world moves
towards being more digital, context and location will
change the way we do (digital) business.
Open Source
Open Source software is changing the way the world
builds software. This collaborative, iterative, and
transparent development method is powering everything
from reconstruction efforts in the aftermath of natural
disasters like earthquakes to the design of electric cars,
along with countless other projects. Open Source is
emerging as an important tool as business growth and
bottom-line success.
Enterprises are increasingly looking at Open Source and
Open Stack applications for end-to-end business
collaboration, greater productivity, speed and efficiency.
Open Source applications are also being used to promote
growth for Adaptive Enterprises. There is a shift from the
conventional application architectures that rely on
individual enterprises to Internet technologies and
services that are more open. The Next Generation of IT
systems will address the challenges of availability on
scale, moving from efficiency to effectiveness and
erasing the boundaries between personal and enterprise
computing.
To keep pace with the rapid changes, organizations need
to be nimble. Also, they need to adopt Open Source that
offers lower cost of ownership, faster developer centric
innovation driven by large communities, flexibility, no
vendor lock-in, greater security and quality. Our
investments put us in a strong position to help customers
start their Open Source journey.
Wipro has identified Open Source as a core technology
initiative and the company's investments in building a
large cadre of skilled personnel, including world class
Open Source industry veterans and community experts, is
beginning to reap dividends as reflected by increasing
customer interest. Wipro’s services include the
development and implementation of Open Source
policies and processes, advisory and strategy consulting,
roadmap development, integration, community
engagement, legacy migration, governance, risk
mitigation and support.
Wipro also helps customers build Open Source platforms
on Applications (Middleware, Security, Customer
Experience Platforms, Mobile Frameworks), Big data,
Infrastructure (Operating Systems, Databases,
Virtualization, Cloud Technologies, Software Defined
Infrastructure), Internet of Things (IoT), Hardware and
Testing.
Internet of Things
Ten billion things form the Internet of Things today. On an
industrial scale, these connected machines are creating
what we call the Industrial Internet that is enabling digital
oilfields, advanced manufacturing, grid automation, and
smart cities.
These connected devices are unleashing a slew of data for
enterprises, providing fresh insights.
A wide range of consumer devices are now equipped with
sophisticated sensors to track user behavior and
preferences. Car makers, healthcare firms, and utilities
are all rising to the challenge and making their products
more ‘sentient’. The information they gather and analyze
is being used to make everyday lives better for people
across the globe.
Enabled by connected objects, Wipro is capturing the
business insights in industrial applications and analyzing
these in 'near real time', to provide actionable insights and
create delightful customer experiences. These insights
06
Annual Report I 2014-2015
The road ahead - Innovating at the Intersection of
Technologies
Human experience in interacting with machines is rapidly
evolving. Breakthroughs in Man-Machine Interfaces (MMI)
using acoustics, gestures, biometrics, body movement and
virtual reality coupled with context-aware applications are
introducing higher levels of user engagement. Such
interactions are dynamic, flexible, personalized, responsive,
real-time and data driven.
Wipro is playing a key role to foster innovation at the
intersections of technologies and create new products,
services and breakthrough applications.
Wipro has also set up a US$100M fund to invest in early and
mid-stage startups with the ability to reshape the future of
enterprises with emerging and disruptive technologies. These
will impact fundamental growth drivers in areas such as
education, energy, finance, healthcare, manufacturing,
infrastructure, consumer goods and government. We will
leverage our expertise in the areas of Big Data, Cloud
Computing, Internet of Things, Cognitive and Datacenter
technologies along with breakthrough products of the startups
in delivering innovative services to our customers.
Wipro is committed to supporting tomorrow's buyer and
reimagining business while driving operational excellence and
scale. Improved quality, capabilities, hyperautomation and IP
assets are turbocharging our core to secure the future.
help us to understand our customers better, anticipate
market trends and reinvent the future. For instance,
Wipro EcoEnergy is using internet-connected sensors to
collect data about energy consumption in retail stores,
applying Big Data analytics to convert this data into
actionable intelligence to reduce energy consumption.
We are also helping clients cross-sell and up-sell through
more effective customer segmentation. These help our
customers innovate and generate new revenue streams,
optimize key business areas, reduce time and costs, and
and facilitate proactive management.
Big Data Analytics
Many of the above mentioned technology areas are at the
forefront of businesses today because of the tremendous
growth in computational and analytical capabilities. A
four-engine jumbo jet can generate 640 terabytes of data
in just one Atlantic crossing; there are more than 25,000
flights every day, and that gives you a sense of the volume
of data being produced in a single business segment. A
data explosion has taken place across industries over the
last 15-20 years. Big Data Analytics has helped analyze
and gain insights into this data to enhance decision
making.
This is a global trend across all industries.
Telecommunications, retail, oil and gas, utilities and
healthcare sectors are all moving towards better
harnessing of data and insights associated with them.
Wipro has been helping clients across industries and
geographies create seamless customer experiences in
this digital world. Wipro helps clients capture data,
process it with analytical tools and visualizations. By
enabling real time insights, Wipro has helped improve
business outcomes through data-driven decisions. Wipro
has invested in a strategic partnership with Opera
Solutions, a company that applies its machine learning
science to the world's Big Data flows to extract predictive
patterns or signals and offers a range of solutions, that
turn these signals into prescriptive "best actions" that
significantly improve front-line productivity and bottom-
line growth.
Annual Report I 2014-2015
07
FINANCIAL HIGHLIGHTS
FINANCIAL PERFORMANCE
(Figures in ` Million except otherwise stated)
2012-13
2013-14
2014-15
@
Revenue
376,882
437,628
473,182
Profit before Depreciation , Amortisation , Interest and Tax
Profit before Interest and Tax
Depreciation and Amortisation
Effective Tax Rate (%)
Tax
Profit before Tax
Profit after Tax - Profit attributable to Equity holders
PER SHARE DATA
(Figures in ` )
Earnings per share - Basic (`)
Earnings per share - Diluted (`)
Book Value* (`)
Dividend Per Share (`)
FINANCIAL POSITION
Share Capital
Networth
Total Debt
(Figures in ` Million)
Property, Plant and Equipment (A)
Intangible Assets (B)
Property, Plant and Equipment incl. Intangibles Assets (A+B)
Gross Cash
Goodwill
Net Current Assets
Capital Employed
SHAREHOLDING RELATED
Number of Shareholders**
Market Price of Shares (`) ***
Dividend Distribution Ratio (%)
79,885
69,972
9,913
21.5%
16,912
78,596
61,362
25.01
24.95
116
7
100,460
108,246
89,354
11,106
22.4%
22,600
101,005
77,967
31.76
31.66
140
8
95,423
12,823
22.0%
24,624
111,683
86,528
35.25
35.13
166
12
4,926
4,932
4,937
284,983
344,886
409,628
63,816
50,525
1,714
52,239
51,592
51,449
1,936
53,385
163,469
187,258
54,756
63,422
162,663
218,534
348,799
396,478
213,603
437.15
33%
210,471
543.20
30%
78,913
54,206
7,931
62,137
251,048
68,078
272,463
488,538
213,588
628.85
41%
Note: All figures above are based on IFRS Consolidated Financial Statements
*Book Value per share has been computed using weighted number of equity shares used for computing diluted earnings per share
** Number of share holders represents holders of equity shares (does not include holders of ADRs)
*** Market price of shares is based on closing price in NSE as on March 31 of respective years and not adjusted for Demerger in 2013
@ Revenue is aggregate revenue for the purpose of segment reporting including the impact of exchange rate fluctuations
key metrics
REVENUE IT SERVICES (
$ Million
)
USD REVENUE GROWTH - IT SERVICES
1
(CONSTANT CURRENCY)
7,082
54.0%
7 . 0 %
6,618
6 . 4 %
6,218
8.7%
p s
7 b
7
s
p
2 b
5
7.9%
7.4%
9.0%
8.5%
8.0%
7.5%
7.0%
6.5%
500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
-
TOTAL REVENUE@(` Million)
8 .1 %
473,182
1 6 . 1 %
437,628
54.0%
376,882
FY 2013
FY 2014
FY 2015
FY 2013
FY 2014
FY 2015
FY 2013
FY 2014
FY 2015
IT Services operating margin
PROFIT BEFORE INTEREST AND TAXES (
` Million
)
profit after tax (
` Million
)
2
1 9 5 b p s
22.61%
(43) bps
22.18%
20.66%
2 7 . 7 %
89,354
69,972
6.8%
95,423
120,000
100,000
80,000
60,000
40,000
20,000
-
FY 2013
FY 2014
FY 2015
FY 2013
FY 2014
FY 2015
120000
105000
90000
75000
60000
45000
30000
15000
0.0%
1 1 . 0 %
86,528
7 . 1 %
2
77,967
61,362
FY 2013
FY 2014
FY 2015
operating CASH FLOW (
3
` Million
)
GROSS CASH (
4
` Million
)
DIVIDEND PER SHARE (`
)
5 . 3 %
1
78,262
4 . 9 %
67,897
64,733
FY 2013
FY 2014
FY 2015
MARKET CAPITALIZATION (
#
` Billion
)
1 6 %
1,553
2 5 %
1,340
1,075
300,000
250,000
200,000
250,000
150,000
50,000
-
165,000
160,000
155,000
150,000
145,000
140,000
135,000
251,048
4 .1 %
3
1 4 . 6 %
187,258
163,469
12
0 %
5
1 4 %
8
7
14
12
10
8
6
4
2
-
0
FY 2013
FY 2014
FY 2015
FY 2013
FY 2014
FY 2015
workforce
PATENTS
(Including PENDING APPLICATIONs)
158,217
8.3 %
145,812
0.2%
146,053
578
%
3
7
5 8 %
334
211
700
600
500
400
300
200
100
0
7,200
7,000
6,800
6,600
6,400
6,200
6,000
5,800
5,600
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
14.0%
12.0%
80,000
70,000
60,000
50,000
40,000
30,000
20,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
100
FY 2013
FY 2014
FY 2015
FY 2013
FY 2014
FY 2015
FY 2013
FY 2014
FY 2015
Note: All figures above are based on IFRS Consolidated Financial Statements
1) IT Services revenue for a given scal is re-computed based on the average rates realized in previous scal to arrive at IT Services revenues in constant currency
2) Prot After Tax refers to prot for the period attributable to equity holders of the company
3) Effective March 31, 2013, the group completed demerger of its consumer care and lighting, infrastructure engineering and other non-IT business segments
(collectively,“the Diversied Business”). Consequent to the demerger, the operating cash ows for FY13 has been adjusted for cash ows of the Diversied Business
4) Gross cash is sum of (i) cash and cash equivalents plus (ii) Available for Sale Investment - current, and (iii) Interest bearing deposits with corporates - current
@ Revenue is aggregate revenue for the purpose of segment reporting including the impact of exchange rate fluctuations
#Market Capitalization is based on closing price in NSE as on March 31 of respective years and not adjusted for Demerger in 2013
Annual Report I 2014-2015
09
Chairman’s letter to the stakeholders
A company can only be as strong as the society it is a part of.
Wipro’s engagement with important social and environmental
issues is deliberate and strategic.
Dear Stakeholders,
There is perhaps more certainty in the macro environment
today than there was a couple of years ago. Global growth has
inched up modestly. A series of complex macro-economic
forces continue to shape the global economic outlook. For
example, while the steep drop in oil prices in the middle of the
fiscal year aided consumers and oil-consuming economies, the
oil-producing economies and their supply chain partners in
energy production and exploration were affected adversely.
However, on balance, the outlook for economies which form the
key markets for your company continues to be positive.
Developed economies are expected to fare better in 2015 than
earlier years. And India is expected to be amongst the fastest
growing economies in 2015.
At the level of the enterprise, there is an acceleration in the rate
of change of the “normal”. Much of this change is enabled by
innovation in technology and rapid adoption of advanced
technologies or ‘Digital’ technologies. These Digital
technologies are redefining user experiences and influencing
how we, as individuals and enterprises, live our lives.
Interestingly, many of these innovations happen outside well-
funded research laboratories. Some of the innovations are
outcomes of crowd sourcing where many like-minded persons
come together across locations to create innovative products,
often times in Open Source. Scalable innovation is also
happening in small startup companies.
At Wipro, we realize the importance of dealing with change. It is
not sufficient to recognize and react as change happens; it is
important to anticipate and prepare. To do this we need to work
both internally and engage with the broader ecosystem. We do
this in multiple ways. We invest significantly in reskilling our
10
Annual Report I 2014-2015
workforce to take advantage of the newer opportunities that
arise out of Digital technologies. We invest in partnerships with
companies engaged in niche Digital technologies.
However, even deeper changes face us continually in our
natural environment and society. Over longer periods of time, it
is these changes that fundamentally drive economic and
business dynamics.
Seven of the top 10 risks identified in the Global Risk Report
released at the World Economic Forum at Davos earlier this
year are either environmental or social risks. A company can
only be as strong as the society it is a part of. Thus, it is a
fundamental imperative, not convenience or obligation, that
companies engage deeply and seriously with the big challenges
in these spheres e.g. water scarcity, climate change, inclusive
education, hunger and nutritional deficit.
Wipro’s engagement with important social and environmental
issues is deliberate and strategic. Our primary areas of focus
are: Education, Ecology, Primary Health, Disability and
Community Rehabilitation post a natural disaster. We run a
comprehensive business sustainability program in line with the
Triple Bottom-line framework. Highlights of our Sustainability
and Social Initiatives can be found in the Business
Responsibility Reporting section of this report. In addition, we
also publish a detailed Annual Sustainability report. All seven of
our past reports have been rated A+ based on independent
audits.
Our Social and Sustainability Initiatives are driven by the
conviction that corporations can play a significant role in
contributing to building a better society, and that they must.
However, their very nature and purpose, and the interests of
their stakeholders place limitations on the extent to which they
can go, on these matters. Even external regulatory mandates to
business corporations, for social action, can have only a limited
role to play. On the other hand, owners (individuals or other
entities) of such corporations can do a lot more for society,
because they can choose to exercise the right of their
ownership, and invest their wealth in any social cause, to their
utmost.
Over the past fifteen years, I have tried to put this belief into
action through my personal philanthropic work. Over these
years I have irrevocably transferred a significant part of the
shareholding in Wipro, amounting to 39% of the shares of
Wipro, to a Trust (of which ownership in 21.14% was transferred
and for the balance the Trust is entitled to beneficial interest of
dividends and sale proceeds). The Trust supports the work of
The Azim Premji Foundation and Azim Premji Philanthropic
Initiative. Thus, a very significant part of the value created by
Wipro, goes towards social causes.
The Azim Premji Foundation is focused on improving the public
education system in India. For this purpose, it has done
extensive work in the field, mostly in rural, disadvantaged areas
and also runs a not-for-profit University.
Azim Premji
Philanthropic Initiatives provides institutional and
programmatic grants to not-for-profit, civil society
organizations working in specific areas (e.g. support to
vulnerable groups, child nutrition). Our overall work across
education and other areas, is driven by the idea of contributing
to a more just, equitable, humane and sustainable society.
2015 marks the 70th year of the founding of your company. In
these years, we have continuously strived to enhance
stakeholder value by operating in a sustainable and ethical
manner. Between the close of fiscal 2014 and 2015, Wipro’s
market capitalization grew by 16%. Also for the year 2014-15,
dividends declared and proposed will enhance the payout ratio
to 41% from the previous 30%.
In 2015, your company was recognized as a “World’s Most
Ethical Companies®”, for the fourth year in succession, by the
Ethisphere Institute, an independent center of research
promoting best practices in corporate ethics and governance.
Let me conclude by stating that economic value is sustainable
only if created on a foundation of ethics and responsibility. For
us, this is the driving force in the form of our values and is
something that we will continue to remain completely
committed to.
I thank all of you - customers, employees, suppliers, partners
and shareholders – for your past and continuing support,
engagement and deep commitment.
Very Sincerely,
Azim Premji
Chairman
Annual Report I 2014-2015
11
CEO’s letter to the stakeholders
Technology is increasingly becoming a part of our daily lives.
For enterprises, technology is becoming central to strategy and
for executing core business operations.
Dear Stakeholders,
Thank you for the condence that you have reposed in us over the
years. I want to take this opportunity to talk broadly on how the
industry is transforming and the steps we are taking to achieve a
sustained leadership position. As stakeholders, you are entitled to
know how the Wipro of tomorrow will be perceived differently by
the market and will operate in a dramatically new way.
Last year has been quite eventful for all players in the industry. On
the surface, it might appear as another year of incremental growth,
but there are clear signs of a generational shift underway-one that
will have signicant implications for all of us in the technology
industry.
Technology is increasingly becoming a part of our daily lives, in
ways that we never envisaged even a decade ago. For enterprises,
technology is becoming increasingly central to strategy and for
executing core business operations. Research shows that close to
half of all incremental capital expenditure globally in 2014, was in
the technology space. It is important to highlight that while this
trend is an overall positive for the industry, the nature of this spend
is shifting.
In the world of tomorrow, we will see a new buyer in organizations.
With technology acting as a foundation for business, purchase
decisions are being increasingly taken (or at least being
signicantly inuenced) by Chief Marketing Ofcers, Operational
Heads and functional line managers. These managers are driven
more by aggressive demands on exibility, time-to-market and
transformational potential than by traditional expectations.
This has led to a shift from large internal data centers and large
enterprise applications to cloud-based deployments and business
functionality being made available on a service-based model.
Likewise, leveraging Open Source is becoming increasingly critical
for organizations, both for optimizing on cost and also for
innovation. Lastly, new paradigms that emphasize customer
experience and experimentation are gaining prominence,
necessitating rapid deployment cycles and closer engagement
between various teams involved from design through to
deployment.
We are approaching a tipping point around this change, and I
suspect most observers and analysts are not fully aware of the
speed at which this change will be upon us. At Wipro, we are quite
proud of our ability to discern trends and take proactive measures
to shape them to our advantage. Over the last few decades, we
played a key role in building the outsourcing industry, leading the
drive towards standardized quality models, spearheading remote
infrastructure management and achieving synergies between
Technology and Process Outsourcing. Every disruption changes
the playing eld and creates a set of winners who adapt quickly,
leaving behind a set of laggards in their wake. We have a clear
strategy and a plan of action to back it.
Our strategy is based around two themes – Turbocharge the
Existing Business (Run Strategy) and Dominate the Future
(Change Strategy). We will ensure that we operate at optimal
efciency in a space that is increasingly undergoing
commoditization. The resultant savings for the customer will be
directed towards the business transformation agenda. We believe
these twin themes will allow us to support our customer needs
better and create a sustainable growth engine for ourselves.
Tur b o c h a r ge t h e E x i st i n g B u s i n e ss : We co n t i n u e to
execute on our strategy of focusing on a dened set of accounts
and core markets. We have launched a simplication initiative to
enhance process velocity and delivery productivity. This has
yielded good initial results and we plan to drive these measures
across the organization. We are also investing heavily in
developing automation and Articial Intelligence capabilities.
Through this, we plan to achieve a step-jump in productivity,
quality and reduction in cycle times............................................
Dominate the Future: New technologies are driving the change
agenda for our customers. The Digital theme is attracting
tremendous management attention across sectors,with focus on
enhancing customer experience and also improvingback-ofce
productivity. We have carved out a separate unit to focus on
Digital Transformation. Likewise, we have invested in developing
Intellectual Property around areas that we believe will impact our
business especially around Customer Journey Engineering,
Machine Learning, and Autonomous Management.
Innovation is critical to differentiate ourselves. We will
signicantly increase our rate of patent ling over the next three
years. Given the value created in an ideation network, we are also
partnering with a whole host of players in the ecosystem. To
enable strategic focus and closer engagement, we have launched a
$100 million corporate venture capital fund that will invest in start-
ups with cutting-edge capability. This fund will operate in concert
with our existing M&A program that aims to ll in any gaps in
market or technology presence................................................
Needless to say, any period of business disruption creates a need
for the organization to realign and bring focus back to the single
point that matters in our business- making the customer
successful. Towards this end, we are making the organization
leaner and empowering our managers to make quicker decisions.
We have launched organization-wide skill development programs
both in new technology domains and also in building capability for
handling new business constructs and execution models. I am very
happy with the way the organization has risen to the challengeand
feel quite enthused with the positive energy that I see in all my
interactions with associates across geographies and age groups.
I am more certain than ever, that the steps we are taking will
position us well for the future. We aim to make our customers
successful by being genuine partners, and this will lead to great
outcomes for our employees and shareholders. Let me close this
note by thanking all our customers, employees, suppliers, partners
and shareholders for their support.
Thank You,
Sincerely,
T.K.Kurien
Chief Executive Officer & Executive Director
Annual Report I 2014-2015
13
board of directors
Azim H. Premji - Chairman
Ireena Vittal - Independent Director
Narayanan Vaghul - Independent Director
M. K. Sharma - Independent Director
In absence:
Rishad Premji* -
Chief Strategy Officer
& executive director
* Appointed to the board effective May 1, 2015
Dr. Ashok S. Ganguly - Independent Director
William Arthur Owens - Independent Director
Dr. Jagdish N. Sheth - Independent Director
T K Kurien - Chief Executive Officer & executive director
In absence:
Vyomesh Joshi -
Independent Director
Azim H. Premji
Chairman
Azim Premji, a graduate in Electrical Engineering from Stanford
University, USA has been at the helm of Wipro Limited since the
late 1960s, turning what was then a $2 million hydrogenated
cooking fat company into the $7.5 billion Revenue IT, BPS and
R&D Services organization with a presence in 58 countries, that
it is today. The overall Wipro group revenues are $8.6 billion.
Premji has been driven by one basic idea – to build an
organization deeply committed to Values, with the firm belief
that success in business eventually but inevitably follows.
Unflinching commitment to Values continues to remain at the
core of Wipro. Premji strongly believes that ordinary people are
capable of extraordinary things when organized into highly
charged teams, and takes keen personal interest in developing
leaders and teams.
Wipro’s business success has been driven by keeping the
customer at the core of everything it does. Combining its deep
expertise in technology with an equally clear understanding of
customer industries, Wipro attempts to deliver business value
to customers consistently. The consistency is driven by its
pioneering efforts in service quality and predictability, through
methodologies like Six Sigma, PCMM and Lean. The underlying
tenets that drive this overall culture are that of speed, simplicity
and excellence.
Premji firmly believes that business organizations have a social
responsibility not only to employ ethical, fair and ecologically
sensitive business practices but also to actively engage with
fundamental societal issues. “Wipro Applying Thought in
Schools” (in India) and “Wipro STEM Fellowships” (in the US)
are initiatives deeply involved in trying to improve quality of
school education, while the “Wipro Cares” program engages
with local community causes. Mission 10X works to improve
quality of engineering college education. In 2001, Premji
established and personally endowed the Azim Premji
Foundation, a not-for-profit organization, with a vision of
enhancing quality and equity in the public school education
system in India, to build a better society. The Azim Premji
Foundation works in 7 states of India which have over 350,000
schools. In 2011, the Foundation established the Azim Premji
University, which is focused on teaching and research programs
in Education and other areas of Human Development.
Over the years, Azim Premji has received numerous honors and
accolades, which he considers as recognitions for Team Wipro.
BusinessWeek featured him on their cover of the October 2003
issue with the sobriquet “India’s Tech King” and listed him
amongst the top 30 entrepreneurs in world history in July 2007.
In October 2005, Financial Times included him in a global list of
25 people “dramatically reshaping the way people live, work or
think”. Time listed him amongst the world’s 100 most influential
people in April 2004 and again April 2011, citing his
contribution to improving the public education system in India.
He was named by Fortune (August 2003) as one of the 25 most
powerful business leaders outside the US, by Forbes (March
2003) as one of ten people globally with most “power to effect
change”, and by the Journal of Foreign Policy (November 2011)
as amongst the top global thinkers.
Premji became the first Indian recipient of the Faraday Medal
and has been conferred honorary doctorates by the Michigan
State University and Wesleyan University (in the US), Indian
Institute of Technology Bombay, Roorkee and Kharagpur
amongst others. He is a member of the Indo-UK, Indo-French
CEO forums and a member of the Indo-Japan Business Leaders’
Forum. The Republic of France bestowed upon him the “Legion
of Honor” and Forbes India honored him with its inaugural
“Outstanding Philanthropist of the Year” in November 2012. He
was conferred in January 2011 with Padma Vibhushan, the
second highest civilian award in India. In September 2013 Premji
received All India Management Association (AIMA) Managing
India Award as the Corporate Citizen of the Year for his inspiring
business values and his contribution to society. He was honored
with the Asian Business Leaders Award by Asia House (UK) in
October 2013 for his “impressive business credentials and his
significant efforts to inspire a commitment in others to
improving society.” In December 2013, The Economic Times
bestowed upon Mr. Premji, the Life Time Achievement Award.
Annual Report I 2014-2015
15
T K Kurien
Chief Executive Officer and executive director
T K Kurien (TK) is the Chief Executive Officer of Wipro Limited
and serves on its board of directors. TK was appointed CEO
effective January 21, 2011.
In his career spanning over three decades, TK has held several
leadership positions encompassing strategic and operational
roles.
TK began his career with Wipro in 2000 and has been
instrumental in building and scaling many of Wipro’s successful
businesses. As a transformational and inspirational leader, he
has spearheaded diverse businesses in Wipro including Eco
Energy, Business Process Services, Media, Telecom and
Consulting business divisions at Wipro. TK is credited with
playing a catalytic role in achieving global recognition and
leadership for these businesses.
Prior to being appointed CEO, TK was the President of Wipro’s
Eco Energy division, driving a business that was ahead of its
time, utilizing the concept of Internet of things, long before it
became the buzzword of today. In June 2008, TK took on the
responsibility to build Wipro’s Consulting arm, WCS (Wipro
Consulting Services), establishing it as a distinct offering. From
2004 to 2008, TK headed Wipro BPS (formerly Wipro BPO),
achieving market leadership and best-in-class profitability. For
its exceptional performance, TK was awarded the Global BPO
Industry Leader award by IQPC (International Quality &
Productivity Center) in 2007.
In prior leadership roles, TK was the Chief Executive of Wipro’s
Healthcare & Life Sciences unit and set up the Telecom Internet
Service Provider business, which significantly accelerated
Wipro’s revenue growth.
A strong votary of women’s rights, TK is a recipient of the 2014
Women’s Empowerment Principles (WEPs) Leadership Award
-- a joint initiative of UN Women and the UN Global Compact --
for Wipro’s proactive commitment to gender equality. He
serves on the Board of Directors of Catalyst, a global
organization dedicated to expanding opportunities for women
and is the Chair of its India Advisory Board.
16
In May, 2014 the American India Foundation, committed to
catalyzing social and economic change in India honored TK for
his corporate and philanthropic leadership.
Before joining Wipro, TK served as the Managing Director of GE
X Ray from October 1997 to January 2000. Prior to that, he was
the CFO of GE Medical Systems (South Asia).
An influential speaker, TK is a Chartered Accountant by
training. He has an abiding interest in strategy and history and is
an avid runner.
Rishad Premji*
Chief Strategy Officer and EXECUTIVE DIRECTOR
Rishad Premji is the Chief Strategy Officer and Executive
Director, Wipro Limited. Rishad is responsible for shaping
Wipro's strategy and aligning it with the future business
landscape. In his role he also oversees the Technology office,
Investor Relations & Corporate Affairs functions for the
company.
Rishad joined Wipro in 2007. In the BFSI business unit, He
championed Wipro's entry into the Loan Origination and
Servicing space as an end-to-end provider of Mortgage
solutions followed by the acquisition of Gallagher Financial
Systems (now called Wipro Gallagher Solutions).He also
spearheaded the integration of Citi Technology Services
following Wipro's acquisition of the Citibank captive unit in the
application and infrastructure space.
In 2009, as Head of Investor Relations, he has helped
significantly scale up the systems, processes, and interactions
with both internal and external stakeholders.
Rishad took over the role of Chief Strategy Officer in 2010. As
Chief Strategy Officer, Rishad has led many M&A decisions and
is responsible for allocation of resources to achieve short,
medium and long term objectives. Recently, he conceptualized
Wipro Ventures – a $100M fund to invest in start-ups
developing technologies and solutions that will complement
Wipro's businesses through next generation solutions and
products.
Prior to joining Wipro, Rishad was with Bain & Company in
* Appointed to the board effective May 1, 2015
Annual Report I 2014-2015
London, working on assignments across Consumer Products,
Automobiles, Telecom and Insurance. He also worked with GE
Capital in the US across several businesses throughout the
Insurance and Consumer Lending space and is a graduate of
GE's Financial Management Program (FMP).
the Economic Times Lifetime Achievement Award. Dr. Ganguly
received the Padma Bhushan award by the Government of India
in January 1987 and the Padma Vibhushan award in January
2009. Dr. Ganguly holds B.Sc (Hons) from University of Bombay
and an MS and PhD from the University of Illinois.
Rishad is on the Board of Wipro Enterprises Limited, a leading
player in the FMCG & Infrastructure Engineering space with
sales of ~$1B. He is also on the board of Wipro-GE, a joint
venture between Wipro and General Electric in the healthcare
domain and on the board of the Azim Premji Foundation. The
foundation is one of the largest not-for-profit initiatives in India
focused on improving school education working with over
350,000 schools across the country.
Rishad has an MBA from Harvard Business School and a BA in
Economics from Wesleyan University in the US. He has also
spent a year at the London School of Economics where he was
part of the General Course Program. In 2014, he was recognized
as a Young Global Leader by the World Economic Forum for his
outstanding leadership, professional accomplishments, and
commitment to society.
Dr. Ashok S. Ganguly
Independent Director
Dr. Ashok S. Ganguly has served as a director on our Board since
1999. He is the Chairman of our Board Governance, Nomination
and Compensation Committee. He is currently the Chairman of
ABP Pvt. Ltd (Ananda Bazar Patrika Group). Dr. Ganguly also
currently serves as a non-executive director of Dr. Reddy’s
Laboratories Ltd. Dr. Ganguly is on the advisory board of Diageo
India Private Limited. Dr. Ganguly is the Chairman of the
Governance, Nomination and Remuneration Committee and
Chairman of the Science, Technology & Operations Committee
of Dr. Reddy’s Laboratories Ltd. Dr. Ganguly is a Rajya Sabha
Member. He is a former member of the Board of British Airways
Plc from 1996 to 2005 and Unilever Plc/NV from 1990 to 1997
and Dr. Ganguly was formerly the Chairman of Hindustan
Unilever Limited from 1980 to 1990. Dr. Ganguly was on the
Central Board of Directors of the Reserve Bank of India from
2000 to 2009. In 2006, Dr. Ganguly was awarded the CBE
(Hon) by the United Kingdom. In 2008, Dr. Ganguly received
Ireena Vittal
Independent Director
Ireena Vittal became a director of the Company in October
2013. Ms. Vittal is a former partner with McKinsey & Co. Prior to
joining McKinsey & Co., Ms. Vittal worked with Nestle India
Limited and with MaxTouch (now Vodafone India Limited). Ms.
Vittal serves as a board member of Axis Bank Limited, Titan
Industries Limited, Tata Global Beverages Limited, Godrej
Consumer Products Limited and The Indian Hotels Company
Limited and on the global advisory board of ideo.org. Ms. Vittal
also serves as a member of our Audit/Risk and Compliance
Committee. Ms. Ireena Vittal is a member of Audit Committee
of Godrej Consumer Products Limited, Titan Industries Limited
and member of HR & Compensation Committee of Godrej
Consumer Products Limited. Ms. Vittal has a graduate degree in
Electronics from Osmania University and has completed her
Master’s in Business Administration from the Indian Institute of
Management Calcutta.
Dr. Jagdish N. Sheth
Independent Director
Dr. Jagdish N. Sheth has served as a director on our Board since
January 1999. Dr. Sheth has been a professor at Emory
University since July 1991. Previously, Dr. Sheth served on the
faculty of Columbia University, Massachusetts Institute of
Technology, the University of Illinois, and the University of
Southern California. Dr. Sheth also serves on the board of
Manipal Acunova Ltd. Dr. Sheth holds a B.Com (Honors) from
Madras University, an M.B.A. and a Ph.D in Behavioral Sciences
from the University of Pittsburgh. Dr. Sheth is also the Chairman
of Academy of Indian Marketing Professionals and serves on
our Strategy Committee.
Annual Report I 2014-2015
17
M. K. Sharma
Independent Director
M. K. Sharma became a director of the Company in July 2011.
Mr. Sharma is the Chairman of our Administrative and
Shareholders/Investor Grievance Committee. Mr. Sharma is
also a member of our Audit/Risk and Compliance Committee.
Mr. Sharma served as Vice Chairman of Hindustan Unilever
Limited from 2000 to 2007. Mr. Sharma served as a full-time
director of Hindustan Unilever Limited from 1995 to 2000. Mr.
Sharma is currently on the boards of Asian Paints Limited, Blue
Star Limited, Quess Corp Limited, ICICI Prudential Asset
Management Company Limited, ICICI Lombard General
Insurance Company Limited, Sterling Holidays Limited,
Thomas Cook (India) Limited and United Spirits Limited. He is
also on the board of Indian School of Business, Hyderabad and a
Governor of Anglo Scottish Education Society Limited,
Mumbai. Mr. Sharma is a Chairman of Audit Committee of
United Spirits Limited and a member of the Audit Committee of
Blue Star Limited, Asian Paints Limited, ICICI Prudential Asset
Management Company Limited, ICICI Lombard General
Insurance Company Limited and Thomas Cook (India) Limited.
Mr. Sharma is Chairman of the Governance and Remuneration
Committee of ICICI Lombard General Insurance Company
Limited and a member of the Board Nomination and
Remuneration Committee of Asian Paints Limited. Mr. Sharma
holds a Bachelor’s Degree in Arts and Bachelors of Law Degree
from Canning College University of Lucknow. He completed a
Post Graduate Diploma in Personnel Management from the
Department of Business Management, University of Delhi and
Diploma in Labour Laws from India Law Institute, Delhi. In 1999,
he was nominated to attend the Advance Management
Program at Harvard Business School.
Narayanan Vaghul
Independent Director
Narayanan Vaghul has served as a director on our Board since
June 1997. He is the Chairman of our Audit/Risk and
Compliance Committee, and a member of the Board
Governance, Nomination and Compensation Committee. Mr.
Vaghul is also the lead independent director of the Company.
He was the Chairman of the Board of ICICI from September
1985 to April 2009. Mr. Vaghul is on the Boards of the following
public companies in India and overseas: 1) Mahindra World City
Developers Limited, 2) Piramal Enterprises Limited, 3) Apollo
Hospitals Enterprise Limited, and 4) Arcelor Mittal,
Luxembourg. Besides this he is on the boards of two private
limited companies and several Section 25 companies and public
trusts. Mr. Vaghul is the Chairman of the Compensation
Committee of Piramal Enterprises Limited and its 100%
subsidiary, PHL Finance Private Limited. Mr. Vaghul is Chairman
of the Audit Committee of Piramal Enterprises Limited. Mr.
Vaghul is a member of the Remuneration Committee of
Mahindra World City Developers Limited and Apollo Hospitals
Enterprise Limited. Mr. Vaghul holds a Bachelor (Honors)
degree in Commerce from Madras University. Mr. Vaghul was
honored by the Government of India with the Padma Bhushan
award in 2010. Mr. Vaghul also received the Lifetime
Achievement Awards from The Economic Times, Ernst & Young
Entrepreneur of the Year Award Program and Mumbai
Management Association. He was given an award for the
contribution to the Corporate Governance by the Institute of
Company Secretaries in 2007.
Vyomesh Joshi
Independent Director
Vyomesh Joshi became a director of the Company in October
2012. He is a member of Dean’s Advisory Council at The Rady
School of Management, University of California, San Diego.
Prior to joining the Company, Mr. Joshi served as the Executive
Vice President of Hewlett-Packard’s Imaging and Printing
Group. Mr. Joshi joined Hewlett-Packard as a Research and
Development engineer and held various management positions
in his career with the group. Mr. Joshi was also on the Board of
Yahoo for seven years until 2012. Mr. Joshi is also a member of
the Board of Directors of Harris Corporation. Mr. Joshi has been
featured in Fortune Magazine’s diversity list of most influential
people in 2005. Mr. Joshi also serves on our Strategy
Committee. Mr. Joshi holds a Master’s degree in electrical
engineering from the Ohio State University.
18
Annual Report I 2014-2015
Directors of CenturyTel, Inc. and Polycom and several
philanthropic and private company boards. Mr. Owens was a
member of the Board of Directors of Daimler Chrysler AG from
November 2003 to April 2009, Embarq Corporation from May
2006 to July 2009 and Nortel Networks Corporation from
February 2002 to November 2005. Mr. Owens holds an M.B.A.
(Honors) degree from George Washington University, a B.S. in
Mathematics from the U.S. Naval Academy and a B.A. and M.A.
in Politics, Philosophy and Economics from Oxford University.
William Arthur Owens
Independent Director
William Arthur Owens has served as a director on our Board
since July 2006. He is also a member of our Board Governance,
Nomination and Compensation Committee, and serves as
Chairman of our Strategy Committee. He has held a number of
senior leadership positions at large multinational corporations.
Mr. Owens presently serves as the Chairman of CenturyLink
Telecom. He is also the Executive Chairman of Red Bison
Advisory Group (“RBAG”). RBAG is a company in the natural
resources (oil, gas and fertilizer plants) and information and
communication technology sectors. Mr. Owens previously
served as the Chairman of AEA Investors (Asia) from April
2006 to December 2014 and has served as Managing Director,
Chairman and Chief Executive Officer of AEA Holdings Asia, a
New York private equity company at various times during that
period. Mr. Owens also served as Vice Chairman of the New
York Stock Exchange, Asia from June 2012 to June 2014, as well
as Vice Chairman, Chief Executive Officer and Vice Chairman of
the Board of Directors of Nortel Networks Corporation, a global
supplier of communications equipment from April 2004 to
November 2005. Prior to that, Mr. Owens served as Chairman
and Chief Executive Officer of Teledesic LLC, a satellite
communications company from August 1998 to April 2004.
During that same period, Mr. Owens also served as Chairman
and Chief Executive Officer of Teledesic’s affiliated company,
Teledesic Holdings Ltd. Mr. Owens was President, Chief
Operating Officer and Vice Chairman of Science Applications
International Corporation (SAIC) from June 1996 to August
1998. Mr. Owens was a career officer in the U.S. Navy where he
served as commander of the U.S. Sixth Fleet in 1990 and 1991,
and as senior military assistant to Secretaries of Defense Frank
Carlucci and Dick Cheney. Mr. Owens’ military career
culminated in his position as Vice Chairman of the Joint Chiefs
of Staff where he had responsibility for the reorganization and
restructuring of the armed forces in the post-Cold War era. Mr.
Owens is widely recognized for bringing commercial high
technology into the U.S. Department of Defense for military
applications and as the architect of the Revolution in Military
Affairs (RMA), an advanced systems technology approach to
military operations. Mr. Owens is also a member of the Board of
Annual Report I 2014-2015
19
Sus a n bilit
Highlights 2014-15
Reducing our
ecological impact
A sustainable,
empowering workplace
GHG Intensity
for offices energy consumption
Energy Intensity
2014-15
2013-14
2012-13
2014-15
2013-14
2012-13
1.65
1.7
1.75
1.8
1.85
1.9
210
215 220
225 230
235
240
245 250
Tons of CO2 Equiv. per
employee per annum
Renewable Energy
Kwh per person per month
65
Million KWh
22%
of our total office space
energy consumption
2088
virtual servers
running on
147
physical servers
9 Million
KWh saved annually
Yammer
Launch of Yammer
as the enterprise social
networking platform
Over 57,000
users with
4,700 groups
Mitr
Wipro’s employee assistance and
counselling program completes
11 years
EAG
The Employee Advocacy
Group has a 120+
member representation
with 1053 active
suggestions and
contributions
EPS Pulse – Engagement scores increased by
2% in the Employee Perception Survey (EPS) Pulse
2014 survey.
Over 130,000 participants (employees,
contractors and services providers) attended
trainings on Health & Safety, covering
Occupational health, Transportation, Hospitality,
emergency response and Security domains.
EAGEMPLOYEE ADVOCACY GROUP
Water
Per employee water
consumption -
1.35 Kilo Liter in 2014-15
compared to
1.46 Kilo Liter in 2013-14
Biodiversity
Butterfly Park at
Electronic City Campus,
Bangalore completed in
2013. Phase 2 - Wetland
Park work underway
Waste
90% of Total Waste from
India operations
recycled or reused
Water Recycling -
34% in 2014-15
compared to
32% in 2013-14
Started Biodiversity
programs at two of our
campuses in Pune.
Increased native
species by 4 times to
200 species
Category wise goals set
for organic, inorganic,
mixed solid waste and
e-waste
24000+
technical, behavioral, sales and leadership
training programs delivered
Learning Networks
4000
registered mentees
1200
registered mentors
Diversity at Wipro
Ÿ 30.2% Women
Ÿ Workforce comprising 101 nationalities in 58
countries
Ÿ 439 employees with disabilities, including 76 hired
in 2014 - 15
Ÿ Sign language interpretation for key employee
communication. Online portal ‘Kinesics’ for learning
sign language
Ÿ Celebration of International Women’s Day and
International Day for People with Disabilities
Beyond the Boundary -
Education & Community Care
Customer Stewardship
Wipro Education
Ÿ New domains like
for rural youth included
learning program
the North-East, Maharashtra, Kerala, Karnataka and Punjab
primary school mathematics
6 new partnerships
integrated
and
in
Ÿ
Ÿ Launched a program on
supporting needs of
Ÿ
projects in Bangalore, Pune, Jaipur and Hyderabad
education of children with disabilities
,
5
1350 underprivileged children
through
Wipro Science Education Fellowship Program
Ÿ Launched in
to improve Science
and Math education in schools primarily serving disadvantaged
communities in cities in USA
Chicago New York
,
Boston
and
Ÿ
Ÿ Collaboration with
Mercy College
UMass Boston, Michigan State University
and
Ÿ
Ÿ Works with
250-300 teachers
through a 2-3 year fellowship
across
20 school districts
who go
earthian
Ÿ Participation from 3,000 schools and colleges, 15,000 students
and
3,500 educators
nationwide since its launch in 2011
Ÿ
Ÿ 14 workshops on sustainability learning were conducted for more
than 250 teachers
Ÿ
Ÿ Co-hosted national level symposium on ‘Sustainability in
Management Education’ along with
School of Business, University of North Carolina
IIM-B
and
Kenan Flagler
Mission 10X
Ÿ Conducted Academic Leadership,
76
1,003
Faculty Empowerment,
91
Practitioners &
614
Student Engineering Thinking Workshops
Ÿ 54 Mission10X Technology Learning Centers (MTLCs) now
operational in 12 states
Wipro Cares
Ÿ Participative ground water project in
Corporate Office
35 sq.km
proximate area of
Sustainability assessments front
ended by customers:
Ÿ Ecovadis, a Paris based sustainability rater,
whose services are used by 30 Wipro
customers - rated us with CSR rating of
“Gold”
Ÿ Verego, Independent supplier CSR assessor,
subscribed by leading U.S. companies, rated us
“ Best in Class” across all five areas -
Leadership, Ethics, People, Community
and Environment
Customer satisfaction scores increased by 680
basis points for 2014-15 as compared to the
previous year
Wipro EcoEnergy
Launched in 2008, Wipro EcoEnergy, the clean
tech business unit of Wipro Limited offers
Enterprise-wide Energy Management Services
Portfolio includes environmental footprint
reduction enabling solutions like Analytics,
Cloud-based Services, EcoEnergy, Mobility and
Open Source solutions
Recognitions
Ÿ Primary Healthcare access to
53 villages
covering
Pradesh & Uttarakhand
across
75,000
people across 7 projects,
Maharashtra, Karnataka, Andhra
Ÿ Program in
urban solid waste management
social security benefits
in Bangalore -provides
to
260
skills upgrading and access to
informal workers
Ÿ Education program to 500 migrant worker’s children
Ÿ Social Forestry -
100,000 saplings planted
benefitting
80 farmers
in 4 years
Ÿ Disaster Rehabilitation -
Ÿ Livelihood Projects
with
Uttarakhand
20 village level farmer groups
in
Ÿ Restoring livelihood of
250 Fishermen
and Village level
Disaster Committees set up in
15 villages Odisha
in
Wipro’s Sustainability Education Program
for Schools and Colleges
Wipro
Cares
MANAGEMENT DISCUSSION AND ANALYSIS
Economic Overview
According to the IMF, global economic growth remains
moderate, with uneven prospects across the main countries and
regions. In its World Economic Outlook issued in April 2015, IMF
has forecast the global growth to reach 3.5% in 2015, up from
3.4% recorded in 2014. Growth is projected to be stronger in
2015 relative to 2014 in advanced economies, but weaker in
emerging markets, reflecting more subdued prospects for some
large emerging market economies and oil exporters.
IT Services
Industry overview
Enterprises are increasingly outsourcing their technology and IT
services requirements to global IT services providers who can
deliver high quality service on a global scale and at competitive
costs. According to Gartner report Forecast: Enterprise IT
Spending by Vertical Industry Market, Worldwide, 2013-2019, 1Q15
Update, worldwide IT Services spending in 2014 was $948
billion, a growth of 1.8% over the previous year. Global IT service
providers offer a range of end to end software development, IT
business solutions, research and development services,
business process services, consulting and related support
functions.
Over the past two decades, India has risen to become the
leading destination for global IT services sourcing, business
process services and research and development services.
Global IT services providers, based in India, have a proven track
record for providing business and technology solutions, offering
a large, high quality and English-speaking talent pool and a
friendly regulatory environment. These factors have facilitated
the emergence of India as a global sourcing hub.
Growth drivers of India-based IT Services Providers
w Global IT sourcing from India offers significant cost
advantages as well as productivity gains on account of
access to highly skilled and competent talent at lower
wage costs. According to the National Association of
Software and Service Companies (NASSCOM) Strategic
Review Report 2015 (“NASSCOM Report”), India-based
IT services providers have been able to maintain their cost
competitiveness by deploying various cost control
strategies including the delivery networks in Tier II/III
cities, recruiting on college and university campuses as
well as experienced professionals, and offsetting wage
inflation with operational gains and productivity
measures.
w India has a large, highly skilled and English-speaking
talent pool. According to the NASSCOM Report, the IT –
Business Process Management industry in India
employed over 3.5 million software professionals as of
March 31, 2015, making it one of the largest employers in
the global IT services industry.
w Business favorable policy decisions of the Government of
India have played a key role in the development of robust
IT and business process management (“BPM”) sectors in
the country. The Software Technology Park (“STP”)
Scheme and the Special Economic Zone Act also played a
critical role in the emergence and development of the IT
and BPM industries by providing incentives in the form of
tax holidays.
w India-based IT companies have proven their ability to
deliver premium IT services and business process
management that satisfy the requirements of
international clients who adhere to exacting quality
standards.
According to the NASSCOM report, revenues for fiscal year
2015 for the IT-BPM industry based in India is estimated to be
US$146 billion, which would represent growth of approximately
13% over fiscal year 2014. According to the NASSCOM Report,
IT export revenues from India, including hardware, are expected
to grow at a year-on-year rate of 12% in fiscal year 2015, driven
by greater demands for social, mobile, analytics and cloud based
solutions. While exports remain the focus area for the IT
industry in India, the IT services market in India represents
approximately 18% of the total business of India-based IT
services industry and is also expected to be a key growth driver.
According to the NASSCOM Report, the domestic Indian IT-
BPM market is expected to have grown by 14%, a growth rate
that is faster than export markets in fiscal year 2015, driven
largely by e-commerce.
Strengths of Wipro
w Heritage of R&D services gives a strong technological
edge to the company
w Broad based and balanced portfolio across industry
verticals, service lines and geographies
w Early innovation in remote infrastructure services and
rapid growth has led to a large, fast growing
Infrastructure services practice
w Strong delivery processes through investments in
automation, artificial intelligence and next gen delivery
w Early investments in the Digital business to capitalize on
the next wave of growth driven by digital transformation
Annual Report I 2014-2015
23
Our Strategy
Our Strategy for Run business is centered on –
I n d u s t r i e s wo r l d w i d e , a re w i t n e ss i n g s i g n i f i c a n t
transformations in the Business Model and Technology
landscape.
1. Driving revenue growth in our core businesses through
services and solutions in prioritized verticals, service
lines & geographies.
1. Evolving Client Business Models –While overall IT spend
by Enterprises are expected to increase (though
marginally), the IT spend mix on 'Run' part of the business
('Run' – IT resources consumed and focused on
continuing operation of the business) and 'Change' (IT
resources consumed and focused on developing and
enhancing IT systems in support of business growth or to
enable the enterprise to enact new business models) part
of the business is shifting. Investments in 'Change'
programs are on the increase and some are funded
through the efficiency gains from 'Run' business. The
technology investments are required to be more business
focused and end-user conscious. Given the pace of
technology transformation, a new set of influencers are
emerging
like the Chief Digital Officer and Chief
Marketing Officer. Today's Service Providers are required
to address the increasing and diverse needs of the clients.
2. Changing Technology Landscape – IDC predicts that over
65% of Enterprise IT organizations will commit to Hybrid
Cloud technologies before 2016. This will create a new
set of opportunities as clients look at us to partner with
them on this journey. Gartner forecasts that the number
of ''Connected Devices'' will be nearly 25 Billion by 2020,
or over three times the number of humans on earth. This
explosion of connected devices will drive the need for
Data Analytics & Insights services.
3. Need for newer Models of Service Delivery – .
Increasingly, enterprises seek integrated solutions &
services – implying the need for service providers to
adopt newer commercial and delivery constructs.
4. The Digital Opportunity – Estimated to be an over
$225Billion market by 2020, 80% of incremental
investments of enterprises are expected to be in and
around Digital, driven by need to go 'Digital' to address
the consumer. A significant portion of such investments
will be funded through legacy spend reductions. This
has significant implications for service providers
including the need to invest in capabilities such as
Dev/Ops, process & service design, user experience,
architecture & Digital technologies and investing in
creative technologists across a spectrum of Digital
technologies – Internet of Things(IoT), Cloud, Big Data
Analytics & Mobile.
a. Drive superior Farming & sustain momentum in
Hunting
b Drive
Cross-service line collaboration &
Integrated Process & Technology Service
offerings
c.
Investments to drive growth in
i.
ii.
Verticals: Healthcare, Retail & Consumer
Goods, Banking Financial services and
Insurance, Media & Telecom, Energy,
Utilities & Manufacturing
Service Lines: Infrastructure services,
Product Engineering Services, Analytics &
Application Services
iii. Geos: US, UK, Continental Europe, India,
Middle East & Australia
2. Significant Cost Optimization through Hyper-
automation while ensuring quality and efficiency in
delivery, leveraging a range of Automation tools in
Infrastructure and Applications Delivery e.g. ServiceNxT
(Integrated Managed Services framework).
Our strategy for Change business focuses on-
1.
Investing in Digital
2.
a. Dedicated and separate unit called Wipro Digital.
b. Focus will be to Re-imagine ‘customer journeys’
c. We will engineer and automate processes to
increase velocity and productivity of these
processes and build cross-industry utility
solutions for Enterprise Process Digitization
Investing in future growth & leveraging Next-Gen
Technologies for driving efficiency gains & cost-take
out for our clients.
a.
AI, IoT, Big Data Analytics and Open Source will
be the technology bets for the future.
Investing in building Data Discovery Platform for
b.
Marketing and Digital as a productized offering.
c. Open Stack focus e.g. Open Datacenter, Open
Apps and Open Network.
d. Ecosystem focus to drive thought leadership
through Community and Industry foundation
partnerships.
24
Annual Report I 2014-2015
e. Leverage Wipro HOLMES
(Cognitive
Computing Platform) to solve customer use cases
& drive automation in Service Delivery.
T M
3.
Building a World-class ecosystem
a. Corporate Venture Capital Fund –
‘Wipro
Ventures’ a dedicated $100M fund will invest in
early to mid-stage cutting edge start-ups. Focus is
on companies that will complement Wipro’s
businesses through next generation disruptive
products and solutions.
Industry & research partnerships like those with
NASSCOM with the objective of working with and
leveraging the start-up ecosystem for striking Go-
To-Market and Solution Partnerships.
b.
c. M&A – focus on Digital Assets and areas
around Big Data, Mobility & Cloud.
To enable effective implementation of the RUN & CHANGE’
strategies, we are making focused investments in brand
building, creating the right organization structure, processes ,
technology and people. For example, we continue to
aggressively build awareness of the Wipro brand name among
clients and partners. As an IT services business, we seek to
position ourselves as a Strategic Solutions Provider with the
resources and capabilities to offer a comprehensive range of IT
services.
Driving differentiation and leadership through our people
We believe that our employees are the backbone of our
organization and a key differentiator in the global market for IT
services and IT products. We are committed to recruiting and
training highly skilled employees, service providers and leaders.
Our aim is to build a best-in-class global leadership team and
provide our employees with attractive opportunities for career
enhancement and growth. We continue to design and
implement processes and programs to foster people
development, leadership development and skill enhancements
among our global team. It is our aim to be a diverse global
company that not only serves clients but also empowers our
employees worldwide to enhance their expertise beyond their
industry peers.
Business segment overview
Industry /Vertical focus: Our business comprises of IT Services
and IT Products segments. We have invested and continue to
invest significant resources in understanding and prioritizing
industry verticals. Our IT Services segment is organized into six
strategic business units by client industry as follows.
1. Banking, Financial Services and Insurance (“BFSI”)
2. Healthcare and Life Sciences (“HLS”)
3. Retail, Consumer, Transport and Government (”RCTG”)
4. Energy, Natural Resources and Utilities (“ENU”)
5. Manufacturing and High-Tech (“MFG”)
6. Global Media and Telecom (“GMT”)
This segment reporting structure is aimed at aligning with the
industry trends. Please refer to Note 31 of the ‘Consolidated
Financial Statements under IFRS' in addition to the 'IT Services
Business Segments' in this section for additional financial
information.
(Figures in $ millions except otherwise stated)
Business Unit
BFSI
MFG & Hi-tech
RCTG
ENU
GMT
HLS
Total
2014-15
2014-15 Growth YoY% 2014-15 Growth YoY% Margins
2014-15
in Reported Currency
in Constant Currency
Margins
2013-14
1,857
1,292
1,001
1,147
982
803
7,082
5.7%
4.7%
2.6%
8.3%
7.7%
18.0%
7.0%
6.9%
6.6%
3.8%
10.2%
10.1%
19.6%
8.7%
23.7%
21.3%
21.2%
24.7%
22.2%
21.2%
22.2%
22.8%
23.3%
22.1%
27.2%
21.0%
18.6%
22.6%
IT Services segment consists of Banking, Financial Services and Insurance (BFSI), Healthcare and Life Sciences (HLS), Retail, Consumer, Transport
and Government (RCTG), Energy, Natural Resources and Utilities (ENU),Manufacturing (MFG), and Global Media and Telecom (GMT)
Annual Report I 2014-2015
25
analytics, drive innovation using mobile devices and
create autonomic customer-facing services.
c. Retail, Consumer Goods, Transportation & Government
(RCTG) grew 3.8% in constant currency in 2014-15. We
offer an integrated environment that allows organizations
to model, optimize, forecast, budget, execute, manage
and measure product and customer performance across
the globe. We provide strong consumer-centric insight
and project execution skills across retail, consumer
goods, transportation and government sectors. Our
domain specialists work with customers to maximize
value through technology investments.
d. Energy, Natural Resources and Utilities (ENU) grew
10.2% in constant currency in 2014-15. ENU business unit
is strongly positioned to meet the evolving needs of
clients in the oil and gas, utilities, mining, and engineering
and construction industries globally. Our energy practice
has helped clients, primarily in the oil and gas sectors,
address complexity through solutions which can
effectively collect data from oil wells to retail outlets,
integrate different parts of the value chain to increase
transparency and provide tools and solutions to
effectively analyze data. We are a strategic partner for
many of the world’s major oil and utility companies. We
have also commenced engagements with some of the
world’s largest mining companies. We help large utility
firms manage assets, reduce operational costs and
enhance revenue by improving customer satisfaction. We
have leveraged our experience in oil & gas and utilities
sector to provide comprehensive solutions to the mining,
engineering & construction industries and our acquisition
of SAIC’s global oil and gas business unit in fiscal year
2012 has strengthened our capabilities and presence in
this sector. In August 2014, we acquired ATCO I-Tek, the
provider of IT services to ATCO Group, a leading Canadian
global utilities and logistics company. We can assist our
clients improve customer satisfaction, increase efficiency
of service delivery and asset management, introduce
smart solutions, discover and integrate newer sources of
energy. We are also helping our clients digitize and
automate operations, create collaborative work
environments, reduce the cost of exploration and
extraction as well as address the need for sustainable
practices. We are also developing compliance solutions in
the areas of health, safety, and security .
e. Global Media and Telecom (GMT) grew at 10.1% YoY in
constant currency in 2014-15. For the past two decades,
we have offered services across the entire
a. Banking Financial Services and Insurance (BFSI) grew
6.9% YoY in constant currency in 2014-15. BFSI is our
largest industry vertical in terms of revenue and includes
clients in the Banking, Insurance and Securities & Capital
Market industries. Our Banking practice has partnered
with many of the world’s leading banks. Our Insurance
practice has been instrumental in delivering success for
Fortune 100 insurance clients through our solution
accelerators, intellectual property, end-to-end consulting
services and flexible global delivery models. We have
partnered with leading investment banks and stock
exchanges worldwide, providing state-of-the-art
technology solutions, to address business priorities
including operational efficiency, cost optimization,
revenue enhancement and regulatory compliance.
b. Manufacturing and Hi-tech (MFG) grew 6.6% in
constant currency in 2014-15. We provide IT Services
across the entire manufacturing ecosystem. We offer a
range of solutions across various domains including
process manufacturing and Industrial & General
Manufacturing and High-Tech industries. We provide
strategic business and technology solutions and advise
customers on business process optimization and
engineering such as Supply Chain Management (“SCM”),
Product Lifecycle Management (“PLM”) and
Manufacturing Execution Solutions (“MES”). Our
industry aligned business model gives us a deep
understanding of our customers’ businesses to build
industry specific solutions through our dedicated
‘Industry Centers of Excellence’ while our technology
practices provide us the ability to keep our customers
ahead on the ever-advancing technology curve through a
catalog of technology solutions and frameworks. We help
our clients design intelligent customer experiences,
implement intuitive man-to-machine interactions, gain
customer and industry insights using cloud, mobility and
26
Annual Report I 2014-2015
telecommunications and media value chain, serving
network equipment providers, device vendors, service
providers and content providers. We assist clients in
dealing with the business changes arising from
disruptions caused by new technologies, new enterprise,
new consumer services and changing regulations.
f. Healthcare, Life Sciences & Services (HLS) emerged as
the leading growth driver growing at 19.6% in constant
currency in 2014-15. We offer a comprehensive portfolio
of solutions and service offerings across payers,
providers, e-health and government funded programs,
bio pharmaceutical and medical devices segments. Our
centralized, scalable and high quality software delivery
capability coupled with our deep domain knowledge has
helped us to provide innovative solutions which enable
our clients to meet their business objectives of patient
centricity, regulatory compliance, commercial
effectiveness and revitalizing innovation.
Service Lines:
Our service offerings in each of these strategic business units
are aligned with the technology needs of our customers which
include applications, infrastructure, engineering, business
processes, analytics, consulting, cloud and mobility services.
Our key service offerings are outlined below.
Service Lines consist of Business Application Services(BAS),
Global infrastructure services(GIS), Application Development
and Maintenance (ADM), Business Process Services (BPS),
Product Engineering Services (PES), Wipro Analytics and
Consulting.
a. Business Application Services (BAS)
Our BAS practice offers integrated business solutions
that span the application and technology landscape. We
help drive business innovation by integrating next
generation technology into the enterprise IT landscape.
Our services focus on employing the most advanced
technologies, ensuring agility and flexibility in
responding to client needs, standardizing and
streamlining processes, and maintaining high quality
levels. Our solutions streamline business processes,
maximize and extend the value of package applications,
and offer secure IT operations. We aggregate cutting-
edge applications to drive collaboration and e-
commerce with customers through these key practices:
Ÿ
Enterprise Application Services: Our Enterprise
Application Services assist our customers’
transformation initiatives through Enterprise
Resource Planning (ERP), Financial Management,
Human Capital Management, Supply Chain
Management, Customer Relationship Management
and Application Management Services. We have
strategic partnerships with many major ERP vendors,
including Oracle and SAP, which enable us to provide
tailored recommendations for the specific needs of
our clients. We also leverage commercial SaaS
(Software-as-a-Service) solutions in partnership
with industry leaders such as Salesforce.com,
Workday and NetSuite.
Ÿ Connected Enterprise Services: Our solutions like
Digital Customer Experience Management (DCxM)
and Encore (Next Gen Commerce Solution) enable
businesses to engage customers, drive sales,
enhance customer experience and create an
integrated enterprise that delivers a consistent,
omni-channel customer experience.
Ÿ Mobility Solutions: We provide mobile strategy
consulting, mobile user interface design services,
mobile application development and testing as well
as mobile security and device management.
Ÿ Enterprise Architecture: We assist clients in
establishing the structure, processes and tools for
improvements in technology governance and the
metrics they need to measure the alignment of their
IT landscape with their business goals. Our solution
enablers called “Smarter Applications” accelerate
the adoption of next generation architectures.
Ÿ Enterprise Security Solutions: We help enterprises to
enhance their security strategies and information
security with our comprehensive IT security services,
including Risk Intelligence Center, Data Governance
Center, Security Intelligence Center, Security
Assurance Center and Security Management Center.
Annual Report I 2014-2015
27
Our solutions enhance performance and enable
compliance programs to adapt with agility to
constantly evolving business and IT risks.
Ÿ Testing Services: We deliver functional assurance,
better quality and enhanced performance with our
offerings like risk-based testing, cloud testing,
lifecycle automation testing, business assurance, and
ready to deploy tools. Our solutions help our clients
deploy applications and products with greater cost
savings and faster time to market.
Ÿ Open Source: We offer pre-built, integrated and
validated application stacks of best-in-class open
source products for enterprises like OpenApp Edge,
OpenApp Connect, OpenApp Foundation, OpenApp
Insights and OpenApp Experience.
b. Application Development & Maintenance (ADM)
Our ADM offering is focused on bespoke application
development and maintenance in legacy environment.
As more and more businesses move to Product based
solutions and SaaS solutions, there is increased pressure
on cycle time reduction and cost, while delivering and
maintaining bespoke solutions. In alignment with these
needs, Wipro has adopted lean and agile practices to
deliver ADM services in the shortest possible time lines
and cost.
c. Global Infrastructure Services (GIS)
Our GIS practice provides end-to-end IT infrastructure
and outsourcing services globally to customers across
60 countries. At GIS, we aim to deliver ruthless
efficiency by responding to enterprises’ ongoing needs
for efficiency and growth, deliver Business Enablement
by s h i f t i n g fo c u s to ex p l o i t i n f ra s t r u c t u re
commoditization and the digital paradigm, and deliver
Transformation Services to maximize value through
differentiated “Change the Business” & “Run the Business”
strategies. As one of the pioneers in infrastructure
management services, we are one of the fastest-growing
providers of IT infrastructure and outsourcing services in
the world, enabling customers to do business better by
enabling innovation via standardization and automation,
serving more than 700 clients with a global team of over
32,000 professionals backed by our network of 14 data
centers spread across the US, Europe and the Asia-
Pacific region. This suite of technology infrastructure
services includes the following:
Ÿ Data Center Services: End-to-end services portfolio
across Consulting, Transformation, Cloud and
Managed services backed up by a proven transition
framework which enable seamless transition from
incumbent vendors.
Ÿ End User Services: Helps organizations accelerate
the transformation & management of their end user
landscape leveraging well defined frameworks, tools
and solution accelerators.
Ÿ IT Service Desk: Helps organizations implement,
transform, consolidate Service Desk leveraging our
accelerators and solution along with our state-of-
the-art facilities across the globe.
Ÿ Network Services: Provides comprehensive
solutions and the services across Connect,
Collaborate, and Manage along with end-to-end
lifecycle services.
Ÿ Cloud Services: Deliver a wide range of services
across Hosting & Cloud Infrastructure (IaaS), and
Desktop as a Service.
Ÿ Open Source Services: Offers enterprise-class Open
Source solutions in the areas of Open Source cloud
solutions, OS Replatforming, PostgreSQL DB,
software defined storage, and virtualization.
Ÿ Global System Integration Services: Understanding
the complexities of the IT environment, and extend
our expertise in system integration to ensure that the
technology is in line with customer’s business
objectives no matter the size and nature of the
organization.
Ÿ Managed Security Services: Helps protect an
e n t e r p r i s e ' s i n f o r m a t i o n a s s e t s t h ro u g h
c o m p re h e n s i ve m a n a g e m e n t o f s e c u r i t y
components and mitigate adverse impact on
confidentiality and availability.
Ÿ Infrastructure Engineering Services: Deliver
infrastructure design & build, and testing services
along with planning, utilization analysis for different
types of virtual environments.
c. Business Process Services (BPS)
Our BPS practice enable clients to improve their
processes, reduce costs and create economies of scale.
We offer customized service offerings that translate into
flexible and cost effective services of the highest quality
for our customers. We are uniquely positioned to service
customer requirements by leveraging our quality and
28
Annual Report I 2014-2015
innovation, talented employees, self-sustaining process
framework and domain knowledge. We have invested in
business operations platforms driven by analytics, pre-
built process libraries, business design and process
management components to enable us to help our
customers effectively manage their business operations.
In many large outsourcing deals, BPS is an integral part of
the total services outsourced. Integrating BPS into our
portfolio of service offerings has provided us with a
strong competitive advantage over other stand-alone IT
services providers. Our service offerings include:
Ÿ Customer Interaction services, such as IT-enabled
customer services, marketing services, technical
support services and IT helpdesks;
Ÿ Finance & Accounting and Procurement services,
such as Accounts Payable and Accounts Receivable
processing; procure-to-pay and managed
procurement services;
Ÿ Process Improvement services that provide benefits
of scale for repetitive processes like claims and
mortgage processing and document management;
Ÿ Knowledge Process Outsourcing services which
involve high-end knowledge work on intellectual
property, equity and finance, analytics, market
research and data management; and process
transformational offerings, such as automated chats
and e-mails, speech analytics and interactive voice
response based solutions.
d. Product Engineering Services and R&D Services
Our Product Engineering Services Group (PES) provides
comprehensive Research & Development services to
facilitate breakthrough product and service
transformations across all major industry verticals. Our
specialized team of 14,000 engineers work with in-house
innovation labs on various engineering Research &
Development projects ranging from product strategy and
proof of concept to product development, testing and
compliance and outsourced manufacturing. Over the
years, PES has added value to product engineering at
numerous global corporations by building innovative
customer experiences, personalizing products for new
markets, integrating next-generation technologies,
facilitating faster time-to-market, and ensuring global
product compliance. The group is making significant
developments in new age technology paradigms such as
the IoT, cloud platforms, virtualization, smart devices,
gesturing technology and artificial intelligence.
e. Wipro Analytics
Wipro Analytics addresses all aspects of artificial
intelligence, machine learning, advanced analytics, data
and information management and big data platforms. It
provides solutions and services across these themes
enabling clients to make informed business decisions.
Our service offerings include:
Ÿ
Ÿ
Data Platform Engineering – Data Platform
is focused on delivering online or
Engineering
connected services in the areas of Internet Scale
Application, Data Platforms, cognitive platforms and
High Performance Computing solutions. It builds
complete solutions in the areas of large scale service
delivery systems, Big Data systems and real-time low
latency engineered systems for IoT, Trading,
Advertising and other industrial applications – either
via on-premise or cloud-based platforms. It also
builds and delivers products such as the Big Data as a
Service to drive non-linear revenues.
Big Data Analytics – Big Data Analytics creates and
delivers analytical platforms and solutions which
help organizations make forward looking decisions in
real-time or near-real time. This practice utilizes
open source platforms like Hadoop, No-SQL
database and real-time streaming technologies to
build the next generation information foundation. It
builds the data science layer which specializes in
areas of predictive & prescriptive analytics leveraging
statistical modelling, machine learning and AI
techniques to provide decision engineering
capabilities.
Ÿ Data Warehousing & Appliances and CXO Services
– Data Warehousing and Appliances focuses on
providing solutions and services in the creation of
Annual Report I 2014-2015
29
measurable, implementable and customized to client’s
requirements.
We deliver value to clients through six industry leading
consulting practices: (1) Finance and Accounting, (2)
Governance, Risk and Compliance, (3)Human Resources,
(4) Business Change Management, (5) Industry Services,
(6) Process Excellence and Value Chain Management.
Our consultants are based across North America,
Western Europe, India, the Middle East, Africa and the
Asia-Pacific Region. We offer end-to-end 360 degree
services, from strategy to design to implementation,
combining the benefits of proximity and global leverage.
enterprise-wide data warehouses and operational
data platforms leveraging Data Appliances and
traditional Relational Databases. CXO services is
chartered with creating innovative business solutions
addressing the CXOs.
Ÿ
I n f o r m a t i o n M a n a g e m e n t – I n f o r m a t i o n
Management offers the full suite of tools and
technologies across the value chain of data including
Information Architecture & Strategy, Master Data
Management (MDM), Information Life cycle
Management, Data Quality, Data Migration and Data
Integration.
Ÿ Business Intelligence – Business Intelligence (BI)
focuses on providing actionable insights using BI
tools and interactive reports to help decision makers
make informed decisions, identify new business
opportunities and create sustainable competitive
advantage.
f. Consulting
Wipro Consulting Services (WCS) helps organizations
enhance business effectiveness through operational
excellence, derive value through technology-enabled
transformation and face tomorrow’s challenges. We offer
these business-focused, function-driven and technology-
enabled transformations by drawing on industry best
practices, our deep industry expertise and our Global
Delivery Model. We deliver solutions that are
Geography-wise revenue breakup of IT Services:
(Figures in $ millions except otherwise stated)
2014-15
2013-14 2014-15 Growth YoY% in
Reported Currency
2014-15 Growth YoY% in
Constant Currency
3,610
3,299 9.4%
1,971
1,944 1.3%
APAC and OEM
817
806 1.4%
India and Middle East
Total
684
7,082
569 20.3%
6,618 7.0%
10.1%
3.5%
6.5%
21.0%
8.7%
Geo
Americas
Europe
a.
b.
The Americas constitute 51% of our total IT Services revenues and grew 10.1% in constant currency. During the year the won our largest deal
with ATCO in North America
Europe comprises of 27.8% of our total IT Services revenues and grew 3.5% in constant currency. The weakness in the energy sector and
adverse currency movements impacted growth rates.
c. APAC and Other Emerging Markets (OEM) contribute 11.5% of our total IT Services revenues, which grew at 6.5% in constant currency.
d.
India and Middle East comprises 9.7% of our total IT Services revenues which grew at 21.0% in constant currency. Our leadership position in
the market coupled with focus on innovation has helped us grow in this geography.
30
Annual Report I 2014-2015
Performance Highlights - IT Services
(1)
Revenue
Gross profit
Selling and marketing expenses
General and administrative expenses
Operating income
As a percentage of revenue:
Gross margin
Selling and marketing expenses
General and administrative expenses
Operating margin
(Figures in ` millions except otherwise stated)
Year Ended March 31,
Year on
Year change
2015
440,180
150,124
(28,060)
(24,998)
97,649
34.11%
6.37%
5.68%
22.18%
2014
399,509
139,702
(27,338)
(22,031)
90,333
34.97%
6.84%
5.51%
22.61%
10.18%
7.46%
2.64%
13.47%
8.10%
(86)bps
47 bps
(17)bps
(43)bps
(1)
For the purpose of segment reporting, we have included the impact of exchange rate fluctuations in revenue. Excluding the impact of exchange rate fluctuations,
revenue, as reported in our statements of income, is Rs. 396,088 million and Rs. 436,646 million for the years ended March 31, 2014 and 2015, respectively. Further,
finance income on deferred consideration earned under multi-year payment terms in certain total outsourcing contracts is included in the revenue of the respective
segment and is eliminated under reconciling items. Please see Note 31 of the ‘Consolidated Financial Statements under IFRS' for additional details.
Customer size
distribution (USD)
Number of clients in
Year ended March 31,
> 1 million
> 3 million
> 5 million
> 10 million
> 20 million
> 50 million
> 75 million
> 100 million
2015
542
311
231
150
86
31
15
11
2014
501
278
220
143
82
29
14
10
2013
490
291
213
133
76
26
16
10
Revenue - IT Services
Our revenue from our IT Services segment, in INR terms,
increased by 10.18%. In terms of USD revenues, the growth was
7.0%, an acceleration in growth over 6.4% recorded in 2013-14.
The revenue growth in dollar terms in 2014-15 was impacted by
adverse movements of currency. The growth in 2014-15, in
constant currency comparable to previous fiscal, was 8.7% an
acceleration from 7.9% recorded in 2013-14.
During the year, we saw significant softness in the Oil & Gas
business due to the impact of falling oil prices, which affected
our revenue growth. However, in absolute terms, we
experienced growth across all IT Services industry verticals.
Growth was led by HLS business unit that grew 19.6% in
constant currency. Amongst service lines, Global Infrastructure
Services showed strong growth during 2014-15. Amongst
geographic segments, Americas region showed good growth. In
our IT Services segment, we added 194 new customers during
the year ended March 31, 2015 across all industry verticals.
Profitability
During the year our gross profit as a percentage of our revenue
from our IT Services segment decreased by 86 bps. The
decrease in gross margin as a percentage of revenue is primarily
attributable to an increase in employee compensation cost
during the year ended March 31, 2015 as compared to year
ended March 31, 2014 as part of our annual compensation
review and annual progression cycle, partially offset by the
depreciation of the Indian rupee against the U.S. dollar.
Selling and Marketing Expenses
Selling and marketing expenses as a percentage of revenue from
our IT Services segment decreased from 6.84% for the year
Annual Report I 2014-2015
31
ended March 31, 2014 to 6.37 % for the year ended March 31,
2015. In absolute terms, selling and marketing expenses
increased Rs. 722 million. This increase is primarily attributable
to an increase in the employee compensation cost due to
increased compensation as part of our annual compensation
review and annual progression cycle and depreciation of Indian
rupee against the U.S. dollar.
General and Administrative Expenses
General and administrative expenses as a percentage of revenue
from our IT Services segment increased from 5.51% for the year
ended March 31, 2014 to 5.68 % for the year ended March 31,
2015. In absolute terms, general and administrative expenses
increased Rs. 2,967 million. This increase is primarily due to an
increase in the employee compensation cost due to increased
compensation as part of our annual compensation review and
annual progression cycle. The increase is further attributable to
legal and professional expenses by approximately Rs. 985
million and travel costs by approximately Rs. 789 million.
Segment Results
As a result of the above, segment results as a percentage of our
revenue ('margins') from our IT Services segment decreased by
43 bps to 22.18% stay within a narrow range of the segment
margins of 2013-14. However, in absolute terms, the segment
results of our IT Services segment increased by 8.10%.
Risk Factors
1. Currency Risk: Our revenues in IT Services are derived in
major currencies of the world while a significant portion
of our costs are in Indian rupees. The exchange rate
between the rupee and major currencies of the world has
fluctuated significantly in recent years and may continue
to fluctuate in the future. Currency fluctuations can
adversely affect our revenues and gross margins.
2014-15 saw significant volatility in EUR and GBP
thereby causing reported USD revenues to be much
lower than revenues in constant currency, especially in
the latter part of the year.
2. Competition Risk: The market for IT services is highly
competitive. Our competitors include software
companies, IT companies, systems consulting and
integration firms, other technology companies and
client in-house information services departments. We
may also face competition from IT and ITES companies
operating from emerging low cost destination like China,
Philippines, Brazil, Romania, Poland etc.
3. Global Economic Risk: We derive approximately 50% of
revenues from United States and 29% from Europe. In an
economic slowdown, our clients located in these
geographies may reduce or defer their technology
spending significantly. Reduction in spending on IT
services may lower the demand for our services and
negatively affect our revenues and profitability.
4. Offshore business model risk: Some countries and
organizations have expressed serious concerns about a
perceived association between offshore outsourcing
and the loss of jobs domestically. With the growth of
offshore outsourcing receiving increasing political and
media attention, there have been concerted efforts to
enact new legislation to restrict offshore outsourcing or
impose disincentives on companies which have been
outsourcing jobs. This may adversely impact our ability
to do business in these jurisdictions and could adversely
affect our revenues and operating profitability.
5. Regulatory changes risk: Our employees who travel to
work onsite at client facilities or at our facilities on
temporary or extended assignments typically must
obtain visas. Multiple changes to the immigration laws
across geographies are anticipated impacting the
availability of visas and increasing the cycle time
required to obtain the same. These changes could make
it more difficult for us to obtain visas for our employees,
and hence our ability to compete for and provide
services to our clients in these regions could be impaired.
These risks are broadly country-specific risks. At an
organizational level, we have a well-defined business
contingency plan and disaster recovery plan to address these
unforeseen events and minimize the impact on services
delivered from our global development centers.
IT Products
Industry Overview
According to the NASSCOM Report, the hardware segment of the
IT-BPM market in India is estimated to be $13.1 billion in fiscal year
2015 or 27% of the India IT-BPM industry. The key components of
the hardware industry are servers, desktop, notebook and tablet
computers, storage devices, peripherals, printers and networking
equipment. Recent trends indicate a rising demand for tablet
computers and weakening demand for desktop computers.
Demand for storage equipment and IT security products has
increased as more data is generated and stored.
While we focus on being a strategic provider of IT services, our
goal is to be the system integrator of choice and so we provide
IT products as a complement to our IT services offerings. In the
India and Middle East markets, we are a leading provider of
32
Annual Report I 2014-2015
system integration services, where we provide a full suite of IT
services as well as complementary hardware solutions and
software licenses. Revenue from the hardware products and
software licenses sold is recorded under the IT Products
segment. We have diverse range of clients across all major
industries, primarily in the India and Middle East market.
Effective as of the quarter ended December 31, 2013, we ceased
manufacturing “Wipro” branded desktops, laptops and servers.
We will continue to fill existing orders and honor our warranty
and service obligations. We will continue to maintain a presence
in the hardware market by providing suitable third-party brands
as a part of our solutions in large integrated deals.
Our IT Products segment accounted for 8.9% and 7.2%of our
revenue for the years ended March 31, 2014 and 2015,
respectively and 0.3% and 0.4% of our operating income for each
of the years ended March 31, 2014 and 2015, respectively.
In order to offer comprehensive IT system integration solutions
we use a combination of hardware products (including servers,
computing, storage, networking, security) and related software
products, (including databases and operating systems) and
integration services.
Our range of third-party IT Products is comprised of Enterprise
Platforms, Networking Solutions, Software Products, Data
Storage, Contact Center Infrastructure, Enterprise Security, IT
Optimization Technologies, Video Solutions and End-user
computing.
Performance Highlights - IT Products
(Figures in ` millions except otherwise stated)
(1)
Revenue
Gross profit
Selling and marketing expenses
General and administrative expenses
Operating income
As a percentage of revenue:
Gross margin
Selling and marketing expenses
General and administrative expenses
Operating margin
Year Ended March 31,
Year on
Year change
2015
34,006
2,773
(1,280)
(1,119)
374
8.15 %
3.76 %
3.29%
1.10 %
2014
38,785
3,126
(1,335)
(1,481)
310
8.06 %
3.44 %
3.82 %
0.80 %
(12.32)%
(11.29)%
(4.12)%
(24.44 )%
20.65 %
9 bps
(32) bps
53 bps
30 bps
(1)
For the purpose of segment reporting, we have included the impact of exchange rate fluctuations in revenue. Excluding the impact of exchange rate fluctuations,
revenue, as reported in our statements of income, is Rs. 38,879 million and Rs. 33,928 million for the years ended March 31, 2014 and 2015, respectively. Further,
finance income on deferred consideration earned under multi-year payment terms in certain total outsourcing contracts is included in the revenue of the respective
segment and is eliminated under reconciling items. Please see Note 31 of the ‘Consolidated Financial Statements under IFRS' for additional details.
Revenue
Our revenue from the IT Products segment decreased by 12.32%, primarily due to decrease in revenue from domestic sales of
computers and servers following cessation of manufacturing “Wipro” branded desktops, laptops and servers as of December 31, 2013.
Profitability
Our gross profit for the year ended March 31, 2015 as a percentage of our IT Products segment revenue increased by 9 bps over the year
ended March 31, 2014. One must note that during the year ended March 31, 2014, the segment incurred a non-recurring expense due to
the cessation of manufacturing “Wipro” branded desktop, laptops and servers.
Selling and Marketing Expenses
Selling and marketing expenses as a percentage of revenue from our IT Products segment increased marginally from 3.44% for the year
Annual Report I 2014-2015
33
ended March 31, 2014 to 3.76% for the year ended March 31, 2015. In absolute terms, selling & marketing expenses decreased by Rs. 55
million.
General and Administrative Expenses
General and administrative expenses as a percentage of revenue from our IT Products segment decreased from 3.82% for the year
ended March 31, 2014 to 3.29% for the year ended March 31, 2015. In absolute terms, general and administrative expenses decreased by
Rs.362 million primarily on account of optimization initiatives.
As a result of the above, in absolute terms, segment results of our IT Products segment increased by 20.65%.
Risk
IT Products revenues are impacted by seasonal changes that affect purchasing patterns among our clients for hardware products,
(including servers, computing, storage, networking, security) and software products, (including databases and operating systems)
The IT products market is a dynamic and highly competitive market. In the marketplace, we compete with both international and local
providers. Our local competition comes from HCL and TCS, among others. Our international competitors include IBM, Dell and HP.
One of the major challenges we encounter is margin pressure due to competitive pricing. Achieving mindshare and market share in a
crowded market place requires differentiated strategies on pricing, branding, delivery and products design. We believe we are favorably
positioned based on our brand, quality leadership, expertise in target markets and our ability to create customer loyalty by delivering
value to our customers.
Discussion on Consolidated Financials
(Figures in millions except otherwise stated)
`
Wipro Limited and subsidiaries
(1)
Revenue
Cost of revenue
Gross profit
Selling and marketing expenses
General and administrative expenses
Operating income
Profit attributable to equity holders
As a Percentage of Revenue:
Gross Margin
Selling and marketing expenses
General and administrative expenses
Operating Margin
Earnings per share
Basic
Diluted
Year Ended March 31,
2015
473,182
2014
437,628
(321,284)
(295,488)
Year on
Year change
8.12 %
8.73 %
6.87 %
4.71 %
9.82 %
6.79 %
142,140
(29,248)
(23,538)
89,354
77,967
10.98 %
32.48 %
(38) bps
6.68 %
5.38 %
21 bps
(8) bps
20.42 %
(25) bps
31.76
31.66
10.99%
10.96%
151,898
(30,625)
(25,850)
95,423
86,528
32.10%
6.47%
5.46 %
20.17%
35.25
35.13
(1)
For the purpose of segment reporting, we have included the impact of exchange rate fluctuations in revenue. Excluding the impact of exchange rate fluctuations,
revenue, as reported in our statements of income, is Rs. 434,269 million and Rs. 469,545 million for the years ended March 31, 2014 and 2015, respectively. Further,
finance income on deferred consideration earned under multi-year payment terms in certain total outsourcing contracts is included in the revenue of the respective
segment and is eliminated under reconciling items. Please see Note 31 of the ‘Consolidated Financial Statements under IFRS' for additional details.
34
Annual Report I 2014-2015
Revenue
Finance and Other Income
Our revenue increased by 8.1%. This was driven primarily by a
10.2% increase in revenue from our IT Services segment and
offset partially by a 12.3% decrease in revenue from our IT
Products segment. The increase in IT Services revenues was
driven by growth in our Healthcare and Life Sciences industry
vertical, Energy, Natural Resources and Utilities industry vertical
and Global Media and Telecom industry vertical, as well as
depreciation of INR against USD.
Our finance and other income increased from Rs. 14,542 million
for the year ended March 31, 2014 to Rs. 19,859 million for the
year ended March 31, 2015. This increase was due to an increase
in cash available for investments due to enhanced cash flows.
Additionally, gain on sale of investments increased by Rs. 2,251
million and interest and dividend income increased by Rs. 3,066
million during the year ended March 31, 2015 as compared to the
year ended March 31, 2014.
Profitability
Taxes
In absolute terms, cost of revenues increased by 8.73%
primarily on account of increases in employee compensation
due to rupee depreciation, salary increases, stock compensation
awarded and increases in headcount during the year, and
increase in subcontracting /technical fees/third party
application fee.
As a result of the foregoing factors, our gross profit as
percentage of our total revenue from continuing operations
decreased by 38 basis points (bps).
Selling and Marketing Expenses
Our selling and marketing expenses as a percentage of total
revenue decreased from 6.68% for the year ended March 31,
2014 to 6.47% for the year ended March 31, 2015. In absolute
terms, selling and marketing expenses increased by 4.71%,
primarily due to increases in travel expenses and depreciation,
amortization and impairment charges.
General and Administrative Expenses
Our general and administrative expenses as a percentage of
revenue increased minimally from 5.38% for the year ended
March 31, 2014 to 5.46% for the year ended March 31, 2015. In
absolute terms, general and administrative expenses increased
by 9.82%, primarily due to increases in employee
compensation, legal and professional fees and travel expenses.
Results from Operations
As a result of the foregoing factors, our results from operating
activities (operating margin) as a percentage of revenue has
decreased by 25 bps from 20.42% to 20.17%. However, our
operating income increased by 6.79%, from Rs. 89,354 million
for the year ended March 31, 2014 to Rs. 95,423 million for the
year ended March 31, 2015.
Finance Expenses
Our finance expenses increased from Rs. 2,891 million for the
year ended March 31, 2014 to Rs. 3,599 million for the year
ended March 31, 2015. This increase is primarily due to increase
of Rs. 808 million in exchange loss on foreign currency
borrowings and related derivative instruments. This increase
has been partially offset by a decrease in interest expense by
Rs.100 million during the year ended March 31, 2015.
Our income taxes increased by Rs. 2,024 million from Rs. 22,600
million for the year ended March 31, 2014 to Rs. 24,624 million for
the year ended March 31, 2015. Our effective tax rate decreased
from 22.4% for the year ended March 31, 2014 to 22.0% for the
year ended March 31, 2015. This decrease is primarily due to
write-backs during the year subsequent to completion of
assessments.
As a result of the foregoing factors, our profit attributable to
equity holders increased by Rs. 8,561 million or 11%, from Rs.
77,967 million for the year ended March 31, 2014 to Rs. 86,528
million for the year ended March 31, 2015.
Foreign Exchange Risk Management Policy and Results
We have a consistent hedging policy, designed to minimize the
impact of volatility in foreign exchange fluctuations on the
earnings and assets & liabilities. We evaluate exchange rate
exposure arising from transactions and positions and enter into
foreign currency derivative instruments to mitigate such
exposure. We follow established risk management policies,
including the use of derivatives like foreign exchange forward /
option contracts to hedge forecasted cash flows denominated in
foreign currency. As per the policy, the total hedges shall be 50%
to 100% of the next four quarters of inflows in addition to select
long term contracts which are beyond one year in tenor. Our net
foreign exchange gains/ (losses) from continuing operations for
the years ended March 31, 2014 and 2015 were Rs. 3,359 million
and Rs. 3,637 million respectively.
Our Hedge Book as on March 31, 2015 stood at USD 2.5 billion
dollars. Our foreign exchange gains/(losses), net, comprise of:
1.
Exchange differences arising from the translation or
settlement of transactions in foreign currency, except for
exchange differences on debt denominated in foreign
currency (which are reported within finance expense,
net); and
2. The changes in fair value for derivatives not designated as
hedging derivatives and ineffective portions of the
hedging instruments. For forward foreign exchange
contracts which are designated and effective as cash flow
hedges, the mark to market gains and losses are
Annual Report I 2014-2015
35
deferred and reported as a component of other
comprehensive income in stockholder’s equity and
subsequently recorded in the income statement when
the hedged transactions occur, along with the hedged
items.
Please refer note 16 in ‘Consolidated Financial Statements under
IFRS’ for the aggregate contracted principal amounts of the
Company's derivative contracts outstanding as of March 31,
2014 and 2015.
Please refer note 16 in ‘Consolidated Financial Statements under
IFRS’ for data on the foreign currency risk from non-derivatative
financial instruments as of March 31, 2014 and 2015.
Liquidity and Capital Resources
(Figures in ` millions except otherwise stated)
Year ended
March 31,
Year on
Year changes
2015
2014
Net cash provided by/
(used in) operations:
Operating activities
78,262
67,897
10,365
Investing activities
(25,816)
(2,774)
(23,042)
Financing activities
(8,523)
(34,972)
26,449
Net change in cash
and cash equivalents
Effect of exchange
rate changes on cash
and cash equivalent
43,923
30,151
13,772
589
(69)
658
As of March 31, 2015, we had cash & cash equivalent and short-
term investments of Rs. 251,048 million. Cash & cash equivalent
& short-term investments, net of debt, was Rs. 172,135 million.
In addition, we have unused credit lines of Rs. 35,857 million. To
utilize these lines of credit, we require the consent of the lender
and compliance with certain financial covenants. We have
historically financed our working capital and capital
expenditures through our operating cash flows and through
bank debt, as required.
Cash from Operating Activities
Cash generated by operating activities for the year ended March
31, 2015 increased by Rs. 10,365 million, while profit for the year
increased by Rs. 8,654 million during the same period. The
increase in cash generated by operating activities is primarily
due to improved working capital management.
Cash used in Investing Activities
Cash used in investing activities for the year ended March 31,
2015 was Rs. 25,816 million. The cash invested (net of sales) in
available for sale investments and inter-corporate deposits
amounted to Rs. 15,400 million. Cash utilized for the payment
for business acquisitions amounted to Rs. 11,574 million. We
purchased property, plant and equipment amounted to Rs.
12,661 million. During the year, we invested Rs. 11,331 million in
acquiring ATCO I-Tek Inc., a Canada-based entity. ATCO I-Tek
provides IT services to ATCO Group, a Canada-based utilities
and logistics company.
Cash used in Financing Activities
Cash used in financing activities for the year ended March 31,
2015 was Rs. 8,523 million as against Rs. 34,972 million for the
year ended March 31, 2014. This increase is primarily due to an
increase in net proceeds of loans and borrowings amounting to
Rs. 31,649 million partly offset by increase in payment of
dividend amounting to Rs. 6,217 million.
Dividend: On April 21 2015, our Board proposed a final cash
dividend of Rs. 7 (US$0.11) per equity share and ADR. The
proposal is subject to the approval of shareholders at the next
Annual General Meeting, and if approved, would result in a cash
outflow of approximately Rs. 20,739 million, including corporate
dividend tax thereon. This is in addition to the interim dividend
of Rs 5 ($0.08) per equity share and ADR declared in January
2015. After maintaining a steady dividend payout ratio of 30%,
33% and 31% for the years 2013-14, 2012-13 and 2011-12, we
have, considering the needs of liquidity and strategic
requirements, enhanced the dividend payout ratio in 2014-15 to
41%
We maintain a debt level that we have established through
consideration of a number of factors including cash flow
expectations, cash required for operations and investment
plans. We continually monitor our funding requirements, and
maintain sufficient flexibility to access global funding sources,
as needed. Please refer to Note 13 of our ‘Consolidated Financial
Statements under IFRS' for additional details on our borrowings.
Cash generated from operations is our primary source of
liquidity. We believe that our cash and cash equivalents along
with cash generated from operations will be sufficient to meet
our working capital requirements as well as repayment
obligations with respect to debt and borrowings.
As of March 31, 2015, we had contractual commitments of Rs.
1,262 million related to capital expenditures on construction or
expansion of software development facilities, Rs. 11,942 million
related to non-cancelable operating lease obligations and Rs.
20,007 million related to other purchase obligations. Plans to
construct development facilities are based on business
requirements.
36
Annual Report I 2014-2015
In relation to our acquisitions, a portion of the purchase
consideration is payable upon achievement of specified
earnings targets in the future. We expect that our cash and cash
equivalents, investments in liquid and short-term mutual funds
and the cash flows expected to be generated from our
operations in the future will generally be sufficient to fund the
earn-out payments and our expansion plans.
In the normal course of business, we transfer accounts
receivables, net investment in sale-type finance receivable
(financial assets). The incremental impact of such transactions
on our cash flow and liquidity for the years ended March 31,
2014 and 2015 is not material. Please refer Note 16 of our
‘Consolidated Financial Statements under IFRS' for additional
details.
Our liquidity and capital requirements are affected by many
factors, some of which are based on the normal ongoing
operations of our businesses and some of which arise from
uncertainties related to global economies and the markets that
we target for our services. We cannot be certain that additional
financing, if needed, will be available on favorable terms, if at all.
As of March 31, 2014 and 2015, our cash and cash equivalents
were primarily held in Indian Rupees, U.S. Dollars, United
Kingdom Pound Sterling, Euros, Australian Dollars and
Canadian Dollars. Please refer to “Financial risk management”
under Note 16 of our Notes to the Consolidated Financial
Statements for more details on our treasury activities.
Human Resources
Employee Centricity: As of March 31, 2015, we had over
140,000 employees in the company. In any services enterprise,
employees form the core of an organization. We recognize the
vitality of this stakeholder. A significant portion of our
management focus is invested in engaging with our employees.
We endeavor to develop best in class global leadership. We
strengthen our talent pool by providing employees with growth
and career enhancement opportunities. While serving global
customers, employing people across the globe is an equally
important aspect of our vision of becoming a truly global
company.
We maintained gender diversity with over 30% of our
employees being women. We have more than 30,000
employees outside India, out of which 40% are locals.
Employees of 101 nationalities are on our rolls. With 61.5% of our
employees under the age of 30 years and the average age being
30.3 years, we possess a very young workforce.
Our employee engagement platform is inclusive and
empowering. It connects employees with leaders and also
within their peer groups. Forums such as company-level Wipro
Meets, business unit-level All Hands Meets and regional meets
provide interactive platforms for sharing information and
feedback and also conferring rewards and recognitions. We
conducted the biennial Employee Perception Survey Pulse in
2014-15. Overall participation for the company grew by 1% to
66%, and overall engagement grew by 2% to 62%.
Gender Diversity
Gender
Male
Female
Age Split
2014-15
2013-14
2012-13
69.8%
69.3%
70.0%
30.2%
30.7%
30.0%
Age Group
2014-15
2013-14
2012-13
18 - 20
20 – 30
30 – 40
40 – 50
> 50
0.5%
0.3%
0.4%
61.0%
61.7%
63.4%
29.9%
29.4%
28.5%
6.7%
1.9%
6.8%
1.8%
6.0%
1.7%
Learning & Development
Nurturing talent remains a key goal. Some highlights of our
talent and learning initiatives are listed below-
Ÿ ACME (All round Capability Model of Excellence)
framework was launched, which has a roadmap for
competency development of employees on 5 axes –
Technical, Domain, Functional, Quality and Behavioral.
19,100 employees were trained in these competencies.
Ÿ A new training program called UPSCALE, involving
multiskilling employees around a cluster of high demand
skills, was initiated in the year. We completed trainings for
19,000 employees in the year.
Ÿ Future Ready program was launched to build awareness on
the latest Digital Technologies. 5000+ employees were
Annual Report I 2014-2015
37
trained.
Ÿ Over 30,000 employees were certified on various
technical skills through the Unified Competency
Framework (UCF) during the year, taking the total number
of UCF certified employees to 52,305.
Ÿ Online Project Campus’ is a transformational e-learning
initiative aimed at developing essential competencies of
potential employees before joining Wipro. This cost-
effective and scalable e-learning solution for new hires, has
benefitted more than 10,000 new hires.
Ÿ Growth Centers for Program Managers, Delivery Manager
Academy and a new Career Framework for Architects are
deployed towards capability building of middle managers.
Ÿ Manager Engagement Framework introduced to build
Manager capability.
Ÿ The Distinguished Member of Technical Staff program was
introduced in 2014 to identify, recognize and enable a pool
of technical experts and specialists. The selection process
for FY 14-15 concluded with the selection of 8
Distinguished Members and 53 Senior Members.
Additionally, 6 specialists were identified for an
enablement program towards Fellowship.
Ability to access, attract and retain skilled IT professionals:
We continue to innovate newer ways for accessing and
attracting talent. We deploy pioneering and meaningful
practices to enhance the engagement, capability and
competitiveness of our global workforce. These practices are
aligned to different phases of hiring, assimilation, learning,
growth and retention.
Wipro follows standardized processes for hiring, on-boarding
and training across delivery locations. We partner with various
universities to build teams in accordance with client
requirements. Wipro has multiple avenues to find the right
talent including Wipro Careers and Internal job posting,
Employee referrals, Global Campuses, industry tie-ups, Channel
partners, Job fairs and multimedia.
Our near-shore development centers coupled with our hiring of
MBAs and Graduate Engineers from major universities in US &
Europe help us in attracting and retaining local talent. We
continue our partnership with a leading university in India to
provide a program for on-the-job training and a Master's degree
in software engineering.
Our leadership position, focus on training and compensation
and fascination with leading-edge technologies enhances our
ability to retain highly skilled personnel. Wipro offers a world of
learning opportunities, including those aimed at up-skilling,
cross-skilling or re-skilling to its employees through a slew of
training programs in spheres of technical, domain, soft skills and
leadership aspects. Through our tie-ups with premier
i n s t i t u t i o n s a c r o s s t h e g l o b e , w e o f f e r h i g h e r
education/certification programs. 'The Integrated Talent
Management System' provides anytime, anywhere learning.
We continually strive to provide our employees with competitive
and innovative Compensation& Benefits packages comprising
of a combination of salary, stock options, pension, and health &
disability insurance. Measuring our compensation offers against
industry standards, we seek to match or exceed them. We have
devised incentive programs linked to 'business segment
performance' as well as 'individual performance' in order to
strike the fair linkage between performance and compensation
for each employee.
RISK MANAGEMENT
Risk Management at Wipro is an enterprise wide function. It is
backed by a qualified team of specialists with deep industry
experience who develop frameworks and methodologies for
assessing and mitigating risks. Enterprise Risk Management
(ERM) works in close co-ordination with Business teams, Legal,
Finance, Human Resources, Quality, office of the CIO, Delivery,
Internal Audit and other Functional teams.
Pursuant to the changes in the Companies Act 2013 (India) and
Companies (Accounts) Rules 2014, a controls assurance
program covering Internal Financial Controls (IFC) has also
been implemented during the year and would continue as an
enhancement to the existing frameworks based on the
standards below.
(a) Orange Book by UK Government Treasury
(b) COSO; Enterprise Risk Management – Integrated
Framework by Treadway Commission
© AS/NS 4360:2004 by AUS/NZ Standards board
(d) ISO/FDIS 31000:2009 by ISO
ERM Framework: Overview, Roles & Responsibilities
Emerging Risks: The risk landscape in the current business
environment is changing dynamically with Cyber security,
Information Security & Business Continuity, Data Privacy and
large deal execution figuring prominently in the risk charts of
most organizations.
To effectively mitigate these risks, we have deployed a risk
management framework which helps proactively identify,
prioritize and mitigate risks.
ERM Framework at Wipro
Our framework is based on principles laid out in the four globally
recognized standards
38
Annual Report I 2014-2015
Framework
Management
Governance
Develop & deploy Policy/Framework
Risk
Ownership
Oversight
Tone @
The Top
Standard ERM
Framework
People, Process,
Technology
Risk Management
Audit Committee of
the Board
C
o
n
t
i
n
u
o
u
s
I
m
Corporate ERM
Team
p
r
o
v
e
m
e
n
t
Business
Units &
Functions
Identification
Analysis
Evaluate
Treatment Monitoring
Risk Categories
Governance
Strategic
Operational
Compliance
Reporting
Risk Management Model:
ERM – Ambition & Strategic Intent:
Enterprise Risk Management (ERM) will enable and support
achieving business objectives through risk-intelligent
assessment and mitigation mechanisms while providing
reassurance to all stakeholders including Customers,
Shareholders and Employees by way of Identifying, assessing
and mitigating risks within key business and functional
processes through a collaborative approach, leveraging
technology and tools for continuous monitoring and reporting of
risk’s and adequacy of controls.
a) Risk Register is created for each of
the key business process in the
organization.
b) Risks and controls are mapped to the
business objective of each process
c) Risks are collated from all known
internal and external sources.
d) Each risk
is captured with a
measurable Key risk indicator (“KRI”)
indicating gross, current and target
risk levels with mapped with the risk
appetite and suitable mitigation
plans.
e) Periodic reports and dashboards are
published to track risk levels.
f) Risks and mitigations are tracked
jointly with concerned business or
functional owners to enhance
accountability and focus.
g) Periodic risk dashboards are placed
for review with Senior Management
and Audit committee
Risk Analysis: During the year, two new dimensions were added
to the Risk Management Model to identify and prioritize the
critical risks:
a) Stakeholder Mapping: Expectations of each stakeholder
(Direct and Indirect) on key risk areas specifically with
the lens of reputation risks was done and the Top Risk
Map for 2015-16 was enhanced.
accordingly outlay the annual plan. The key focus is to
build deep specialization around the high priority areas
within the ERM Function and provide for end to end
mitigation solutions.
Key areas of Risk Management areas for the year 2015-16:
(Listed alphabetically, not in order of impact)
1. Cyber Security
b) Risk Prioritization: Management inputs were obtained
to accord priority to identify high priority areas and
2. Corporate Behavior and Governance
3. Data Privacy
Annual Report I 2014-2015
39
Information Security & Business Continuity
Intellectual Property
4.
5.
6. Regulatory Compliance
7.
Service Delivery
8. Workplace Environment and Culture
Major Risk Management and Risk Mitigation Initiatives
1. Business Continuity and Disaster Recovery: Focus areas
for the year included enhancing the business continuity
and disaster recovery planning by preparing account and
location specific plans, testing them through drills and
including them for review with the customer.
2. Cyber Security: Assessment of Cyber Security risks in
present day world indicates threat of persistent attacks,
malware and related risks. During the year, we had taken
up a strong counter measure by augmenting our
monitoring and analysis infrastructure along with new
technology to identify and stop attacks and advanced
threats. All identified projects have been implemented and
moving forward focus to be on sustaining controls and
continuous improvement of solutions rolled out.
3. Intellectual Property Protection: Focus on Intellectual
Property risk management continued during the year.
Additional controls have been incorporated to address the
risks on account of opening of social media to the
employees. The controls were further subjected to an
independent stress testing for assessing implementation
effectiveness.
4. Employee Health and Safety - Transportation and
Physical Security: Employee safety continued as a core
focus with enhanced measures for transportation process
(24x7 operations). Employee survey, spot audits were
rolled out to continuously test the robustness of the
process.
5. Large Program – Deal to Delivery: A Risk Management
framework has been deployed for large value deals to
assess solution fitness, credit risks, financial risks,
technology risks among other risk factors. Risks are
assessed and mitigated up-front at the deal stage and
tracked during delivery of the engagement.
6. Proactive anti-fraud Initiatives: Rule based anomaly
detection systems were continued as pro-active measure
to identify red flags and treat failure modes. Anomaly Rule
books were designed in more than 50% of the processes
identified as critical. During the year, pilot automation of
the Anomaly rule systems was done using Big Data
analytics tools. In year 2015-16 the focus will be on
production roll out of the rule base and evaluations of
exceptions on a near real time basis.
7. Stress testing: The process of stress testing of controls
was sustained and extended to many identified key risk
areas. Testing as a method of re assurance of controls,
based on analytics has provided enhanced ability to
assess rigor in process controls and enhance the process
robustness.
8 Awareness and Training: Role based training programs to
enhance risk literacy covering Intellectual Property
practices, information security compliance, risk
management in large bids, delivery risk management,
Foreign Corrupt Practices Act and UK Bribery Act
compliance were conducted.
Outlook
Historically, we have followed a practice of providing only
revenue guidance for our largest business segment, namely, IT
Services. The guidance is provided at the release of every
quarterly earnings when detailed Revenue outlook for the
succeeding quarter is shared. Over the years, the Company has
performed in line with quarterly Revenue guidance.
On April 21, 2015, along with our earnings release for quarter
ended March 31, 2015, we provided our most recent quarterly
guidance. Revenue from IT Services segment for the quarter
ending June 30, 2015 is likely to be ranged between USD 1,765-
1,793 million*.
* Guidance is based on the following exchange rates: GBP/USD
at 1.49, Euro/USD at 1.07, AUD/USD at 0.77, USD/INR at 62.10
Internal Control Systems and their adequacy
We have presence across multiple countries, and a large number
of employees, suppliers and other partners collaborate to
provide solutions to our customer needs. Robust internal
controls and scalable processes are imperative to manage this
global scale of operations.
For the companies listed in the United States of America, the
Public Company Accounting Reform and Investor Protection Act
of 2002, more popularly known as the Sarbanes–Oxley Act
requires :
1. Management to establish, maintain, assess and report
on effectiveness of internal controls over financial
reporting and;
Independent auditors to opine on effectiveness of
internal controls over financial reporting.
2.
We adopted required COSO 2013 Framework (Committee of
Sponsoring Organizations of the Treadway Commission) for
evaluating internal controls. This Framework provides five
integrated components of internal controls, namely, (1) Control
Environment, (2) Risk Assessment, (3) Control Activity, (4)
Information & Communication and (5) Monitoring. Information
Technology controls which were documented, assessed and
tested under the COBIT framework. The entire evaluation of
internal controls was carried out by a central team reporting into
the Chief Financial Officer.
We have obtained an unqualified report from our independent
auditors on the effectiveness of our internal controls.
40
Annual Report I 2014-2015
DIRECTORS’
REPORT
1. Dear Shareholders,
3. Management’s Discussion and Analysis Report
On behalf of the Board of Directors, I am happy to present
the 69th Report of the Board of Directors of your Company
along with the Balance Sheet, Profit and Loss Account and
Cash Flow Statement for the year ended March 31, 2015.
2.
Financial Performance
Key highlights of consolidated financial performance for
Wipro and its group companies and standalone financial
results for Wipro Limited for the financial year 2014-15 are
tabulated below:
(` in Millions)
Standalone
Consolidated
2014-15
437,088
105,570
23,639
-
81,931
2013-14 2014-15
403,684 494,007
96,082 112,241
25,101
22,208
-
-531
86,609
73,874
2013-14
453,457
101,143
21,234
-438
79,471
12,353
7,404
12,276
7,347
17,283
12,332
17,179
12,248
5,924
3,353
5,924
3,353
8,193
7,387
8,193
7,387
Sales and Other Income
Profit before Tax
Provision for tax
Minority interest
Net profit for the year *
Appropriations
Interim Dividend
Proposed Dividend on
equity shares
Corporate tax on
distributed dividend
Transfer to General
Reserve
EPS
Basic
Diluted
The Management’s Discussion and Analysis Report on
Company’s performance – industry trends and other
material changes with respect to the Company and its
subsidiaries, wherever applicable, are presented from
pages 22 to 40 of this Annual Report.
4.
State of Affairs of the Company
The State of Affairs of the Company is presented as part of
Management Discussion and Analysis Report forming part
of this Report at page no. 22.
5. Outlook
According to the National Association of Software and
Service Companies (NASSCOM) Strategic Review Report
2015, Revenues for fiscal year 2015 for the IT-BPM industry
based in India is estimated to be US$146 billion, which
would represent growth of approximately 13% over
fiscal year 2014. IT Export Revenues from India, including
hardware, are expected to have grown at a year-on-year
rate of 12% in fiscial year 2015, driven by greater demands
for social, mobile, analytics and cloud based solutions.
According to Gartner: forecast: Enterprise IT Spending by
Vertical Industry Market, Worldwide, 2013-2019, Q1 2015
Update, worldwide IT Services spending in 2014 was $948
billion, a growth of 1.8% over the previous year.
33.38
33.28
30.09
30.01
35.28
35.18
32.37
32.29
6. Consolidated Results
*profit for the standalone results is after considering a gain of
` 390 Million (2014 :loss of ` 2,607 million) relating to changes
in fair value of forward contracts designated as hedges of net
investment in non-integral foreign operations, translation
of foreign currency borrowings and changes in fair value of
related cross currency swaps together designated as hedges
of net investment in non-integral foreign operations. In the
Consolidated Accounts, these are considered as hedges of
net investment in non-integral foreign operations and are
recognized directly in shareholders’ fund.
Our Sales for the current year grew by 8.12% to ` 469,510
million and our Profit for the year was ` 86,609 million,
recording an increase of 8.98% over the previous year.
7. Consolidated Financial Statements
The Consolidated Financial Statements of the Company
for the financial year ended March 31, 2015, prepared in
accordance with Indian GAAP as well as IFRS forms part of
this Annual Report.
41
01 Directors Report_2015.indd 41
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Wipro Limited
8.
Transfer to Reserves
11. Number of meetings of the Board
The appropriations to General Reserve for the Financial Year
ended March 31, 2015 as per consolidated and standalone
financial statements are:
` In Mn
Standalone Consolidated
81,931
288,627
86,609
316,357
Net profit for the year
Balance of Reserve at the
beginning of the year
Transfer to General Reserve
8,193
8,193
Balance of Reserve at the end
of the year
9.
Subsidiary Companies
341,279
365,983
In accordance with Section 129(3) of the Companies
Act, 2013, a statement containing salient features of the
financial statements of the subsidiary companies in Form
AOC1 is provided at page no. 208 of the Annual Report.
In accordance with third proviso to Section 136(1) of
the Companies Act, 2013, the Annual Report of your
Company, containing therein its audited standalone and
the consolidated financial statements has been placed on
the website of the Company at www.wipro.com Further,
audited financial statements together with related
information and other reports of each of the subsidiary
companies, have also been placed on the website of the
Company at www.wipro.com.
10.
Investments in direct subsidiaries and minority stake
During the year under review, your Company had invested
an aggregate of ` 4,127 Million as equity in its direct
subsidiaries and in minority shareholding as part of its
acquisition strategy. Apart from this, your Company had
funded its subsidiaries, from time to time, as per the fund
requirements, through loans, guarantees and other means
to meet working capital requirements.
In August 2014, the Company acquired ATCO I-Tek Inc.,
the provider of IT services to ATCO Group, a leading
Canadian global utilities and logistics company, which
allows the Company to further strengthen its positions
in these industries. Your Company also makes strategic
minority investments in companies that operate in
high-end and niche technology areas including cloud,
opensource, artificial intelligence, advanced analytics
and internet of things. During the year ended March 31,
2015, certain additional investments were made in Opera
Solutions LLC, a leading global big data science company
headquartered in Jersey City, New Jersey. In March 2015,
your Company entered into a strategic partnership and
acquired a minority stake with Drivestream Inc., a leading
Oracle cloud application systems integrator.
42
The Board met four times in financial year 2014 viz., on, April
16-17, 2014, July 24, 2014, October 22, 2014 and January
16, 2015. The maximum interval between any two meetings
did not exceed 120 days.
12. Board independence
Definition of ‘Independence’ of Directors is derived from
Clause 49 of the Listing Agreement with Stock Exchanges,
NYSE Listed Company Manual and Section 149(6) of
the Companies Act, 2013. Based on the confirmation /
disclosures received from the Directors under section
149(7) of the Companies Act 2013 and on evaluation of
the relationships disclosed, the following Non-Executive
Directors are considered as Independent Directors:-
a) Mr. N Vaghul
b) Mr. M. K. Sharma
c) Dr. Ashok S Ganguly
d) Dr. Jagdish N Sheth
e) Ms. Ireena Vittal
f ) Mr. William Arthur Owens
g) Mr. Vyomesh Joshi
13. Directors and Key Managerial Personnel:
Mr. B C Prabhakar and Mr. Shyam Saran, did not desire
for re-election at the last Annual General Meeting of the
Company held on July 23, 2014 and ceased to be directors
of the Company.
Dr. Henning Kagermann resigned as Director of the
Company with effect from June 30, 2014.
During the year, Mr. Suresh C Senapaty, CFO and Executive
Director retired from the services of the Company on
attaining his superannuation effective close of business
hours of March 31, 2015.
Mr. V Ramachandran, resigned as Company Secretary of
the Company with effect from close of business hours of
April 22, 2015.
Your Directors place on record their sincere appreciation of
the valuable contribution made by the aforesaid Directors
and Company Secretary to the Company.
At the last Annual General Meeting of the Company held
on July 23, 2014, Mr. N Vaghul, Dr. Ashok S Ganguly, Ms.
Ireena Vittal, Mr. M K Sharma, Mr. Vyomesh Joshi, Mr. William
Arthur Owens and Dr. Jagdish N Sheth were appointed as
Independent Directors, for a specific tenure in accordance
with Section 149 of the Companies Act, 2013 and Clause
49 of the Listing Agreement.
Mr. Azim H Premji is the Chairman and Managing Director
(designated as “Chairman) of the Company and Mr. T
01 Directors Report_2015.indd 42
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Annual Report 2014-15
K Kurien is the Chief Executive Officer and Executive
Director.
Mr. Jatin P Dalal has been appointed as the Chief Financial
Officer of the Company with effect from April 1, 2015
and Mr. M Sanaulla Khan was appointed as the Company
Secretary of the Company with effect from June 3, 2015.
Pursuant to the recommendation of the Board Governance,
Nomination and Compensation Committee, Mr. Azim H
Premji was reappointed by the Board of Directors, subject
to the approval of the shareholders, as the Executive
Chairman and Managing Director of the Company
(designated as “Executive Chairman”) on April 21, 2015 for
a further period of two years with effect from July 31, 2015
to July 30, 2017.
Pursuant to the recommendation of the Board Governance,
Nomination and Compensation Committee, Mr. Rishad
Azim Premji was appointed as Whole Time Director of the
Company by the Board of Directors with effect from May
1, 2015 for a period of five years, subject to the approval
of the shareholders.
14. Committees of the Board
The Company’s Board has the following Committees:
1.
2.
3.
4.
Audit/Risk and Compliance Committee
Board Governance, Nomination and Compensation
Committee
Strategy Committee
Administrative and Shareholders/Investors Grievance
Committee (Stakeholders’ Relationship Committee)
The details of the membership and attendance of the
meetings of the above Committees of the board are
provided in the Corporate Governance report on page no.
96 of the annual report.
15. Remuneration Policy
The Board Governance, Nomination & Compensation
Committee framed a policy for selection and appointment
of Directors including determining qualifications
independence of a Director, Key Managerial Personnel,
Senior Management Personnel and their remuneration as
part of its charter and other matters provided under Section
178(3) of the Companies Act, 2013. An extract of the policy
covering these requirements is provided in the Corporate
Governance report at page no. 94.
16. Directors’ responsibility Statement
Your Directors hereby confirm that;
(b) The Directors have selected such accounting policies
and applied them consistently and made judgments
and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of
the profit and loss of the Company for that period;
(c) The Directors have taken proper and sufficient
care for the maintenance of adequate accounting
records in accordance with the provisions of this
Act for safeguarding the assets of the Company
and for preventing and detecting fraud and other
irregularities;
(d) The Directors have prepared the annual accounts on
a going concern basis; and
(e) The Directors, have laid down internal financial
controls to be followed by the Company and that
such internal financial controls are adequate and were
operating effectively
(f ) As required under Section 134(5)(f) of the Companies
Act, 2013, and according to the information and
explanations presented to us, based on the review
done by the Audit/Risk and Compliance Committee
and as recommended by it, we, the Board of
Directors, hereby, state that adequate systems
and processes, commensurate with the size of the
Company and the nature of its business, have been
put in place by the Company, to ensure compliance
with the provisions of all applicable laws as per the
Company’s Global Statutory Compliance Policy
and that such systems and processes are operating
effectively.
17. Statutory Auditors
The Company’s auditors M/s BSR and Co. LLP, (Regd.
No.101248W/W-100022) Chartered Accountants, Bangalore
who retire at the ensuing Annual General Meeting, have
confirmed their eligibility and willingness to accept office,
if re-appointed. The proposal for their re-appointment is
included in the notice for Annual General Meeting sent
herewith.
18. Auditors’ report
There are no qualifications, reservations or adverse remarks
made by M/s BSR & Co. LLP, Statutory Auditors in their report
for the Financial Year ended March 31, 2015.
The Statutory Auditors have not reported any incident of
fraud to the Audit Committee of the Company in the year
under review.
19. Particulars of loans, guarantees or investments under
Section 186 of the Companies Act, 2013
(a)
In the preparation of the annual accounts, the
applicable accounting standards have been followed
along with proper explanation relating to material
departures;
Disclosure on particulars relating to Loans, guarantees
or investments under Section 186 of the Companies Act
2013 is provided in page no. 163 to 168 as part of financial
statements.
43
01 Directors Report_2015.indd 43
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Wipro Limited
20. Particulars of contracts or arrangements with related
parties referred to in sub-section (1) of Section 188 in
the prescribed form
The particulars of contracts or arrangements with related
parties referred to in Section 188(1), as prescribed in Form
AOC-2 of the rules prescribed under Chapter IX relating to
Accounts of Companies under the Companies Act, 2013 is
provided at page no. 63 of the Annual Report.
21. Particulars of loans, advances, investments outstanding
during the financial year
Disclosure on particulars relating to loans, advances and
investments outstanding during the financial year under
Clause 32 of the Listing Agreement is provided on page
no. 233 as part of financial statements.
22. Material changes and commitments affecting the
financial position of the Company
There have been no material changes and commitments,
affecting the financial position of the Company which
occurred during between the end of the financial year to
which the financial statements relate and the date of this
report.
23. Details of significant and material orders passed by
the regulators/ courts/ tribunals impacting the going
concern status and the Company’s operations in future
There are no significant material orders passed by the
Regulators/ Courts which would impact the going concern
status of the Company and its future operations.
24. Dividend
Your Directors recommend a final Dividend of ` 7 /- per
equity share of ` 2/- each to be appropriated from the
profits of the Company for the year 2014-15, subject to
the approval of the shareholders at the ensuing Annual
General Meeting.
Pursuant to the approval of Board of Directors on January
16, 2015, your Company had distributed an Interim
Dividend of ` 5/- per share, of face value of ` 2/- each,
to shareholders, who were on the Register of Members
of the Company as on closing hours of January 23, 2015,
being the record date fixed by the Board of Directors for
this purpose.
The total dividend for the year ended March 31, 2015 would
accordingly be ` 12 /- per equity share of ` 2/- each.
During the year 2014-15, unclaimed Dividend of
` 4,921,287/- was transferred to the Investor Education and
Protection Fund, as required under the Investor Education
and Protection Fund (Awareness and Protection of Investor)
Rules, 2001.
25. Particulars regarding Conservation of Energy
Your Company has taken several steps to conserve
44
energy through its “Sustainability” initiatives as disclosed
separately as part of this Annual Report. The information
of Conservation of Energy as required under Section
134(3)(m) of the Companies Act, 2013 read with
Companies (Accounts) Rules, 2014 is not applicable to
the business segments which your Company operates.
However, as part of Business Responsibility Report on
page no. 106 to this Annual Report, your Company had
provided details of steps taken in the areas of Energy
Conservation and other Sustainability Initiatives.
26. Particulars regarding Research and Development,
Technology Absorption
Your Company’s Research and Development (R&D) initiatives
continue to focus on incubating and strengthening its
portfolio of IT services across multiple new and emerging
technology areas as well as in the intersection of these
technologies. The R&D and technology innovation agenda
focuses on investing in developing solutions and services
around defined Advanced Technology Themes (Next Gen
Automation, Smart Devices, AI and Cognitive Systems,
Next Generation Architecture, Human Machine Interfaces
and Software Defined Everything), co-innovating with
customers, building Wipro patent portfolio, shaping
innovation culture within the organization and Wipro’s
startup and ecosystem connects.
Your Company has invested significantly in next gen
automation across IT and business process archetypes
and have built IP assets in auto/self-healing process
performance and governance automation, rule based task
automation, intelligent robotics platforms, API automation
and basic tax engineering and automation. More than 400
people are engaged in R&D in these areas. Some of the
trademarks in these areas include Fixomatic, SeviceNXT,
Cloud CLM, InsightiX, PRESM etc. Your Company have
also filed certain patents in these areas. Your Company
have also developed an open source Artificial Intelligence
platform code named Wipro HOLMES. This is a generic
cognitive computing platform that enables development
of AI applications such as digital virtual agents, predictive
systems, cognitive process automation, visual computing
applications, knowledge virtualisation, robotics and
drones. Your Company is building a Human Machine
Interfaces (“HMI”) platform which would enable humans
to converse with the system in natural language on the
specific domains. The platform also helps in generating
multi-modal reactions to human emotions. The Wipro
ngGenie, myAdvisor provides next generation experiences
by enabling Voice and Conversation based advice based
on deep domain knowledge. Wipro Retail Sense helps
enable virtual experiences with a compelling experience
of touch & feel through next generation human computer
interactions that combine virtual reality, holographic
and haptic technologies to provide multi modal digital
experience & feedback. Your Company has created
solutions at the intersection of cutting edge technologies
01 Directors Report_2015.indd 44
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Annual Report 2014-15
using Computer Vision, Robotics & Machine Learning
technologies that solve key business problems in Retail,
Consumer Goods and Banking domains. Wipro Sight, a
comprehensive in-store analytics solution for the Retail
and Consumer Good industry combines the power of
human sight with the speed of computer vision, and
enables processing and analysis of surveillance data
to empower retailers with a near real-time situational
awareness, enabling them to respond speedily to waiting
customers, long queues, unanticipated stock-outs and
similar situations. The solution was showcased at National
Retail Federation-January 2015 at New York and was
recognized as one of the top 5 Innovations by the Retail
Week magazine.
The innovation incubation center, Technovation Center
continues to play a key role in helping customers design
and conceptualise “change the business” portfolio by
leveraging future of technologies, industry processes and
consumer behavior. The Technovation Center has evolved
into a platform to ideate, experiment, develop and create
disruptive solutions that shape future of business at the
intersection of technologies.
Your Company’s research and development expenses for
the years ended March 31, 2014 and 2015 were ` 2,660 Mn
and ` 2,513 Mn respectively for our continuing operations.
27. Risk Management Policy
Disclosure indicating development and implementation of
a Risk Management Policy is provided in the Management
Discussion and Analysis Report forming part of this Report.
28. Corporate Social Responsibility
As per the Companies Act, 2013, companies having net
worth of ` 500 crore or more, or turnover of ` 1000 crore
or more or net profit of ` 5 crore or more during any
financial year are required to constitute a Corporate Social
Responsibility (CSR) Committee of the Board of Directors
comprising three or more directors, at least one of whom
should be an independent director and such company
shall spend at least 2% of the average net profits of the
company’s three immediately preceding financial years.
Accordingly, your Company spent ` 1,327 Mn towards
CSR activities in fiscal 2015. The contents of the CSR policy
and initiatives taken by the Company on Corporate Social
Responsibility during the year 2014-15 is attached as
Annexure F to this Report and contents of the CSR policy
is available on our website at www.wipro.com
The terms of reference of the Corporate Social Responsibility
(CSR) broadly comprises and forms part of Board
Governance, Nomination and Compensation Committee
and these terms of reference are in accordance with Section
135 of the Companies Act, 2013. The Committee comprises
of Dr. Ashok Ganguly, Mr. N Vaghul and Mr. William Arthur
Owens.
29. Share Capital
The paid up equity share capital of the Company as on
March 31, 2015 was ` 4,938,086,076. During the year under
review, the Company has not issued shares with differential
voting rights and sweat equity shares.
30. Wipro Employee Stock Option Plans (WESOP) /
Restricted Stock Unit Plans
Details of the shares issued under Employee Stock Option
Plan (ESOP), and also the disclosures in compliance
with Section 62 of the Companies Act, 2013 and Rule
12 of Companies (Share Capital and Debentures) Rules,
2014 and Securities and Exchange Board of India (Share
Based Employee Benefits) Regulations, 2014 and the
Securities and Exchange Board of India (Employee Stock
Option Scheme and Employees Stock purchase Scheme)
Guidelines, 1999 are set out in the Annexure to this report.
No employee was issued Stock Option, during the year
equal to or exceeding 1% of the issued capital of the
Company at the time of grant.
31. Foreign Exchange Earnings and Outgoings
During the year, your Company has earned Foreign
Exchange of ` 367,665 million and the outgoings in Foreign
Exchange were ` 194,308 million.
32. Group
The names of the Promoters and entities comprising
“group” (and their shareholding) as defined under the
Competition Act 2002 for the purposes of Section 3(1)(e)
(i) of SEBI (Substantial Acquisition of Shares and Takeover)
Regulations, 2011 include the following:
Name of the shareholder
Sl.
No.
1
2
3
4
5
6
7
8
9
Azim H Premji
Yasmeen A Premji
Rishad Azim Premji
Tariq Azim Premji
Mr. Azim Hasham Premji Partner
Representing Hasham Traders
Mr. Azim Hasham Premji Partner
Representing Prazim Traders
Mr. Azim Hasham Premji Partner
Representing Zash Traders
Regal Investments & Trading Company
Pvt Ltd
Vidya Investment & Trading Company
Pvt Ltd
No. of
Shares as on
March 31,
2015
93,405,100
10,62,666
6,86,666
2,65,000
370,956,000
45,290,6791
451,619,790
1,87,666
1,87,666
10 Napean Trading & Investment Company
1,87,666
Pvt Ltd
45
01 Directors Report_2015.indd 45
6/21/2015 4:09:38 PM
Wipro Limited
Name of the shareholder
Sl.
No.
11 Azim Premji Foundation (I) Pvt. Ltd
12 Azim Premji Trust (Held by Trustees of
the Trust)
13 Azim Premji Trustee Company Private
Limited
14 Azim Premji Foundation for Development
15 Azim Premji Foundation
16 Azim Premji Trust Services Private Limited
17 Azim Premji Safe Deposits Private Limited
18 Azim Premji Custodial and Management
Private Limited
19 Hasham Premji Private Limited
Total
33. Board Evaluation
No. of
Shares as on
March 31,
2015
10,843,333
429,714,120
NIL
NIL
NIL
Nil
Nil
Nil
Nil
1,812,022,464
Pursuant to the provisions of the Companies Act, 2013,
Clause 49 of the Listing Agreement and in line with our
corporate governance guidelines, peer evaluation of all
Board members, annual performance evaluation of its
own performance, as well as the evaluation of the working
of its Committees of the Board. This evaluation is led
by the Chairman of the Board Governance, Nomination
and Compensation Committee with specific focus on
the performance and effective functioning of the Board.
The evaluation process also considers the time spent by
each of the Board members, core competencies, personal
characteristics, accomplishment of specific responsibilities
and expertise.
34.
Internal Control System and their adequacy
Your Company has an Internal Control System commensurate
with the size of the Company and nature of its business
and the complexities of its operations. Your Company
has adopted required COSO Framework (Committee of
Sponsoring Organizations of the Treadway Commission) for
evaluating internal controls. This Framework provides five
integrated components of internal controls, namely, Control
Environment, Risk Assessment, Control Activity, Information
and Communication and Monitoring. Information
Technology controls were document, assessed and tested
under the COBIT framework. The evaluation of internal
controls was carried out Enterprise Risk Management
function of your Company.
35. Vigil Mechanism
The Company has adopted an Ombuds process which
is a channel for receiving and redressing of employees’
complaints.
Under this policy, we encourage our employees to report
any reporting of fraudulent financial or other information
46
to the stakeholders, any conduct that results in violation of
the Company’s Code of Business Conduct, to management
(on an anonymous basis, if employees so desire).
Likewise, under this policy, we have prohibited
discrimination, retaliation or harassment of any kind
against any employees who, based on the employee’s
reasonable belief that such conduct or practice have
occurred or are occurring, reports that information or
participates in the said investigation. No individual in the
Company has been denied access to the Audit/ Risk and
Compliance Committee or its Chairman.
Mechanism followed under Ombudsmen process is
appropriately communicated within the Company across
all levels and has been displayed on Wipro’s intranet and
on Wipro’s website at www.wipro.com
The Audit/Risk and Compliance Committee periodically
reviews the functioning of this mechanism.
This meets the requirement under Section 177(9) and (10)
of the Companies Act, 2013 and Clause 49 of the Listing
Agreement.
No personnel of the Company were denied access to the
Audit/Risk & Compliance Committee.
36.
Information required under sexual harassment of
women at workplace (prevention, prohibition &
redressal) Act, 2014
Please refer page no. 108 of the Business Responsibility
Report.
37. Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies
Act, 2013 and The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the
Company has appointed Mr. V Sreedharan, Partner, M/s V
Sreedharan & Associates, a firm of Company Secretaries
in Practice to undertake the Secretarial Audit of the
Company. The Report of the Secretarial Audit in Form MR
3 for the Financial Year ended March 31, 2015 is annexed
as Annexure G to the Report. There are no qualifications,
reservations or adverse remarks made by Secretarial
Auditor in his report.
38. Corporate Governance
As per Clause 49 of the Listing Agreement with the Stock
Exchanges, a separate section on corporate governance
practices followed by your Company, together with a
certificate from V. Sreedharan & Associates, Company
Secretaries on compliance with Clause 49 of the Listing
Agreement with Indian Stock Exchanges. This certificate
is given in Page no. 105.
39. Business Responsibility Reporting
As per Clause 55 of the Listing Agreement with the Stock
Exchanges, a separate section on Business Responsibility
Reporting forms an integral part of this Report.
01 Directors Report_2015.indd 46
6/21/2015 4:09:38 PM
Annual Report 2014-15
40. Particulars of Employees
The information required pursuant to Section 197 (12) of the
Companies Act, 2013 read with Rule 5(1) of The Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014 is provided as Annexure H1 to this Report.
A statement containing names of employees employed
throughout the financial year and in receipt of remuneration
of ` 60 lacs or more, employees employed for part of the
year and in receipt of ` 5 lac or more per month, pursuant to
Rule 5(2) The Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is provided as
Annexure H2 to this Report.
41. Deposits
The Company has not accepted any deposits from public
and as such, no amount on account of principal or interest
on public deposits was outstanding as on the date of the
balance sheet.
42. Extract of Annual Return
The extract of the Annual Return of your Company as on
March 31, 2015 as provided under sub-section (3) of Section
92 in the Form MGT 9 is enclosed at page no. 48 as a part
of the Directors’ Report.
43. Green Initiatives
registered their email addresses, physical copies of the
Annual Report 2014-15 and the Notice of the 69th Annual
General Meeting under Section 101 of the Companies Act,
2013 are sent in the permitted mode. Members requiring
physical copies can send a request to the Company.
Your Company provides e-voting facility to all its members
to enable them to cast their votes electronically on all
resolutions set forth in the Notice. This is pursuant to
the Section 108 of the Companies Act 2013 and Rule 20
of the Companies (Management and Administration)
Amendment Rules, 2015.
44. Acknowledgements and Appreciation
Your Directors take this opportunity to thank the
customers, shareholders, suppliers, bankers, business
partners/associates, financial institutions and Central
and State Governments for their consistent support and
encouragement to the Company. I am sure you will join
our Directors in conveying our sincere appreciation to
all employees of the Company and its subsidiaries and
associates for their hard work and commitment. Their
dedication and competence has ensured that the Company
continues to be a significant and leading player in the IT
Services industry.
For and on behalf of the Board of Directors
Electronic copies ofthe Annual Report 2014-15 and Notice
of the 69th Annual General Meeting are sent to all members
whose email addresses are registered with the Company/
Depository participant(s). For members who have not
Bangalore, June 3, 2015
Azim H Premji
Chairman
01 Directors Report_2015.indd 47
6/21/2015 4:09:38 PM
47
Wipro Limited
Form No. MGT-9
EXTRACT OF ANNUAL RETURN
as on the financial year ended on 31 March 2015
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
(Management and Administration) Rules, 2014]
I.
REGISTRATION AND OTHER DETAILS:
i)
ii)
CIN:-L32102KA1945PLC020800
Registration Date: December 29, 1945
iii) Name of the Company: Wipro Limited
iv) Category / Sub-Category of the Company: Public Company / Limited by Shares
v)
Address of the Registered office and contact details:
Wipro Limited, Doddakannelli, Sarjapur Road, Bangalore-560035,
Phone: 080 28440011, Fax: 080 28440051
vi) Whether listed company: Yes
vii) Name, Address and Contact details of Registrar and Transfer Agent, if any:
Karvy Computershare Private Limited, Karvy Selenium Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda,
Hyderabad – 500 032.Phone: 040-23420818, Fax:040 23420814
II.
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
Sl.
No.
1
Name and Description of main
products / services
IT Software, Services
and related activities
NIC Code of the Product/ service
% to total turnover of the company
62013
62020
100%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES -
NAME OF THE SUBSIDIARY
ADDRESS OF THE SUBSIDIARY
CIN/GLN
SL.
NO
1 Wipro LLC
2 Wipro Japan KK
3 Wipro Holdings UK Limited
2 Tower Center Blvd, Suite 2200; East Brunswick, NJ 08816, USA
Yokohama Landmark Tower 26F #2605, 2-2-1-1 Minato-Mirai, 2208126
Yokohama, Kanagawa, Japan
Devonshire House, 60 Goswell Road, London, United Kingdom, EC1M
7AD
F3, bldg9, Zhangjiang Hi-Tech Park, Shanghai, China
4 Wipro Shanghai Limited
5 Wipro Technologies Austria Gmbh Millennium Park 6, A-6890 Lustenau, Austria
Millennium Park 6, A-6890 Lustenau, Austria
6
Claude Debussylaan 24, 1082 MD Amsterdam, The Netherlands
7 Wipro Information Technology
New Logic Technologies SARL
Netherlands BV
8 Wipro Portugal SA
9 Wipro Corp Tech Ghana Ltd
10 Wipro Chengdu Limited
11
SAS Wipro France
12 Wipro Retail UK Limited
Infocrossing Inc
13
14 Wipro Technologies S.A DE C.V
Avenida Da Boavista, 1223, 4100-130, Portugal
2nd Floor, Opeibea House, 37 Liberation Road, ACCRA, PO. BOX. CT
9347 Cantonments, ACCRA
3/F, A3, Building, Tianfu Software Park, Tianfu Avenue, Hi-Tech Zone,
Chengdu, China - 610041
76 route de la Demi Lune, Immeuble Madeleine D.; 92057 Paris La
Defense Cedex 6, France
Devonshire House, 60 Goswell Road, London, EC1M 7AD, United
Kingdom
2 Christie Heights Street, Leonia, NJ 07605, USA
Ave. Pedro Ramírez Vázquez 200-1, 4º Piso Valle Oriente, Garza García,
N.L., México 66269
48
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
% of
Shares
held
100
100
Applicable
Section
Section 2(87)
Section 2(87)
100
Section 2(87)
100
100
100
100
100
100
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
100
Section 2(87)
100
Section 2(87)
100
Section 2(87)
100
100
Section 2(87)
Section 2(87)
01 Directors Report_2015.indd 48
6/21/2015 4:09:38 PM
Annual Report 2014-15
NAME OF THE SUBSIDIARY
ADDRESS OF THE SUBSIDIARY
CIN/GLN
SL.
NO
15 Wipro (Thailand)Co Limited
16 Wipro Australia Pty Limited
Bangkok, Q House Lumpini, Level 27, 1 Souht Sathorn Road, Tungmaha
mek, sathorn Bangkok 10120
1198 Toorak Road Camberwell Melbourne Victoria 3124, PO Box 1143
Hartwell Victoria 3124 Australia
Servcorp, Level 22, Tomado Tower,West Bay, Doha
17 Wipro Doha LLC
18 Wipro Technologies Limited, Russia 1050056, RF, Moscow, Poslannikov Pereulok, 5 bld. 4, Russia
19 Wipro Technologies South Africa
(Proprietary) Limited
20 Wipro Do Brasil Technologia Ltda
The Forum, 10th Floor, Office 16, 2 Maude Street, Sandton 2198
Johannesburg, South Africa
João Marchesini street, No. 139 - 5th and 6th floor Post Code: 80215-432
Curitiba/Parana - Brazil
21 Wipro Technologies Nigeria Limited 7th Floor, Mulliner Towers, 39 Alfred Rewane Road, (Kingsway Road),
22 Wipro Technologies Norway AS
23 Wipro Technology Chile SPA
24 Wipro Technologies Spain S.L
25 Wipro IT Services Poland Sp. Zoo
26 Wipro Promax Analytics Solutions
(Europe) Limited
Ikoyi Lagos
Martin Linges Vei 25, No.1364, Snaroya, Norway
Andrés Bello 2711, 8th floor, Las Condes, Torre Costanera,CP 7550611,
Santiago, CHILE ,TEL-(562)757 7636
Puerta de las Naciones,Ribera del Loira 46,Campo de las Naciones,
Madrid
16th Flr, (Millennium Plaza), Al. Jerozolimskie 123a, Warsaw 02-017
Devonshire House, 60 Goswell Road, London, United Kingdom, EC1M
7AD
27 Wipro Promax Holding Pty Limited Level 4, 80 George Street, Parramatta, NSW, Australia
Unit 1, 7 sky close, Taylors Beach, NSW 2316, Australia
28 Wipro Promax Analytics Solutions
Pty Limited
29 Wipro Promax IP Pty Limited
30 Wipro Promax Analytics Solutions
Americas LLC
31 Wipro Gallagher Solutions Inc
32 Wipro Technologies SA
33
PT WT Indonesia Limited
Level 4 ,80 Dorcas Street ,Melbourne,Victoria, Australia
1198 Toorak Road Camberwell Melbourne Victoria 3124, PO Box 1143
Hartwell Victoria 3124 Australia
810 Crescent Centre Drive, Suite 400, Franklin, TN 37067
Carlos Pellegrini, 581 (Piso 7) 1009 Capital Federal, Buenos Aires – Argentina
Regus Jakarta Menara Standard Chartered 30/F Menara Standard
Chartered Jl. 164 Jakarta. 12930. Indonesia
Sarjapur Road, Doddakanelli, Bangalore, India
34 Wipro Travel Services Limited
35 Wipro Holdings ( Mauritius) Limited IFS Court, Twenty Eight, Cybercity, Ebene, Mauritius
36 Wipro Cyprus Private Limited
Diomidous 10, Alphamega-Akropolis Building, 3rd Floor, Office 401,
2024 Nicosia, Cyprus
H-1143 Budapest, Stefánia út 101-103
37 Wipro Holdings Hungary Korlatolt
Felelossegu Tarsasag
38 Wipro Information Technology
Millennium Park 6, A-6890 Lustenau, Austria
Austria Gmbh
3D Networks (UK) Limited
39 Wipro Trademarks Holding Limited Sarjapur Road, Doddakanelli, Bangalore, India
40
41 Wipro Networks Pte Limited
42 Wipro Technologies SDN BHD
Devonshire House, 60 Goswell Road, London,EC1M 7AD, United Kingdom
31, Cantonment Road, Singapore 089747
Suite 702, 7th floor, Wisma Hangsam, Jalan Hang lekir, 50000
Kualalumpur, Malasia
B-124, Smart Village, Cairo-Alex Desert Road, Giza, Egypt
43 Wipro Information Technology
Egypt SAE
44 Wipro Bahrain Limited WLL
45 Wipro Airport IT Services Limited
46 Wipro Arabia Limited
47 Wipro BPO Phillipines Limited
48 Wipro Poland Sp Zoo
49 Wipro Technologies SRL
50 Wipro Outsourcing
Services(Ireland) Limited
51 Wipro Europe Limited
52 Wipro UK Limited
53 Wipro Europe SARL
54 Wipro Gulf LLC
55 Wipro Insurance Solutions LLC
56 Wipro Technologies W.T. Sociedad
Anonima
Seef Business Centre Building #2795 5th Floor # 510 Road 2835 ,
Kingdom of Bahrain Tel +973 17171656 FAX : +973 17 171 686
Sarjapur Road, Doddakanelli, Bangalore, India
Suite No. 209, Jarrir, Book Store Building, Alkhobar, PO Box 31349,
31952, Saudi Arabia.
Cebu IT Tower 1 corner Archbishop Reyes Avenue and Mindanao Street,
Cebu Business Park, 6000 Cebu City,Cebu, Philippines
Arkonska Business Park, ul. Arkońska 6/A2, 2 Floor, 80-387 Gdansk, Poland
TRUST CENTER Splaiul Independentei, nr 319C, sector 6, Bucharest,
Romania.
Dromore House #rd Floor,Eastpark Business Centre, Shannon , Co.
Clare, Ireland
Devonshire House, 60 Goswell Road, London,EC1M 7AD, United Kingdom
Devonshire House, 60 Goswell Road, London,EC1M 7AD, United Kingdom
9/11 Allee de L’arche, 92671 Courbevoie Cedex, France
322 Office # 28, KOM 4 Ground Floor, Knowledge Oasis Muscat, Sultanate
of Oman
1209, Orange St, Wilmington, New Castle Country-19801
Escalante, Calle 31, Avenida 13, #2575, 7813-1000 San José, Costa Rica
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
U91200KA1996PLC020622
N/A
N/A
% of
Shares
held
100
Applicable
Section
Section 2(87)
100
Section 2(87)
100
100
100
Section 2(87)
Section 2(87)
Section 2(87)
100
Section 2(87)
100
Section 2(87)
100
100
Section 2(87)
Section 2(87)
100
Section 2(87)
100
100
100
100
100
100
100
100
100
100
100
100
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
N/A
N/A
100
Section 2(87)
100
Section 2(87)
U93090KA1982PLC021795
N/A
N/A
N/A
100
100
100
100
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
N/A
N/A
100
Section 2(87)
100
Section 2(87)
U72200KA2009PLC051272
N/A
74
Section 2(87)
66.67 Section 2(87)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
100
Section 2(87)
100
100
Section 2(87)
Section 2(87)
100
Section 2(87)
100
100
100
100
100
100
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
49
01 Directors Report_2015.indd 49
6/21/2015 4:09:38 PM
Wipro Limited NAME OF THE SUBSIDIARY
ADDRESS OF THE SUBSIDIARY
CIN/GLN
SL.
NO
57 Wipro Info Tech Ukraine LLC
58 Wipro Technologies Canada
Limited
59 Wipro Information Technology
Kazakhstan LLP
Regus - 42 - 44 Shovkovychna Street, Kiev 01601
Milner Building - Floor 1to 9 (including basement storage),9th Floor,
10040 - 104 Street, Edmonton, Canada
7, Azattyk Ave., Atyrau city, Kazakhstan
60 Opus Capital Markets Consultants LLC 100 Tri State International, Ste, 300A Lincolnshire, IL 60069, USA
100 Tri State International, Ste, 300A Lincolnshire, IL 60069, USA
61 Opus Technology Services LLC
Av.Blandin, Torre B.O.D. La Castellana.Caracas, Venezuela.
62 Wipro Technologies VZ, C.A.
Av. Maria Coelho Aguiar, 215 – Bloco B – 6º. Andar – Jd. São LuisSão
63 Wipro do Brazil Sistemas DE
Paulo – SP Zip code.: 05804-900
Atco Center,909 11th Ave SW,Calgary, AB T2R 1L7, Canada
Dusseldorferstr 71B, 40667 Meerbusch, Germany
64 Wipro Solutions Canada Ltd
65 Wipro Technologies Gmbh
Informatica Ltda
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
% of
Shares
held
100
100
Applicable
Section
Section 2(87)
Section 2(87)
100
Section 2(87)
100
100
100
100
100
100
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
Section 2(87)
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i)
Category-wise Share Holding
Category of Shareholders
No. of Shares held at the beginning of the year
(April 01, 2014)
Demat
Physical
Total
% of Total
Shares
No. of Shares held at the end of the year
(March 31, 2015)
Demat
Physical
Total
%
Change
during
the
year
% of
Total
Shares
(A) PROMOTER AND PROMOTER
GROUP
INDIAN
Individual /HUF
(1)
(a)
(b) Central Government/State
(c)
Government(s)
Bodies Corporate (Promoter in
his capacity as Director of Private
Limited/Section 28 Companies)*
Financial Institutions / Banks
(d)
(e) Any Other -- Partnership firms
(Promoter in his capacity as
partner of Partnership firms)
(f) Others**
(2)
(a)
Sub-Total A(1) :
FOREIGN
Individuals (NRIs/Foreign
Individuals)
Bodies Corporate
Institutions
(b)
(c)
(d) Qualified Foreign Investor
(e) Others
Sub-Total A(2) :
Total A=A(1)+A(2)
(B) PUBLIC SHAREHOLDING
(1)
INSTITUTIONS
(a) Mutual Funds /UTI
(b)
(c)
Financial Institutions /Banks
Central Government / State
Government(s)
Venture Capital Funds
Insurance Companies
Foreign Institutional Investors
Foreign Venture Capital Investors
(d)
(e)
(f)
(g)
(h) Qualified Foreign Investor
(i) Others
Sub-Total B(1) :
(2) NON-INSTITUTIONS
Bodies Corporate
(a)
Individuals
(b)
50
95,419,432
-
11,406,331
-
1,275,482,581
429,714,120
1,812,022,464
-
-
-
-
-
0.00
1,812,022,464
40,271,914
6,259,362
-
-
39,569,559
249,751,355
-
-
-
335,852,190
-
-
-
-
-
-
-
-
95,419,432
-
3.87
-
95,419,432
-
11,406,331
0.46
11,406,331
-
1,275,482,581
-
51.72
-
1,275,482,581
429,714,120
1,812,022,464
17.42
429,714,120
73.47 1,812,022,464
-
-
-
-
-
-
-
-
-
-
-
95,419,432
-
3.86
-
0.00
-
11,406,331
0.46
0.00
-
1,275,482,581
-
51.66
-
-0.06
429,714,120
1,812,022,464
17.40
73.39
-0.02
-0.08
-
-
-
-
-
-
-
0.00
-
-
-
-
-
0.00
1,812,022,464
-
-
-
-
0.00
-
-
-
-
0.00
73.47 1,812,022,464
-
-
-
-
0.00
-
-
-
-
-
0.00
1,812,022,464
-
-
-
-
-
-
-
-
-
-
40,271,914
6,259,362
-
-
39,569,559
249,751,355
-
-
-
335,852,190
1.63
0.25
-
-
1.60
10.13
-
-
-
13.62
59,601,094
6,985,967
-
-
41,128,824
264,482,812
-
-
-
372,198,697
-
-
-
-
-
-
-
-
-
-
59,601,094
6,985,967
-
-
41,128,824
264,482,812
-
-
-
372,198,697
-
-
-
-
0.00
73.39
2.41
0.28
-
-
1.67
10.71
-
-
-
-
0.00
-0.08
0.78
0.03
-
-
0.06
0.59
15.07
1.46
97,174,056
47,835
97,221,891
3.94
66,440,066
47,835
66,487,901
2.69
-1.25
01 Directors Report_2015.indd 50
6/21/2015 4:09:39 PM
Annual Report 2014-15
Category of Shareholders
No. of Shares held at the beginning of the year
(April 01, 2014)
Demat
Physical
Total
% of Total
Shares
48,584,086
1,259,578
49,843,664
49,882,740
27,900,751
77,783,491
107
-
107
7,113,780
-
18,621,178
-
25,734,958
-
14,829,824
1,810,388
1,812,148
248,185
-
-
-
-
14,829,824
1,810,388
1,812,148
248,185
2.02
3.15
0.00
1.04
-
0.60
0.07
0.07
0.01
(i) Individuals holding nominal
share capital upto `1 lakh
(ii) Individuals holding nominal
share capital in excess of `1 lakh
(c) Qualified Foreign Investor
(d) Others
NON RESIDENT INDIANS
OVERSEAS CORPORATE BODIES
TRUSTS
(a) Wipro Equity Reward Trust***
(b) Wipro Inc Benefit Trust
(c) Other Trust
Non Executive Directors and
Executive Directors & Relatives ***
CLEARING MEMBERS
FOREIGN NATIONAL
Sub-Total B(2) :
Total B=B(1)+B(2) :
Total (A+B) :
Shares held by custodians,
against which
Depository Receipts have been
issued
Promoter and Promoter Group
Public
GRAND TOTAL (A+B+C) :
(C)
(1)
(2)
No. of Shares held at the end of the year
(March 31, 2015)
Demat
Physical
Total
%
Change
during
the
year
% of
Total
Shares
48,136,266
1,168,896
49,305,162
2.00
-0.02
50,873,322
23,914,929
74,788,251
3.03
-0.12
-
-
-
0.00
0.00
8,370,775
11,772
18,621,112
-
26,991,887
11,772
14,829,824
-
2,694,594
344,095
-
-
-
-
14,829,824
-
2,694,594
344,095
1.09
0.00
0.60
-
0.11
0.01
0.04
0.00
9.58
24.65
98.04
0.05
0.00
0.00
0.07
0.04
0.00
-0.01
0.00
-1.40
0.06
-0.02
1,351,891
26,141
222,833,346
558,685,536
2,370,708,000
-
-
47,829,342
47,829,342
47,829,342
1,351,891
26,141
270,662,688
606,514,878
2,418,537,342
955,174
0.05
26,094
0.00
192,681,982
10.97
24.59
564,880,679
98.06 2,376,903,143
-
-
43,752,772
43,752,772
43,752,772
955,174
26,094
236,434,754
608,633,451
2,420,655,915
-
47,779,931
2,418,487,931
-
-
47,829,342
-
47,779,931
2,466,317,273
1.94
48,387,123
100.00 2,425,290,266
-
43,752,772
48,387,123
2,469,043,038
1.96
100.00
0.02
Note: As on March 31, 2015
* Out of 11,406,331 Equity Shares, Mr. Azim H Premji disclaims beneficial ownership of 10,843,333 shares held by M/s Azim Premji Foundation (I) Pvt Ltd.
** Mr. Azim H Premji also disclaims the beneficial ownership of 429,714,120 shares held by M/s Azim Premji Trust
*** 14,829,824 Equity Shares are held by Wipro Equity Reward Trust under “TRUSTS”
**** Shareholding comprises of 1,867 share held by one Non-Executive Director and 342,228 shares held by Two Executive Directors.
(ii) Shareholding of Promoters
Sl
No.
Shareholder’s Name
Shareholding at the beginning of the year
(April 01, 2014)
No. of Shares % of total
Shares of the
company
Azim Hasham Premji
Yasmeen Premji
Rishad Premji
Tariq Premji
1
2
3
4
5 Napean Trading & Investment
6
7
8
Company Pvt Ltd
Vidya Investment & Trading
Company Pvt Ltd
Regal Investment and
Trading Company Pvt Ltd
Azim Premji Foundation (l)
Pvt Ltd
93,405,100
1,062,666
686,666
265,000
187,666
187,666
187,666
10,843,333
3.79
0.04
0.03
0.01
0.01
0.01
0.01
0.44
9 Mr. Azim Hasam Premji
452,906,791
18.36
Partner representing Prazim
Traders
10 Mr. Azim Hasam Premji Partner
representing Zash Traders
11 Mr. Azim Hasam Premji Partner
representing Hasham Traders
12 Azim Premji Trust
Total
451,619,790
370,956,000
429,714,120
1,812,022,464
18.31
15.04
17.42
73.47
% of Shares Pledged
/ encumbered to
total shares
0
0
0
0
0
0
0
0
0
0
0
0
0
Share holding at the end of the year
(March 31, 2015)
% of total
Shares of the
company
No. of
Shares
% of Shares
Pledged / encumbe
red to total shares
0
0
0
0
0
93,405,100
1,062,666
686,666
265,000
187,666
187,666
187,666
10,843,333
3.78
0.04
0.03
0.01
0.01
0.01
0.01
0.44
452,906,791
18.34
451,619,790
370,956,000
429,714,120
1,812,022,464
18.30
15.02
17.40
73.39
0
0
0
0
0
0
0
0
%
change in
shareholding
during the
year
0
0
0
0
0
0
0
0
0
0
0
0
0
51
01 Directors Report_2015.indd 51
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Wipro Limited
(iii) Change in Promoters’ Shareholding
Sl.
No.
1.
At the beginning of the year (April 01,
2014)
2. Date wise Increase / Decrease in
Promoters Share holding during the
year specifying the reasons for increase
/ decrease (e.g. allotment / transfer /
bonus/ sweat equity etc):
At the end of the year (March 31, 2015)
3.
Shareholding at the beginning of
the year (April 01, 2014)
Cumulative Shareholding during the
year (2014-15)
No. of shares
1,812,022,464
% of total shares
of the company
73.47
No. of shares
1,812,022,464
% of total shares
of the company
73.39
-
-
-
-
1,812,022,464
73.47
1,812,022,464
73.39
Note: While there is no change in the shareholding of the Promoter & Promoter Group, there is a change in the percentage of the
total outstanding shares of the Company due to periodic allotment of shares during the year 2014-15 pursuant to exercise of Stock
Options by the employees
(iv) Shareholding Pattern of top ten shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
For Each of the Top 10 Shareholders
Sl.
No.
Shareholding at the beginning of
the year (April 01, 2014)
Cumulative Shareholding during the
year (2014-15)
No. of shares % of total shares
of the company
No. of shares % of total shares
of the company
1. At the beginning of the year (April 01,
2014)
2. Date wise Increase / Decrease
in Shareholding during the year
specifying the reasons for increase /
decrease (e.g. allotment / transfer /
bonus / sweat equity etc):
3. At the end of the year ( or on the
date of separation, if separated
during the year)
Refer Annexure A
(v) Shareholding of Directors and Key Managerial Personnel:
For Each of the Directors and KMP
Sl.
No.
Shareholding at the beginning of
the year (April 01, 2014)
Cumulative Shareholding during the
year (2014-15)
No. of shares
% of total shares
of the company
No. of shares
% of total shares
of the company
1. At the beginning of the year (April 01,
2014)
2. Date wise Increase / Decrease in Share
holding during the year specifying the
reasons for increase / decrease (e.g.
allotment / transfer / bonus/ sweat
equity etc):
At the end of the year (March 31, 2015)
3.
Refer Annexure B
52
01 Directors Report_2015.indd 52
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Annual Report 2014-15
V.
INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Indebtedness of the Company including
interest outstanding/accrued but not due
for payment
Indebtedness at the beginning of the
financial year, April 01, 2014
i)
ii)
Principal Amount
Interest due but not paid
Interest accrued but not due
iii)
Total (i+ii+iii)
Change in Indebtedness during the financial
year
•
Addition
Reduction
•
ERF (Gain)/Loss for foreign currency loans
Net Change
Indebtedness at the end of the financial
year March 31, 2015
i)
ii)
Principal Amount
Interest due but not paid
Interest accrued but not due
iii)
Total (i+ii+iii)
Secured Loans
excluding deposits
Unsecured
Loans
Deposits
(` in Million)
Total
Indebtedness
1,631
-
-
1, 631
770
672
-
98
1,729
-
-
1,729
44,199
-
147
44,346
89,442
78,434
4,069
15,077
59,296
-
127
59,423
-
-
-
-
-
-
-
-
-
-
-
-
45,830
-
147
45,977
90,212
79,106
4,069
15,175
61,025
-
127
61,152
Note: Obligation under finance lease is secured by underlying fixed assets. These obligations are repayable in monthly installments up to year
ending March 31, 2020. The interest rate for these obligations ranges from 0.21% to 13.84%.
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A.
Remuneration to Managing Director, Whole-time Directors and/or Manager for 2014-15:
(`)
Sl.
no.
Particulars of Remuneration
Name of MD/WTD/ Manager
Azim H Premji
T K Kurien
S C Senapaty*
1. Gross salary
(a)
(b)
Salary as per provisions contained in
section 17(1) of the Income-tax Act, 1961
Value of perquisites u/s 17(2) Income-tax
Act, 1961
(c)
Profits in lieu of salary under section
17(3) Income- tax Act, 1961
2.
Stock Options granted during the year
Sweat Equity
3.
4. Commission
3,000,000
15,374,980
7,559,820
-
-
-
-
-
-
150,000
-
-
-
-
-
-
-
-
as % of net profits
31,983,444
-
others
5. Others- Variable Pay
6. Allowances & Other Annual Compensation
7.
Retirals
Total (A)
Ceiling as per the Act
-
7,008,543
5,842,434
47,834,421
12,663,794
20,802,277
3,152,402
33,744,646
` 10,616 Mn (being 10 % of Net Profits of the Company as calculated as under
Section 198 of the Companies Act 2013).
19,766,500
51,386,922
4,535,619
91,064,021
* Mr. Suresh C Senapaty retired from the Board and services of the Company with effect from close of business hours of March 31, 2015.
53
01 Directors Report_2015.indd 53
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Wipro Limited
B. Remuneration to other directors 2014-15:
Particulars of Remuneration
Sl.
no.
3.
Independent Directors
•
•
•
Fee for attending board committee meetings
Commission
Others, please specify
Total (1)
4. Other Non-Executive Directors
•
•
•
Fee for attending board committee meetings
Commission
Others, please specify
Total (2)
Total (B)=(1+2)
Total Managerial Remuneration (A + B)
Overall Ceiling as per the Act
Name of Directors
Refer Annexure C
` 1,062 Mn (being 1% of Net Profits of the Company as
calculated as under Section 198 of the Companies Act 2013).
` 57,161,815
` 11,678 Mn (being 11% of Net Profits of the Company as
calculated as under Section 198 of the Companies Act 2013).
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD 2014-15
Sl. no.
Particulars of Remuneration
1.
2.
3.
4.
5.
Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961
Value of perquisites u/s 17(2) Income-tax Act, 1961
Profits in lieu of salary under section 17(3) Income-tax Act, 1961
Gross salary
(a)
(b)
(c)
Stock Option (Amotized value of stock options)
Sweat Equity
Commission
-
-
Retirals
Total
as % of profit
others
(`)
Key Managerial
Personnel
V Ramachandran*
(Company Secretary)
5,914,614
42,758
-
2,358,399
-
-
-
511,945
8,827,716
Mr. V Ramachandran resigned as Company Secretary of the Company with effect from close of business hours of April 22, 2015.
*
VII. PENALTIES/ PUNISHMENT/ COMPOUNDING OF OFFENCES:
Appeal made, if any (give Details)
Type
Section of the
Companies Act
Brief Description
Details of Penalty/ Punishment/
Compounding fees imposed
Authority
[NCLT/ COURT]
A. COMPANY
Penalty
Punishment
Compounding
Penalty
Punishment
Compounding
C. OTHER OFFICERS IN DEFAULT
Penalty
Punishment
Compounding
54
NIL
NIL
01 Directors Report_2015.indd 54
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Annual Report 2014-15
Annexure - A
Sl.
no.
Date of
Transaction
Nature of
Transaction
Name of the Share Holder
Shareholding at the
beginning of the Year
Cumulative Shareholding
during the Year
No. of
Shares
% of total
outstanding
shares of the
company
1.
01/04/2014 Opening Balance LIFE INSURANCE CORPORATION OF INDIA
39,157,283
04/04/2014
11/04/2014
Sale
Sale
06/06/2014
Purchase
13/06/2014
Purchase
19/12/2014
Purchase
31/12/2014
Purchase
02/01/2015
Purchase
09/01/2015
Purchase
16/01/2015
Purchase
27/02/2015
06/03/2015
13/03/2015
27/03/2015
Sale
Sale
Sale
Sale
1,698,066
298,317
1,858,371
275,068
769,545
1,944,185
55,395
974,606
439,825
476,177
1,631,368
808,556
20,611
31/03/2015
Closing Balance
2.
01/04/2014 Opening Balance L AND T INFRASTRUCTURE FINANCE COMPANY LIMITED
20,102,000
01/08/2014
08/08/2014
15/08/2014
22/08/2014
29/08/2014
05/09/2014
12/09/2014
31/10/2014
07/11/2014
14/11/2014
21/11/2014
28/11/2014
05/12/2014
12/12/2014
23/01/2015
30/01/2015
06/02/2015
13/02/2015
20/02/2015
27/02/2015
06/03/2015
13/03/2015
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
1,623,000
953,000
227,000
700,000
1,314,000
450,000
200,000
1,647,000
462,000
1,067,000
1,490,000
1,306,000
425,000
21,000
2,500,000
1,150,000
1,130,000
850,000
400,000
1,415,000
605,000
167,000
31/03/2015
Closing Balance
3.
01/04/2014 Opening Balance ABDULREHMAN HAJI EBRAHIM COCHINWALA (Shares in
17,221,818
custody of Custodian of Enemy Property)
31/03/2015
Closing Balance
4.
01/04/2014 Opening Balance ALCO COMPANY PRIVATE LIMITED
16,787,000
31/03/2015
Closing Balance
5.
01/04/2014 Opening Balance WIPRO EQUITY REWARD TRUST
14,829,824
31/03/2015
Closing Balance
6.
01/04/2014 Opening Balance ATEM ENTERPRISES LLP
11,950,000
31/03/2015
Closing Balance
1.59
0.07
0.01
0.08
0.01
0.03
0.08
0.00
0.04
0.02
0.02
0.07
0.03
0.00
0.00
0.82
0.07
0.04
0.01
0.03
0.05
0.02
0.01
0.07
0.02
0.04
0.06
0.05
0.02
0.00
0.10
0.05
0.05
0.03
0.02
0.06
0.02
0.01
0.00
0.70
0.00
0.68
0.00
0.60
0.00
0.48
0.00
No. of
Shares
39,157,283
37,459,217
37,160,900
39,019,271
39,294,339
40,063,884
42,008,069
42,063,464
43,038,070
43,477,895
43,001,718
41,370,350
40,561,794
40,541,183
40,541,183
20,102,000
18,479,000
17,526,000
17,299,000
16,599,000
15,285,000
14,835,000
14,635,000
12,988,000
12,526,000
11,459,000
9,969,000
8,663,000
8,238,000
8,217,000
5,717,000
4,567,000
3,437,000
2,587,000
2,187,000
772,000
167,000
0
0
17,221,818
17,221,818
16,787,000
16,787,000
14,829,824
14,829,824
11,950,000
11,950,000
% of total
outstanding
shares of the
company
1.59
1.52
1.51
1.58
1.59
1.62
1.70
1.70
1.74
1.76
1.74
1.68
1.64
1.64
1.64
0.82
0.75
0.71
0.70
0.67
0.62
0.60
0.59
0.53
0.51
0.46
0.40
0.35
0.33
0.33
0.23
0.18
0.14
0.10
0.09
0.03
0.01
0.00
0.00
0.70
0.70
0.68
0.68
0.60
0.60
0.48
0.48
55
01 Directors Report_2015.indd 55
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Wipro Limited Sl.
no.
Date of
Transaction
Nature of
Transaction
Name of the Share Holder
Shareholding at the
beginning of the Year
Cumulative Shareholding
during the Year
No. of
Shares
% of total
outstanding
shares of the
company
7.
01/04/2014 Opening Balance HSBC GLOBAL INVESTMENT FUNDS A/C HSBC GIF MAURITIU
10,360,293
18/04/2014
Sale
23/05/2014
Purchase
30/06/2014
11/07/2014
18/07/2014
30/09/2014
Sale
Sale
Sale
Sale
07/11/2014
Purchase
14/11/2014
Purchase
30/01/2015
06/02/2015
20/02/2015
Sale
Sale
Sale
100,000
227,191
322,204
25,848
152,776
144,303
240,440
1,045,529
121,418
455,348
100,000
31/03/2015
Closing Balance
8.
01/04/2014 Opening Balance WGI EMERGING MARKETS FUND LLC
9,610,705
10/10/2014
Purchase
07/11/2014
Purchase
05/12/2014
Purchase
09/01/2015
Purchase
06/02/2015
Purchase
31/03/2015
Closing Balance
211,672
78,038
323,310
265,503
302,674
9.
01/04/2014 Opening Balance ABU DHABI INVESTMENT AUTHORITY - GULAB
9,079,175
06/06/2014
Purchase
30/06/2014
Purchase
04/07/2014
Purchase
11/07/2014
Purchase
18/07/2014
Purchase
05/09/2014
Purchase
19/09/2014
Purchase
28/11/2014
Purchase
12/12/2014
Purchase
06/03/2015
Sale
31/03/2015
Closing Balance
168,630
7,792
26,125
134,006
43,081
65,264
21,747
147,161
60,401
184,337
10. 01/04/2014 Opening Balance ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD
7,383,394
04/04/2014
Purchase
11/04/2014
18/04/2014
25/04/2014
Sale
Sale
Sale
02/05/2014
Purchase
09/05/2014
Purchase
16/05/2014
Purchase
23/05/2014
Purchase
30/05/2014
Purchase
06/06/2014
Purchase
13/06/2014
Purchase
20/06/2014
Sale
30/06/2014
Purchase
04/07/2014
Purchase
11/07/2014
Purchase
18/07/2014
Purchase
25/07/2014
Purchase
56
39,366
1,909
6,231
291,281
229,408
593,424
153,283
331,561
538,251
254,258
1,218,992
24,025
657,557
98,061
103,647
325,471
107,530
0.42
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.04
0.00
0.02
0.00
0.00
0.39
0.01
0.00
0.01
0.01
0.01
0.00
0.37
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.00
0.01
0.00
0.30
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
No. of
Shares
10,360,293
10,260,293
10,487,484
10,165,280
10,139,432
9,986,656
9,842,353
10,082,793
11,128,322
11,006,904
10,551,556
10,451,556
10,451,556
9,610,705
9,822,377
9,900,415
10,223,725
10,489,228
10,791,902
10,791,902
9,079,175
9,247,805
9,255,597
9,281,722
9,415,728
9,458,809
9,524,073
9,545,820
9,692,981
9,753,382
9,569,045
9,569,045
7,383,394
7,422,760
7,420,851
7,414,620
7,123,339
7,352,747
7,946,171
8,099,454
8,431,015
8,969,266
9,223,524
10,442,516
10,418,491
11,076,048
11,174,109
11,277,756
11,603,227
11,710,757
% of total
outstanding
shares of the
company
0.42
0.42
0.43
0.41
0.41
0.40
0.40
0.41
0.45
0.45
0.43
0.42
0.42
0.39
0.40
0.40
0.41
0.42
0.44
0.44
0.37
0.37
0.38
0.38
0.38
0.38
0.39
0.39
0.39
0.40
0.39
0.39
0.30
0.30
0.30
0.30
0.29
0.30
0.32
0.33
0.34
0.36
0.37
0.42
0.42
0.45
0.45
0.46
0.47
0.47
01 Directors Report_2015.indd 56
6/21/2015 4:09:40 PM
Annual Report 2014-15 Sl.
no.
Date of
Transaction
Nature of
Transaction
Name of the Share Holder
Shareholding at the
beginning of the Year
Cumulative Shareholding
during the Year
01/08/2014
Sale
08/08/2014
Purchase
15/08/2014
Purchase
22/08/2014
Sale
29/08/2014
Purchase
05/09/2014
Purchase
12/09/2014
19/09/2014
30/09/2014
03/10/2014
10/10/2014
17/10/2014
24/10/2014
31/10/2014
07/11/2014
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
14/11/2014
Purchase
21/11/2014
28/11/2014
05/12/2014
12/12/2014
19/12/2014
Sale
Sale
Sale
Sale
Sale
31/12/2014
Purchase
02/01/2015
Purchase
09/01/2015
Purchase
16/01/2015
Purchase
23/01/2015
30/01/2015
Sale
Sale
06/02/2015
Purchase
13/02/2015
20/02/2015
27/02/2015
Sale
Sale
Sale
06/03/2015
Purchase
13/03/2015
20/03/2015
Sale
Sale
27/03/2015
Purchase
31/03/2015
Purchase
31/03/2015
Closing Balance
Opening Balance denotes: As on April 1, 2014
Closing Balance denotes: As on March 31, 2015
No. of
Shares
246,057
21,134
12,771
71,043
2,338
37,529
28,596
78,072
619,100
1,060,598
498,288
2,807
15,295
73,823
12,483
30,012
32,581
237,657
301,514
27,541
19,353
37,709
11,152
12,600
51,792
316,628
515,318
13,999
5,063
6,900
12,574
57,953
95,129
86,578
149,633
19,939
% of total
outstanding
shares of the
company
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-
No. of
Shares
11,464,700
11,485,834
11,498,605
11,427,562
11,429,900
11,467,429
11,438,833
11,360,761
10,741,661
9,681,063
9,182,775
9,179,968
9,164,673
9,090,850
9,078,367
9,108,379
9,075,798
8,838,141
8,536,627
8,509,086
8,489,733
8,527,442
8,538,594
8,551,194
8,602,986
8,286,358
7,771,040
7,785,039
7,779,976
7,773,076
7,760,502
7,818,455
7,723,326
7,636,748
7,786,381
7,806,320
7,806,320
% of total
outstanding
shares of the
company
0.46
0.47
0.47
0.46
0.46
0.46
0.46
0.46
0.44
0.39
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.36
0.35
0.34
0.34
0.35
0.35
0.35
0.35
0.34
0.31
0.32
0.32
0.31
0.31
0.32
0.31
0.31
0.32
0.32
0.32
57
01 Directors Report_2015.indd 57
6/21/2015 4:09:40 PM
Wipro Limited Annexure - B
Name of the Directors and
Key Managerial Personnel
Date of the transaction
Shareholding at the
beginning of the year
No. of
Shares
% of total
shares of the
Company
Cumulative shareholding
of the year (2014-15)
No. of
Shares
% of total
shares of the
Company
Azim H Premji*
Chairman and Managing Director
Ashok Ganguly
Independent Director
N V Vaghul
Independent Director
Jagadish Sheth
Independent Director
William Arthu Owens
Independent Director
Suresh C Senapaty**
CFO & Executive Director
T K Kurien
CEO & Executive Director
M K Sharma
Independent Director
Ireena Vittal
Independent Director
V Ramachandran***
Company Secretary
Opening Balance - 31/03/ 2014
Purchase/ Sales
Closing Balance 31/03/2015
Opening Balance - 31/03/ 2014
Purchase/ Sales
Closing Balance 31/03/2015
Opening Balance - 31/03/ 2014
Purchase/ Sales
Closing Balance
Opening Balance - 31/03/ 2014
Purchase/ Sales
Closing Balance 31/03/2015
Opening Balance - 31/03/ 2014
Purchase/ Sales
Closing Balance 31/03/2015
Opening Balance - 31/03/ 2014
Purchase# - 5/5/2014
Purchase# - 24/11/2014
Closing Balance 31/03/2015
Opening Balance - 31/03/ 2014
Purchase# - 26/5/2014
Closing Balance 31/03/2015
Opening Balance - 31/03/ 2014
Purchase/ Sales
Closing Balance 31/03/2015
Opening Balance - 31/03/ 2014
Purchase/ Sales
Closing Balance 31/03/2015
Opening Balance - 31/03/ 2014
Purchase# - 17/09/2014
Purchase# - 05/11/2014
Closing Balance 31/03/2015
95,419,432
-
95,419,432
1,867
-
1,867
3.87
3.86
0.000
0.000
-
-
95,419,432
-
-
1,867
-
-
-
-
-
-
-
-
-
1,06,386
56,061
17,939
180,386
1,34,932
26,910
1,61,842
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.004
0.007
0.005
0.006
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
180,386
-
-
1,61,842
-
-
-
-
-
-
-
-
3.86
-
-
0.000
-
-
-
-
-
-
-
-
-
-
-
-
0.007
-
-
0.006
-
-
-
-
-
-
10,000
635
1,794
12,429
0.000
-
-
0.000
-
-
-
12,429
-
-
-
0.001
Includes shares held by Mr. Azim H Premji jointly with immediate family members.
*
** Mr. Suresh C Senapaty retired from the Board and Services of the Company with effect from March 31, 2015.
*** Mr. V Ramachandran resigned as Company Secretary of the Company with effect from close of business hours of April 22, 2015.
#
Purchase pursuant to exercise of Restricted Stock Units.
58
01 Directors Report_2015.indd 58
6/21/2015 4:09:41 PM
Annual Report 2014-15 )
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01 Directors Report_2015.indd 59
6/21/2015 4:09:41 PM
59
Wipro Limited
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Annual Report 2014-15
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01 Directors Report_2015.indd 65
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65
Wipro Limited
Annexure F: Corporate Social Responsibility Report for the year 2014-15
At Wipro, our deliberate engagement with important social
issues goes back a long time. In 2001 we added our first organized
community initiatives (Wipro Cares) followed by a program on
school education in 2002 (Wipro Applying Thought in Schools).
We started working methodically on Ecology & Environment in
2008. In 2014, under the overarching umbrella of Education, we
added a significant new initiative on ‘Children with Disability’.
This program, at a conceptual level, is an extension of our long
running and successful program for ‘Persons with Disability’
within Wipro. This compelling imperative of boundary-less
thinking is a fundamental driving principle of all our programs.
We run all our social programs on a strong foundation of ethical
principles, good governance and sound management. Our ‘Good
Citizen’ manifesto articulates a set of guiding principles that
inform our thinking and actions. The manifesto covers a wide
range – a foundation of values as embedded in Spirit of Wipro,
compliance with laws and regulations, a robust framework of
corporate governance, proactive and strategic engagement
with key challenges of the environment and society, serving our
multiple stakeholders and working with proximate communities,
all in a manner that is thoughtful, deliberative and systemic.
The salient highlights of our initiatives for 2014-15 are articulated
below. You will also find in this report a detailed summary of
our sustainability initiatives under the ‘Business Responsibility
Reporting’ section. It must be emphasized that our sustainability
and social programs are wide ranging and global in scope. For
a fuller understanding of these, you may want to refer to our
comprehensive annual sustainability reports based on GRI
principles. These and various other details are available at the
websites, www.wipro.com and www.wipro,org
A.
Education
Our work in education is based on the guiding principles
that (a) It must contribute to systemic or institutional
improvement in education and / or (b) It should address the
needs of underserved and underprivileged sections and (c)
In all cases, the work must be deep and meaningful. Our
programs span school and college education across India as
well as in the U.S. and address the themes of ‘Organizational
Capability Building’, ‘Good Quality Educational Material’
,‘Advocacy’ and ‘Sustainability in Education’.
A.1 Wipro Applying Thought in Schools (WATIS) is a social
initiative working on building capacity in school education
reform in India. Over the past 14 years, WATIS has worked
closely with 35 organizations working in improvement of
school education. Our work, spread over 67 educational
projects, has involved over 2300 schools and 13,250
educators across 17 states reaching out to about 1 million
students. A point to emphasize here is that the indirect
impact of our work is manifold the above numbers.
During 2014-15, six new partners were added in Assam,
Koppal in Karnataka, Hyderabad, Kerala and Mumbai.
Their work include improving the quality of education in
66
government schools, strengthening social science and
ecology education in schools and supporting education
of children from marginalized communities
A.2 Complementing the systemic engagements of WATIS
is the work of our trust, Wipro Cares that supports in a
more direct way, access to educational opportunities for
underprivileged and marginalized children. For example,
our partner of many years in Pune, Door Steps Schools
runs mobile units that provides schooling to children of
migrant laborers working in construction sites in a city. The
ten projects run by Wipro Cares in the cities of Bangalore,
Pune, Hyderabad, Kolkata, Mumbai and Chennai benefits
more than 50000 children.
A.3 During the year, we started a significant new initiative
for ‘Children with Disability’. In the first year, our programs
supported the educational and rehabilitative needs of
1350 underprivileged children with disability through
five projects in the cities of Bangalore, Pune, Jaipur and
Hyderabad. Our focus is on early intervention and inclusive
education: the first element is crucial in the battle against
disability as early actions help prevent many subsequent
complications; the second element underpins the principle
that children with disability must grow in a school
environment that empowers them by helping integrate
with the mainstream.
A.4 We started a significant program in school education
in 2013 in the U.S.A. While the expenditure associated with
this may not be allowable as CSR as per the Companies
Act 2013, this is an integral part of our global CSR strategy
and therefore something that merits disclosure. The
program is currently running in Chicago, New Jersey,
New York and Boston. We are partnering with University
of Massachusetts, Boston and Michigan State University.
Mercy College in New York and Montclair State University
in New Jersey are also involved. The program works in close
collaboration in over 20 school districts wherein 250-350
teachers go through a 2-3 year fellowship with intense
support to develop their capacities to be better teachers
and change leaders. The district administrators are a part
of the program. We intend to expand these programs to
other cities in future. The current commitment of Wipro
to these programs is about 7.8 million USD over a period
of 5 years. This is a large and substantial commitment to
improving science and math in school education, one of
the largest such commitments made by a non US company.
A.5 earthian is a program that brings together two of our
key concerns: Education and Sustainability. It comprises an
annual cycle where schools and colleges across the country
participate in an enriching learning program; selected
institutions then become part of a three year Continuing
Engagement Program. In 2014-15, the program had an
outreach to 9000 institutions. 550 schools and colleges
submitted entries with 23 selected winners. The continuing
01 Directors Report_2015.indd 66
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Annual Report 2014-15
engagement comprised of college internships, a national
level workshop for the leading Business Schools of the
country, sustainability workshops in 14 schools for 250
teachers and Theater-in-Education labs in two schools.
with the delivery of regular health services, lays emphasis
on building the capacity of the communities in developing
a higher degree of self-reliance to handle their own primary
health care needs.
A.6 Developing workplace relevant engineering and
technology skills that is also up-to-date and relevant is
critical for a country like India where the IT Services industry
contributes to nearly 8% of the GDP. Our efforts in this
direction go back several years and address two important
dimensions: (a) Skills development for students that is
based on a comprehensive framework of post-graduate
level education and (b) Capacity building among the
faculty of engineering colleges.
The Wipro Academy of Software Excellence (WASE)
program that helps Science graduates to study for a
Masters degree in Software Engineering (M.Tech). Run in
partnership with the Birla Institute of Technology & Science
(BITS), Pilani, India, this unique program blends rigorous
academic exposure with practical professional learning
at the workplace, We run a similar program called WISTA
in collaboration with Vellore Institute of Technology (VIT)
for science graduates without a mathematics background.
Since its inception in 1995, Wipro has supported and
enabled nearly 50000 students to graduate from the
WASE and WISTA programs with an MS degree in Software
Engineering. During 2014-15, the total number of new
entrants into the two programs was 1710 while the
aggregate strength across four years was 12850.
Mission10X started in 2007 has the goal of improving
education in India’s engineering colleges. Over the last six
years Mission10X has reached out to over 26,313 faculty
members across 1300+ engineering colleges in 27 states.
The work involves faculty capacity development, and
curricular improvement. The initiative has also catalyzed
a group of 20 organizations working on the same space. It
has also created a substantial on-line resource base which
is expanding
B. Primary Health Care and Communities
B.1 Along with education, access to primary health care is
a key determinant of an individual’s future trajectory in life,
including the ability to engage in productive livelihoods
and responsible citizenship, In India, nearly 600 million
people do not have access to basic health care which is
affordable and of good quality. At Wipro, our approach in
this regard is to focus on the health needs of our proximate
communities around the major centers of our operations.
We run these programs through Wipro Cares, our public
trust.
Wipro Cares works with partners who oversee the delivery
of good quality primary health care services to underserved
communities covering more than 75000 people in 53
villages across Maharashtra, Karnataka, Andhra Pradesh &
Uttarakhand. We follow an integrated approach that along
B.2 Disadvantaged communities face several challenges
and one that visits them at regular frequency in our
country is natural disasters like earthquakes, floods and
cyclonic storms. The already fragile basis of their livelihoods
gets further disrupted in the wake of a natural disaster.
Since 2002,we have responded in both monetary terms
and in-kind to several natural calamities wherein Wipro’s
employees have also risen to the occasion and played
a sterling role. By design, we focus on the more difficult
challenge of long term rehabilitation of the affected
communities.
During 2014, we initiated two disaster rehabilitation
projects in Uttarakhand and Odisha in response to the
floods and cyclone events in 2013. In line with our approach,
both these projects focus on long term rehabilitation and
strengthening of the affected communities. In Uttarakhand,
in collaboration with very credible local partners with a
long track record, multiple activities on strengthening
local livelihoods were initiated. 20 village level farmer’s
group have been formed with the objective of training
them on alternate methods of farming.8964 fruit saplings
have been planted in farms belonging to 293 farmers
while 236 beneficiaries have been identified for vegetable
plantation. Our work in Odisha touched the lives of 250
farmers and their families who were provided fishing nets
and awareness training around them, Village level Disaster
Committees were set up in 15 villages.
C.
Ecology & Environment
Ecological sustainability is one of the defining challenges
facing humanity in the 21st century. How we manage
the issues of climate change, water scarcity, biodiversity
loss and pollution will determine the trajectory of our
development. Wipro’s engagement with these issues goes
back several years and is based on the dual approach of
(a) continually improving the energy, water, waste and
biodiversity footprint of our business operations and
(b) engaging on community-level actions and advocacy
on these issues. We present below some interesting
illustrations of our work
C.1 We initiated the “Participative Community Water
Program” in the Sarjapur area in Bangalore which is
completely dependent on groundwater. The initiative
seeks to involve proximate communities in a unique
citizen-led governance model of groundwater. The
year saw the successful completion of the first phase of
developing a detailed groundwater aquifer map for a
33 sq km area around our Sarjapur campus. The aquifer
map along with a citizen portal will help inform collective
decision making on groundwater management in a more
scientific manner
67
01 Directors Report_2015.indd 67
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Wipro Limited
C.2. Our urban biodiversity program addresses the twin
goals of creating biodiversity in our urban campuses
while also using it as a platform for wider education and
advocacy, Our first project of a unique Butterfly Park in
the Electronic City campus in Bangalore was initiated two
years back and completed in early 2014. In 2014-15 we
progressed as per plan on the next phase of an innovatively
conceived wetland biodiversity zone that will use recycled
water. In our Pune campus, the first phase has been
completed with a tripling of the number of native species
from 59 to 167. Both these projects will serve a larger
purpose of education on biodiversity and the plan going
forward is to link it with our earthian program for schools
on sustainability education.
C.3 Rapid development of renewable energy (RE) solutions
is a crucial element in combating climate change. India has
put together a clear road map of adding RE capacity over
the next 10 years. Business can play an important role in
both, the production ecosystem and through conscious
choices in purchasing RE in its own operations. At Wipro,
renewable energy accounts for more than 20% of the
electricity footprint and in 2014-15, we procured 66 Million
units of RE translating into 52000 metric tons of greenhouse
gas emissions avoided.
C.4 Effective and efficient management of urban solid
waste is a pressing problem in all our cities. While the
use of right technology, good governance and the active
participation of civil society are important determinants
of success, the work of the informal sector is often
unrecognized. We initiated a project in Bangalore that will
provide skills upgrading to 260 workers in the informal
sector of waste along with access to better nutrition, safety
gear and health insurance.
C.5 We have been supporting a program in social forestry
in rural Tamil Nadu near Chennai for the past four years.
The program works towards the twin goals of afforestation
and improved livelihood options. More than 80 farmers are
the beneficiaries of the income that will accrue from the
produce of more than a hundred thousand trees that have
been planted.
D. The power of engaged employees
Employees are integral to many of our social programs.
The Wipro Cares trust is built on a model of employee
contribution that is matched by Wipro. Nearly one in three
employees or more than 48,000 Wiproites are contributors
to Wipro Cares making this possibly the largest such
initiative in India and one of the largest in the world. During
2014-15, nearly 1600 employees also engaged with more
than 3600 hours of volunteer work, Employees have also
keen participants in other significant initiatives including
those on campus biodiversity and improving public
transportation services.
In conclusion, we recognize that this is a journey where
one learns all the time. While on the matter of ethics and
values, we will hold ourselves up to the highest standards,
on matters of governance and management of our
CSR programs, we recognize that there could be many
opportunities for improvement. We will continually self-
reflect, act, and review all the time.
68
01 Directors Report_2015.indd 68
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Annual Report 2014-15
1.
2.
3.
4.
5.
6.
7.
Summary of CSR spend for 2014-15 ( All figures in ` Million)
A brief outline of the Company’s CSR policy, including overview of the projects or programs proposed to be undertaken is available at www.wipro.com. Details
are provided as part of Directors’ Report on page no. 66.
The Composition of the CSR Committee:The terms of reference of the Corporate Social Responsibility (CSR) broadly comprises and forms part of Board Governance,
Nomination and Compensation Committee and these terms of reference are in accordance with Section 135 of the Companies Act, 2013. The Committee comprises
of Dr. Ashok Ganguly, Mr. N Vaghul and Mr. William Arthur Owens.
Average Net Profit of the Company for the last three financial years: ` 64,154 Million.
Prescribed CSR Expenditure (two percent of the amount as in the point 3 above): 2% of the average PBT for the financial years 2011-12, 2012-13 and 2013-14
amounts to ` 1283 Million ; against this, our CSR spending for 2014-15 was ` 1,327 Million.
Details of the CSR Spent during the financial year:
a)
b)
c)
Total amount to be spent for the financial year: ` 1,327 Million
Amount unspent: Not Applicable
Manner in which the amount is spent during the financial year is detailed below:
The following table provides a summary of the domain wise expenditure on CSR for 2014-15 along with the geographies. The list of partners with who we
collaborate is available right below the table
In the column ‘Cumulative expenditure till reporting period’, we have chosen to take 2014-15 as the base year. It is however not to be interpreted that this is the
first year of our CSR programs. Many of our programs go back more than 10 years and some more than 15 years. Given the practical challenges in reporting the
cumulative expenditure from inception, we have chosen to start with the current year as the base year.
8.
All our programs are executed and implemented through our partners. The figures under the last column therefore are entirely through our partners
CSR project or activities identified
Sector in which
the project is
covered
Projects or Programs 1) Local area or 2) other
specify the state and district where the project
or programs are under taken
Sl.
No
1
2
Providing preventive and curative
health services with specific focus on
malnutrition and infant mortality rate.
Community
Healthcare
Education for Underprivileged in
proximate communities
Education for
Underprivileged
Systemic reform initiatives in school
education in India, in the areas of
ecology, social science, languages
and affective education, material
development, public advocac y,
assessment reform, teacher capacity
building, strengthening the school
system through community and
systemic engagement *
Initiatives in Education of children with
Disability
Initiatives in sustainability education in
schools and colleges across India
Program of higher education in
engineering and technology linked to
skills development for the IT industry
Initiatives in improving education in
engineering colleges in India
Ensuring environmental sustainability,
ecological balance, Agroforestry
3
4
Rural Development projects
Total
Education
: Systemic
Reforms
Education for
Children with
Disability
Sustainability
Education
Higher
Education for
skills building
Higher
Education
Water
Biodiversity
Energy
Waste
Management
Sustainability
Advocacy and
Research
Rural livelihood
programs
(` in Million)
Amount
Outlay
(Budget)
project or
Program
Wise
Amount
spent
on the
projects or
Programs
Cumulative
expenditure
upto
reporting
period
Amount
spent : direct
or through
implementing
agency
12.0
12.7
12.7
12.7
27.0
26.0
26.0
26.0
70.0
71.7
71.7
71.7
25.0
24.4
24.4
24.4
20.0
25.1
25.1
Amalner& Aurangabad (Maharashtra), Mysore &
Tumkur (Karnataka), Hindupur (AndraPradesh),
Haridwar (Uttarkhand), Nagapattinam (Tamil
Nadu).
Mumbai, Pune, Gadchiroli (MH), Bangalore
(Karnataka), Hyderabad (Telangana), Kolkata
(WestBengal), Chennai (Tamil Nadu), New Delhi,
Bongaigaon, Kokrajhar (Assam), Kolkata (West
Bengal), Delhi, Punjab, Udaipur, Jaipur, Phagi
(Rajastan), Bhopal (Madhya Pradesh), Kutch,
Panchmahal (Gujarat), Mumbai (Maharashtra),
Bangalore, Koppal, Chamrajnagar (Karnataka),
Chennai (Tamil Nadu), Kerala
Delhi (Delhi), Hyderabad ( Telangana),
Bengaluru (Karnataka), Jaipur (Rajasthan),
Pune (Maharashtra)
All parts of India
Bangalore
800.0
772.5
772.5
All parts of India
Bangalore
Bangalore, Pune, Mumbai
Bangalore, New Delhi
Bangalore
All parts of India
Uttarkashi(Uttarkhand), Bhubaneswar(Orissa),
Chennai (Tamil Nadu)
10.0
4.0
10.00
450.0
1.5
7.0
5.0
8.0
4.1
8.1
361.0
1.4
7.4
4.6
8.0
4.1
8.1
361.0
1.4
7.4
4.6
25.1
772.5
8.0
4.1
8.1
361.0
1.4
7.4
4.6
1441.0
1,327.0
1,327.0
1,327.0
69
01 Directors Report_2015.indd 69
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Wipro Limited
Implementing Partner details-
1. Jubayer Masud Educational Charitable Trust, Assam, 2. Vikramshila Education Resource Society, Kolkata, 3. Shikshamitra, Kolkata, 4. Pratham, Delhi, 5. Center for
Equity Studies, Delhi, 6. Shiksharth, Delhi, 7. Jodogyan Shiksha, Delhi, 8. Education Dialog Trust, Delhi, 9. Vidyabhawan Education Resource Centre, Udaipur, 10. Digantar
Khelkud Evam Shiksha Samiti, Jaipur 11. Eklavya, Bhopal, 12. Muskaan, Bhopal, 13. Janvikas, Ahmedabad, 14. Avehi Public Charitable Trust, Mumbai, 15. Pampanagar
Children’s Centre, Koppal, 16. Nature Conservation Foundation, Mysore, 17. Punarchith, Chamrajnagar, 18. National Centre for Biological Sciences, Bengaluru,
19. The Teacher Foundation, Bengaluru, 20. Center for Learning, Bangalore, 21. Tulika, Chennai 22. EZ Vidya Pvt. Ltd, Chennai, 23. Goodbooks Trust, Chennai, 24.
Biome Environmental Trust, Bengaluru, 25.ACWADAM, Pune, 26. Mapunity, Bengaluru, 27. Hariyalee landscapers, Bengaluru, 28. Idea Design, Bengaluru, 29. Trucost
Mumbai 30. Carbon Disclosure Project India, New Delhi, 31. IUCN India, New Delhi, 32. TERI, New Delhi, 33. CII, New Delhi, 34. Nature Forever Society, Pune, 35.
Infoactive Bangalore 36. Center for Environment Education, Ahmedabad, 37. Bangalore Little Theatre, Bengaluru, 38. Ashoka Trust for research in Ecology and
Environment, Bengaluru, 39. National Association for the Blind, New Delhi, 40. IIM Bangalore Bengaluru 41. Birla Institute of Technology and Science, Pilani 42.
Vellore Institute of Technology, Vellore 43. Door Steps School, Pune 44. Aseema, Mumbai 45. Magic Bus, Bangalore 46. Towards Future, Kolkata 47. Olcott Memorial
School, Chennai 48. National Association for Blinds, Delhi 49. Samarthanam, Bangalore 50. Ashray-Akruti, Hyderabad 51. Dnyangangotri, Pune 52. Prayas, Jaipur
53. Savitribai Phule Mahila Ekatma Samaj Mandal, Aurangabad 54. Chaitanya Educational & Rural Development Society, Hindupur 55. Narendra Foundation, Tumkur
56. Adhar Bahuuddeshiya Sanstha, Amalner 57. Rural Literacy and Health Programme, Mysore 58. Rural Development Institute of the Himalayan Institute Hospital
Trust, Haridwar 59. HasiruDala, Bangalore 60. Shri Bhuvneshwari Mahila Ashram, Uttarkashi 61. Centre for Youth & Social Development, Bhubaneshwar 62. TIST,
Tamil Nadu 63. Wipro Cares – Independent Public Trust. 64. Lakshmi Jalavidyut, 65. Golden Hatcheries, 66. D.J.Malpani, 67. Fortune Five Hydel Projects PVT LTD, 68.
Bhoruka Power Corporation Limited
9.
10.
In case the Company has failed to spend the two percent of the average net profit of the last three financial years or any part thereof, the company shall provide
the reason for not spending the amount in its Board report. - Not applicable.
A responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy: Yes, is in compliance with CSR Policy and Objectives of
the Company.
Sd/-
Azim H Premji
(Chairman and Managing Director)
Sd/-
Ashok S Ganguly
(Chairman of Board Governance,
Nomination and Compensation Committee)
70
01 Directors Report_2015.indd 70
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Annual Report 2014-15 Annexure G: Form No. MR-3
SECRETARIAL AUDIT REPORT
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
FOR THE FINANCIAL YEAR ENDED: 31.03.2015
To,
The Members,
Wipro Limited, Bangalore
We have conducted the secretarial audit of the compliance
of applicable statutory provisions and the adherence to good
corporate practices by Wipro Limited. (hereinafter called the
company). Secretarial Audit was conducted in a manner that
provided us a reasonable basis for evaluating the corporate
conducts/statutory compliances and expressing our opinion
thereon.
Based on our verification of the company’s books, papers,
minute books, forms and returns filed and other records
maintained by the company and also the information
provided by the Company, its officers, agents and authorized
representatives during the conduct of secretarial audit, we
hereby report that in our opinion, the company has, during
the financial year ended on March 31, 2015 (the audit period)
complied with the statutory provisions listed hereunder
and also that the Company has proper Board-processes and
compliance-mechanism in place to the extent, in the manner
and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and
returns filed and other records maintained by the Company
during the audit period according to the provisions of:
(i)
The Companies Act, 2013 (the Act) and the rules made
thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and
(c) The Securities and Exchange Board of India (Issue of
Capital and Disclosure Requirements) Regulations,
2009 (Not Applicable to the Company during the
Audit Period);
(d) The Securities and Exchange Board of India (Employee
Stock Option Scheme and Employee Stock Purchase
Scheme) Guidelines, 1999 and The Securities and
Exchange Board of India (Share Based Employee
Benefits) Regulations, 2014 w.e.f. October 28, 2014;
(e) The Securities and Exchange Board of India (Issue
and Listing of Debt Securities) Regulations, 2008
(Not Applicable to the Company during the Audit
Period);
(f ) The Securities and Exchange Board of India (Registrars
to an Issue and Share Transfer Agents) Regulations,
1993 regarding the Companies Act and dealing with
client;
(g) The Securities and Exchange Board of India (Delisting
of Equity Shares) Regulations, 2009 (Not Applicable
to the Company during the Audit Period); and
(h) The Securities and Exchange Board of India (Buyback
of Securities) Regulations, 1998 (Not Applicable to the
Company during the Audit Period);
(vi) Other laws applicable specifically to the Company namely:
(a)
Information Technology Act, 2000 and the rules made
thereunder
(b) Special Economic Zones Act, 2005 and the rules made
thereunder
the rules made thereunder;
(c) Software Technology Parks of India rules and
(iii) The Depositories Act, 1996 and the Regulations and Bye-
laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules
and regulations made thereunder to the extent of Foreign
Direct Investment and Overseas Direct Investment. There
was no External Commercial Borrowing.
(v) The following Regulations and Guidelines prescribed under
the Securities and Exchange Board of India Act, 1992 (‘SEBI
Act’):-
(a) The Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;
(b) The Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 1992;
regulations
(d) Copyright Act, 1957
(e) The Patents Act, 1970
(f )
The Trade Marks Act, 1999
We have also examined compliance with the applicable clauses
of the Listing Agreements entered into by the Company with BSE
Ltd. and National Stock Exchange of India Ltd.
We have not examined compliance by the Company with
(a)
the Secretarial Standards issued by the Institute of
Company Secretaries of India as they had not been notified
by the Central Government upto March 31, 2015.
(b) applicable financial laws, like direct and indirect tax laws,
since the same have been subject to review by statutory
financial audit and other designated professionals.
71
01 Directors Report_2015.indd 71
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Wipro Limited
During the period under review, the Company has complied
with the provisions of the Act, Rules, Regulations, Guidelines,
etc. mentioned above.
As per the minutes of the meetings duly recorded and signed
by the Chairman, the decisions of the Board were unanimous
and no dissenting views have been recorded.
We further report that
The Board of Directors of the Company is duly constituted with
proper balance of Executive Directors, Non-Executive Directors
and Independent Directors. The changes in the composition of
the Board of Directors that took place during the period under
review were carried out in compliance with the provisions of
the Act.
Adequate notice is given to all directors to schedule the Board
Meetings, agenda and detailed notes on agenda were sent at
least seven days in advance, and a system exists for seeking and
obtaining further information and clarifications on the agenda
items before the meeting and for meaningful participation at
the meeting.
We further report that there are adequate systems and processes
in the company commensurate with the size and operations of
the company to monitor and ensure compliance with applicable
laws, rules, regulations and guidelines.
For V. SREEDHARAN & ASSOCIATES
(V. Sreedharan)
Partner
FCS: 2347; CP No: 833
Bangalore
Date: June 03, 2015
72
01 Directors Report_2015.indd 72
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Annual Report 2014-15
Statement of Disclosure of Remuneration under Section 197 of Companies Act, 2013 and Rule 5(1) of Companies (Appointment
and Remuneration of Managerial Personnel) Rules 2014.
Annexure H1 of Director’s Report
Remuneration paid to whole-time directors
Name of
Directors
Title
Remuneration
in fiscal 2015
(` in Crore)
Remuneration
in fiscal 2014
(` in Crore)
No. of stock
options/
RSUs
granted in
fiscal year
% increase/
Decrease of
remuneration in
2015 as compared
to 2014
Excl. WTD
Incl. WTD
Ratio of remuneration
Ratio of
remuneration
to MRE
Ratio of
remuneration
to MRE and
WTD
Revenues
(2015)
Net profit
(fiscal 2015)
Azim H Premji Chairman and
T K Kurien
Suresh C
Senapaty
Managing Director
Chief Executive
Officer and
Executive Director
Chief Financial
Officer and
Executive Director
4.78
9.11
3.37
10.24
-
-53%
89.01
89.01
6.57
150,000
39%
169.65
169.63
0.00
0.00
0.00
0.00
3.13
-
8%
62.76
62.75
0.00
0.00
RSUs - Restricted Stock Units, MRE - Median Remuneration of Employees, WTD - Whole Time Director
1. Based on annualized cost to company
2. Rounded off to two decimals
Name of Directors
Dr. Ashok S Ganguly
N Vaghul
M K Sharma
William Arthur Owens*
IreenaVittal(4)
Dr. Jagdish N Sheth*
Vyomesh Joshi*
B C Prabhakar (1)
Dr. Henning Kagermann*(2)
Shyam Saran(1)
P M Sinha(3)
REMUNERATION PAID TO INDEPENDENT DIRECTORS
Remuneration in
fiscal 2015
(` in Crore)
Remuneration in
fiscal 2014
(` in Crore)
No. of stock options/
RSUs granted in
fiscal year
% Increase/Decrease of
remuneration in 2015 as
compared to 2014
0.33
0.44
0.31
1.53
0.29
1.24
1.23
0.06
0.23
0.05
-
0.32
0.37
0.23
1.01
0.12
0.91
0.91
0.25
0.91
0.21
0.06
-
-
-
-
-
-
-
-
-
-
-
3%
19%
35%
51%
142%
36%
36%
-76%
-75%
-76%
-
* figures mentioned against these names are rupee equivalent - as amount paid in USD
(1) Mr. B C Prabhakar and Mr. Shyam Saran - for the period from April 01, 2014 to July 23, 2014
(2)
(3) Mr. P M Sinha - for the period from April 01, 2013 - July 25, 2013
(4) Ms. Ireena Vittal - for the period from October 01, 2013 to March 31, 2014
Dr. H Kagermann - for the period from April 01, 2014 to June 30, 2014
Remuneration paid to other Key Managerial Personnel (KMP)
Name of KMP
Title
Remuneration
in fiscal 2015
Remuneration
in fiscal 2014
(` in Crore)
(` in Crore)
No. of stock
options/
RSUs
granted in
fiscal year
% increase/
Decrease of
remuneration
in 2015 as
compared to 2014
Excl. WTD
Incl. WTD
Ratio of remuneration
Ratio of
remuneration
to MRE
Ratio of
remuneration
to MRE and
WTD
Revenues
(2015)
Net profit
(fiscal 2015)
Ramachandran V Company
Secretary
0.78
0.55
0
41.8%
14.53
14.52
0.00
0.00
73
01 Directors Report_2015.indd 73
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Wipro Limited The Median Remuneration of Employees (MRE) excluding whole time directors was ` 5,37,000 and ` 4,90,464 in fiscal 2015 and
fiscal 2014 respectively. The increase in MRE excluding the whole time directors in fiscal 2015 as compared to fiscal 2014 is 9.49%.
The Median Remuneration of employees (MRE) including whole time directors was ` 5,37,036 and ` 4,90,482 in fiscal 2015 and
fiscal 2014 respectively. The increase in MRE including the whole time directors in fiscal 2015 as compared to fiscal 2014 is 9.49%.
The number of permanent employees on the rolls of the Company as of March 31, 2015 and March 31, 2014 was 1,15,776 and
1,11,264 respectively.
The Consolidated Gross Revenue growth during fiscal 2015 over fiscal 2014 was 8.12% and profit for the period grew at 11.04%.
The aggregate Employee Compensation excluding WTD grew by 8.89% over the previous fiscal. The aggregate decrease in salary
for WTDs and other KMPs was 11.96% in fiscal 2015 over fiscal 2014.
Our market capitalization increased by 15.9% to ` 1,552,658 Mn as of March 31, 2015 from ` 1,339,703 Mn as of March
31, 2014. The Price Earnings Ratio was 17.8 as of March 31, 2015, which is an increase of 0.7%, as compared to March 31, 2014.
The closing price of the Company’s equity shares on the NSE and BSE as of March 31, 2015 was ` 628.85 and ` 627.80 respectively.
Company variable compensation philosophy
Variable Pay is a mix of financial and qualitative parameters payable quarterly and adjusted annually. Below are the parameters
determining executive director variable pay at Wipro:
(1) Revenue Achievement
(2) Profitability Achievement
(3) Employee Satisfaction
(4) Achieving Strategic Goals
(5) Customer Satisfaction Score (CSAT)
Component of remuneration to directors and other KMPs
Component of Remuneration to directors and other KMPs
Fixed Salary Commission
Variable
Retirals
As a Percentage of the Gross Revenues for Fiscal 2015
As a Percentage of the Profits for Fiscal 2015
0.02%
0.12%
0.02%
0.10%
0.01%
0.04%
0.00%
0.02%
Total
0.05%
0.27%
During fiscal 2015 no employee received remuneration in excess of the highest-paid director.
74
01 Directors Report_2015.indd 74
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Annual Report 2014-15 l
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6/21/2015 4:09:43 PM
Wipro Limited
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01 Directors Report_2015.indd 76
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Annual Report 2014-15
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01 Directors Report_2015.indd 78
6/21/2015 4:09:44 PM
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Wipro Limited
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Annual Report 2014-15
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01 Directors Report_2015.indd 82
6/21/2015 4:09:45 PM
Annual Report 2014-15
CORPORATE GOVERNANCE
REPORT 2014-15
We believe in adopting best practices of Corporate Governance
and striving for continuous improvement. Our guiding principles
and practices followed by all stakeholders are summarized
in this Corporate Governance Report. These are articulated
through Company’s Code of Business Conduct, Corporate
Governance Guidelines and charters of various sub-committees
of the Board and Company’s Disclosure Policy. These policies
seek to focus on enhancement of long term shareholder value
without compromising on ethical standards and corporate social
responsibilities.
The Spirit of Wipro represents the Core Values of Wipro framed
around these Corporate Governance principles and practices.
The three values encapsulated in the Spirit of Wipro are:
Intensity to Win
•
•
Make customers successful
Team, innovate and excel
Act with Sensitivity
•
•
Respect for the individual
Thoughtful and responsible
Unyielding Integrity
•
•
Delivering on commitments
Honesty and fairness in action
Given below are “Wipro Tenets” which was articulated in the
year 2014
•
•
•
We live and act with speed , simplicity and excellence
We collaborate to deliver superior results for our
stakeholders
We strive to hire, retain and grow our people as we consider
them our most valuable resource
Corporate Governance philosophy is put into practice at Wipro
through the following four layers, namely,
•
•
•
•
Governance by Shareholders,
Governance by Board of Directors,
Governance by Sub-committees of Board of Directors, and
Governance of the management process
FIRST LAYER: GOVERNANCE BY SHAREHOLDERS
Annual General Meeting
Annual General Meeting for the year 2014-15 is scheduled to be
held on July 22, 2015 at 4.00 p.m. The meeting will be conducted
at Wipro Campus, Cafeteria Hall EC-3, Ground Floor, Opp. Tower 8,
No. 72, Keonics Electronic City, Hosur Road, Bangalore – 561229.
The facility to appoint a proxy to represent the members at the
meeting is also available for the members who would be unable
to attend the meeting. You are required to fill a proxy form and
send it to us latest by July 20, 2015 before 4 pm. You can also
cast your vote electronically by following the instructions of
e-voting sent separately.
•
•
•
•
Customer is at the core of everything we do and we take
personal responsibility for their success - We act like owners
Annual General Meetings and other General Body meeting of
the last three years and Special Resolutions, if any.
We aim to create and deliver business value pro-actively
to customers through innovation
We keep our commitments and are trusted by our
customers
For the year 2011-12 we had our Annual General Meeting on
July 23, 2012, at 4.00 PM. The meeting was held at Wipro Campus,
Cafeteria Hall EC-3, Ground Floor, Opp. Tower 8, No. 72, Keonics,
Electronic City, Hosur Road, Bangalore – 561229. The following
resolutions were passed (last one being special resolution).
We want to be a truly Global Company reflected in our
mindset, our workforce, our leadership and our decision
making
•
•
Re-appointment of Mr. Jagdish N Sheth as a Director.
Re-appointment of Mr. Henning Kegermann as a Director.
83
02 Corporate Governance_2015.indd 83
6/21/2015 4:11:59 PM
Wipro Limited •
•
•
Re-appointment of Mr. Shyam Saran as a Director.
Amendment to Articles of Association of the Company
recognizing participation by members/Directors, through
Video Conferencing or Teleconferencing or through any
other electronic or other media and for e-voting and
To permit Chairman holding position of both the Chairman
as well as Managing Director/ CEO/ equivalent position
thereof
For the year 2012-13, we had our Annual General Meeting on
July 25, 2013 at 4.00 pm. The meeting was held at Wipro Campus,
Cafeteria Hall EC-3, Ground Floor, Opp. Tower 8, No. 72, Keonics,
Electronic City, Hosur Road, Bangalore – 561229. The following
resolutions were passed:.
Appointment of Mr Vyomesh Joshi as Director
Re-appointment of Mr Azim H Premji as Chairman and
Managing Director – special resolution
No resolution was passed through postal ballot in the FY
2014-15.
Financial Calendar
Our tentative calendar for declaration of results for the financial
year 2015-16 is as given below:
Table 01: Calendar for Reporting
Quarter ending
For the quarter ending June
30, 2015
For the quarter and half year
ending September 30, 2015
For the quarter and nine months
ending December 31, 2015
For the year ending March
31, 2016
Release of results
Fourth week of July 2015
Fourth week of October 2015
Fourth week of January 2016
Fourth week of April 2016
Re-appointment of Mr Suresh C Senapaty as the Chief
Financial Officer and Executive Director
In addition, the Board may meet on other dates if there are
special requirements.
Special Resolution passed during the Financial Year 2012-13
through the Postal Ballot Procedure for approval of Wipro Equity
Reward Trust Employee Stock Purchase Plan 2013. The details of
the voting pattern, name of the scrutinizer and the procedure
adopted for postal ballot is available in Company’s website:
www.wipro.com
For the year 2013-14 we had our Annual General meeting on
July 23, 2014 at 4:00pm. The meeting was held at Wipro Campus,
Cafeteria Hall EC-3, Ground Floor, Opp. Tower 8, No. 72, Keonics,
Electronic City, Hosur Road, Bangalore – 561229. The following
resolutions were passed (last three being Special Resolutions).
Appointment of Mr Vyomesh Joshi as an Independent
Director
Appointment of Mr Vaghul as an Independent Director
Interim Dividend
Your Board of Directors declared an Interim Dividend of ` 5/- per
share on equity shares of face value of ` 2/- each on January
16, 2015.
Record Date for Interim Dividend
The record date for the purpose of payment of Interim Dividend
was fixed as January 23, 2015, and the Interim Dividend was paid
to the shareholders who were on the Register of Members as of
the closing hours of January 23, 2015.
Final Dividend
Your Board of Directors has recommended a Final Dividend of
` 7 per share on equity shares of face value of ` 2/- each. This is
subject to approval by shareholders.
Appointment of Dr Ashok S Ganguly as an Independent
Director
Date of Book closure
Appointment of Dr Jagdish N Sheth as an Independent
Director
Appointment of Mr William Arthur Owens as an Independent
Director
Appointment of Mr M K Sharma as an Independent Director
Appointment of Ms Ireena Vittal as an Independent Director
Adoption of new substituted Articles of Association to align
with the provisions of Companies Act, 2013
Amendments to Wipro Employee Restricted Stock Unit
Plan 2004, Wipro Employee Restricted Stock Unit Plan 2005,
Wipro Employee Restricted Stock Unit Plan 2007 and Wipro
Equity Reward Trust Employee Stock Purchase Scheme
2013, and Wipro Equity Reward Trust (WERT).
•
Payment of remuneration to Non-Executive Directors
84
Our Register of members and share transfer books will remain
closed on July 22, 2015.
Final Dividend Payment Date
Dividend on equity shares as recommended by the Directors for
the year ended March 31, 2015, when approved at the Annual
General Meeting, will be paid on July 31, 2015
(i)
To those members whose names appear on the
Company’s register of members, after giving effect to
all valid share transfers in physical form, lodged with
M/s Karvy Computershare Private Limited, Registrar and
Share Transfer Agent of the Company on or before July
21, 2015.
(ii)
In respect of shares held in electronic form, to those
“deemed members” whose names appear in the statements
of beneficial ownership furnished by National Securities
•
•
•
•
•
•
•
•
•
•
•
•
02 Corporate Governance_2015.indd 84
6/21/2015 4:11:59 PM
Annual Report 2014-15 Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) as at the closing hours on July 22, 2015.
Listing on Stock Exchanges, Stock Codes, International Securities Identification Number (ISIN) and Cusip Number for ADRs
Your Company’s shares are listed in the following exchanges as of March 31, 2015 and the stock codes are:
Table 02: Stock codes
Equity shares
Bombay Stock Exchange Limited (BSE)
National Stock Exchange of India Limited (NSE)
American Depository Receipts
New York Stock Exchange (NYSE)
Notes:
Stock Codes
507685
WIPRO
WIT
1.
2.
3.
Listing fees for the year 2014-15 has been paid to the Indian Stock Exchanges as on date of this report.
Listing fees to NYSE for the calendar year 2015 has been paid as on date of this report.
The stock code on Reuters is WPRO@IN and on Bloomberg is WIPR.BO
Table 03 : Market Share Price Data
The performance of our stock in the financial year 2014-15 is tabulated below:
Monthly high and low price points and volume in National Stock Exchange and New York Stock Exchange is provided below:
June
37869291
May
50013778
April
43091008
Month
Volume traded
NSE (No. of
Shares)
Price in NSE during the month (in ` per share)
588.55
High
Date
529.20
15-Apr-14 13-May-14
546.40
30-Jun-14
July
45670538
August September
32134568
28863135
October November December
29893649
38244814
42071917
January
45850659
February
March
34197595 35061905
576.85
565.25
24-Jul-14 28-Aug-14
596.80
30-Sep-14
618.50
585.80
7-Oct-14 28-Nov-14
593.85
3-Dec-14
607.25
28-Jan-15
669.00
18-Feb-15
672.45
3-Mar-15
519.25
1431986
2355416
1927501
3001899
3069833
492.05
4-Jun-14
1745959
535.30
16-Jul-14
882973
536.00
1-Aug-14
1717523
482.05
25-Apr-14 19-May-14
3612336
3071291
Volume traded
NSE (No. of
Shares)
Low
Date
Volume traded
NSE (No. of
Shares)
S&P CNX Nifty Index during each month
High
Low
Wipro Price Movement vis-as-vis Previous Month High/Low (%)
-2.1
-11.2
High %
0.50
-7.72
Low %
S&P CNX Nifty Index Movement vis a vis Previous Month High/Low (%)
2.68
3.77
High %
4.34
9.64
Low %
6840.80
6675.30
7367.10
6652.55
7656.40
7362.50
7954.35
7568.55
7830.60
7454.15
-0.33
-4.08
9.05
-0.43
1.55
1.51
2.22
1.23
5.28
8.07
3.14
2.03
2468336
2088223
1963275
1130152
3144370
1133545
1801839
559.45
16-Sep-14
1618102
553.70
28-Oct-14
2307114
553.45
535.15
7-Nov-14 17-Dec-14
2189924
3034146
541.10
7-Jan-15
1557297
619.20
612.15
4-Feb-15 27-Mar-15
2559929
1673112
8173.90
7911.85
8322.20
7748.20
8588.25
8324.15
8564.40
8029.80
8952.35
8102.10
8901.85
8526.35
8996.25
8341.40
5.28
3.83
1.78
-2.11
3.51
-1.03
3.09
6.92
-5.64
-0.05
-0.27
-3.67
1.35
-3.41
4.33
0.89
2.21
1.10
-0.56
4.98
9.23
12.61
1.04
-2.22
0.51
-1.15
3.77
9.64
85
02 Corporate Governance_2015.indd 85
6/21/2015 4:12:00 PM
Wipro Limited
ADS Share Price during the financial year 2014-15
Wipro ADS price in NYSE
during each month closing ($)
NYSE TMT index during each
month closing
Wipro ADS Price Movement
(%) Vis a vis Previous month
Closing $
NYSE TMT Index movement
(%) vis a vis Previous month
closing $
April
11.96
May
11.14
June
11.89
July August September October November December January February March
13.32
12.16
12.86
13.78
11.32
11.96
12.2
12.9
11.55
7231.8
7377
7474
7611
7786
7526.1
7547
7701
7503.6
7411
7857 7623.2
-12.04
-7.36
-2.94
3.43
1.64
0.33
5.43
-14
11.98
6.68
-3.45
-2.94
-0.02
1.97
1.3
1.79
2.26
-3.46
0.27
2.01
-2.63
-1.25
5.68
-3.07
The performance of the Wipro equity share and Wipro ADR relative to the CNX IT index, Nifty index,
NYSE TMT index during the period April 1, 2014 to March 31, 2015 is given in the following chart:
140
130
120
110
100
90
80
70
60
4
1
-
r
p
A
-
1
4
1
-
y
a
M
-
1
4
1
-
n
u
J
-
1
4
1
-
l
u
J
-
1
4
1
-
g
u
A
-
1
4
1
-
p
e
S
-
1
4
1
-
t
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-
1
4
1
-
v
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1
4
1
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D
-
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5
1
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-
1
5
1
-
b
e
F
-
1
5
1
-
r
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M
-
1
Wipro
CNXIT
Nifty
Wipro ADR
NYSE TMT
Base 100 = April 1, 2014
86
02 Corporate Governance_2015.indd 86
6/21/2015 4:12:00 PM
Annual Report 2014-15 Other information
Table 04: Share Capital History
Type of Issue
Year of Issue
Bonus
shares/
Stock
Split ratio
1:3
1:1
1:1
1:1
10:1
1:1
1:1
1:1
2:1
5:1
1:1
2:1
1:1
IPO
Bonus issue
Bonus issue
Issue of shares to Wipro
Equity Reward Trust
Bonus issue
Bonus issue
Stock split
Bonus issue
Bonus issue
Issue of shares pursuant to
merger of Wipro Infotech
Limited and Wipro Systems
Limited with the Company
Bonus issue
Bonus issue
Stock split
ADR
Allotment of equity shares
pursuant to exercise of stock
options
Bonus Issue
Allotment of equity shares
pursuant to exercise of stock
options
Allotment of equity shares
pursuant to exercise of stock
options
Bonus
Allotment of equity shares
pursuant to exercise of stock
options
Allotment of Equity Shares
pursuant to exercise of stock
options
Allotment of Equity Shares
pursuant to exercise of stock
options
Allotment of equity shares
to shareholders of subsidiary
companies arising from
merger
Allotment of Equity Shares
pursuant to exercise of stock
options
1946
1971
1980
1985
1985
1987
1990
1990
1992
1995
1995
1997
1999
2000
On various dates
(Upto the record
date for issue of
year 2004)
2004
O n v a r i o u s
d a t e s ( U p t o
March 31,2005)
On various dates
(Upto the record
date for issue of
year 2005)
2005
On various dates
(Upto March 31,
2006)
On various dates
upto March 31,
2007
On various dates
upto March 31,
2008
March 26, 2009
On various dates
upto March 31,
2009
Face
Value
of
Shares
(`)
100/-
100/-
100/-
100/-
100/-
100/-
10/-
10/-
10/-
10/-
Shares Allotted
Number
Number
No. of
Shares total
Total Paid Up
capital (`)
17,000
5,667
22,667
1,500
45,334
92,168
1,700,000
566,700
2,266,700
1,50,000
4,533,400
9,216,800
1,843,360
3,686,720
265,105
18,433,600
36,867,200
2,651,050
17,000
22,667
45,334
46,834
92,168
184,336
1,843,360
3,686,720
7,373,440
7,638,545
1,700,000
2,266,700
4,533,400
4,683,400
9,216,800
18,433,600
18,433,600
36,867,200
73,734,400
76,385,450
10/-
10/-
2/-
$41.375
2/-
7,638,545
30,554,180
76,385,450
305,541,800
3,162,500
496,780
6,325,000
993,560
15,277,090
45,831,270
229,156,350
232,318,850
232,815,630
152,770,900
458,312,700
458,312,700
464,637,700
465,631,260
2/- 465,631,260
5,123,632
2/-
931,262,520
10,247,264
698,446,890 1,396,893,780
703,570,522 1,407,141,044
2/-
2,323,052`
4,646,104
705,893,574 1,411,787,148
2/- 705,893,574 1,411,787,148 1,411,787,148 2,823,574,296
27,934,238 1,425,754,267 2,851,508,534
2/-
13,967,119
2/-
33,245,383
66,490,766 1,458,999,650 2,917,999,300
2/-
2,453,670
4,907,340 1,461,453,320 2,922,906,640
2/-
968,803
1,937,606 1,462,422,123 2,924,844,246
2/-
2,558,623
5,117,426 1,464,980,746 2,929,961,492
87
02 Corporate Governance_2015.indd 87
6/21/2015 4:12:00 PM
Wipro Limited
Type of Issue
Year of Issue
Bonus
shares/
Stock
Split ratio
Face
Value
of
Shares
(`)
Shares Allotted
Number
Number
No. of
Shares total
Total Paid Up
capital (`)
Allotment of Equity Shares
pursuant to exercise of stock
options
Bonus issue
Allotment of Equity Shares
pursuant to exercise of stock
options
Allotment of Equity Shares
pursuant to Exercise of stock
options
Allotment of Equity Shares
pursuant to Exercise of stock
options
Allotment of Equity Shares
pursuant to Exercise of stock
options
Allotment of Equity Shares
pursuant to Exercise of stock
options
On various dates
upto March 31,
2010
2010
On various dates
upto March 31,
2011
On various dates
upto March 31st
2012
On various dates
upto March 31st
2013
On various dates
upto March 31st
2014
On various dates
upto March 31st
2015
2/-
3,230,443
6,460,886 1,468,211,189 2,936,422,378
2:3
2/- 979,765,124 1,959,530,248 2,447,976,313 4,895,952,626
12,865,664 2,454,409,145 4,908,818,290
2/-
6,432,832
2/-
4,347,083
8,694,166 2,458,756,228 4,917,512,456
2/-
4,178,502
8,357,004 2,462,934,730 4,925,869,460
2/-
3,382,543
6,765,086 2,466,317,273 4,932,634,546
2/-
2,725,765
5,451,530 2,469,043,038 4,938,086,076
History of Dividend declared for the last seventeen years
Financial Year
1998-99
1999-00
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07 (Interim Dividend)
2006-07 (Final Dividend)
2007-08 (Interim Dividend)
2007-08 (Final Dividend)
2008-09
2009-10
2010-11(Interim Dividend)
2010-11 (Final Dividend)
2011-12(Interim Dividend)
2011-12(Final Dividend)
2012-13 (Interim Dividend)
2012-13 (Final Dividend)
2013-14 (Interim Dividend)
2013-14 (Final Dividend)
2014-15 (Interim Dividend)
88
Dividend amount per share and rate (%)
`1.50 Per Share (Face value ` 10)
`0.30 Per Share (Face value ` 2)
`0.50 Per Share (Face value ` 2)
`1.00 Per Share (Face value ` 2)
`1.00 Per Share (Face value ` 2)
` 29.00 Per Share (Face value ` 2)
` 5.00 Per Share (Face value ` 2)
` 5.00 Per Share (Face value ` 2)
` 5.00 Per Share (Face value ` 2)
` 1.00 Per Share (Face value ` 2)
` 2.00 Per Share (Face value ` 2)
` 4.00 Per Share (Face value ` 2)
` 4.00 Per Share (Face value ` 2)
` 6 Per Share (Face value ` 2)
` 2 per Share (Face Value ` 2)
` 4.00 Per Share (Face value ` 2)
` 2.00 Per Share (Face value ` 2)
` 4.00 Per Share (Face value ` 2)
` 2.00 Per Share (Face value ` 2)
` 5.00 Per Share (Face value ` 2)
` 3.00 Per Share (Face value ` 2)
`5.00 Per Share (Face value ` 2)
`5.00 Per Share (Face value ` 2)
Percentage
15%
15%
25%
50%
50%
1450%
250%
250%
250%
50%
100%
200%
200%
300%
100%
200%
100%
200%
100%
250%
150%
250%
250%
02 Corporate Governance_2015.indd 88
6/21/2015 4:12:01 PM
Annual Report 2014-15
Table 05 Mergers and Demergers
Merging Company
Wipro Infotech Limited
Wipro Systems Limited
Wipro Computers Limited
Wipro Net Limited
Wipro BPO Solutions Limited
Spectramind Limited, Bermuda
Spectramind Limited, Mauritius
Wipro Infrastructure Engineering Limited
Wipro HealthCare IT Limited
Quantech Global Services Limited
MPACT Technology Services Private Limited
mPower Software Services (India) Private Limited
CMango India Private Limited
Indian Branches of Wipro Networks Pte Limited and WMNETSERV Limited
Wipro Yardley Consumer Care Private Limited
Non IT Business of Wipro Limited to Wipro Enterprises Limited
Wipro Energy IT Services Private Ltd. and Wipro Technology Services Limited
Merger/Demerger
Appointed Date
Merger
Merger
Merger
Merger
Merger
Merger
Merger
Merger
Merger
Merger
Merger
Merger
Merger
Merger
Merger
Demerger
Merger
1-Apr-94
1-Apr-94
1-Apr-99
1-Apr-01
1-Apr-05
1-Apr-05
1-Apr-05
1-Apr-07
1-Apr-07
1-Apr-07
1-Apr-07
1-Apr-07
1-Apr-07
1-Apr-09
1-Apr-10
1-Apr-12
1-Apr-13
National ECS facility
Payment of Dividends through Electronic mode:
Securities and Exchange Board of India (SEBI) has vide Circular
No. CIR/MRD/DP/10/2013 dated March 21, 2013 directed
that Listed Companies shall mandatorily make all payments
to Investors, including Dividend to shareholders, by using
any Reserve Bank of India (RBI) approved electronic mode of
payments Viz. ECS, LECS (Local ECS), RECS (Regional ECS), NECS
(National ECS), NEFT etc.
1.
2.
The Company will use the bank details available with
Depository Participant for electronic credit of Dividend.
In order to receive the dividend without loss of time, all
the eligible shareholders holding shares in demat mode
are requested to update with their respective Depository
Participants before July 22, 2015 their correct Bank Account
Number, including 9 digit MICR Code and 11 digit IFSC
Code, E-mail ID and mobile No(s).
Shareholders holding shares in physical form may communicate
details relating to their Bank Account, 9 digit MICR Code and
11 digit IFSC Code, E-mail ID and mobile No(s) to the Registrar
and Share Transfer Agents Viz. Karvy Computershare Private
Limited, having address at Karvy Selenium Tower B, Plot 31-32,
Gachibowli, Financial District, Nanakramguda, Hyderabad – 500
032, before July 22, 2015 by quoting the reference folio number
and attaching a photocopy of the Cheque leaf of their Active
Bank account and a self-attested copy of the their PAN card.
Bank will issue a dividend warrant and print the Bank account
details available on its records on the said dividend warrant to
avoid fraudulent encashment of the warrants.
Means of Communication with Shareholders / Analysis
We have established procedures to disseminate, in a planned
manner, relevant information to our shareholders, analysts,
employees and the society at large.
Our Audit Committee reviews the earnings press releases, SEC
filings and annual and quarterly reports of the Company, before
they are presented to the Board of Directors for their approval
for release.
News Releases, Presentations, etc.: All our news releases and
presentations made at investor conferences and to analysts
are posted on the Company’s website at www.wipro.com/
corporate/investors.
Quarterly results: Our quarterly results are published in widely
circulated national newspapers such as The Business Standard,
the local daily Kannada Prabha.
Website: The Company’s website contains a separate dedicated
section “Investors” where information sought by shareholders
is available. The Annual report of the Company, earnings, press
releases, SEC filings and quarterly reports of the Company
apart from the details about the Company, Board of directors
and Management, are also available on the website in a user-
friendly and downloadable form at www.wipro.com/corporate/
investors-index.htm
In case dividend payment by electronic mode is returned or
rejected by the corresponding bank due to certain reasons, the
Annual Report: Annual Report containing audited standalone
accounts, consolidated financial statements together with
89
02 Corporate Governance_2015.indd 89
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Wipro Limited Directors’ report, Auditors report and other important
information are circulated to members entitled thereto.
Other Disclosures/Filings: Further, our Form 20- F filed with
Securities Exchange Commission also contains detailed
disclosures and along with other disclosures including Press
Releases etc. are available in our website link http://www.wipro.
com/investors/
Table 06: Communication of Results
Means of
communications
Number of times during
2014-15
Earnings Calls
Publication of results
Analysts meet
4
4
2
International Securities Identification Number (ISIN)
Address for correspondence
The address of our Registrar and Share Transfer Agents is given
below.
M/s Karvy Computershare Private Ltd.
Unit: Wipro Limited
Karvy Selenium Tower B,
Plot 31-32, Gachibowli,
Financial District, Nanakramguda, Hyderabad – 500 032.
Phone: 040-23420818
Fax:040 23420814
Contact person:
Mr. B. Srinivas - E-mail id: srinivas.b@karvy.com
Mr. Rajitha Cholleti - E-mail id: rajitha.cholleti@karvy.com
Shareholders Grievance can also be sent through email to the
following designated email id: einward.ris@karvy.com
ISIN is an identification number for traded shares. This number
needs to be quoted in each transaction relating to the
dematerialized equity shares of the Company. Our ISIN number
for our equity shares is INE075A01022.
Overseas depository for ADSs J.P. Morgan Chase Bank N.A.
60, Wall Street New York, NY 10260
Tel: 001 212 648 3208
Fax: 001 212 648 5576
CUSIP Number for American Depository Shares
The Committee on Uniform Security Identification Procedures
(CUSIP) of the American Bankers Association has developed a
unique numbering system for American Depository Shares. This
number identifies a security and its issuer and is recognized
globally by organizations adhering to standards issued by the
International Securities Organization. Cusip number for Wipro
American Depository Scrip is 97651M109.
Indian custodian for ADSs
India sub custody
J.P. Morgan Chase Bank N.A. J.P. Morgan Towers,
1st Floor, off C.S.T. Road, Kalina,
Santacruz (East), Mumbai 400 098
Tel: 91-22-615738484
Fax: 91-22-61573910
Web-based Query Redressal System
Corporate Identity Number (CIN)
Our Corporate Identity Number (CIN), allotted by Ministry of
Company Affairs, Government of India is L32102KA1945PLC020800,
and our Company Registration Number is 20800.
Registrar and Transfer Agents
Company’s share transfer and related operations is operated
through its Registrar and Share Transfer Agents M/s Karvy
Computershare Private Limited, Hyderabad.
Share Transfer System
The turnaround time for completion of transfer of shares in
physical form is generally less than 7(Seven) days from the date
of receipt, if the documents are clear in all respects.
We have also internally fixed turnaround times for closing the
queries/complaints received from the shareholders within 7
(Seven) days if the documents are clear in all respects.
Outstanding ADR/GDR/Warrants or any other Convertible
instruments, conversion date and likely impact on equity
The Company has 1.96 % of outstanding ADRs as on March 31,
2015.
Members may utilize this facility extended by the Registrar &
Transfer Agents for redressal of their queries.
Please visit http://karisma.karvy.com and click on “investors”
option for query registration through free identity registration
to log on. Investor can submit the query in the “QUERIES” option
provided on the web-site, which would give the grievance
registration number. For accessing the status/response to your
query, please use the same number at the option “VIEW REPLY”
after 24 hours. The investors can continue to put additional
queries relating to the case till they are satisfied.
Shareholders can also send their correspondence to the
Company with respect to their shares, dividend, request for
annual reports and shareholder grievance. The contact details
are provided below:
Mr. M Sanaulla Khan
Company Secretary
Wipro Limited
Doddakannelli
Sarjapur Road
Bangalore 560 035
Ph: 91 80 28440011 (Extn 226185)
Fax: 91 080 28440051
Email:
sanaulla.khan@wipro.com
90
02 Corporate Governance_2015.indd 90
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Annual Report 2014-15 Mr. G
Kothandaraman
Head- Secretarial &
Compliance
Wipro Limited
Doddakannelli
Sarjapur Road
Bangalore-560035
Ph: 91 80 28440011 (Extn 226183)
Fax: 91 080 28440051
Email-
kothandaraman.gopal@wipro.com
Mr. Abhishek Jain
Senior Manager,
2 Tower Center,
Boulevard,
22nd Floor,
East Brunswick,
NJ-08816, USA
Ph : +1 617 849 2398
Fax: +1 8005724852
Email: abhishek.jain2@wipro.com
Analysts can reach our Investor Relations Team for any
queries and clarification Financial/Investor Relations related
matters:
Ph : 91 80 28440011 (226186)
Fax: 91 80 28440051
Email: aravind.viswanathan@wipro.com
Ph : 91 80 28440011 (226143)
Fax: 91 80 28440051
Email: pavan.rao@wipro.com
Mr. Aravind
Viswanathan
Vice President and
Corporate Treasurer
Wipro Limited
Doddkannelli
Sarjapur Road
Bangalore 560 035
Mr. Pavan N Rao
Senior Manager
Investor Relations
Wipro Limited
Doddkannelli
Sarjapur Road
Bangalore 560 035
Description of voting rights
All our shares carry voting rights on a pari-passu basis.
Unclaimed Shares
Pursuant to Clause 5A of the Listing Agreement, Shareholders
holding physical shares and not having claimed share certificates
have been sent reminder letters to claim the certificates from
the Company. Based on their response, such shares will be
transferred to “unclaimed suspense account” as per the Listing
Agreement. The disclosure as required under Clause 5A of the
Listing Agreement is given below:
•
•
•
•
Aggregate number of shareholders and the outstanding
shares lying in the Unclaimed Suspense Account at the
beginning of the year : Nil
Number of shareholders who approached the issuer for
transfer of shares from the Unclaimed Suspense Account
during the year: Nil
Number of shareholders to whom shares were transferred
from the Unclaimed Suspense Account during the year : Nil
Aggregate number of shareholders and the outstanding
shares lying in the Unclaimed Suspense Account at the end
of the year : Nil
Table 07 Distribution of Shareholding as on March 31, 2015
Category
(Amount)
31/03/2015
31/03/2014
No. of
share-
holders
% of
share-
holders
No. of shares
% of
total
equity
No. of
share-
holders
% of
share-
holders
No. of shares % of total
equity
1-5000
209,007
97.85
22,933,026
0.93
205,785
97.77
22,760,137
5001- 10000
10001- 20000
20001- 30000
30001- 40000
40001- 50000
50001- 100000
100001& Above
1,637
1,075
424
234
144
339
728
0.77
0.50
0.20
0.11
0.07
0.16
5,868,639
7,618,486
5,199,653
4,074,519
3,227,405
12,263,597
0.24
0.31
0.21
0.17
0.13
0.50
0.34
2,407,857,713
97.51
1,642
1,114
419
235
162
346
768
0.78
0.53
0.20
0.12
0.08
0.16
5,863,715
7,914,500
5,155,976
4,067,749
3,648,380
12,447,883
0.93
0.24
0.32
0.21
0.16
0.15
0.50
0.36
2,404,458,933
97.49
Total
213,588
100.00 2,469,043,038
100.00 210,471
100.00 2,466,317,273
100.00
91
02 Corporate Governance_2015.indd 91
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Wipro Limited Dematerialisation of Shares and Liquidity
98.22% of outstanding equity shares have been dematerialised
upto March 31, 2015.
SECOND LAYER: GOVERNANCE BY THE BOARD OF
DIRECTORS
Composition of Board
As of March 31, 2015, we had seven non-executive directors
and three executive directors, of which one executive director is
Chairman of our Board. All of the seven non-executive directors
are independent directors and free from any business or other
relationship that could materially influence their judgment. All
the independent directors satisfy the criteria of independence
as defined under the listing agreement with the Indian Stock
Exchanges and the New York Stock Exchange Corporate
Governance standards. The profiles of our Directors are given
from page no. 14 to 19 of this report.
Information flow to the Board Members
Information is provided to the Board members on a continuous
basis for their review, inputs and approval from time to time.
More specifically, we present our annual Strategic Plan and
Operating Plans of our business to the Board for their review,
inputs and approval. Likewise, our quarterly financial statements
and annual financial statements are first presented to the Audit
Committee and subsequently to the Board of Directors for their
approval. In addition specific cases of acquisitions, important
managerial decisions, material positive/negative developments
and statutory matters are presented to the Committees of the
Board and later with the recommendation of committee to the
Board of Directors for their approval.
As a system, in most cases, information to Directors is submitted
along with the agenda papers well in advance of the Board
meeting. Inputs and feedback of Board members are taken in
preparation of agenda and documents for the Board meeting.
We schedule meetings of our business heads and functional
heads with the Directors prior to the Board meeting dates.
These meetings facilitate Directors to provide their inputs and
suggestions on various strategic and operational matters directly
to the business and functional heads.
Board Meetings
We decide about the Board meeting dates in consultation with
Board Governance, Nomination and Compensation Committee
and all our directors, based on the practices of earlier years.
Once approved by the Board Governance, Nomination and
Compensation Committee, the schedule of the Board meeting
and Board Committee meetings is communicated in advance to
the Directors to enable them attend the meetings.
Our Board meetings are normally scheduled for two days. The
gap between two meetings did not exceed four months. The
necessary quorum was present for all the meetings.
92
In addition, every quarter, Independent Directors meet amongst
themselves exclusively.
The Board met four times in financial year 2014 viz., on, April
16-17, 2014, July 24, 2014, October 22, 2014 and January 16,
2015. The maximum interval between any two meetings did
not exceed 120 days.
Table-08: The attendance of the directors at the Board
Meetings for the year ended March 31, 2015 is provided in
the below table:
Name
Position
Chairman
Mr. Azim H Premji
Member
Mr. N Vaghul
Mr. M K Sharma#
Member
Member
Ms. Ireena Vittal
Dr. Ashok S Ganguly
Member
Mr. William Arthur Owens Member
Mr. Vyomesh Joshi##
Member
Mr. Jagdish Sheth###
Member
Member
Mr. T K Kurien
Member
Dr. B C Prabhakar*
Mr. Shyam Saran**
Member
Dr. Henning Kagermann*** Member
Member
Mr. Suresh C Senapaty
Number of Board
Meetings attended
4
4
3
4
4
4
4
3
4
1
1
1
4
#
Mr. M K Sharma did not attend the Board Meeting held on
October 22, 2014.
## Mr. Vyomesh Joshi attended the Board Meeting held on
October 22, 2014 over a conference call.
### Dr. Jagdish N Sheth did not attend the Board Meeting held
on January 16, 2015.
* Mr. BC Prabhakar ceased to be a member of the Board with
effect from July 23, 2014.
** Mr. Shyam Saran ceased to be a member of the Board with
effect from July 23, 2014.
*** Dr. Henning Kagermann resigned from the Board with
effect from June 30, 2014.
Post-meeting follow-up system
After the board meeting, we have formal system of follow up,
review and reporting on actions taken by the management on
the decisions of the Board and sub-committees of the Board.
Disclosure of materially significant related party transactions
All related party transactions that were entered into during the
financial year were on an arm’s length basis and were in the
ordinary course of business. There are no materially significant
related party transactions made by the Company with Promoters,
Directors, Key Managerial Personnel or other designated persons
which may have a potential conflict with the interest of the
Company at large.
02 Corporate Governance_2015.indd 92
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Annual Report 2014-15 All Related Party Transactions are placed on a quarterly basis
before the Audit Committee and also before the Board for
approval. Prior omnibus approval of the Audit Committee
is obtained for the transactions which are of a foreseen and
repetitive nature. The transactions entered into pursuant to the
omnibus approval are placed before the Audit Committee and
the Board of Directors for their approval on a quarterly basis.
As required under Clause 49(VIII) of the Listing Agreement, the
Company has adopted a policy on Related Party Transaction,
Framework document around the Policy and certification
process for purpose of identification, monitoring and reporting
of such transactions.
The abridged policy on Related Party Transactions as approved
by the Audit Committee and the Board is available on the
Company’s website at www.wipro.com
None of the Directors has any pecuniary relationships or transactions
vis-à-vis the Company. During the year 2014-15, no transactions of
material nature had been entered into by the Company with the
Management or their relatives that may have a potential conflict
with interest of the Company and have given undertakings to
that effect as per clause 49 of the Listing Agreement.
Register under Section 188 of the Companies Act, 2013 is
maintained and particulars of transactions are entered in the
Register, wherever applicable.
Details of non- compliance by the Company, penalties, and
strictures imposed on the Company by Stock Exchange or
SEBI or any statutory authority, on any matter related to
capital markets, during the last three years.
The Company has complied with the requirements of the Stock
Exchange or SEBI on matters related to Capital Markets, as
applicable.
Whistle Blower Policy and affirmation that no personnel have
been denied access to the Audit, Risk & Compliance Committee
The Company has adopted an Ombuds process which is a
channel for receiving and redressing of employees’ complaints.
The details for the mechanism of the Whistle Blower Policy and
its adoption are mentioned in Director’s Report.
Lead Independent Director
The Board of Directors of the Company has designated Mr. N
Vaghul as the Lead Independent Director. The role of the Lead
Independent Director is described in the Corporate Governance
guidelines of your Company.
Appointment of Directors
The provisions of the Companies Act, 2013 with respect to
appointment and tenure of the independent Directors have
come into effect from April 1, 2014. As per the said provisions,
the Independent Directors shall be appointed for not more than
two terms of maximum of five years each and shall not be liable
to retire by rotation at every Annual General Meeting.
The Board of Directors of the Company adopted the provisions
with respect to appointment and tenure of Independent
Directors which is consistent with the Companies Act, 2013 and
the Listing Agreement.
Details of Directors proposed for re-appointment/appointment
at the ensuing Annual general Meeting is provided in Annexure
A to the Notice convening the Annual General Meeting.
Policy for Selection and Appointment of Directors and their
Remuneration
Board Governance, Nomination and Compensation Committee
have adopted a Charter which, inter alia, deals with the manner of
selection of Board of Directors and payment of their remuneration.
The Policy is accordingly derived from the said Charter.
Criteria of selection of Independent Directors
The Board Governance, Nomination and Compensation
Committee shall consider the following attributes / criteria, whilst
recommending to the Board the candidature for appointment
as Independent Director.
i.
Qualification, expertise and experience of the Directors
in their respective fields such as expertise or experience
in Information Technology Business, Scientific Research
& Development, International Markets, Leadership, Risk
Management and Strategic Planning etc.
ii.
Personal, Professional or business standing;
iii. Diversity of the Board.
In case of appointment of Independent Directors, the Board
Governance, Nomination and Compensation Committee shall
satisfy itself with regard to the independent nature of the
Directors vis-à-vis the Company so as to enable the Board to
discharge its function and duties effectively.
The Board Governance, Nomination and Compensation
Committee shall ensure that the candidate identified for
appointment as a Director is not disqualified for appointment
under Section 164 of the Companies Act, 2013.
In case of re-appointment of Independent Directors, the Board
shall take into consideration the performance evaluation of the
Independent Directors and their engagement level.
Familiarization programme of Independent Directors
The Board of Directors is responsible for overall supervision of
the Company. To achieve this, board undertakes periodic review
of various matters including business wise performance, risk
management, borrowings, internal audit/external audit reports
etc. In order to enable the Directors to fulfill the governance
role, comprehensive presentations are made on the various
businesses, business models, risk minimization procedures and
new initiatives of the Company. Changes in domestic/overseas
corporate and industry scenario including their effect on the
Company, statutory matters are also presented to the directors
93
02 Corporate Governance_2015.indd 93
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Wipro Limited on a periodic basis. Details regarding femilizations programme
are provided in Company’s Corporate Governance Guidelines
which is available in www.wipro.com.
Further, at the time of appointment of an independent director,
the Company issues a formal letter of appointment outlining
his/her role, function, duties and responsibilities as a director.
The template of the letter of appointment is available on our
website –www.wipro.com
Remuneration Policy and Criteria of making payments
to Directors, Senior Management and Key Managerial
Personnel
The Independent Director shall be entitled to receive
remuneration by way of sitting fees, reimbursement of expenses
for participation in the Board / Committee meetings and
commission as detailed hereunder:
An Independent Director shall be entitled to receive sitting
fees for each meeting of the Board or Committee of the Board
attended by him, of such sum as may be approved by the
Board of Directors within the overall limits prescribed under the
Companies Act, 2013 and The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
An Independent Director will also be entitled to receive
commission on a quarterly basis, of such sum as may be
approved by the Board or shareholders on the recommendation
of the Board Governance, Nomination and Compensation
Committee. The total commission payable to the Directors
shall not exceed 1% of the net profits of the Company during
the Financial Year.
The commission shall be payable on prorata basis to those
Directors who occupy office for part of the year. The Independent
Directors of the Company shall not be entitled to participate in
the Stock Option Scheme of the Company, if any, introduced
by the Company.
In determining the remuneration of Chairman and Managing
Director, Executive Director, Senior Management Employees and
Key Managerial Persons the Committee shall ensure / consider
the following:
a)
b)
c)
d)
the relationship of remuneration and performance
benchmark is clear;
the balance between fixed and incentive pay reflecting
short and long term performance objectives, appropriate
to the working of the Company and its goals;
the remuneration is divided into two components viz.
fixed component comprising salaries, perquisites and
retirement benefits and a variable component comprising
performance bonus;
the remuneration including annual increment and
performance bonus is decided based on the criticality of
the roles and responsibilities, the Company’s performance
vis-à-vis the annual achievement, individuals’ performance
vis-à-vis KRAs / KPIs, industry benchmark and current
compensation trends in the market.
Board Governance, Nomination and Compensation Committee
recommend the remuneration for the Chairman and Managing
Director, other Executive Directors, Senior Management and
Key Managerial Personnel. The payment of remuneration to
Executive Directors is approved by the Board and Shareholders.
Prior approval of shareholders is also obtained in case of
remuneration to non-executive directors.
Details of Remuneration to Directors
Table 09 provides the remuneration paid to the Directors for the
services rendered during the financial year 2014-15. No stock
options were granted to any of the Independent Non-Executive
Directors during the year 2014-15.
94
02 Corporate Governance_2015.indd 94
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Annual Report 2014-15 Table 09: Directors remuneration paid and grant of stock options during financial year 2014-15
i
j
m
e
r
P
H
m
i
z
A
)
4
(
r
a
k
a
h
b
a
r
P
C
B
l
u
h
g
a
v
N
h
t
e
h
S
N
h
s
i
d
g
a
J
.
r
D
y
l
u
g
n
a
G
k
o
h
s
A
.
r
D
r
u
h
t
r
A
m
a
i
l
l
i
W
s
n
e
w
O
)
1
(
y
t
a
p
a
n
e
S
C
h
s
e
r
u
S
)
2
(
n
a
r
a
S
m
a
y
h
S
)
3
(
n
n
a
m
r
e
g
a
K
i
g
n
n
n
e
H
.
r
D
a
m
r
a
h
S
K
M
i
h
s
o
J
h
s
e
m
o
y
V
l
a
t
t
i
V
a
n
e
e
r
I
n
e
i
r
u
K
K
T
None
None
None
None
None
None
None
None
None
None
None
None
None
-
3,000,000
-
1,310,184
31,983,444 4,166,667 575,000 196,666*. 3,166,667 241,666* 12,663,794 19,766,500 500,000 37,500* 2,816,667 196,666* 2,733,333
7,559,820 15,374,980
8,138,483 12,861,722
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,698,359
-
-
-
-
-
3,152,402 38,525,200
5,842,434
-
-
Upto 6
months
-
-
-
280,000 40,000 120,000@ 160,000 220,000@
-
-
-
-
-
-
-
2,230,147
-
-
4,535,619
-
150,000
Upto 6
months
-
-
-
-
-
-
-
-
-
-
-
-
-
240,000 60,000@ 180,000
-
-
-
-
Relationship
with directors
Salary
Allowances
Commission/
Incentives/
Variable Pay
Other annual
compensation
Retirals
Sitting fees
Grant of
Restricted
Stock Units
Notice period
* Figures mentioned are rupee equivalent – as amounts payable in $
@ Figures in Rupee equivalent to amount paid in foreign currency
(1) Mr Suresh C Senapaty retired from the Board and from the services of the Company with effect from close of business hours of March 31, 2015.
(2) Mr Shyam Saran ceased to be a member of the Board with effect from July 23, 2014
(3) Dr Henning Kagermann resigned from the Board with effect from June 30, 2014
(4) Mr B C Prabhakar ceased to be a member of the Board with effect from July 23, 2014
Table 10: Key Information pertaining to directors as on March 31, 2015
Category
Date of
appointment
Date of appointment
as Independent
Director Under
Companies Act, 2013
and Clause 49 of
Listing Agreement
Directorship
in other
companies*
Chairmanship in
Committees of
Board of other
companies**
Only
membership in
Committee of
Board of other
companies**
Attendance at
the last AGM
held on July
23, 2014
No. of shares
held as on
March 31,
2015
Director
Identification
Number
Azim H Premji
Promoter Director
01.09.1968
-
11
N Vaghul
Dr. Jagdish N Sheth
Dr. Ashok S Ganguly
William Arthur Owens
Independent
Director
Independent
Director
Independent
Director
Independent
Director
09.06.1997
July 23, 2014
01.01.1999
July 23, 2014
01.01.1999
July 23, 2014
01.07.2006
July 23, 2014
Suresh C Senapaty(1)
Executive Director
18.04.2008
T K Kurien
M K Sharma
Vyomesh Joshi
Ireena Vittal
-
-
Executive Director
01.02.2011
Independent
Director
Independent
Director
Independent
Director
01.07.2011
July 23, 2014
01.10.2012
July 23, 2014
01.10.2013
July 23, 2014
4
1
3
0
2
0
10
0
6
1
3
0
1
0
1
0
4
0
2
0
4
0
1
0
1
0
10
0
6
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
95,419,432@
0
0
00234280
00002014
00332717
1,867
00010812
0
00422976
180,386
161,842
0
0
0
00018711
03009368
00327684
06404484
05195656
* This does not include position in foreign companies, position as an advisory board member but include position in private companies.
** None of our Directors were members in more than 10 committees and not acted as Chairman of more than five committees across all companies in which
they were Directors. The Committee membership and Committee chairmanship shown above includes Audit Committee, Compensation Committee, Board
Governance/Nomination Committee and Administrative, Shareholders & Investors Grievance Committee (Stakeholders Relationship Committee).
@ includes shares held jointly with immediate family members.
(1) Mr Suresh C Senapaty retired from the Board and from the services of the Company with effect from close of business hours of March 31, 2015.
95
02 Corporate Governance_2015.indd 95
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Wipro Limited
THIRD LAYER: GOVERNANCE BY THE SUB-COMMITTEE OF
THE BOARD OF DIRECTORS
Committee and also participate in the Audit/Risk and Compliance
Committee meetings.
Our Board has constituted sub-committees to focus on specific
areas and make informed decisions within the authority
delegated to each of the Committees. Each Committee of
the Board is guided by its Charter, which defines the scope,
powers and composition of the Committee. All decisions and
recommendations of the Committees are placed before the
Board for information or approval.
We have four sub-committees of the Board as of March 31, 2015.
Audit/Risk and Compliance Committee
Our Chief Financial Officer and other Corporate Officers make
periodic presentations to the Audit/Risk and Compliance
Committee on various issues.
Our Audit/Risk and Compliance Committee met seven times
during the financial year – April 16, 2014, May 20, 2014, July 23,
2014, August 21, 2014, October 20, 2014, January 15, 2015 and
March 9, 2015.
The composition of the Audit/Risk and Compliance Committee
and their attendance are given in Table 11.
Board Governance, Nomination and Compensation
Committee which also oversees the CSR initiatives of the
Company
Table 11
Name
•
•
•
•
Strategy Committee
Administrative, Shareholders and Investors Grievance
Committee (Stakeholders Relationship Committee)
Audit/Risk and Compliance Committee
The Audit/Risk and Compliance Committee of the Board of
Directors, reviews, acts on and reports to our Board of Directors
with respect to various auditing and accounting matters. The
primarily responsibilities of the Committee, inter-alia, are;
•
•
•
•
•
•
Auditing and accounting matters, including recommending
the appointment of our independent auditors to the
shareholders
To review compliance with legal and statutory requirements
Integrity of the Company’s financial statements, discussing
with the independent auditors the scope of the annual
audits, and fees to be paid to the independent auditors
Performance of the Company’s Internal Audit function,
Independent Auditors and accounting practices.
Review of related party transactions, functioning of Whistle
Blower mechanism, and
Implementation of the applicable provisions of the
Sarbanes Oxley Act 2002 including review on the progress
of internal control mechanism to prepare for certification
under Section 404 of the Sarbanes Oxley Act 2002.
The Chairman of the Audit/Risk and Compliance Committee is
present at the Annual General Meeting. The detailed charter of
the Committee is posted at our website and available at www.
wipro.com/investors/corporate-governance
All members of our Audit/Risk and Compliance Committee are
independent non-executive directors and financially literate.
The Chairman of our Audit/Risk and Compliance Committee has
the accounting and financial management related expertise.
Statutory Auditors as well as Internal Auditors always have
independent meetings with the Audit/Risk and Compliance
96
N Vaghul
M.K.Sharma
B C Prabhakar**
Ireena Vittal
Position
Chairman
Member
Member
Member
Number of meetings
attended
7*
7*
2
6
* Participated one meeting through tele-conference
** Mr. B.C. Prabhakar ceased to be a member of this Committee
from July 23rd 2014.
Board Governance, Nomination and Compensation Committee
The primary responsibilities of the Board Governance,
Nomination and Compensation Committee are:
•
•
•
•
•
•
•
•
•
Develop and recommend to the Board Corporate
Governance Guidelines applicable to the Company.
Evaluation of the Board on a continuing basis including an
assessment of the effectiveness of the full board, operations
of the Board Committees and Contributions of Individual
directors.
Lay down policies and procedures to assess the
requirements for inclusion of new members on the Board.
Implement policies and processes relating to corporate
governance principles.
Ensure that appropriate procedures are in place to access
Board membership needs and Board effectiveness.
Review the Company’s policies that relate to matters of
Corporate Social Responsibility, including public issues of
significance to the Company and its stakeholders.
Formulate the disclosure Policy, its review and approval of
disclosure.
Formulate policy on Board diversity
Layout remuneration principles for employees linked to
their effort, performance and achievement relating to
Company’s goals
02 Corporate Governance_2015.indd 96
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Annual Report 2014-15 Pursuant to the provisions of the Companies Act, 2013 and Clause
49 of the Listing Agreement, the Board has carried out an annual
performance evaluation of its own performance, the directors
individually as well as the evaluation of the working of its Board
Governance, Nomination and Compensation Committee.
The Board Governance, Nomination and Compensation
Committee of the Board met four times on – April 16, 2014,
July 23, 2014, October 20, 2014, January 15, 2015 during the
financial year 2014-15.
-
Examine specific proposals such as acquisition or
divestment of companies or similar such proposals
requiring the approval of the Board and make appropriate
recommendations to the Board
The Strategy Committee met two times in the financial year on
April 16, 2014, July 23, 2014.
Table 13: The composition and attendance of the Strategy
Committee.
Table 12: The composition and attendance of the Board
Governance, Nomination and Compensation Committee.
Name
Position
Number of
meetings attended
Name
Position
Dr Ashok S Ganguly
N Vaghul
William Arthur Owens
Chairman
Member
Member
Number of meetings
attended
4
4
4
The detailed charter of this Committee is posted on our
website and available at www.wipro.com/investors/corporate.
governance.
Strategy Committee:
The Strategy Committee of Board of Directors which was framed
in 2013 reviews, acts and reports to our Board of Directors with
respect to the Mission, Vision and Strategic Direction of the
Company. Primary responsibilities of this committee inter alia are:
-
-
-
-
-
-
-
Making recommendations to the full Board related to the
organization’s mission, vision, strategic initiatives, major
programs and services and periodic review of the same.
Helping management identify critical strategic issues
facing the organization, assisting in analysis of alternative
strategic options.
Ensuring management has established an effective
strategic planning process, including development of a
three to five year Strategic Plan with measurable goals and
time targets
Annually reviewing the Strategic Plan and recommending
updates as needed based on changes in the market,
community needs and other factors
Debate and discuss the outside-in-perspective (from a
macro economic and technology trends) and see how this
could possibly influence our choices as well as potential
risks we may have to overcome.
Discuss thoughts on Mergers and Acquisitions and leverage
Strategy Committee to suggest ideas and potentially open
up sole sourced transactions.
Delegation of power to the Chairman of the Company to
approve investments up to specified limits.
Mr. William Arthur Owens Chairman
Dr. Henning Kagermann* Member
Dr. Jagdish Sheth
Mr. Vyomesh Joshi
Mr. Azim H Premji
Mr. T K Kurien
Member
Member
Member
Member
2
1
2
2
2
2
* Dr. Henning Kagermann ceased to be a member of this
committee with effect from June 30, 2014.
Administrative and Shareholders / Investors Grievance
Committee (Stakeholders Relationship Committee):
This Committee is considered and approved to be in compliance
with Section 178 of the Companies Act, 2013 and the Listing
Agreement as Stakeholders Relationship Committee.
The Administrative and Shareholders / Investors Grievance
Committee is responsible for resolving investor’s complaints
pertaining to share transfers, non-receipt of annual reports,
Dividend payments, issue of duplicate share certificates,
transmission of shares and other shareholder related queries,
complaints etc.
In addition to above, this Committee is also empowered
to oversee administrative matters like opening / closure of
Company’s Bank accounts, grant and revocation of general,
specific and banking powers of attorney, consider and approve
allotment of equity shares pursuant to exercise of stock options,
setting up branch offices and other administrative matters as
delegated by Board from time to time.
The Chairman of the Committee, Mr. M K Sharma is an
independent non-executive director.
The Administrative and Shareholders / Investors Grievance
Committee met four times in the financial year on April 16, 2014,
July 23, 2014, October 20, 2014, January 15, 2015. In addition,
this Committee, reviews once in 15 days the investor complaints
and redressal of shareholders queries.
02 Corporate Governance_2015.indd 97
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97
Wipro Limited Table 14: The composition and attendance of the Administrative and Shareholders / Investors Grievance Committee.
Name
M K Sharma
Suresh C Senapaty**
T K Kurien
B C Prabhakar*
Position
Chairman
Member
Member
Chairman
No.of meetings
attended
2
4
4
2
* Mr. B.C. Prabhakar ceased to be a member of this Committee with effect from July 23rd 2014.
** Mr Suresh C Senapaty ceased to be a member of this Committee with effect from March 31, 2015.
Ms. Ireena Vittal was appointed as a member of this Committee with effect from April 21, 2015
Table 15: Status Report of Shareholder queries and complaints for the period from April 01, 2014 to March 31, 2015
Description
SL.
No.
Nature
Opening Balance
01.04.2014
Received
Resolved
Pending
1 Non receipt of Annual report
2 Non receipt of Dividend Warrants
3
Correction/Duplicate/Revalidation of
Dividend Warrants
Complaint
Complaint
Request
4 Non Receipt of Securities
Complaint
Total
5
Complaints received from;
Securities and Exchange Board of
India
Stock exchanges
Registrar of Companies/Ministry of
Corporate Affairs
6 Others
Total
GRAND TOTAL
Complaint
Complaint
Complaint
Complaint
0
0
0
0
0
0
0
0
0
181
404
1705
24
2314
12
10
0
0
22
2336
181
404
1705
24
2314
12
10
0
0
22
2336
0
0
0
0
0
0
0
0
0
0
0
Apart from these queries/complaints, there are certain pending
cases relating to dispute over title to shares in which in certain
cases the Company has been made a party. However, these cases
are not material in nature.
Mr. M Sanaulla Khan, Company Secretary is our Compliance
Officer for the Listing Agreement with Stock Exchange.
Unclaimed Dividends
Pursuant to Section 124 and 125 of Companies Act, 2013, the
Company has transferred the unpaid or unclaimed interim
dividend for the financial year 2007-08 on due date to the
Investor Education and Protection Fund administered by the
Central Government.
Pursuant to the provisions of Investor Education and Protection
Fund (Uploading of information regarding unpaid and
unclaimed amounts lying with companies) Rules, 2012, the
Company has uploaded the details of unpaid and unclaimed
dividends lying with the Company as on July 23, 2014 (date of
last Annual General Meeting) on the website of the Company
(www.wipro.com/investors), as also on the website of the
Ministry of Corporate Affairs.
We give below a table providing the dates of declaration of
Dividend since 2007-08 and the corresponding dates when
unclaimed dividends are due to be transferred to the Central
Government.
98
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Annual Report 2014-15
Table 16: Details of Unclaimed Dividend
Financial Year
Date of Declaration of
Dividend
Last Year for Claiming
unpaid Dividend
Unclaimed amount as
on April 30, 2015
2007-2008 (Final Dividend)
2008-2009
2009-2010
2010-11 (Interim Dividend)
2010-11 (Final Dividend)
2011-12 (Interim Dividend)
2011-12(Final Dividend)
2012-13 (Interim Dividend)
2012-13 (Final Dividend)
2013-14 (Interim Dividend)
2013-14 (Final Dividend)
2014-15 (Interim Dividend)
17-Jul-08
21-Jul-09
22-Jul-10
21-Jan-11
21-Jul-11
24-Jan-12
23-Jul-12
18-Jan-13
23-Jul-13
17-Jan-14
23-Jul-14
16-Jan-15
16-Jul-15
20-Jul-16
21-Jul-17
20-Jan-18
20-Jul-18
23-Jan-19
22-Jul-19
17-Jan-20
22-Jul-20
16-Jan-21
22-Jul-21
15-Jan-22
2,233,272
1,797,252
1,669,752
1,088,272
2,432,000
1,074,962
2,660,832
1,484,650
2,746,340
1,945,737
2,717,740
3,383,120
Due date for transfer
to Investor Education
and protection fund
22-Aug-15
26-Aug-16
27-Aug-17
26-Feb-18
26-Aug-18
1-March-19
28-Aug-19
23-Feb-20
28-Aug-20
22-Feb-21
28-Aug-21
22-Feb-22
After completion of seven years, no claims shall lie against the
said Fund or against the Company for the amounts of Dividend
so transferred nor shall any payment be made in respect of such
claims under the Companies Act, 1956. With effect from April
1, 2014, the Companies Act, 2013 provides for claiming such
Dividends from the Central Government.
Compliance with Clause 49 of the Listing Agreement.
The certificate dated June 03, 2015 was obtained from Mr.
V Sreedharan, Partner, V Sreedharan & Associates, Company
Secretaries is given at page no. 105 of the annual report for
compliance with Clause 49 of the Listing Agreement.
Subsidiary Monitoring Framework
All the subsidiary companies of the Company are managed
with their Boards having the rights and obligations to manage
these companies in the best interest of their stakeholders.
The Company nominates its representatives on the Board
of subsidiary companies and monitors performance of such
companies, inter alia, by reviewing;
•
•
•
Financial statements, in particular the investment made by
the unlisted subsidiary companies, statement containing
all significant transactions and arrangements entered into
by the unlisted subsidiary companies forming part of the
financials being reviewed by the Audit Committee of your
Company on a quarterly basis
Minutes of the meetings of the unlisted subsidiary
companies, if any, are placed before the Company’s Board
regularly.
Providing necessary guarantees, Letter of Comfort and
other support for their day-to-day operations from time-
to-time.
The Company does not have any material subsidiary whose net
worth exceeds 20% of the consolidated net worth of the holding
Company in the immediately preceding accounting year or has
generated 20% of the consolidated income of the Company
during the previous financial year. Accordingly, a policy on
material subsidiaries has not been formulated.
Chairman and Managing Director / CFO Certification
The Chairman and Managing Director, CFO have issued
certificate pursuant to the provisions of Clause 49 of the Listing
Agreement certifying that the financial statements do not
contain any untrue statement and these statements represent
a true and fair view of the Company’s affairs. The said certificate
is annexed and forms part of the Annual Report.
FOURTH LAYER: GOVERNANCE OF THE MANAGEMENT
PROCESS
Code of Business Conduct
In 1983, we articulated ‘Wipro Beliefs’ consisting of six statements.
At the core of beliefs was integrity articulated as
•
Our individual and Company relationship should be
governed by the highest standard of conduct and integrity.
Over years, this articulation has evolved in form but remained
constant in substance. Today we articulate it as Code of Business
Conduct.
In our Company, the Board of Directors and all employees have
a responsibility to understand and follow the Code of Business
Conduct. All employees are expected to perform their work
with honesty and integrity. Wipro’s Code of Business Conduct
reflects general principles to guide employees in making ethical
decisions. This code is also applicable to our representatives.
The Code outlines fundamental ethical considerations as well
as specific considerations that need to be maintained for
professional conduct. This Code has been displayed on the
Company’s website. www.wipro.com/corporate/investors/
corporate-governance.
99
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Wipro Limited Code for Prevention of Insider Trading
The Company has adopted a Code of Conduct to regulate,
monitor and report trading by insiders under the SEBI
(Prohibition of Insider Trading) Regulations, 2015. This Code of
Conduct also includes code for practices and procedures for fair
disclosure of unpublished price sensitive information and this
is made available on the Company’s website www.wipro.com.
Compliance Committee
We have a Compliance Committee which considers matters
relating to Wipro’s Code of Business Conduct, Ombuds process,
Code for Prevention of Insider Trading and other applicable
statutory matters. The Compliance Committee during the
financial year 2014-15, met four times and submitted its report
to the Audit Committee for its review and consideration.
Compliance with mandatory requirements
12. Wipro recognized as a best in class outsourcing and
consulting service provider for 2014 by “Consumer Goods
Technology Readers”.
13. Wipro honored with CIO choice 2014 recognitions for
Managed IT Services, Enterprise Infrastructure Automation
Services and Managed Security Services.
Compliance report on Non-mandatory requirements under
Clause 49
1.
The Board
The Board - A non-executive Chairman may be entitled
to maintain a Chairman’s office at the company’s expense
and also allowed reimbursement of expenses incurred in
performance of his duties.
The Chairman of Wipro is an Executive Director and this
provision is not applicable to Wipro.
Your Company has complied with all the mandatory requirements
of Clause 49 of the Listing Agreement.
2.
Shareholders rights
Non Compliance on matters related to capital markets
Your Company has complied with the requirements of the
Stock Exchange or SEBI on matters related to Capital Markets,
as applicable.
Awards and Rating
1. Wipro Honored as World’s Most Ethical Company by
Ethisphere Institute for the Fourth Successive Year, 2015
2. Wipro won 7 awards, including Best Managed IT Services
and Best System Integrator in the CIO Choice Awards 2015,
India
3. Wipro won ‘NASSCOM Corporate Award for Excellence in
Diversity and Inclusion 2014’, recognized for outstanding
work in the Persons with Disability (PwD) category
4. Wipro Ltd. was ranked 8th in the Best Companies for
Leaders 2015 list in a study conducted by Chally Group in
partnership with Chief Executive magazine.
5. Wipro rated as a No.1 Global Engineering and R&D service
provider by Zinnov.
6. Wipro ranked Global Leader in Telecom R&D Services for
the third consecutive year by Zinnov.
7. Wipro recognized as the Company with Best CSR &
Sustainability practices by Asian Centre for Corporate
Governance and Sustainability.
8. Wipro recognized as World leader for corporate action on
climate change by CDP.
9. Wipro was selected on Dow Jones Sustainability Index –
World Member and as DJSI Emerging Markets Index Member.
10. Wipro recognized as Champion of Women’s Empower
Principles with 2014 Leadership award.
We display our quarterly and half yearly results on our
web site, www.wipro.com and also publish our results in
widely circulated newspapers. We have communicated the
payment of dividend by e-mail to shareholders in addition
to dispatch of letters to all shareholders. We will publish
the voting results of the Shareholder meetings and make
it available in Company’s website www.wipro.com and
report the same to Stock Exchanges in terms of Clause 35
of the Listing Agreement.
3. Audit Qualifications
The Auditors have not qualified the financial statements
of the Company.
4.
Reporting of Internal Auditor
Reporting of Head of Internal Audit is to CFO of the
Company and as per the charter of the Audit Committee,
Head of Internal Audit has regular exclusive meetings with
the Audit Committee prior to reports of Internal Audit gets
discussed with the Management Team.
5. NYSE Corporate Governance Listing Standards
The Company has made this disclosure of compliance with
the NYSE Listing Standards in its website www.wipro.com/
investors/corp-governance and has filed the same with the
New York Stock Exchange (NYSE).
Declaration as required under Clause 49 of the Stock
Exchange Listing Agreement
All Directors and senior management personnel of the Company
have affirmed compliance with Wipro’s Code of Business Conduct
for the financial year ended March 31, 2015.
Azim H Premji
Chairman
11. Wipro recognized as a winner of Global, Asian and Indian
MAKE (Most Admired Knowledge Enterprise) awards for 2013.
Date: June 03, 2015
100
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Annual Report 2014-15
Table 17: Locations or Facilities (other than Corporate and Administrative Office)
Address
ELCOT SEZ
Kensington, Powai
Papanna Street, St.. Marks Road
Plot No.2 MIDC Rajeev Gandhi Infotech Park-1, Hinjewadi
TRIL Infopark Limited, Ramanujan IT Park
Swamy Dayananda Education Trust, Manjakkudi, Kumbhakonam
RR Industries, RR Towers - II, Guindy
111, (CDC-1) Mount Road, Guindy
105 (Sterling Building) Mount Road Guindy
475A Shollinganallur, Old Mahabalipuram Road
ELCOT SEZ, Shollinganallur Village
Sl.
No.
1
Chakravarthy Complex
No.807 & 808, Venus Atlantis, 100 ft. Road,
2
7th Main Road, Koramanagala
3
Phase 1, MEI Building, Keonics, Electronic City
4
No. 88, SB Towers, MG Road
5
Primal Pritech Park SEZ
6
7
Electronics City Phase 1 Keonics Electronics City, Hosur Road
8 Wipro SEZ, Doddathogur Village, Begur Hobli/Electroncis City
9 Wipro SEZ, Doddakannelli Village, Varthur Hobli, Sarjapur Road
10
11 No.6C & 6D, Hyland Industries, Hosur Road
12
Radhamma Building, Sarjapur Road
13 No.E-5/6, Bittan Market, Arera Colony, Bhopal
14
15 Mind Space, Serene Properties, Airoli
16
17
18
19
20
21 Mahindra World City SEZ, Kancheepuram District
22
23
24 No.268, 1st flr, Mettupalyam Road, Coimbatore
25
26 Manjri Stud Farm Pvt Ltd, SP Info. City / Fursungi
27
28 Wipro SEZ, Plot No.31, MIDC Rajeev Gandhi Infotech Park-2, Hingewadi
29 Moonlight Properties, Shivaji Nagar
30
31 Wipro SEZ IT Park Gopanapally, RR District
32 Wipro SEZ, S.No. 203/1 Manikonda Jagir Village, Rajendranagar Mandal RR District
Respurvaimpalem Village, City Centre
33
34
Silicon Valley Properties, Noida - A-1,Sector-3
35 Moon Steels Gen.Ind, JDKD Park, A-23, Sarita Vihar
36 No.A-29, Mathura Road, Mohan co-op Industrial Estate
37 No.4, Spectra building, 3rd & 4th flr, Powai
38
39
40 No.5, Ghoga Street, Fort
41 No.54-B, Mount Mary Road, Bandra West
42 No.309, Citicenter, EDC Complex, Panjim
43 No.303, Crystal Arc Complex, 3rd flr, Balamata Road
44
45 N0.37/405, Panorama House, SC Bose Road, Kadavanthara
46 No.15/49-5, Saran Chambers, Dimond Hill
47
SEZ Plot, Block-DM, Sector-V, Saltlake
48 Block CN1-V Sector V-Saltlake
49 No. C-92, Lal Kothi Schme, Jaipur
50
51
52
53
54
55
56
57
Raj Chambers, 4th flr, Rana Pratap Marg, Lucknow
Tower-E, DLF IT Park, Chandigarh Tech. Park
Rajgarh Road, Guwahati – 3 Assam, Mouja- Natun Town Sarania.
146/147 Mettagalli Industria Area, Mettagalli
Plot No.2 IDCO Info City, Industrial Estate, Chandaka
2700 Gambell Street, Suite 310, Anchorage, AK 99503
3535 Piedmont Road NE, Building 14, Suites 1400/1550, Atlanta, GA 30305
3575 Piedmont Road NE, Building 15, Suite 600, Atlanta, GA 30305
2nd, 3rd, 4th Floor, Spectra Building, Hirnandani Gardens, Powai
3rd Floor, CIDCO Building, Belapur Railwaystation Complex
S.No. 203/1 Manikonda Jagir Village, Rajendranagar Mandal RR District
Infopark SEZ, Kusumagiri PO, Kakanad
City/Country
Ahmedabad, India
Ahmedabad, India
Bangalore, India
Bangalore, India
Bangalore, India
Bangalore, India
Bangalore India
Bangalore India
Bangalore India
Bangalore, India
Bangalore, India
Bangalore, India
Bhopal, India
Mumbai, India
Mumbai, India
Chennai, India
Chennai, India
Chennai, India
Chennai, India
Chennai, India
Chennai, India
Chennai, India
Kumbhakonam, India
Coimbatore, India
Coimbatore India
Pune, India
Pune, India
Pune, India
Pune, India
Hyderabad, India
Hyderabad, India
Hyderabad, India
Vishakapatnam
Delhi, India
Delhi, India
Delhi, India
Mumbai, India
Mumbai, India
Navi Mumbai, India
Mumbai, India
Mumbai, India
Goa, India
Mangalore, India
Kochi, India
Kochi, India
Trivandrum, India
Kolkatta, India
Kolkatta, India
Jaipur, India
Lucknow, India
Chandigarh, India
Guwahati, India
Mysore, India
Bhubaneswar, India
USA,Anchorage, AK
USA,Atlanta, GA
USA,Atlanta, GA
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Wipro Limited Address
15455 Dallas Parkway, Suite 1450, Addison, TX 75001
129 East Crawford St., Findlay, OH 45840
1080 Eldridge Parkway, Suite 1400, Houston, TX 77077
3565 Piedmont Road NE, Building 4 Suite 500, WT, Atlanta, GA 30305
3565 Piedmont Road NE, Building 4 Suite 400, WBPO, Atlanta, GA 30305
711 SE J Street, Suite 11 , Bentonville, AR 72712
5201 Blue Lagoon Drive, Pent House Suite 973, Miami FL 33126
South Point Tower, 1650 West 82nd Street, Suite 725, Bloomington, MN 55431
425 National Avenue,, Suite 200,, Mountain View, CA 94043
810 Crescent Centre Drive, Suite 400, Franklin, TN 37067
Launch Pad - 643 Magazine St, Ste 102 New Orleans, LA, 70130
2 Tower Center Boulevard, Suite 2200, East Brunswick, NJ 08816
1114 Avenue of the Americas, Suite 3030, New York, NY 10110
5020 148th Ave NE Ste 100 Redmond, WA 98052
Sl.
No.
58
59
60
61 One Lincoln Center, 18W 140 Butterfield Road, Suite 395, Oakbrook Terrace, IL 60181-4835
62
63
64
65 Wipro Gallagher Solutions, 18001 Old Cutler Road, Suite 651, Palmetto Bay, FL 33157
66
67
68
69
70
71
72
73
74 Governor Executive Center II, 6256 Greenwich Drive, Suite 425, San Diego, CA 92122
75
76
77
78
79
80
81
82 Carlos Pellegrini, 581 (Piso 7) 1009 Capital Federal, Buenos Aires – Argentina
83
João Marchesini street, No. 139 - 5th and 6th floor Post Code: 80215-432 Curitiba/Parana - Brazil
84 Wipro do Brazil Tecnologia Ltda Av. Maria Coelho Aguiar, 215 – Bloco B – 6º. Andar – Jd. São Luis – São
1028 G, Lincoln, Nebraska, 68508
411, 108th Avenue, NE, 19th Floor Bellevue, WA 98004
100-120 Madison Street, 12th Floor, Syracuse, NY 13202
888 W. Big Beaver Road, Suite 1290 , Troy, MI 48084
601 13th Street 11th Floor South Washington, DC 20004
5090 Explorer Drive, Suite 800, Mississagua, ON L4W 4T9
5090 Explorer Drive, Suite 803, Mississagua, ON L4W 4T9 PHASE 2
85
86
87
Paulo – SP Zip code.: 05804-900
427 E. Garza Sada Avenue Local 38-27. Col. Altavista Monterrey, NL, México | C.P. 64840
427 E. Garza Sada Avenue Local 38-27. Col. Altavista Monterrey, NL, México | C.P. 64840
Regus Puetra de Hlerro Av. Real Acuedcto # 360-A 1st floor, Col.Real Acueducto CP 45116, Zapopan,
Jalisco, Mexico
S10,S11, S12B, Columbia House, Columbia Drive, Worthing BN13 3HD
Ejercito Nacional No. 505 Piso 11 |Col. Granada, C.P. 11520. D.F
Regus Isidora Avda. Isidora Goyenechea 3000 Piso 24 Las Condes Santiago, Chile
Regus Columbia, Ltda Avenida Chile Carrera 7 No 71 - 21 Torre B, Piso 13 Bogota, Columbia
35 New Broad street ,London,ECM2
Level 2, 3 Sheldon Square, London W2 6PS
88 Av. Santa Fe 495 piso 4 Col. Cruz Manca CP 05349
89
90
91
92
93
94 G6, S2/S3 Columbia House, Columbia Drive, Worthing BN13 3HD
95
96 Unit 12, Charter Point, Ashby Business Park, Ashby-de-la-Zouch Leicestershire LE65 1JF
97 Kingswood House, 80 Richardshaw Lane, Pudsey , Leeds LS28 6BN
98 Hemel One, First Floor, Building 1, Boundary Way, Hemel Hempstead, U.K. (England)
99 Campus 1,Bridge of Don, Balgownie Road, Aberdeen, U.K. (Scotland)
100 5 Redwood Place, Peel Park Business Centre, Ground Floor West Wing, East Kilbride, U.K. (Scotland)
101 Regus, CBX 11, West Wing, 382-390 Midsummer Boulevard, Milton Keynes MK9 2RG
102 Regus, 1200 Century Way, Thorpe Business Park, Leeds LS15 8ZA
103 The Business Centre, The Deep, Sammy’s Point, Hull, U.K. (England)
104 Riem Arkadin, Willy-Brandt-Allee 4, 81829 München
105 Riem Arkadin, Willy-Brandt-Allee 4, 81829 München
106 Hopfenster,1d, 24114, Kiel
107 “BüroHaus auf dem hagen_campus, Richmodstr. 6“BüroHaus auf dem hagen_campus, Gottfried-Hagen-
Str. 44, 51105 Köln, Germany
108 Thurn-und-Taxis Str 12, 90411 Nurnberg
109 PartnerPort, Altrottstrasse 31, Walldorf, Germany
110 Wipro Technologies -plug and work 4 GmbH, Konrad-Zuse-Platz 1, 71034 Böblingen
111 Wipro Technologies,c/o WestendGate,Hamburger Allee 2-4,60486 Frankfurt
112 Rua Engº Frederico Ulrich, 2650, Edifício WIPRO, 4470-605 Moreira, Maia, Portugal
113 16th Flr, (Millennium Plaza), Al. Jerozolimskie 123a, Warsaw 02-017
102
City/Country
USA,Atlanta, GA
USA,Atlanta, GA
USA,Bentonville, AR
USA,Chicago, IL
USA,Dallas, TX
USA,Findlay, OH
USA,Houston, TX
USA,Miami, FL
USA
USA,Minneapolis, MN
USA,Mountain View, CA
USA,Nashville, TN
USA,New Orleans
USA,East Brunswick, NJ
USA,New York, NY
USA,Redmond, WA
USA,San Diego, CA
USA,Nebraska
USA,Seattle, WA
USA,Syracuse, NY
USA,Troy, MI
USA,Washington DC
USA,Mississauga, ON
USA
Argentina,Buenos Aires, AR
Brazil,Curitiba, BR
Brazil,Sao Paulo, BR
Mexico,Monterrey, MX
Mexico,Monterrey, MX
Mexico,Guadalajara, Mexico
Mexico,Mexico City, MX
Mexico,
Chile,Santiago, CL
Columbia,Bogota, CO
UK,London, UK
UK
UK,Worthing, UK
UK
UK,Ashby, UK
UK,Pudsey, UK
UK,Hemel Hampstead, UK
UK,Aberdeen, Scotland
UK,East Kilbride, Scotland
UK,Milton Keynes
UK,Leeds
UK,Hull, UK
Germany (CE), Munich, Germany
Germany (CE)
Germany (CE),Kiel
Germany (CE),Koln
Germany (CE),Nurnberg
Germany (CE),Walldorf
Germany (CE),Stuttgart
Germany (CE),Frankfurt
Portugal ,Maia
Poland,Warsaw
02 Corporate Governance_2015.indd 102
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Annual Report 2014-15 Address
Sl.
No.
114 Regus, Toulouse Blagna Airport, 7 Avenue Didier Daurat BP 30044 31702 BLGNAC Cedex, France
115 2, Rue Marie Berhaut Immeuble Cap Nord A, 35000 RENNES
116 Part Dieu 5, Place Charles Beraudier, 69428 Lyon Cedex 03
117 Tour Prisma 4-6 , avenue d’Alsace D+21, Courbevoie
118 Pick Centre S.r.l, Via Attilio, Regolo 19, Rome, Italy
119 Polarisavenue 57 2132 JH Hoofddorp
120 Wassenaarsweg 22, 2596 CH Den Haag, The Netherlands
121 High Tech Campus 1 5656 AE Eindhoven - The Netherlands
122 Millennium Park 6, A-6890 Lustenau, Austria
123 Fleischmarkt 1, Vienna, 1010
124 Regus - 42 - 44 Shovkovychna Street, Kiev 01601
125 Wipro Limited Infopark – Building D. 5.6. 1117 Budapest Gábor Dénes utca 2.
126 Beridarebanan 11, Sveavagan 9, 13
127 Regus, Helsinki Mannerheimintie 12B, Helsinki FIN-00100
128 Wipro Limited c/o Nokia Siemens Networks Linnoitustie 6, B-building, 4th floor, 02600 Espoo. Finland
129 Wipro Limited c/o Nokia Siemens Networks, Partner Campus Area, Ground Floor, Building B, Kaapelitie
City/Country
France (CE),Toulouse
France (CE),Renne
France (CE),Lyon
France (CE),Paris (new office)
Italy,Rome
Netherlands (CE), Hoofddorf
Netherlands (CE),Den Hague
Netherlands (CE), Eindhoven
Austria (CE),Lustenau, Austria
Austria (CE),Vienna
Ukraine,Kiev
Hungary,Budapest
Sweeden (CE),Stockholm
Finland (CE), Helsinki, Finland
Finland (CE),Espoo
Finland (CE),Oulu
4 (Rusko I) 90620 Oulu
130 Wipro Limited, 1st Floor, Building B Hatanpään Valtatie 30 33100 Tampere
131 Veritas, 4060, Kiinteisto Oy Turun Antintalo, Eerikinkatu 15, 20100, Turku
132 Regus, 26, Boulevard Royal,2449 Luxembourg
133 Regus, Ayazaga Mahallesi, Maydan Sokak No 1, Beybi Giz Plaza, Kat 26 & 27 Maslak, Istanbul 34396
134 Regus,Lelvent No.193 Binasi, Buyukdere Cad.No.193 K.2, 34394 4 Istanbul
135 Regus, Corner Plus Is Merkezi, Fethiye Mah, Sanayi Cad. No. 263 Kat 3, Nilufer Bursa
136 Güzeloba Mahallesi, Ahmet Aksu Sitesi, F Blok, No: 2, Muratpaşa, Antalya
137 Martin Linges Vei 25, No.1364, Snaroya, Norway
138 7, Azattyk Ave., Atyrau city, Kazakhstan
139 7, Azattyk Ave., Atyrau city, Kazakhstan (2 Cabins 212 & 213)
140 plug and work AG, Hotelstrasse, Postfach 311, CH-8058 Zürich Airport
141 Basel City Centre, 5th floor, Basel
142 Puerta de las Naciones,Ribera del Loira 46,Campo de las Naciones, Madrid
143 201 Millers St, North Sydney NSW
144 Level 4 ,80 George Street ,Parramatta,NSW
145 Level 4 ,80 Dorcas Street ,Melbourne,Vic
146 19 Genfell Street, Adelaide SA
147 Unit 1 & 2 , 7 Sky Close, Taylors Beach NSW 2316
148 Level 1, The Realm 18 National Circuit, Barton Canberra, ACT 2600
149 Regus -22/69 Ann St, Brisbane QLD 4000
150 Level 29, 221 George Terrace, WA - 6000
151 #02-08/09/10, 1 Changi Business Park, Crescent, Singapore 486025
152 #02-02, 1 Changi Business Park, Crescent, Singapore 486025
153 51 Changi Business Park Central 2, #09-03, The Signature, Singapore 486066
154 3 Tampines Central 1 , #02-01/02/05, #03-01/04/05, Abacus Plaza, Singapore 529540
155 Suite G-09, 2300 Century Square, Jalan Usahawan,Cyber 6, 63000 Cyberjaya, Selangor Darul Ehsan
156 16th Floor, Jalan Steson Sentral 5 KL Sentral Kuala Lampur 50470
157 Regus Jakarta Menara Standard Chartered 30/F Menara Standard Chartered Jl. Prof.Dr. Satrio Kav 164
Finland (CE),Tampere
Finland (CE),Turku, Finland
Luxembourg (CE),Luxembourg
Turkey,Istanbul
Turkey
Turkey,Bursa
Turkey,Antalya
Norway (CE),Snaroya
Kazakhstan,Atyrau
Kazakhstan,Atyrau
Switzerland (CE),Zurich
Switzerland (CE),Basel
Spain,Madrid
Australia,Sydney , NSW
Australia,Parramatta, NSW
Australia,Melbourne, VIC
Australia,Adelaide, SA
Australia,Taylors Beach, NSW
Australia,Canberra,ACT
Australia,Brisbane,QLD
Australia,Perth, WA
Asean,Singapore
Asean,Singapore
Asean,Singapore
Asean,Singapore
Malaysia,Darul Ehsan
Kuala Lampur
Indonesia,Jakarta
Jakarta. 12930. Indonesia
158 Regus Seoul World Trade Centre; 30th Floor, Trade Tower, 159-1 Samsung-dong, Gangnam-gu, Seoul
South Korea,Seoul
135-729 Korea.
159 Chartered square Building, Unit 17-02B, 152 North Sathron road, Silom Sub-district, Bangrak District,
Thailand,Bangkok
Bangkok 10500, Thailand
160 27 Floor, Q House Lumpini, 1 South Sathorn Rd, Tungmahamek,Sathorn,Bangkok 10120
161 Level 16, Far Eastern Plaza, No. 207, Section 2, Dun Hua South Road, Taipei 106, Taiwan
162 My Yangon Office,No. 42A, Pantra Street,Dagon Township,Yangon, Myanmar
163 18th Floor Philamlife Tower, 8767 Paseo de Roxas,Makati City, Metro Manila 1226 Philippines
164 F3, bldg9, Zhangjiang Micro-electronice Port
165 D2, Tianfu Software Park
166 Yokohama Landmark Tower 26F #2605, 2-2-1-1 Minato-Mirai, Yokohama,,
167 11800 Ridge Parkway, Suite 200 Broomfield, CO 80021
168 905 Weathered Rock Road Jefferson City, MO 65101-1806
Bangkok
Taiwan,Taipei
Myanmar,Yangon
Philippines,Manila
China,Shanghai
China,Chengdu
Japan,Yokohama
USA,Broomfield, CO
USA,Jefferson City, MO
103
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Wipro Limited Address
Sl.
No.
169 728 Heisinger Jefferson City, MO 65109
170 728 Heisinger, Suite G Jefferson City, MO 65101
171 2 Christie Heights Street Leonia, NJ 07605
172 6620 Bay Circle Drive Norcross, GA 30071-1210
173 11707 Miracle Hills Drive Omaha, NE 68154
174 2411 West Rose Garden Lane Suite 300 Phoenix, AZ 85027
175 2005 E. Technology Circle Tempe, AZ 85284
176 6320 Canoga Ave., Suite 600 Woodland Hills, CA 93167
177 100 Tri State International, Ste 300A, Lincolnshire Il 60069
178 300 N. Patrick Blvd, Suite 150, Brookfield, WI 53045
179 500 West Cypress Creek, Ste 570, Fort Lauderdale FL 33309
180 5200 Belfort Road, Ste 250, Jacksonville FL 32256
181 Standard Life - Floor 16,10405 Jasper Avenue,Edmonton, AB T5J 3N4
182 Atco Center-Floor 3,10035 - 105 Street,Edmonton, AB T5J 1C8
183 Atco Center - Floor 5,10035 - 105 Street,Edmonton, AB T5J 1C8
184 Milner Building - Floor 1to 9 (including basement storage),9th Floor, 10040 - 104 Street, Edmonton,
City/Country
USA,Jefferson City, MO
USA,Jefferson City, MO
USA,Leonia, NJ
USA,Norcross, GA
USA,Omaha, NE
USA,Phoenix, AZ
USA,Tempe, AZ
USA,Woodland Hills, CA
USA,Lincolnshire, IL
USA,Brookfield, WI
USA,Fort Lauderdale FL
USA,Jacksonville FL
Canada,Edmonton, AB
Canada
Canada
Canada
Alberta T5J 0Z2
185 Atco Center,909 11th Ave SW,Calgary, AB T2R 1L7
Canada,Calgary, AB
186 level 5, 12-14 The Esplanede, Perth, WA 6000
Austraila,Perth
187 10th Floor, The Forum, 2 Maude Street, Sandton, Joburg
SA,Johannesburg
188 7th Floor, Course View Towers, Plot 21, Yusuf Lule Road, Nakasero, Kampala, Uganda
Uganda,Kampala
189 Delta corner Towers,5th and 7th floor,Chiromo Road,West land,
Kenya,Nairobi
190 7th Floor, Mulliner Towers, 39 Alfred Rewane Road, (Kingsway Road), Ikoyi Lagos
Nigeria,Lagos
191 Wipro Limited, Office # 215-220, Building 11, Dubai Internet City, PO Box 500119, UAE
UAE,Dubai
192 Wipro Limited, Office # 422, Building 4WA, Dubai Airport Freezone Authority, PO Box 54609, Dubai, UAE UAE,Dubai
193 Wipro Limited, Office # 3008 ,30th floor ,Concord Towers Dubai, UAE
UAE,Dubai
194 Wipro Limited, Office # 06-11, Sharjah Airport International Freezone, PO Box 120462, Sharjah, UAE
UAE,Sharjah
195 Wipro Limited, Office # 16-19, Sharjah Airport International Freezone, PO Box 120462, Sharjah, UAE
UAE,Sharjah
196 Wipro Limited, Warehouse P6-75, Sharjah Airport International Freezone, PO Box 120462, Sharjah, UAE UAE,Sharjah
197 Wipro Limited Office no 214 , Business avenue towers , Salam Street , Abu Dhabi
198 Wipro Ltd, Office#2806, 28th floor, Palm Tower-B, West bay, Doha-Qatar, P.O.Box.32145.
199 Servcorp, Level 22, Tomado Tower,West Bay, Doha
200 Wipro Gulf LLC, Z 322 Office # 28, KOM 4 Ground Floor, Knowledge Oasis Muscat, Sultanate of Oman
201 Jarir Office - 209
202 Al Tmimme building
203 Sulimaniah Bldg 2,Riyadh
204 Fuod Plaza Bldg., Palestine Street, Al
205 Orchid business center -Alseef
206 Wipro BPO Philippines Ltd. Inc., Cebu IT Tower 1 corner Archbishop Reyes Avenue and Mindanao Street,
UAE,Abu Dhabi
Qatar ,Doha
Qatar ,Doha
Oman,Muscat
Saudi Arabia,Khobar
Saudi Arabia,Khobar
Saudi Arabia,Riyadh
Saudi Arabia,Jeddah
Bahrain,Al seef
Philippines,Cebu
Cebu Business Park, 6000 Cebu City,Cebu, Philippines
207 Wipro Limited - Brantford , 1 Market Square, Suite 207, N3T 6C8 Brantford, ON, Canada
208 Wipro Japan, The Terrace, 6 F -1-3-12 Omoro-Machi, Naha Okinawa, Japan 900-0006
209 TRUST CENTER Splaiul Independentei, nr 319C, sector 6, Bucharest, Romania. tel +40 21 311 8110
210 City Business Centre Building C , 10 Carolina Brediceanu, Timisoara, Romania, EU
211 Arkonska Business Park, ul. Arkońska 6/A2, 2 Floor, 80-387 Gdansk, Poland
212 3rd Flr, Dromore House, East Park, Shannon Free zone, Shannon
213 Lot 4 of Av. Ciencia No. 15, Fraccionamiento Industrial, Cuautitlán Izcalli, Mexico.
214 Dusseldorferstr 71B, 40667 Meerbusch, Germany
215 3rd Floor, 2nd Floor, Lower Ground Floor, Ground Floor, Kings Court, First Floor 185 Kings Road, Reading,
Canada,Brantford
Japan,Okinawa
Romania,Bucharest
Romania,Timisoara
Poland,Gdansk,
Ireland,Shannon
Mexico,Cautitlan, MX
Germany, Meerbusch
Reading , UK
Berks RG1 4EX
216 140 Riverside Court Kings Mountain, NC 28086
USA, Kings Mountain
104
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Annual Report 2014-15 CORPORATE GOVERNANCE
COMPLIANCE CERTIFICATE
Corporate Identity No
: L32102KA1945PLC020800
Nominal Capital
: ` 610 Crores
To the Members of WIPRO LIMITED
We have examined all the relevant records of Wipro Limited for the purpose of certifying compliance of the conditions of the
Corporate Governance under Clause 49 of the Listing Agreement with the Stock Exchanges for the year ended March 31, 2015. We
have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes
of certification.
The compliance of conditions of corporate governance is the responsibility of the Management. Our examination was limited to the
procedure and implementation process adopted by the Company for ensuring the compliance of the conditions of the corporate
governance.
This certificate is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the
management has conducted the affairs of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has
complied with;
a)
b)
(i)
All the mandatory conditions of Corporate Governance as stipulated in the said Listing Agreement.
The following non-mandatory requirements as per Annexure XIII of Listing Agreement:
Clause 2 relating to Shareholders Rights
(ii) Clause 3 relating to Audit Qualifications
(iii) Clause 5 relating to Reporting of Internal Auditor
Bangalore
June 03, 2015
For V. Sreedharan & Associates
Company Secretaries
Sd/-
V. Sreedharan
Partner
F.C.S.2347; C.P. No. 833
02 Corporate Governance_2015.indd 105
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105
Wipro Limited
BUSINESS
RESPONSIBILITY
REPORT
Introductory Context
Our fourth Business Responsibility Report (BRR) published
along with the Annual Financial Report provides an overview of
Wipro’s sustainability program for the year 2014-15. This report
is a summary of our sustainability program and must be read in
conjunction with our more detailed sustainability report which
is published separately every year.
Our Sustainability reporting was based on the GRI 3.1 framework
till 2013-14 and externally assessed at application level “A” for the
last seven years. We are transitioning to GRI 4 framework from
the 2014-15 reporting year.
In preparing this overview, while drawing from our GRI reporting
experience, we have largely aligned it with the ‘National
Voluntary Guidelines (NVGs) on the Social, Environmental and
Economic responsibilities of Business” released by the Ministry
of Corporate Affairs in 2011.
• For details of the NVGs, please refer http://www.
mca.gov.in/Ministry/latestnews/National_Voluntary_
Guidelines_2011_12jul2011.pdf
• Our Sustainability Reports can be viewed and downloaded
at http://www.wipro.com/about-Wipro/sustainability/
Materiality & Scope
The scope of this report covers all of Wipro Ltd.’s business - unless
mentioned otherwise - and is for the financial year 2014-15.
The content for this section is driven by the twin pillars of
Stakeholder Inclusiveness and Materiality Determination i.e.
‘Who are our stakeholders?’ and ‘What issues are material to
them?’ The stakeholders, identification of nineteen material
aspects and their relative position in terms of relevance to Wipro
and stakeholders is available at http://wiprosustainabilityreport.
com/materiality-determination.
The principal sustainability topics covered in this report are
structured as shown in the table for clarity of understanding,
the corresponding NVG principle against each topic is
mentioned.
Further disclosures pursuant to Clause 55 of the Listing
Agreement are provided on our website at www.wipro.com
Sustainability Dimension
Sustainability Dimension
NVG Principle(s)
Stakeholder Engagement
Corporate Governance
Workplace Sustainability
Ecological Sustainability
Value Chain Sustainability
Education & Community
Advocacy & Outreach
4
1
3, 5 and 4
6
2 and 9
8
7
As the larger sustainability context has changed and progressed
significantly over the last six years – stakeholders’ perceptions and
expectations have changed and assessments of sustainability
risks and opportunities have transformed. Further, our
sustainability program has matured, which has helped us in
developing a deeper understanding of various aspects and
issues, and more clarity on the changes we could make in
our approach. Therefore, in early 2014, we began the process
of reviewing our materiality framework and changing it as
strategically appropriate. The materiality revision process is
ongoing and expansive, and takes a fresh look at the material
dimensions and recalibrate them afresh, without assumptions
or pre-determined notions. As part of this process we are
engaging with multiple stakeholders, separately as well as
collectively, so as to get individual and group perspectives.
Stakeholder Engagement
Management Approach:
Defining who an organization’s primary stakeholders
are can be relatively straightforward within the business
ecosystem but complex when it comes to the larger social
and environmental contexts.
106
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Annual Report 2014-15 Our stakeholder group is comprehensive, and we seek to
engage with them on important social and ecological issues.
Our eight identified stakeholders are
Corporate Governance
Management Approach:
• Employees
• Customers
•
Investors
• Suppliers
• The Education ecosystem: Partners and Academic
Institutes
• Communities and Civil Society Networks
• Government and Policy Networks
• The Young Citizen and Future Generations
At Wipro, we have always viewed our Customers, Employees
and Investors as strategic partners and stakeholders. While
the IT services industry model does not necessitate a deep
supply chain, the rapid expansion of this sector in the last two
decades has resulted in a variety of ancillary services e.g. bus
transport, housekeeping, canteen, security. Services Suppliers
and Contractors have thus become critical stakeholders for our
operations. These support or ancillary services are especially
vulnerable to human rights and labour practices violations
due to socio-economic conditions/background. Over the last
decade, our programs in education and community care have
brought us in close engagement with two new stakeholders
– Partners in the Education Ecosystem and Proximate
Communities. Wipro engages closely with Government on
policy advocacy, both through industry networks as well as
directly. The principal areas of engagement relate to energy,
water, e-waste, education policy and the recent CSR rules under
the Companies Bill 2012.
We think that the future must inform our thinking and actions
on sustainability more than anything else, as otherwise our
vision will stop short of being truly sustainable; therefore,
our eighth stakeholder is ‘the Young Citizen and Future
Generations’. This stakeholder group captures the centrality
of our planetary actions to the lives of the current generation
of children and young adult who will have to live through and
negotiate any adverse environmental impacts in a few decades
from now. While this group may not have a tangible and real
face to it, we try to use them as an anchoring guide for our
thinking and actions.
The summary representation of our eight stakeholders, the
modes and frequency of our engagement with them and the
major issues of engagement that have emerged over a period
of time are disclosed in our 2013-14 Sustainability Report. http://
www.wiprosustainabilityreport.com/summary-stakeholder-
engagement
An organization’s economic and social license to operate
depends on the soundness of its governance and management
practices. The visual below showing the organizational
architecture of Wipro illustrates this point – most of the
boxes reflect a long-term orientation that a company needs
to assiduously build and ingrain into its DNA.
Governance and Management Architecture at Wipro
Strategic
planning
Operational
Planning
Regular reviews by
Board and CEC
PEOPLE
Continuous
learning
Empowered
workplace
Leadership
development
Diversity &
Inclusion
POLICIES
People
Environment
Health,
Safety
Information
Security
Procurement
PROCESSES
Talent
Supply
Chain
Global
Delivery
Model
Wividus
Backoffice
Continuous
Internal
Audit
Governance
• Enterprise
Risk Management
• COBC
• Ombuds-process
• Board governance
• Internal Audits
Practices
• Innovation
• Quality
• Customer Advocacy
• Global Transformation
• Business Process
Excellence
• Knowledge
Management
Sustainability
• Resource And
Cost Efficiency
• Ecological footprint
reduction
• Education and
Community
• Transparent disclo-
sures
Sustainability Governance
The centrality of Sustainability to Wipro’s vision and outlook is
reflected in the commitment and engagement with sustainability
issues by Wipro’s leadership team, starting with our Chairman.
The board is also involved in the oversight of our sustainability
& CSR initiatives and the Board Governance, Nomination &
Compensation Committee headed by an independent director
is the apex body that oversees our policy and programs.
Our Chief Sustainability Officer (CSO) who is part of the
Corporate Executive Council, the senior most executive body
in the organization carries overarching responsibility for our
sustainability charter and reports to the chairman and the
Committee. The strength of our sustainability governance is also
derived from the fact that multiple functions see themselves
as key stakeholders in its success; among these, the Global
Operations team, the People Function, the Investor Relations
team and the Legal team play a major role in several of the
programs. The sustainability program is reviewed on a quarterly
basis by the Chairman and the Corporate Executive Council.
For other details on Corporate Governance – including the
107
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Wipro Limited governance structure, mechanisms, composition of board, board
sub-committees, etc - please refer to the Corporate Governance
section of this Annual Report
Workplace Sustainability
Code of Business Conduct
Management Approach:
Wipro has a corporation wide Code of Business Conduct (COBC)
that provides the broad direction as well as specific guidelines for
all business transactions. The COBC is applicable to all business
practices and employees, contractor employees and consultants
and it covers critical aspects like customer relations; protecting
customer information; supplier selection; conflicts of interest;
gifts, entertainment & business courtesies; communicating
with the public; confidential information; intellectual property,
competitive/business intelligence, protecting the privacy of
employee and personal information; business records and
internal controls; safeguarding company assets; insider trading;
anti-trust and fair competition; anti-corruption; political
involvement/lobbying; global trade; human rights; diversity and
non-discrimination; harassment-free workplace; safe and healthy
work environment; and sustainability and corporate citizenship.
We have a zero tolerance policy for noncompliance with the non-
negotiable aspects of COBC e.g. child labor, anti-corruption etc.
The code can be accessed at http://www.wipro.com/Documents/
investors/pdf-files/code-of-business-conduct-and-ethics.pdf.
The COBC is socialized at multiple points of an employee’s
lifecycle - it is first covered as part of the induction program
of new hires and subsequently, every employee has to take an
online test annually to assert their familiarity with the tenets
of the COBC.
Having a robust whistleblower policy that employees and other
stakeholders can use without fear or apprehension is a sine non
qua for a transparent and ethical company. Wipro’s Ombuds-
process allows and encourages any affected stakeholder to
report breaches of the COBC and any other matter of integrity
to the concerned Ombuds-person. In conjunction with the
Prevention of Sexual Harassment policy, the Ombuds process
provides a strong framework of assurance and protection to all
our stakeholders through 24x7 access to the online portal and
helpline number..
In Wipro, our Chief Ombuds-person works with designated
Ombuds-persons in each Business Unit. The process ensures
confidential and anonymous submissions regarding (i)
questionable accounting or auditing matters, the conduct
of which results in a violation of law by Wipro (ii) substantial
mismanagement of company resources (iii) Any instance of
sexual harassment or any other form of discrimination (iv) Any
violation of human rights as articulated in the COBC and as per
the principles of the U. N. Global Compact. In 2014-15, a total
of 1093 complaints were received via the Ombuds process and
the action taken cases as of March 2015 was 88%. Based on
self-disclosure data, 60% of these were from employees and the
balance were mainly anonymous and from other stakeholderlike
vendors and customers. A total of 100 complaints of sexual
harassment was raised through Ombuds, of which 92 cases were
substantiated and appropriate actions were taken in all cases.
108
Wipro firmly believes that we can’t build a great business
without nurturing talent from within. We are committed
to partnering with employees and providing them with
opportunities to realize their full potential.
GROW is our vision, an all-encompassing approach defining
the way we engage with our people and instill a culture
committed to success for our clients, and societies at large.
While the canvas is broad we have identified 4 vehicles of
Growth for employees of Wipro – Careers, Capability, Leaders
and Pride. These vehicles of growth align an individual’s
growth journey, aspirations and needs with the organization’s
vision
Grow Careers: Over the past 2 years, we have given special
focus on initiatives which support career growth of our
employees through awareness, enablement, rewards and
global exposure.
Grow Capability: We aim to make our clients succeed by
using the power of technology in their business processes.
This objective drives our investment in technical, domain
skills, execution excellence and thought leadership programs
to enhance people capability to understand client needs and
offer cutting-edge solutions.
Grow Leaders: Wipro is passionate about building leaders, At
Wipro, leadership capability is built through training, coaching,
on-job mentoring and through customized developmental
plans developed through bottom-up and 360-degree
feedback mechanisms.
Grow Pride: We encourage employees to view results and
success holistically, i.e. looking beyond financial performance
on how we impact our ecology and our society. Our pride lies
in our oneness - developing and fostering a sense of teamwork
and a unified culture.
We are committed to building a culture in which employees,
and those seeking employment in Wipro, can compete in a
fair, open and transparent environment. Principles of equal
opportunity and meritocracy are embedded in our core values
and aligned to globally accepted standards and principles of
the U.N. Global Compact, U.N. Universal Declaration of Human
Rights and International Labour Organization. Our company
wide Code of Business Conduct (COBC) provides guidelines
and direction for responsible business conduct and imbibes
our commitment for human rights and zero tolerance for
discrimination at all stages of employee lifecycle. Our hiring,
training, compensation, promotion, role movements and
other key people processes are based on principles of merit
and performance alone.
03_Business Responsibility Report_v6.indd 108
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Annual Report 2014-15
Regular external and internal audits are conducted and
this facilitates continuous improvement in people related
practices within the organisation. We also believe that an
empowered workforce is the best way to receive feedback
and identify improvement areas. Through mailers, posters and
other modes of communication, we encourage employees to
highlight concerns, grievances and policy/integrity breaches.
The Ombuds Process and Prevention of Sexual Harassment
Committees provide all employees, vendors, suppliers and
customers a secure and 24x7 access to raise grievances.
A Global, Diverse Workforce
Nurturing diversity and making inclusion a part of Wipro’s
culture is a key focus area for the organization. Our global
workforce across 58 countries comprises employees from 101
nationalities. As on 31st March 2015, our workforce comprised
of 142282 permanent employees comprising of 30.2% women.
Additionally, over 28200 individuals were engaged as retainers
or contractors.
Permanent Employee Strength - Wipro Ltd.
Distribution by entity
Male
Female
Total
Wipro Technologies
Wipro Infotech
Wipro Business Process
Services (BPS)
62816
15962
20514
29541
92357
2675
18637
10774
31288
Total
99292
42990 142282
Over the years, we have cultivated a strong ‘local national’
footprint in our international geographies, and at overseas
locations (outside India), 40.1% of the workforce is comprised of
local nationals. We have invested in specialized online tools such
as ‘Globe Smart’ to develop sensitivity towards various cultures.
While promoting a culture of meritocracy, we also take
cognizance of global legal requirements and regulations with
respect to diversity and inclusion. Our multi-dimensional
diversity and inclusion was formally launched in 2008 and
focuses on four pillars – gender, persons with disabilities,
nationality and underprivileged / disadvantaged communities.
Over 77300 employees have completed our in-house online
Diversity & Inclusion (D & I) module since its launch, up from
54,000 employees reported in 2013-14.
‘Women of Wipro’ (WoW) - Wipro’s Gender Equity Program
Recognizing that at different life-stages the needs & expectations
of women employees are different, Wipro adopted a life-stage
based approach to its gender equity initiative and ‘Women of
Wipro’ program was launched in 2008. Over a period of time, a
number of initiatives under the WoW program have resulted
in higher engagement levels for women as measured by our
Employee Perception Survey.
Key highlights of 2014-15:
• 45 high potential women employees participated in the
Women in Leadership Mentorship program.
• A cross function team of representatives spanning all
stages of employee life-cycle worked on a project to identify
touch points that impact gender equity. Findings from this
project have identified key lead indicators and discussions
are in process with functional heads on action planning.
•
International Women’s Day was celebrated with the
theme of ‘Women in Technology’ and included sessions by
external women leaders.
• Senior women leaders from client organizations
conducted open connect sessions with women employees
under the aegis of ‘WoW Speaker Series’. Around 25 such
sessions have been held since the launch of the series.
• Senior leaders from Wipro participated as speakers
at external D & I events to emphasize the importance of
diversity and to share learnings & best practices.
• Wipro participated in research related to D & I by reputed
academic institutions.
Persons with Disabilities (PwD) Program
Our inclusion framework for Persons with Disability (PwD)
focuses on 6 key themes of Policy, Accessible Infrastructure,
Accessible Information Systems, Recruitment, Training
and Awareness. We have institutionalized a reasonable
accommodation policy for employees with special needs. Over
87 of our intranet applications and Wipro.com website are
accessible, complying with Web Content Accessibility Guidelines
(WCAG) 2.0 guidelines. This effort is supported by a specially
trained team of engineers and Subject Matter Experts and field
community testers. Accessible infrastructure at our campuses
includes hand rails, ramps, lifts, designated parking spaces and
customized workstations. Technology assistance is available in
the form of modified laptops, voice activated programs and other
assistive applications. Our ‘Kinesics’ portal provides employees
across the globe a medium to learn the basics of sign language
and apply it to terminology prevalent in IT environment.
We have also engaged a full time consultant from Diversity
and Equal Opportunity Centre (DEOC) to keep us abreast of
the changes in the environment, statutory obligations and also
to advice on next-level inclusion initiatives for employees with
disabilities.
In 2014-15, we gave added rigour to our recruitment effort
through collaboration with NGOs working with persons with
disabilities and hired 76 candidates with disabilities. Our focus
is also on providing pre-hiring support like training, mentoring
and internship opportunities.
As on March 2015, 439 employees had voluntarily declared their
disabilities through our online Self Identification Form.
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Wipro Limited Key highlights of 2014-15:
• Sign language interpretation continued to be featured
for all key employee communication and Wipro Webcasts.
Rendition of the Indian National Anthem was done in Sign
language to create an inclusive environment.
•
International Day for People with Disabilities is
celebrated each year by conducting various awareness
programs & contests.
• An initiative called ‘Breaking all barriers’ was held for
employees to review Wipro’s physical infrastructure and
collaborate with the Facilities team to bring about changes.
• Wipro’s Building Standards were modified to include
international norms developed by United Nations
‘Accessibility for the Disabled, A Design Manual for a Barrier
Free Environment’ and the latest draft of the Building Code
prepared by National Centre for Promotion of Employment
for Disabled People (NCPEDP) and Accessibility, India.
•
‘Winclusive’ initiative was integrated with Yammer
to enhance communication and interaction between
employees. Winclusive is a vibrant community of employees
with disabilities that discusses the IT-enabled applications’
accessibility and provides suggests and change requests.
• We conducted job fairs for persons with disabilities,
along with CII and NGOs like Sarthak, Ability Foundation
and Enable India.
• We have also done inclusive campus hiring from
organizations like JSS Polytechnic for Physically
Handicapped, Mysore, Dr. Ambedkar Institute of Technology
for Handicapped, Kanpur & National Institute for Speech
and Hearing, Trivandrum.
Employee Engagement & Empowerment
Wipro has continually sought to implement practices to enhance
the engagement, capability and competitiveness of our talented,
global workforce. These practices are aligned to different phases
of hiring, assimilation, learning, growth and retention and
shaped by the Spirit of Wipro values. The Spirit of Wipro values
weave the thread that ties all Wiproites together and also shapes
leadership behavior. Employees’ feedback on the Spirit of Wipro
values is a key component in our Employee Perception Survey
as well as in our Wipro Leaders’ Qualities 360-degree feedback
process.
While the Spirit of Wipro defines the core values of the
organization, the Wipro Tenets were launched in FY 2013-14
to explain the value system in action. Advocacy of the tenets
continued to be the focus in 2014-15 through CEO and business
leaders’ communication, Tenet evangelist workshops and Tenet
immersion sessions.
Over the years, our focus on participative engagement has
increased and our programs have been more closely aligned to
cater to our diverse and multi-generational workforce. Employee
feedback has led to the review of and changes in legacy
initiatives like the Unified Competency Framework (UCF) to make
110
it more relevant to the needs of the current and future workforce.
The erstwhile UCF certification is currently being revamped.
Through mailers, awareness sessions and announcements on the
intranet and forums such as Yammer, these changes are being
communicated to employees.
Our employee engagement programs are driven at multiple
levels – organizational, unit/team and individual and also
includes retainers and contractors on projects. Besides our
awareness campaigns like email announcements, kiosks and
on-floor sessions, business and HR managers are key enablers to
employee engagement. Defined metrics on connects like ‘Wipro
Meets’, ‘All Hands Meet’, one-to-one and team meetings are
embedded in the key performance areas of leaders and HR alike.
Employee Feedback
Wipro is committed to engaging in direct and open
communication with all our employees. Through multiple
formal and informal channels, employee feedback is solicited
throughout the year and actions initiated at micro and macro
levels. People metrics form a key parameter in assessing
performance of leaders and HR practitioners and are tracked
and reviewed regularly.
Yammer
Wipro’s focus on collaboration, transparency and employee
empowerment led to the launch of Yammer, an enterprise social
platform, in August 2014. Over 57,000 Wiproites are currently
Yammer users and over 4700 public and private groups have
been formed. Through activities like contests, ‘YamJam’ sessions,
recognitions, leadership updates and special interest/functional
groups, use of Yammer has led to increased networking and
collaboration amongst employees separated by businesses and
geographies. Yammer has also enabled employees to provide
real-time feedback through online polls and ask queries directly
to leaders / functional teams.
Employee Advocacy Group (EAG)
The Employee Advocacy Group (EAG) is a 120 member
representative group managed by Wiproites to voice employee
suggestions. EAG Members aim to pool employee ideas and
provide recommendations to improve company policies and
processes. EAG was formed in Sep 2011 and has received
about 6148 suggestions since inception. During 2014-15, 1053
inputs were received, of which 706 did not fall under the
purview of new suggestions and were closed via clarification
to employee. The balance 347 inputs received were screened by
the EAG team and then by functional representatives. Shortlisted
suggestions were further discussed with functional heads for
implementation. Of these, ~43% are under consideration by EAG,
~50% are work-in-progress and ~6% have been implemented
as process/policy improvements.
Employee Associations
We respect the right of employees to free association and
union representation, without fear of reprisal, discrimination,
03_Business Responsibility Report_v6.indd 110
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Annual Report 2014-15 intimidation or harassment. A small proportion of our employees
(~1%) are represented through registered trade unions, local
employee representative groups and work councils. in Ireland,
Germany, Finland, Sweden, France, Austria, Poland Romania,
Netherlands and Australia. The HR function meets these groups
periodically to inform and consult on any changes that can
impact work environment and terms and conditions
Employee Perception Survey (EPS)
Employee Perception Survey is a biennial survey through which
we capture employee engagement & feedback. Additionally, a
shorter EPS Pulse survey is conducted in the interim period to
provide a stock-take on actions implemented as a result of the
main EPS survey. With 66% participation, EPS Pulse 2014 showed
an increase of 1% in participation over EPS 2013, and also an
increase of 2% in the overall engagement score.
Employee Health, Safety and Well-being
Manager quality and role/job which were identified as focus
areas through the previous EPS, emerged as top satisfaction
levers in Pulse 2014, along with Tenets. Additionally, areas like
Individual Development Plan and Career Opportunities showed
an improvement in satisfaction level over EPS 2013.
A specific communication campaign has been launched
to cascade EPS Pulse focus areas to employees across the
organization. Key focus areas identified includes the revamp
of Unified Competency Framework (UCF), Simplification of
processes like appraisals, variable pay policy and resourcing,
and changes to the promotion process to create more growth
opportunities. Action planning is in progress with functional and
leadership teams to address these areas.
Workplace health and safety has a major impact on productivity and engagement. We have institutionalized health and safety
processes, with special focus on aspects such as women’s safety, assistance to persons with disability, emergency response and
preventive health & safety measures. Our effort is to create and maintain an inclusive workplace that fosters learning in a safe,
healthy environment for all and positively influences employees’ physical, mental and emotional well-being.
Key Highlights of 2014-15
Mitr: Our Employee counselling and Support forum, Mitr was established over 11 years ago. It enables employees to reach
out to counsellors 24x7 in-person and on phone and seek assistance for issues pertaining to personal or professional life. Mitr
counsellors include professionally trained and volunteer Wiproites as well as external counsellors from an Employee Assistance
Program service provider. In addition to this, Mitr also includes counselling on legal and financial matters rendered by experts.
The program is free of cost for employees and their family members and is completely confidential. Awareness is created through
intermittent email campaigns and posters as well as through webchats on common issues. The online portal also has insightful
self-help modules for employees to refer. In 2014-15, 305 employees reached out to Mitr counsellors.
Wipro Business Process Services (WBPS) Integrated Employee Support Centre (IESC): Taking into consideration the operational
dynamics and unique needs of WBPS employees, a 24x7 helpline was launched in 2013 for faster query resolution and enhance
employee care. The Integrated Employee Support Centre (IESC) has enabled resolution of queries in the first call for over 80% of
the queries logged. In FY 2014-15, the IESC assumed additional responsibility of outbound services in the form of calls, emails
and text messages to new joiners for onboarding support.
Health and Wellness program: Work-life balance – Wipro offers multiple time-off options in the form of leaves, sabbaticals, half-
day working, flexible work arrangements etc. Employees are encouraged to avail vacation time and mailers are intermittently
broadcasted as reminders to plan their leaves.
Medical Insurance – Wipro’s medical insurance policy has a unique value proposition to employees and their families, with an
option to include parents and in-laws as well. Wipro provides a total insurance package which includes health insurance, accident
cover and life insurance.
Fit for Life –The online portal provides employees’ access to tools such as health calculators, diet and nutrition advice from experts,
access to health counsellors and a plethora of articles, blogs and success stories from employees. Online chats, awareness sessions
are also conducted under the aegis of Fit for Life.
Occupational Health Centres (OHCs) – We have OHCs at major locations and these provide amenities ranging from basic health
care to emergency care units. Medi-Assist Healthcare services manages the Occupational Health Centre Management at all major
locations with qualified medical staff.
Integrated Risk Assessments – These assessments are carried out every year to identify and mitigate workplace accidents and
other incidents. Employees, service providers and other stakeholders participate in these.
Employees participated in events such as food safety and hygiene programs, ergonomic sessions and vaccination camps. Typhoid
vaccination camp was organized for food handlers across Wipro India locations.
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Wipro Limited Employee Safety: Scheduled programs are held across locations on emergency response, mock evacuation drills, hazard
recognition, driver safety training, first aid training, fire-fighting training etc.
Women’s Safety – Security teams were trained on gender sensitization as a part of their on-job training and induction. Cab pickup
and drop facility with security escort is available for women employees travelling late in the night or early in the morning. Women
of Wipro committees were formed to discuss concerns and suggestions on women’s safety. Women Employee Security Awareness
and Self Defense sessions conducted across locations. Over 1700 women participated in these sessions.
Vehicle based Quick Reaction Teams deployed in major locations continued to provide services to ensure safe commute and
help during emergencies.
Over 130,000 participants (employees, contractors and service providers) attended trainings on Health & Safety covering
Occupational health, Transportation, Hospitality, emergency response and Security domains.
Advocacy: 44th National Safety Day – The facilities management group organized various activities to commemorate National
Safety Day. These included pledges, rewards, and mock scenarios on emergency preparedness, trainings and talks on safety. An
awareness campaign on hygiene practices was also carried out during the H1N1 outbreak in the country.
A host of activities held at various locations to observe and celebrate World Environment Week, World Earth Day, World Water
Day, and International Day for the Preservation of the Ozone Layer.
Career Development & Capability Building
We have distinct teams with separate focus on technical, sales and domain learning and behavioral/leadership development. In
2014-15, these teams together strengthened organizational capabilities through 24,000+ training deliveries and 1,00,000+ employees
attended some form of classroom training offered by our central learning and development group. Additionally, employees also
built their capabilities through e-learning modules, expert and peer learning, project trainings, webinar participation, outbound
trainings, on-job learnings & mentoring. Year 2014-15 also saw an impetus on training and assessments for key roles and specialists;
and enablement of the sales teams through sales training workshops.
The various modes and types of trainings and the 24x7 access to our e-learning modules allows employees and managers to
customize and access learning avenues as required. Additionally, all classroom based trainings provide employees, particularly
employees with disabilities, an opportunity to request for reasonable accommodation that will enable them to participate seamlessly.
CAREER TOOLS
Career Hub and Individual Developmental Plan (IDP)
‘Learning Networks’ Mentoring Platform
The online tool empowers employees with the information
needed to steer their career, build plans and assume a systematic
approach towards achieving career goals. Over 18000 and 20000
employees logged in to career hub and IDP portal respectively
in FY 2014-15. Also, over 2300 employees created action plans
on career hub, and over 3100 on IDP portal.
EMPLOYEE CAPABILITY BUILDING PROGRAMS
Learning Networks is an online platform which allows employees
to connect to experts across the organization and seek
mentorship. Since its launch in 2013, Learning Networks now
has close to 4000 registered mentees and over 1200 mentors.
Current Initiatives
Project Readiness Program (PRP)
New Initiatives
Future Ready
The goal of PRP is to equip fresh recruits with necessary skills
and knowledge to make their ‘campus to corporate’ transition
smoother and get them ‘project-ready’ faster. The curriculum is
update every year to address the changing needs of clients & the
industry. Around 13,000 freshers participated in this program
in FY 2014-15.
‘Future ready’ is an online virtual training platform delivered
globally using WebEx tool catering to the rising demand of
futuristic skills 30+ sessions have been conducted so far.
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Annual Report 2014-15 WASE / WiSTA
All Round Capability Model of Excellence (ACME)
Wipro’s flagship WASE (Wipro Academy of Software Excellence)
continued, with 854 new enrolments. Our WiSTA (Wipro
Software Technology Academy) program received 1187 new
enrolments. Both programs allow non-engineering graduates
to complete a post-graduate engineering course while gaining
industry exposure.
Uplift Skills & Competencies through Accelerated Learning
(UPSCALE) Program
UPSCALE is a structured approach to multi-skill the workforce
by training employees on a set (cluster) of related skills around
core technologies. In 2014-15, more than 19,000 employees
were trained to acquire skills in at least one cluster.
The framework provides a step by step approach to develop skills
across 5 dimensions of technology, domain, function, quality
and behavioral skills. 19000+ employees have undertaken ACME
e-learning courses and over 14200 have cleared the associated
assessment.
NOTCH UP
Through collaboration with reputed institutions employees
were given the opportunity to enroll in courses leading to a
post-graduate degree. 390 employees enrolled for this program
in its maiden year.
Wipro BPS SEED academic program
Distinguished Member of Technical Staff ( DMTS)
The SEED academic program helps employees enhance their
academic capability. The program offers a large spectrum of
courses in the field of Management and Information Technology.
A dedicated SEED online portal provides 24x7 access to
employees and program administrators. Since 2004, SEED has
enabled over 6000 WBPS employees shape and transform their
careers, with 200+ enrollments in 2014-15.
MANAGER CAPABILITY BUILDING PROGRAMS
We launched the ‘Distinguished Member of Technical Staff’
program to identify, recognize, enable and retain a pool of
technical experts. 67 experts have so far been identified through
this program.
Manager Excellence Framework (MEF)
Wipro Business Process Services (WBPS) Engagement Index (EI)
MEF was launched as an outcome of EPS 2011 survey to build
manager capability and includes a reportee feedback survey,
workshops, mentorship and on-demand access to articles,
research material etc. Insight surveys have been initiated for
close to 6000 managers, with 1600+ surveys initiated in 2014-15
and 2300+ managers were covered in one or more HR process
workshops.
With a view to enhance first and mid-level manager effectiveness,
Wipro BPO launched the Engagement Index (EI) in 2010 across
operations. Every quarter, performance data on people
parameters is tracked for each manager and translated into an
EI score which is linked to their variable payout, to create high
level of accountability and ownership. Overall Engagement
Index achievement levels for 2014-15 closed at 91.5%, consistent
with 2013-14 levels.
Responsible People Supply Chain - Contract Employee
Engagement
Wipro’s Code of Business Conduct and Ethics contains our stated
commitment to human rights and through our Supplier Code
of Conduct, we also encourage our suppliers to do the same.
Our focus on responsible people practices extends across our
people value chain, and covers over 28200 contract employees
and retainers, primarily located across our operations in India.
Around 54% of these are skilled technical employees who are
engaged in IT service projects. Many of them are deployed at
our client sites, and a customized Partner Employee Engagement
team in our Global Infrastructure Service is responsible for
building an engaged and motivated contract employee
workforce.
In Q2 of 2014-15, an initiative called ‘Meet Matters’ was
launched with an intent to have formal and structured partner
employee connects to address queries and concerns. Over
15 such partner employee connects were held in 2014-15
and included representatives from partner organization and
Wipro HR. Discussions revolved around areas like transport,
insurance, payslips etc. Plan of actions were shared with partner
organization for review and closure.
In addition to our skilled contract workforce, we also have
around 46% non-skilled contract workforce deployed in key
support functions such as Facilities Management, Security,
Transportation, Hospitality and other soft services. They are
regularly engaged through trainings relating to health, safety,
gender sensitization, sensitivity training on assisting persons
with disabilities etc.
Acknowledging that non-compliance to fair labour practices
has a serious impact on business continuity and engagement
of partner employees, Wipro conducts annual audits for partner
organizations. Supplier contracts carry clear expectations related
to human rights aspects, aligned with our Supplier Code of
Conduct and performance on these parameters forms a major
input for contract renewals.
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Wipro Limited the consolidation exercise, we have moved out from 8 leased to
existing owned locations in the reporting year.
Overseas: 83 locations, which includes 8 customer data centers.
Nearly all of the office locations overseas are leased.
Management system
Our programs and management systems are pivoted and derived
from the Ecological Sustainability Commitment, available at
http://wipro.org/resource/Ecological_Sustainability_Policy.
pdf . We have been following the guidelines of the ISO
14001 framework for more than a decade now as one of the
cornerstones of our Environmental Management System (EMS).
18 of our campus sites in India and 2 in Australia are certified to
the standards of ISO 14001:2004.
Energy Efficiency & GHG Mitigation
Our goal was to reduce the Scope 1 and Scope 2 GHG intensity
of Wipro’s operations by 45% over a 4 year period : from 2.42 MT
per employee in 2010-11 to 1.3 MT per employee by 2014-15,
translating into a net reduction of nearly 60,600 tons for Wipro
IT business. This target was applied to all of our campus facilities
and offices. The goals for the next 5-10 years are currently being
framed using climate change based target setting methodology.
Energy Consumption: The total energy consumption, electricity
and back-up diesel generated, for office spaces across all global
operations in IT is 324 Mn Units (India contributes to 294
Mn units). Data centers with in India and overseas (USA and
Germany) contribute to another 88 Mn units.
Office Space Energy Metrics: Energy efficiency measures
contributed to a 4 % decrease in office space energy intensity
from 2799 to 2686 units per employee per annum. This is
primarily from (a) energy optimization measures, retrofit of
older equipment with more energy efficient equipment and
consolidation of operations accompanied by a transition from
leased to owned facilities with the resulting increase in overall
utilization of office space and better quality of maintenance
operations and (b) maintaining share of renewables at 22% of
the total office energy consumption.
Emissions Intensity: Our global office space emissions intensity
(Scope 1 and Scope 2) is at 1.74 tons per person per annum, a
decrease of 3.4% from last year. This is still short of our five year
target of 1.3 tons, primarily due to constraints in scaling up our
renewable energy footprint.
Recognition & Awards
Ranked 8th in the Best Companies for Leaders 2015 in a
study conducted by Chally Group in partnership with Chief
Executive magazine.
Career Hub and Learning Networks shortlisted in the D&B
Sodexo HR Best Practices 2015 list.
Wipro Ltd. CEO honoured by the Women’s Empowerment
Principle’s Leadership Award: a joint initiative of UN Women
and the UN Global Compact.
Wipro won 1st place at the NHRD Paper Competition on
Managing Gender Diversity at Workplace.
Wipro won the ‘NASSCOM Corporate Award for Excellence
in Diversity and Inclusion 2014 for outstanding work in the
Persons with Disability (PwD) category
Recognized as “Great Place to Work” amongst super-sized
organizations (>50000 employees) by Great Place to Work
Institute
1st and Runners-up prize in Career Development and
Planning Category for 2 entries submitted in the areas of
Career Development and Talent Assessments in Learning
& Organizational Development’s Best Talent Management
Practices in Asia Awards.
Learning Networks was selected amongst Best HR Practices
of India at NHRD Conference.
Winner in the category of “Best in Talent Assessment
methodology” in the annual Talent Acquisition Leadership
League Awards conducted by People Matters.
Ecological Sustainability
Management Approach:
Ecological sustainability is a cornerstone of our charter and
a major driver of our key programs. Our approach is built on
the pillars of Energy and GHG mitigation, Water efficiency
and Responsible Water management, Pollution and Waste
management, Biodiversity and Product Stewardship.
The increasing centrality of issues like climate change and
water stress in the last few years has led organizations to
look beyond their boundaries. While internal business drivers
like resource efficiency, waste management and pollution
mitigation have been the primary levers of any corporate
environmental program for many now, organizations have
come to realize that in order to make a real impact at a larger,
systemic level, one can no longer ignore the externalized
costs of ecological damage. The responsible water program
and community programs on waste are two examples of
such programs.
Scope of Reporting
India: All 55 locations, the majority of operations are from 26
owned locations representing 88% of our workforce. As part of
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Annual Report 2014-15 GHG Intensity (Target Vs Actual)
GHG Mitigation Approach
15%
5%
80%
Energy Efficiency
RE Generation
RE Purchase
Energy Efficiency: Over the preceding five year period, we have
implemented a variety of energy efficiency measures. We were
one of the early adopters of Green Building Design with 19 of
our current buildings certified to the international LEED standard
(Silver, Gold, and Platinum).
Since 2007, we have been working on a server rationalization and
virtualization program, through which we have decommissioned
old physical servers and replaced the processing capacity with
virtualization technology on fewer numbers of servers. As of
March 2015, we have 2088 virtual servers running on 147 physical
servers – contributing to an energy savings of approximately 9
Million units annually, an increase of 3% over the previous year.
RE procurement: For the reporting period of 2014-15, we
procured 65 Mn units of Renewable energy through PPAs (Power
Purchase agreements) with private producers, which contributed
to approximately 22% of our total office space energy
consumption in the IT business. However this fell significantly
short of our target of 130 Mn units for the reporting year.
While we have an ambitious renewable target, renewables do
bring in embedded environmental costs through materials and
land use change, including emerging socio-economic challenges
related to land acquisition and sustainability of promoters and
their financing. One cannot discount the fact that the technology
itself is maturing and in many areas the infrastructure is not yet in
place to enable large scale evacuation and storage of renewable
power. The renewable energy trading/purchase mechanism
(REC- Renewable Energy Certificate) for open access consumers
like India is regulated to the extent that the prices are not market
determined and are fixed by the regulators. Moreover each state
in India has its own mechanism on effecting access to open
access. This has led to a gap in meeting our renewables targets. It
can be said that it will take a few years before the market matures.
The mainstay of accessing RE for open access consumers like
us has been through direct power purchase agreement from
producers in select states. In order to avoid double accounting,
we have taken adequate steps by including non-tradability of
115
Absolute Emissions: The dashboard below provides a summary
of our Global and India GHG emissions for Office spaces - from
Scope 1 (emission from direct energy consumption, like fuel)
and Scope 2 (emissions from purchased electricity). The figures
are net emissions for all years, after considering zero emissions
for renewable energy procured. The absolute Scope 1 and 2
emissions for 2014-15 has increased by around 5% primarily
due to increase in data center energy consumption by around
11 Mn units.
GHG - Scope 1 and 2
.
q
e
2
O
C
s
n
o
T
275000
270000
265000
260000
255000
250000
245000
240000
235000
230000
2010 -11
2011-12
2012-13
2013-14
2014 -15
Global
270134
250750
255590
256244
268919
India
264637
245477
246244
244444
254072
GHG Mitigation: Our five year GHG mitigation consists of
three key elements – Energy Efficiency, Renewable Energy (RE)
Purchase and Captive RE; of this, RE procurement will contribute
the maximum with 80% share to GHG emission mitigation
strategy.
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Wipro Limited
REC for contracted power through contracts and verification in
the regulators national REC registry.
Captive RE: The pilot rooftop Solar PV installations at 3 of our
campuses followed by extensive use of solar water heaters in our
guest blocks and cafeterias have resulted in equivalent savings
of 1.6 Mn units of grid electricity.
Scope 3 Emissions: A summary of our Scope 3 emissions (other
indirect sources) is provided here. Out of the 15 categories of
scope 3 reporting as per the new GHG corporate value chain
standard, we are presently reporting on all of the 8 applicable
categories.
The Scope 3 graph only includes emissions from Business
Travel, Commute, Waste and Logistics to enable year on year
comparison
)
.
q
e
2
O
C
(
s
n
o
T
Scope 3 (Global)
255149
200198
188561
191222
169451
2010-11
2011-12
2012-13
2013-14
2014-15
300000
250000
200000
150000
100000
50000
0
The table below shows the applicability and across our operations for the major Scope 3 categories.
Scope 3 Emissions Category
Applicability
Current Reporting, Coverage within IT business
Upstream scope 3 emissions
Purchased goods and services
Capital goods
Fuel- and energy-related activities (not
included in scope 1 or scope 2)
Yes
Yes
Upstream transportation and distribution
Yes
Waste generated in operations
Employee commuting
Business travel
Yes
Yes
Yes
Based on purchase ledger for 2013-14 and application of
econometric input-output model for different categories and
business activities : 65000 tons of CO2 equiv.
Well To Tank (WTT) and Transmission and Distribution (T&D)
losses globally is 90,987 tons of CO2 equiv.
Yes, Approximately 80% coverage by Weight-Distance for IT
equipment imports
For India operations, which represents nearly 85% of footprint
For India operations, which represents nearly 85% of footprint
Includes air, bus, train, local conveyance and hotel stays
Upstream leased assets (Leased office space) Yes
This is reported under Scope 1 & 2
Downstream scope 3 emissions
No
No product business, leased assets, franchisees or equity
investments with environmental impact
The overall emissions across all scopes is 406855 tons. This does not include conveyance claims and some other minor scope 3
heads. Within this, the three big contributors to our GHG emissions are: Electricity – Purchased and Generated (34%), Business Travel
(21%) and Employee Commute (15%).
Business Travel: The IT services outsourcing model requires
frequent travel to customer locations, mainly overseas, across the
delivery life cycle and contributes to around 1/4th of our overall
emissions footprint. This includes air, bus, train, local conveyance
and hotel stays. Policies on usage of different modes of travel
based on distance and time taken, need based travel approval
and shift towards processes which enable travel planning
by employees themselves are some of the cost and process
optimization measures implemented over past few years.
Over the past few years, we have taken steps to facilitate a shift
towards improved access to public transport for employees
(buses, commuter trains), carpooling, apart from encouraging
cycling to work through an active cycling community in the
organization. IT led soft infrastructure enablers like anytime
direct connectivity access to office intranet applications, secure
personal device connectivity through the BYOD initiative (Bring
Your Own Devices) are steps in enabling more flexible work
place options.
Employee Commute: Employees have various choices for
commuting informed primarily by distance, flexibility, work
timings, costs, city infrastructure and connectivity in the case
of group or public transport. In addition to company arranged
transport (51%), employees utilize public transport (~35%),
with owned cars and two wheelers accounting for the balance.
Emissions during product use and end of life treatment of sold
products: Wipro ceased its hardware manufacturing business in
2013. The number of units being sold is negligible and hence
going forward in-use emissions from products sold will not be
applicable.
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Annual Report 2014-15
Water Efficiency and Responsible Use
At Wipro, we view water from the three inter-related lens of
Conservation, Responsibility and Security; our articulated
goals are therefore predicated on these three dimensions.
• Water Efficiency - Improve water efficiency (fresh water
use per employee) by 5% year on year
• Water Responsibility - To ensure responsible water
management in proximate communities, especially in
locations that are prone to water scarcity
• Water Security - Recognizing water availability as a
business risk, to proactively assess and plan for the water
security of the organization in a manner that is congruent
with other two goals.
Freshwater recycling and efficiency: The per employee water
consumption for the reporting year is 1.387 m3 per month as
compared to 1.46 in 2013-14, an improvement of around 7.6%.
We recycle 959620 m3 of water in 24 of our major locations,
(888828 in 2013-14) using Sewage Treatment Plants (STPs),
which represents 35% (32% in 2013-14) of the total water
consumed. The percentage of this recycled water as a percentage
of freshwater extracted is around 54%. The reduction in
freshwater consumption has been primarily through demand
side optimization, reduction in pipeline leakages and increasing
water governance by building user awareness and involvement
of water plumbers.
We launched a program in 2013 with the aim to minimize
freshwater consumption by 20% over the following two years
through an integrated approach:
1) Implement Standard metering infrastructure and
procedures across campuses
Builders
2) Demand side optimization (improving efficiency through
flow restrictors across campuses and arresting leakages),
3) Improving recycling levels through ultra-filtration using it
for other non-contact purposes
Local Citizen
Groups
4) Integrating rain water harvesting into the consumption
side water cycle of the campus.
Sourcing of Water: Water is withdrawn from four sources -
ground water, municipal water supplies, private purchase and
harvested rain water – with the first two sources accounting for
nearly 61% of the sourced water. The majority of the balance 39%
is from private sources near our operational facilities. The water
supplied by the municipal bodies and the industrial association
are in turn sourced primarily from river or lake systems. Water
that is purchased from private sources can be traced to have
been primarily extracted from ground water.
Community Water Programs: Wipro partners with experts
organizations, action groups and government bodies to
address issues affecting the communities in the vicinity of our
organizations. As part of our Responsible Water program, we
aim to create a community centered participatory approach for
management of ground water.
Participatory Aquifer Mapping (PAQM): Ground water is a
primary source of water in Bengaluru, especially for peripheral
areas of the city which are not connected to the city municipal
supply (BWSSB). Around 40% of total water requirement of the
city is met through ground water, which is largely unregulated.
It is a scarce resource and many areas including the South east
areas (Electronics City- Sarjapur-Bellandur-Whitefield corridor)
are severely stressed. There is a high reliance on private supply
(tanker) of water, the source of which is again mostly ground
water. Ground water being a shared common pool resource,
the governance choices are complex – from unregulated to
centralised responses to community centered management.
PAQM Program Stakeholders
ACWADAM
CGWB
MAPUNITY
Government -
Urban & Local
bodies
PAQM
Wipro
BIOME
Traditional
Borewell
Diggers
Borewell
Drilling
Agencies
Through this three year program which started in March 2014,
we aim to pilot a community centered participatory approach
to management of ground water. The watershed area for this
program extends for approximately 35 square kilometers around
our corporate campus in Bangalore.
The key outcomes of the program from the first year are:
a) On- site field data collection: A large group of students
from Christ University, Bengaluru along with earthian program
(www.earthian.in) interns , involvement from employees,
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Wipro Limited
were facilitated by International Union of Conservation Network
(IUCN) at Kolkata and Bangalore on Wetlands and Urban
Biodiversity.
Pollution and Waste Management
Our goals for pollution and waste management are the
following.
• 100% of organic waste to be handled in-house at owned
locations by end of 2014-15
• 100% of paper, cardboard, hazardous and e-waste, mixed
metals/scrap and plastics to be recycled/ handled as per
approved methods by end of 2014-15.
• Reduce Mixed solid waste intensity to half by 2017 (3
year target) as compared to 2013-14
• Reduce landfill intensity to half by 2017 (3 year target)
as compared to 2013-14
Pollution of air and water poses one of the most serious threats
to community health and welfare. Our waste management
strategies are centered on either (i) recycling the waste for
further use or (ii) arranging for safe disposal. To operationalize
our strategy, we follow robust processes of segregating waste
into organic, inorganic, e-waste, hazardous, packaging, and
biomedical and other categories, which is then either recycled
in-house or through outsourced vendor arrangements.
90% of the total solid waste of 4562 tons generated from our IT
India operations is reused or recycled –through both, in-house
recycling units and through authorized vendor tie-ups. The
balance, which is largely soiled tissue and mixed solid waste
and Mixed scrap (MSW) is landfilled. Our plan is to reduce
MSW generation at source and further drive segregation into
recyclable organic-inorganics to increase diversion from landfills.
We are also piloting recycling options for difficult categories
like Thermocol and construction debris. The comprehensive
external waste assessment we conducted across our locations
for electronic waste and solid waste streams pointed to areas of
improvement in governance and traceability of waste streams
across the recycler ecosystem. We would work with our partners
and vendors in driving better practices and behaviours keeping
in mind both human and ecological impacts of any changes.
supported by our partners BIOME and ACWADAM collected
data from more than 100 borewells and STP’s in the area.
b) Building citizen awareness on the program: Through
well-coordinated visits to Lakes, STP’s and participation in
community lake events, including in campus programs we
have been able to generate interest with citizen groups.
c) Completed the first interpretation of the data to arrive at 3D
maps, 2D contour maps and hydrogeological sections depict
possibilities in visualization and citizen engagement.
d) Dialogues among citizens, conservation groups, urban
local bodies (like BWSSB and KSPCB), research organizations,
educational institutes through sharing of learnings and
facilitating/ evaluating pilots.
Biodiversity
As an organization with large campuses in urban settings,
we are acutely conscious of our responsibility towards urban
diversity and have set for ourselves the following goals.
• To convert five of our existing campuses to biodiversity
zones by 2017
• All new campuses will incorporate biodiversity principles
into their design
In our approach towards campus biodiversity, our program takes
an integrated approach towards the contribution in reducing
energy and carbon intensity and improving water retention
and harvesting.
The first stage of our campus biodiversity project - the butterfly
park – was completed in March 2013. The park is witness to
hundreds of migratory butterflies who stop over in the park for
nearly a month in their 400 Km pre monsoon annual migration
from western to the Eastern Ghats in India. The second phase
of the project, a ~3 acre Wetland park, is currently underway and
expected to be completed in 2015.
We have started work on biodiversity retrofit projects at our two
campuses in Pune with a baseline assessment of flora and fauna
biodiversity. This project envisages thematic gardens – aesthetic
and palm garden, spring garden, Ficus garden, spice and fruit
garden – through plantations of native spaces specific to the
local geography. For one the pune campuses, the total number
of native species has nearly trebled from 49 to 167 in the first year.
The Electronics City biodiversity project featured as case study
in a CII publication released at Conference of Parties at Korea.
Wipro is one of the five member companies in India of “Leaders
for Nature (LFN)”, a joint initiative of IUCN, Confederation of
Indian Industries (CII), Hivos, and Wildlife Trust of India (WTI).
In all these programs we work closely with expert partners
in biodiversity, conser vation, ecological design and
communications. Building employee connect through expert
talks, workshops and field visits to community research centers
in forests, is a critical aspect of the program. Industry workshops
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Annual Report 2014-15 Update on sub-category waste goals
Sub-goals
100% of organic waste to be handled in-house in all owned
locations before end of 14-15
Update
75% of waste is being handled in-house.
Organic Waste Converter is to be commissioned in two other
locations by mid-2015
100% of paper, cardboard, hazardous and e-waste, mixed
metals/scrap and plastics to be recycled/ handled as per
approved methods before end of 14-15
100% of waste is handled as per approved methods.
Internal audits are done as part of EHS.
A continuing external audit program is proposed to be started
Reduce Mixed solid waste intensity to reduce by 50% by 2017
with 13-14 as the baseline year
E-waste audit recommendations to be actioned.
Baseline of 13-14 is 3.26 kg per employee per annum
Target of 2016-17:is 1.63 Kg per employee per annum
Actuals as of 2014-15: 3.16 Kg per employee per annum
Landfill intensity is unchanged at 3.13 Kg per employee per
annum
Pilot study program covering 15 companies in Electronics City
region (Bengaluru) to start in 2015
We monitor diesel generator stack emissions (NOx, Sox and SPM) and indoor air quality (CO, CO2, VOC’s, RSPM are the key parameters)
across locations every month. These meet the specified regulatory norms.
We continually assess operational risks to the environment and apply the precautionary principle in our approach to get insights and
plan – for example, the responsible water program and waste life cycle audits. In the reporting period, there were no instances of
environmental fines imposed or negative consequences due to our operations. We proactively monitor regulatory compliances with
respect to air, water and waste – and the emissions and waste generated by the organization are based on updated and approved
consents as on date from respective State and Central Pollution control boards. We also have not received any show cause/legal
notices relating to the same. We proactively respond to queries and clarifications received by regulatory bodies.
Fig: Waste Disposal methods split for 2013-14
Incineration, 0.07
Landfill, 7.52
Reuse, 6.22
Recycled-
External, 19.26
Recycled-
Internal,
66.92
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119
Wipro Limited Case Study - Wipro’s Natural Capital Valuation
Natural capital can be defined as the world’s stocks of natural resources which make human life possible. Businesses rely on this
natural capital to produce goods and deliver services. They depend on natural non-renewable resources (for example, fossil fuels
and minerals) as well as natural renewable ecosystem goods and services (for example, freshwater and pollination). Businesses
also rely on natural capital for its ability to absorb by-products of production such as pollution and water. Business extraction
and production activities can damage natural capital with long term economic and social consequences.
These economic and social consequences manifest themselves as physical, regulatory and reputational risks for companies. One
of the most useful ways for companies to account for these risks is to quantify and value the environmental impacts generated
across their value chains in monetary terms.
Traditional ‘single parameter’ environmental metrics such as cubic meters of water or hectares of land provide an indication
of the scale of dependency on ecosystem goods and services or environmental impacts. However, they often fail to identify
optimization opportunities for business. Natural capital valuation, on the other hand, provides a deeper insight because it factors
scale alongside critical environmental parameters such as regional water scarcity and the ecosystem services provided by land.
There are several global and country led projects underway which aim to develop environmental accounts and integrate them
with traditional national accounts (GDP) including India. UNPRI, in 2010, estimated the environmental costs due to activities of
top 3000 companies at US$ 6 Trillion per year. The Natural Capital Coalition (NCC), for example, is developing a Natural Capital
Protocol to provide a standardized approach to natural capital accounting and valuation for businesses.
Wipro, in association with Trucost, completed its first natural capital valuation exercise for the previous financial year 2013-14. The
valuation for 2014-15 will be completed by Aug 2015 – however it is unlikely to be significantly different. The valuation looks at
our global operational footprint - from energy related emissions, water consumption, air/water pollution, waste generation and,
land use change, business travel, employee commute – as well as from the embedded natural capital in all goods and services
that we procure from our supply chain. The natural capital embedded in goods and services is primarily based on valuation
methodology that is based on Trucost’s econometric Input-Output model which takes in spend across different sub-categories
of procurement. Monetization of impacts is based on emerging models and a selection of global and local factors - hence certain
assumptions and accounting rules are inherent to the exercise. The largest contributions came from GHG emissions (50%), water
abstraction (18%) and air pollution (19%). The operational value chain stage accounted for 38% of Wipro’s total environmental
cost. From a geography perspective, as expected, India accounts for 86% of the overall environmental cost. For details of the
study refer to www.wiprosustainabilityreport.com/natural-capital-valuation/.
For Wipro, this study provides useful indicators to understand impacts and assess the value of our environmental programs. For
external stakeholders like customers and analysts, these data points provide a completely transparent full life-cycle understanding
of our environmental footprint.
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Annual Report 2014-15 Value Chain Sustainability
In this section we focus on our engagement with two major stakeholders in our value chain: suppliers and customers. We realize that
the impacts of our business do not end within our boundaries, but are felt across the ecosystem and stakeholders in the value chain.
Supply chain Sustainability
Management Approach:
The supply chain sustainability program of Wipro rests on four pillars: ethical, ecological, responsible and local. Encompassing
these pillars are governance and management frameworks, which help in communicating our expectations, build awareness
and set us on a path of continuous improvement.
PILLARS
INITAITIVES
Ecological: Protecting the environment
Natural Capital Accounting Study
Ethical: Engaging beyond compliance & evaluating and
controlling exposure to risks
Supplier Engagement Program
• Communicating Code of Conduct
• Audits & Assessments
Responsible: Ensure ethical labour practices
•
Incorporation in procurement criteria
Diverse and Local: Promoting diversity in supply chain and
local sourcing
Supplier Diversity Program
Local Procurement
Partner Employee Engagement Initi ative (GIS business unit)
Performance Update
Supplier Engagement Program: As the first step in our Supply
Chain Engagement program, it is now made mandatory for
the suppliers to accept and sign the supplier code of conduct
(SCOC). Apart from communicating key requirements in business
practices, environmental and social aspects to the suppliers
through SCOC, Supplier meet with about 150 key Suppliers
of Wipro (IT business) was organized for the second time in
August, 2014. A Supplier Awards program was also instituted
this financial year as part of Supplier Meet to recognize the key
contributions made by Suppliers. A total of 12 awards across
multiple categories of awards based on supplier categories such
as Telecom, IT, Facilities, Business support services as well as
special category awards for innovation, sustainability, diversity
were given.
We have identified material issues across main procurement
categories – through desk based study conducted in 2013 as
well as a few internal and external audits over past two years.
Our focus is on human rights and labour practices and regulatory
compliance. Our supplier engagement program integrates a
program of continuing evaluation, capacity building and risk
management. We expect these steps to encourage responsible
behaviour from our partners.
We completed two independent audits which looked at security
service providers, waste recyclers and other facility management
service providers. We also piloted food safety audits at two of
our campuses. A dedicated vendor helpdesk handles supplier
queries on payment issues, policy clarifications and provides the
initial contact for grievance redressal. Helpdesk received a total
of 3152 of vendor queries since January 2015, which reflects
the reach and effectiveness of our initiative. The feedback from
our vendors received through this initiative helped us improve
our processes and initiate new steps like automation of sharing
payment advices, periodical validation of vendor credential
in our database as well as exchange of ideas between critical
vendors and our organization on possible process improvements
to ensure smooth interactions.
Our organization wide multi-lingual Ombuds process is available
24x7 (phone and internet enabled) for our Suppliers and
Contractors. While a good proportion of ombuds process cases
are anonymous, based on self-disclosure, we know that there
were 33 complaints reported by suppliers during the year. There
was an instance of serious supplier breach of our code of conduct
as a result four vendors have been blacklisted. There have been
no instances related to anti-trust in the reporting period across
our business divisions.
Supplier Diversity: Wipro is an Equal Opportunity employer
and strongly advocates the same through its supply chain by
encouraging supplier diversity. Qualified enterprises owned
by person with disability, women or member of minority
communities are identified and engaged with. Diversity supplier
spend contributes to 5.2% of total central procurement tracked
spend for India operations. Diversity classification is based on
supplier self-disclosure and is not verified.
Local Procurement: Wipro encourages sourcing from the local
economy. At an aggregate level, nearly 79% of our suppliers are
based in India; by value 71% of the procurement for the year
was from India based suppliers. Local sourcing reduces costs,
provides local employment benefits and reduced environmental
footprint in sourcing.
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Wipro Limited Product Stewardship
Management Approach:
Customer stewardship hinges on meeting customer expectations by being responsive and through a portfolio of products and
services which meet changing customer needs by integrating resource efficiency, dematerialization, organizational transparency,
connectedness and collaboration. At the same time, listening to the voice of customer regularly through the engagement is
critical. The dedicated customer advocacy group anchors these programs.
Product Stewardship through ICT
Service Portfolio
EcoEnergy – Energy Management solutions
Internet of Things
• Analytics
• Cloud based services
•
•
• Mobility
• Open Source
•
Information Management
Customer Advocacy through
• Customer Satisfaction Surveys
• Customer Initiated Audits
Performance Update
Wipro as a strategic provider of IT services and system integration
offers Business Application Services; Advanced Technologies &
Solutions; Business Consulting; Process Engineering Solutions,
Business Process Outsourcing; and Global Infrastructure
Services to customers across different industry verticals. The
industry verticals are classified into Banking, Financial Services
& Insurance, Retail Consumer Packaged Goods, Transportation &
Government; Manufacturing & Hi-Tech; Healthcare, Life Science
& Services; Energy, Natural Resources, Utilities and Engineering
& Construction; and Global Media & Telecom. We serve over
950 clients, including a number of Fortune 500 and Global 500
corporations across 57 countries.
Wipro offers a portfolio of ICT solutions with sustainability
benefits to clients across sectors. For the Logistics/Transportation
and manufacturing sectors, we have solutions related to route
optimization and dematerialization of operations. Wipro
supports its automotive industry customers in achieving their
sustainability goals through an innovative solution called
EcoMeter Connect solution (US patent applied) which supports
various stakeholders involved in the emission reduction
business. This solution which is offered as a part of Connected
Car platform is an innovative and cost effective way of tackling
emission reductions and fuel-efficiency improvements. Wipro
offers environment centric solutions to energy, utilities and
natural resources as well as manufacturing industries with focus
on environment, health and safety.
Wipro EcoEnergy, the clean tech business unit of Wipro Limited
offers Enterprise wide Energy Management Services to help
customers reduce their energy consumption, reduce CO2
emissions, and improve the efficiency in energy operations. The
value proposition of EcoEnergy is to help its customers achieve
6% – 18% of effective cost savings through reduced consumption,
optimized operations, monitoring and maintenance over a multi-
year engagement.
Customer advocacy: At Wipro, customer advocacy is integral
part of the core quality and delivery functions and these
functions drive customer satisfaction improvement initiatives
across the organization. Voice of customer (VOC) is heard at
various levels i.e., at project level, program level, account level
and through direct feedback, informal meetings, governance
meetings and senior management interaction with the client.
This group acts as an early warning system of potential customer
issues and enables the system to address these issues before
they become serious.
PCSAT (Project Customer Satisfaction), Program CSAT, Quarterly
pulse surveys and Account CSAT through third party surveys
are conducted formally and at appropriate intervals to capture
customer satisfaction/ dissatisfaction with Wipro. Strategic
marketing conducts surveys on brand perception where they
also understand customer’s expectations of Wipro and Wipro’s
position relative to its competitors. Wipro’s Senior Leadership
visit to customers is another source of information on VOC. Wipro
also conducts webinars with its alliance partners to capture
customer voice. Our Net Promoter Score shows a continuous
improvement trend as it has increased by 680 basis points for
2014-15 as compared to the previous year.
Apart from service delivery and quality expectations, our global
customers also expect transparency and compliance on different
sustainability aspects within our operations and also extended
value chain. Third party supply chain CSR raters like Ecovadis
and Verego regularly assess and profile our sustainability
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Annual Report 2014-15 performance in their platform which is used by more than 30
Wipro customers. In the recent assessment by Ecovadis, we have
achieved an overall CSR rating of Gold (highest among possible
three levels). Verego has rated us “Best in Class” across all the 5
areas (Leadership, Ethics, People, Community and Environment)
and designated us as a “CSR Thought Leader” “.
Education and Community
Active engagement with our customers provides us valuable
insights into emerging sustainability risks and focus areas. We
collaborate with our customers and partners in implementing
identified areas of improvement.
• Mission 10X, a not-for-profit trust
• Works with engineering
colleges across 26 states
• Wipro Appplying Thought in
Schools(WATIS)
•
Through a network of 30
partners, reaches 2000+ schools
across the country
• Wipro US Science Education
Fellowship
• Earthian program
n
o
i
t
a
c
u
d
E
e
r
a
C
y
t
i
n
u
m
m
o
C
• Wipro Cares, a not-for-profit trust
• Works with proximate
communities through partners
Management Approach:
Our social transformation initiatives are now more than a
decade old. Over the years, our approach has been to engage
in critical social issues with sensitivity, rigor and responsibility.
Education and Community Care are the two areas that we
decided focus on when we started twelve years back. The
reasons for this deliberate set of choices have the same
compelling validity today as they had then.
• Education is probably the most important catalyst of
social development which can bring about change that is
truly sustainable and durable over the long term; and
It is a fundamental responsibility and tenet of corporate
•
citizenship that every business should engage deeply with
its proximate communities and to try to address some of
their biggest challenges
Measuring outcomes in social programs: In the sections
below, we have summarized work in different programs in
terms of Input, Output and Outcome. This is the first attempt at
representing our work using such a framework. Our inputs to the
program and the outputs from it have been easier to discern.
Deriving the outcomes has been more challenging. We have tried
to assess the outcomes at two levels – the project or intervention
level and at the level of the partner organization. The outcomes
have been drawn from our interactions with the field, project
reviews with partners and our partners’ own observations and
records from the field. These have not been assessed or verified
independently. In future we aim to do this as well as qualify the
long term impacts of some of our longer running programs.
CSR Spend:
The CSR spend disclosed in Director’s Report is of ` 1327.04
Mn. We believe that our community engagement initiatives
should cover all our significant areas of operations. The Science
Education Fellowship (SEF) Program, an integral part of our
community and education program, engages with and aims to
build teaching capacities in the disadvantaged communities of
three cities in the U.S. For more information on this programme,
refer to Page No. 124. The spend on SEF program for 2014-15
was ` 79.1 Mn. This amount is not accounted in the CSR Report
(Page: 66) as the CSR guidelines in the Companies Act 2013
does not allow reporting of spend in countries outside India.
Wipro’s actual spend on CSR initiatives for 2014-15, including
this, amounts to ` 1406.14 Mn.
Wipro Applying Thought in Schools (WATIS)
This financial year, Wipro Applying Thought in Schools (WATIS)
widened the scope of our programme to new domains
like primary school mathematics and integrated learning
programmes for rural youth. Also extended our reach to newer
geographies through 6 new partnerships in the North-East,
Maharashtra, Kerala, Karnataka, Punjab and Meghalaya. Another
significant step was the program focused on education for
children with disabilities which began this year with the objective
to establish models of inclusive education to include children
with disabilities into mainstream education.
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Wipro Limited
WATIS is a social initiative working on building capacities in
school education reform in India. The intent is to contribute
towards systemic improvement of the Indian school education
system. Our key strategy has been organizational capability
building of civil society organizations across the country, in order
to have a multiplier effect on education in India. We partner
with civil society organizations and support them to develop
and enhance their capacity in working for systemic reform
in education. We support organizations through project and
programmatic grants to develop and pilot innovative ideas and
practices and also to work with various stakeholders to build
capacity in the system, to implement these ideas and further
educational reform across different contexts and geographies
in the country.
Over the past 14 years, we have associated with 60 organizations
at different levels and worked closely with 35 organizations.
Our work with them has primarily been through 67 educational
projects, involving over 2300 schools and 13,250 educators
across 17 states reaching out to about 1 million students.
Wipro Science Education Fellowship
Program in the U.S.A.
Wipro Science Education Fellowship Program launched in March
2013 is focused on improving Science and Math education
in schools primarily serving disadvantaged communities in
US cities. The program is currently launched in Chicago, New
Jersey, New York and Boston in partnership with Michigan State
University (MSU) and University of Massachusetts (UMass). The
goal of the two year capacity development program is to improve
teaching capacity and promote science, technology, engineering
and math (STEM) education in their respective schools.
The process of selection of teachers for the Chicago program
began in Q1 of 2014. The selected teachers started training
under the fellowship for a year which will be followed by another
year of follow-up sessions. 37 teachers (19 from NJ and 18 from
Boston) from the first cohort of the Boston program which began
in March 2013 have successfully completed their 1 year training
and have worked on their ‘Growth Plan Systems’ with their
UMass advisors. Cohort 2 teachers from New Jersey and Boston
and Cohort 1 teachers from New York underwent intensive
training through classroom discussions and presentations,
monthly Vertical Collaborative Coaching and Learning in Science
meetings, periodic full-day workshops, retreats etc.
Earthian - The Sustainability Program for
Schools and Colleges
Earthian Awards: In the 2014 – 2015 edition of earthian- the
annual Sustainability Program for Schools and Colleges, we
reached out to more than 10000 schools and college and over
350 schools and 170 colleges participated in the event. Owing
to our outreach initiatives, this edition became a highly inclusive
program with massive participation and even winners from
rural and semi-rural India. The 10 best entries from schools and
124
colleges each were selected by an eminent jury with varied
experience in academia, research and civil society organization
and were presented with awards at the earthian award event
in February 2015.
CEP (Continuous Engagement Program): The 10 earthian
winning schools and colleges from the earlier 2013-14 edition
have been engaged in the Continuous Engagement Program
(CEP) offered in association with Wipro’s partner ecosystem in
education and sustainability. The core focus of this engagement
is of driving sustainability thinking and action through the
learning process.
As part of the school engagement program, introductory
Sustainability workshops for schools have been completed in
14 schools across the country with the participation of 250
plus teachers. A new CEP school portal is now live with over 80
teachers across India pre-registered and officially inducted into
the CEP program. For college students from winning institutes,
earthian offered five Internships with 3 organizations (Trucost,
BIOME & CSTEP) who are domain specialists in sustainability
and related areas.
Also in line with our long term vision to further sustainability
education in India, WIPRO and IIMB embarked on a broad
collaboration of which an integral part is the curation of national
forum of leading Business Schools from across the country.
The first edition of this program - a ‘Symposium on Advancing
Sustainability Research and Education’ for B-schools saw the
participation of top 13 Business schools in India represented by
core faculty engaged in sustainability education.
Mission 10X
In the financial year 2014-2015, 76 Academic Leadership
Workshops, 1003 Faculty Empowerment Workshops, 91 UTLP
Practitioner’s workshops and 614 Student Engineering Thinking
workshops were organized under Mission10X programme. Out
of the 54 Mission10X Technology Learning Centers (MTLCs)
operational in 12 states, 10 were established last year. Overall
27,482 Engineering College Faculty have been trained and 1,300
colleges across the 29 states were covered through Mission10X
interventions.
Mission10X is a not-for-profit initiative of Wipro Limited which
was started on 5th Sept 2007 towards building the employability
skills of engineering students by training engineering college
teachers. The first phase of Mission10X focused on training
teachers on Pedagogy while the second phase has focused on
“SMALLER and DEEPER Engagement” philosophy where a set
of selected Engineering colleges have been given a deeper
educational interventions. The focus has been on creating the
21st Century skills amongst the learners who are predominantly
hired by the IT industry. The following three essential attributes of
a ‘Graduate engineer’ are covered in all Mission10X interventions:
• Communication: Ability to communicate with others for
shared understanding in technical, behavioral, logistical and
practical concern.
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Annual Report 2014-15 • Collaboration (Team work): Ability to work collaboratively to
explore possibilities to address the stated problem by drawing
knowledge from diverse professionals and backgrounds.
• Deeper Learning: Ability to learn deeply to articulate a
problem statement and analyze given data.
The needs of important stakeholders of engineering education
ecosystem such as principals, heads of the departments (HoDs),
faculty members and students are met through a program that
enhances overall learning incorporating structured engagement
and effective delivery systems.
Community Care - Wipro Cares
Wipro Cares is a program primarily focusing on developmental
challenges faced by communities in the domain of primary
health care, education, environment and disaster rehabilitation.
The communities we work with our largely proximate to where
Wipro has its presence.
2014-15 was an exciting year for Wipro Cares as we grew our
number of projects as well as added disability as an added
domain of engagement. Our number of projects grew close to
three folds, from 11 in 2013-14 to 29 in 2014-15. Out of the 29
projects, five were projects started under the ‘disability’ domain.
Primary Healthcare: Our primary health care projects typically
provide quality preventive and curative health care services to
underserved communities. Through seven of our health care
projects, covering 75 villages across Maharashtra, Karnataka,
Andhra Pradesh & Uttarakhand we are providing more than
75000 people access to primary health care. Apart from
providing regular curative services ,the emphasis of these
projects are to build the capacities of the communities to
handle their primary health care needs, also leverage existing
government infrastructure and schemes as a part of their health
rights. Out of the seven health care projects, two new projects
that were started in 2014-15 were in Haridwar in Uttarakhand
and Aurangabad in Maharashtra.
Education: The education projects continued to provide
educational opportunities to underprivileged children, typically
children who are most marginalized due to their socio-economic
status, for example children of migrant laborers. More than 50000
children benefited from the ten education projects in the cities
of Pune, Hyderabad, Kolkata, Mumbai and Chennai. Out of the
ten projects, six were added in 2014-15.
Disability: In 2014, we included an additional theme of disability.
Through our ‘Education of children with disability’ projects, we
supported the educational and rehabilitative needs of 1350
underprivileged children with disabilities through five projects
in the cities of Bangalore, Pune, Jaipur and Hyderabad. Under
disability, our focus is on early intervention and inclusive
education to ensure that children with disabilities have access
to quality education and the opportunity to lead a life of dignity.
livelihood to around 80 farmers. In 2014 we also added the
aspect of adult literacy as a part of the social forestry project in
rural Tamil Nadu. Another addition in 2014 was the inclusion of
solid waste management as a sub theme under the thematic
domain of Environment. We are working on providing social and
nutrition security to waste workers along with upgrading their
skills to assist them in augmenting their livelihood and live a life
of dignity. Our first project under the ‘solid waste management’
sub theme was started in Bangalore in 2014.
Disaster Rehabilitation: Through the years, we have supported
the causes of communities affected by Karnataka Floods, Bihar
Floods, Japan Tsunami, Hurricane Sandy and the Philippines
Cyclone. In 2014-15 we supported communities affected by
the Uttarakhand Floods and the Odisha Cyclone in 2013. In
Uttarakhand we initiated a project to work with 1000 families
on exploring alternative modes of livelihood to reduce their
economic dependence on tourism and increase their resilience
as a community. In Odisha, we restored the livelihood of 250
families of the fishermen community by providing them fishing
nets and increasing their awareness on various existing social
security schemes. These 250 families were from 15 villages of five
Gram Panchayats in Polasara Block of Ganjam District.
Employee Engagement: Engaging employees continued to be
an integral part of Wipro Cares. We encouraged employees to
volunteer with our partners, acting thus as catalysts in bringing
about positive change and also learning in the process. We
currently have 15 volunteering chapters, seven in India and
nine overseas. Wipro Cares organized a blood donation drive
for thallasaemics where 3256 units of blood were collected. We
also continued celebrating ‘Joy of Giving @ Wipro, 2014’ across
WT, WI, WBPS, WIN, WCCLG in 11 locations in India and UAE.
Advocacy and Outreach
Management Approach:
Given the fundamental axiom that sustainability is about
maximizing social and environmental ‘good’, it requires an
engagement template that emphasizes informed advocacy
of the underlying issues amongst all stakeholders. Each
stakeholder – Business, Government, Academia, and Civil
Society – brings a dynamic and energy to the table that is
unique and complementary. We think that industry’s role must
go beyond its own boundaries and should be one that seeks
to vigorously promote advocacy of sustainability challenges.
In doing so, the conscious emphasis must be on the difficult
and the long term in preference to the easy and the short term.
Our areas of focus on policy and advocacy have centered on
Water, Energy and Climate Change, e-Waste, Education and
Diversity. We work through industry platforms like CII, NASSCOM
as well as with research partners who carry expertise in these
domains.
Social Forestry: Our project in social forestry has helped plant
more than a lakh trees, and has at the same time provided
Our primary identified stakeholders for public policy and
advocacy are
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Wipro Limited • Relevant government ministries and departments, both at
the center and the states where we operate in ; Our interactions
have been largely with the Ministry of Environment and
Forests, Ministry of New and Renewable Energy, and Ministry
of Corporate Affairs
•
•
The CII led Indian Business for Biodiversity Initiative
(CIIIBBI)
The Leaders for Nature (LFN) framework of the India
chapter of the International Union of Conservation
Networks (IUCN)
•
Industry networks and associations play a crucial role as
catalysts for awareness, advocacy and action on the multiple
dimensions of sustainability; by providing a common platform
for industry representatives to share and exchange ideas
and practices, industry association can help foster a virtuous
cycle of feedback led improvement. Industry networks also
lend strength and credibility in the dialogue process with
government on important matters of policy and directives.
The industry networks that we have been an integral part of
are:
•
•
•
•
•
The CII-Godrej Green Business Center (GBC)
The CII-ITC Center for Sustainable Development
CII National Environment Committee
The Nasscom working groups on Gender Diversity
The TERI-BCSD forum
• Research and Advocacy NGOs: Issues like Energy, Climate
Change, Water, Biodiversity, Community Education, Health
etc. require strong civil society involvement as the third pillar
along with government policy and business engagement.
NGOs and academic institutions, by combining the right
blend of field work and academic rigor can generate valuable
insights that can inform the work of practitioners, policy
makers and industry professionals. Illustrative examples of
such organizations that we work with are : Carbon Disclosure
Project in the area of Climate Change, BIOME and ACWADAM
in the area of Water, ATREE and IUCN ( India chapter) in the
areas of Biodiversity , and our network of nearly 30 education
partners across the country.
The table below provides a summary of our major stakeholder engagements in advocacy and outreach
Domain
Brief highlights
Energy: (i) In partnership with Carbon Disclosure Project (CDP) and IIM Bangalore, a research
study was done on the role of the Information and Communication Technology (ICT) sector in
combating climate change. The study report was released in October 2014
(ii) As a member of the TERI-BCSD ( Business Council for Sustainable Development) India
program, we participated in the program track on Energy Efficiency that seeks to advance best
practices on energy management and efficiency in different industry sectors
Water continued to be a major area of collaborative focus for us in 2014-15. The two
major advocacy platforms that we have been deeply involved in are summarized below
(i) Advancing the agenda of the Karnataka State Water Network (KSWN) along with the CII
Karnataka chapter. The KSWN brings together stakeholders from government, academia, civil
society and business to address the most pressing issues in water in Bangalore and surrounding
areas. Five area-wise clusters were formed with specific action plans drawn up for each
(ii)The Responsible Water program seeks to address the pressing issue of ground water in the
Sarjapur area in Bangalore. It does this through a combination of scientific hydrogeology and
the involvement several citizen groups as part of a unique decentralized governance framework
Biodiversity: Our participation in advocacy on biodiversity issues was through two national
levels forums – the CII-India Business for Biodiversity Initiative (IBBI) and the Leaders for Nature
program from the India chapter of IUCN. Our case study was featured in the IBBI publication that
was released at the COP on Biodiversity in Korea in October 2014, Along with IUCN, we hosted
an industry interaction on the Kolkata wetlands in our Kolkata center. A similar interaction with
civil society was hosted at our Bangalore campus
Waste Management: In collaboration with InfoActiv, an Australia based NGO organization
that focuses on e-Waste, we helped create a platform in the Electronic City Industrial area in
Bangalore, India. This zone hosts a significant majority of IT companies and is therefore a source
of sizable amounts of e-Waste. The platform will help align common focus areas, opportunities
and streamline the processes involved in the management of e-Waste from bulk consumers.
Apart from this, we continued to be part of the sub-committee on ‘Waste’ in the CII National
Environment Committee.
Water, Energy, Biodiversity,
Waste Management
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Annual Report 2014-15
Domain
Brief highlights
Horizontal areas in
Sustainability and CSR
We continued to strengthen our participation in advocacy on the cause of corporate
sustainability as a whole
As Co-Chair of the CII-GBC Greenco forum (Bangalore chapter), the goal is to drive the adoption
of the ‘Greenco’ framework by industry at large in Bangalore and surrounding areas. The Greenco
framework encourages companies to establish a multi-dimensional framework of ecological
sustainability that spans the areas of Energy, Water, Waste, Biodiversity and Product Stewardship.
We continued to actively participate in the debate around the CSR provisions of the Companies
Act 2013. Our primary position has been that CSR as a mandate may not be the most effective
means of getting industry to engage on larger social issues. We also believe that business
sustainability plays a critical role in moving the needle forward and must be included as part
of the provisions of the CSR rules. Third, as a global corporate citizen, we think that CSR must
include community programs of all the countries that a company operates in and should not
be restricted to India
We supported a multi-state comparative study which is providing insights into how the
textbook markets operate in India; the outcomes of this study are expected to inform later
advocacy efforts.
Our work with partner organizations such as EZ Vidya to develop capacity in understanding and
supporting schools to do Continuous and Comprehensive Assessment (CCE) and SeasonWatch,
a national citizen science initiative, were covered in popular media
School Education
Our social science program with Vikramshila was lauded as an exemplar way of imparting life
skills at a joint meeting organized by Jadavpur University and UNICEF
The proceedings of the 14th annual Partners’ Forum on the topic of ‘Textbooks and Education’
and of the 13th Partners’ Forum on ‘Assessments and School Education’ have been published
& distributed. Summary videos of Forum sessions were also disseminated online through a
YouTube channel
Kamala Mukunda’s acclaimed book on child learning, ‘What did you ask at School Today’, was
brought out in Hindi by Eklavya with our support. The books has been distributed widely
among educational NGOs and also to over 500 District Institutes of Education and Training
(DIETs) across the country.
earthian, Wipro’s flagship program in sustainability education for schools and colleges, tries
to catalyze advocacy on sustainability learning among young students across the country
The scale of earthian’s outreach is significant: over a four year period of 2010-2014, the outreach
has been to 3000 schools, 15000 students and 3500 educators,90000 Facebook fans, 45000
Youtube views and 25000 unique website visits
Sustainability Literacy and
Education
We co-hosted – along with IIM Bangalore and the Kenan Flagler School of Business, University
of North Carolina – a national level symposium on ‘Sustainability in Management Education’. The
meet was attended by faculty from more than 15 premier B-Schools from across the country
We also hosted a Business Plan competition on ‘Sustainable Public Transport in Bangalore’ as
part of IIM-Bangalore’s annual student-led event ‘Eximius’
14 workshops on sustainability learning were conducted for more than 250 teachers from
selected earthian schools from across the country
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Wipro Limited Domain
Brief highlights
During 2014-15, we also participated in industry research and advocacy on key Diversity and
Inclusion themes. We continued our engagement with external stakeholders where we hold
advisory board / core committee positions, namely with Catalyst, NASSCOM and CII
Diversity
Wipro is part of the core CII committee for employment of people with disabilities and also
part of the NASSCOM working group on gender inclusion
Catalyst is a leading nonprofit organization which works on expanding opportunities for
women and business. Wipro CEO is on the Catalyst Board of Directors and is also the chair of
Catalyst India Advisory Board
Our work on Persons with Disability was featured as one of the five case studies globally in a
special report that GRI (Global Reporting Initiative) released in Madrid, Spain in March 2015
Speaking engagements in public forums play an important role in building sustainability awareness and advocacy. We actively
participated as speakers in several events all through the year, some examples of which are: University of Pennsylvania, Wharton
Business School, the Annual CII Greenco Summit at Chennai, the CII-IBBI national conference on Biodiversity, the annual summit
of IUCN-India, the annual conference of the India Green Building Council and the National HRD network annual summit.
Plans and direction forward: Our sustainability advocacy and outreach will continue to be based on the three important pillars of
(i) Promoting decentralized, community-centric governance and management models that involve a wide range of stakeholders
(ii) Providing carefully crafted inputs policies on government policy and (iii) Increasing awareness and fostering exchange through
participation as speakers in a variety of forums, events and workshops the right direction. Our approach will be to continue to
work with our network of academic and civil society partners as well as with industry networks. We will strengthen and expand
our partner network as appropriate . The areas of focus for 2015-16 will be
• Energy and Climate Change
• Water
• Biodiversity
• E-Waste
• School Education, Sustainability Education and Education for Children with Disability
• Gender
• Horizontal areas of Sustainability and CSR
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Annual Report 2014-15 ASSURANCE STATEMENT
INDEPENDENT VERIFICATION STATEMENT ON BUSINESS RESPONSIBILITY REPORT
Introduction
DNV GL, represented by DNV GL Business Assurance India Private Limited, has been commissioned by the management of Wipro Limited (‘Wipro’ or ‘the Company’) to
carry out an independent assurance engagement on the Business Responsibility Report (‘BRR’ or ‘the Report’) to be published along with its Annual Report 2014–15 in
its printed format. This assurance engagement has been conducted to verify the BRR prepared as per Clause 55 of the Equity Listing Agreement issued by the Securities
and Exchange Board of India (SEBI), covering the nine principles enunciated in the ‘National Voluntary Guidelines on Social, Environmental and Economic Responsibilities
of Business’ (NVG) framed by the Ministry of Corporate Affairs (MCA), Government of India.
The intended users of this assurance statement are the management of the Company and readers of the Report. The management of Wipro is responsible for all
information provided in the Report as well as the processes for collecting, analysing and reporting the information. DNV GL’s responsibility regarding this verification is
to the Company only and in accordance with the agreed scope of work. The assurance engagement is based on the assumption that the data and information provided
to us is complete and true. The verification was conducted by a multidisciplinary team of qualified and experienced assurance professionals during June 2015, for the
year of activities covered in the Report, i.e. 1st April 2014 to 31st March 2015.
Scope, Boundary and Limitations of Assurance
The scope of work agreed upon with Wipro includes a moderate level of verification of the contents of the BRR including disclosures against nine principles of the
NVG, and reported in the Annual Report 2014-15 i.e. review of the disclosures - policies, initiatives, practices and performance described in the Report as well as
references made in the Report.
The reporting boundary covers Wipro’s IT business, that is, Wipro Infotech, Wipro Technologies, Wipro BPS (Business Process Services) and Wipro Eco Energy services.
During the verification process, there were no limitations encountered on the agreed scope for the engagement; however, the financial figures/data disclosed in this
Report is based on the financial data audited by the statutory auditors, and reported in the Company’s Annual Report 2014-15. No external stakeholders were interviewed
as part of this assurance engagement. Verification of data was was limited to review of aggregated data presented at the corporate office.
Methodology
This assurance engagement was planned and carried out in accordance with VeriSustain (DNV GL Protocol for Verification of Sustainability Reporting). The Report has
been evaluated against the following criteria:
• Moderate level of assurance, as set out in VeriSustain;
• Alignment of the BRR to the NVG principles and related BRR reporting requirements of SEBI;
As part of the engagement, we have verified the statements and claims made in the Report and assessed the robustness of the underlying data aggregation, information
flow and controls. In doing so, we have:
Reviewed the Company’s approach to addressing the BRR requirements, including NVG principles;
Examined and reviewed documents, data and other information made available by the Company;
Visited corporate office at Sarjapur, Bengaluru to conduct verification;
•
•
•
• Conducted interviews with key representatives including data owners and decision-makers of the Company;
•
•
Performed sample-based reviews (for moderate level of verification) of the mechanisms for implementing the Company’s policies, as described in the Report;
Performed sample-based checks of the processes for generating, gathering and managing the quantitative data and qualitative information included in the
Report.
Conclusion
We have evaluated the Report against the reporting principles and framework with respect to materiality, stakeholder inclusiveness, responsiveness, reliability,
neutrality and completeness. In our opinion:
•
•
•
•
The Report aligns itself against the nine principles of NVG and has fairly responded to the reporting framework related to BRR;
The qualitative and quantitative data included in the Report, were found to be reliable, identifiable and traceable;
Report along with the references made, provides a fair description of the initiatives taken by the Company from the Social, Environmental and Governance
perspectives;
The personnel responsible were able to demonstrate the origin and interpretation of data.
On the basis of our verification methodology and scope of work agreed upon, nothing has come to our attention that would cause us not to believe that this report is
not materially correct and is not a fair representation of the data and information.
Opportunities for Improvement
The following is an excerpt from the observations and opportunities for improvement reported to the management of the Company and are considered for drawing
our conclusion on the Report; however they are generally consistent with the management’s objectives:
•
The Company may report sustainability disclosures related to India and other geo-locations separately for the benefit of stakeholders’ understanding of Wipro’s
sustainability performance.
The scope of the internal audits related to sustainability could be expanded to include social aspects.
•
• Certain policies required under NVG are being evolved and it is suggested that these policies may be defined and communicated to further improve
•
completeness of reporting against the policy requirements of the NVG.
The Report may explicitly disclose the Company’s position statement related to policies against the requirements of reporting on “Principle-wise (as per NVGs)
BR Policy/policies” under “Section D: BR Information”.
DNV GL’s Competence and Independence
We are a global provider of sustainability services, with qualified environmental and social assurance specialists working in over 100 countries. We were not involved
in the preparation of any statements or data included in the Report except for this Verification Statement. DNV GL maintains complete impartiality toward any people
interviewed.
For DNV GL,
Kiran Radhakrishnan
Project Manager
DNV GL Business Assurance India Private Limited, India.
Bengaluru, India, 5th June 2015.
Vadakepatth Nandkumar (Reviewer)
Regional Sustainability Manager
DNV GL Business Assurance India Private Limited, India.
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Wipro Limited
Cheif Executive Officer (CEO) / Chief Financial Officer (CFO) Certification under
Clause 49 (IX) of the Listing Agreement
The Board of Directors
Wipro Limited
Bengaluru
Dear members of the Board,
1. We have reviewed the financial statements and the cash flow statement of Wipro Limited for the year ended 31st March, 2015
and to the best of our knowledge and belief:
a.
b.
these statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;
these statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
2.
There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are
fraudulent, illegal or violate the Company’s Code of Conduct.
3. We accept responsibility for establishing and maintaining internal controls for financial reporting and we have evaluated the
effectiveness of Company’s internal control systems pertaining to financial reporting. We have not come across any reportable
deficiencies in the design or operation of such internal controls.
4. We have indicated to the Auditors and the Audit Committee:
a.
b.
c.
that there are no significant changes in internal control over financial reporting during the year;
that there are no significant changes in accounting policies during the year; and
that there are no instances of significant fraud of which we have become aware.
Bengaluru
June 03, 2015
Azim H Premji
Jatin Pravinchandra Dalal
Chairman & Managing Director
Chief Financial Officer
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Standalone Financial StatementsAnnual Report 2014-15
INDEPENDENT AUDITORS’ REPORT
To the Members of Wipro Limited
Report on the Financial Statements
We have audited the accompanying financial statements of
Wipro Limited(‘the Company’), comprising the balance sheet as
at March 31, 2015, the statement of profit and loss, the cash flow
statement for the year then ended,and a summary of significant
accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 (“the Act”)
with respect to the preparation of these financial statements
that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance
with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions
of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the
accounting and auditing standards and matters which are
required to be included in the audit report under the provisions
of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards
on Auditing specified under Section 143(10) of the Act. Those
Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and the disclosures in the financial
statements. The procedures selected depend on the auditor’s
judgment,including the assessment of the risks of material
misstatement of the financial statements, whether due to
fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company’s
preparation of the financial statements that give a true and fair
view in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on whether the Company has in place an adequate
internal financial controls system over financial reporting and the
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made
by the Company’s Directors, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
financial statements.
2.
Opinion
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid financial
statements give the information required by the Act in the
manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31, 2015, and its
profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1.
As required by the Companies (Auditor’s Report) Order, 2015
(“the Order”) issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act, we give
in the Annexure a statement on the matters specified in the
paragraph 3 and 4 of the Order, to the extent applicable.
Asrequired by Section 143 (3) of the Act, we report that:
(a) we have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.
in our opinion proper books of account as required
by law have been kept by the Company so far as it
appears from our examination of those books;
the balance sheet, the statement of profit and loss and
the cash flow statement dealt with by this Report are
in agreement with the books of account;
in our opinion, the aforesaid financial statements
comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014;
(b)
(d)
(c)
(e) on the basis of the written representations received
from the directors as on March 31, 2015 taken on
record by the Board of Directors, none of the directors is
disqualified as on March 31, 2015 from being appointed
as a director in terms of Section 164 (2) of the Act;and
(f ) with respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
according to the explanations given to us:
i.
The Company has disclosed the impact of
pending litigations on its financial position in
its financial statements – Refer Note 33 and 40
to the financial statements;
The Company has made provision, as required
under the applicable law or accounting standards,
for material foreseeable losses, if any, on long-
term contracts including derivative contracts-
Refer Note 35 to the financial statements.
There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.
ii.
iii.
for BSR & Co. LLP
Chartered Accountants
Firm registration No.: 101248W/ W-100022
Supreet Sachdev
Partner
Membership No.: 205385
Bangalore
June 3, 2015
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Standalone Financial StatementsWipro Limited
ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT
Annexure referred to in paragraph 1 of our report to the
members of Wipro Limited (“the Company”) for the year ended
March 31, 2015. We report that:
(iv)
(i)
(a) The Company has maintained proper records showing
full particulars, including quantitative details and
situation of fixed assets.
(b) The Company has a regular programme of physical
verification of its fixed assets by which all fixed
assets are verified in a phased manner over a period
of three years. In our opinion, this periodicity of
physical verification is reasonable having regard
to the size of the Company and the nature of its
assets. In accordance with this program, certain
fixed assets were verified during the year and
no material discrepancies were noticed on such
verification.
(ii)
(a) The inventory, except goods-in-transit, and stocks
lying with third parties, has been physically verified
by the management during the year. In our opinion,
the frequency of such verification is reasonable. For
stocks lying with third parties at the year end, written
confirmations have been obtained for significant
account balances.
(b) The procedures for the physical verification of
inventories followed by the management are
reasonable and adequate in relation to the size of the
Company and the nature of its business.
(c) The Company is maintaining proper records of
inventory. The discrepancies noticed on verification
between the physical stocks and the book records
were not material.
(iii)
(a) The Company has granted, in an earlier year an
interest free loan to a party (wholly owned subsidiary)
covered in the register maintained under section 189
of the Companies Act, 2013 (“the Act”).
(b)
In the case of loan granted to the party listed in the
register maintained under section 189 of the Act, the
loan is interest free and the principal amounts, are
being repaid regularly in accordance with the agreed
contractual terms.
(c) There is no overdue amount of more than Rupees one
lakh in respect of loans granted to any of the parties
listed in the register maintained under section 189 of
the Act.
132
In our opinion and according to the information and
explanations given to us, there is an adequate internal
control system commensurate with the size of the
Company and the nature of its business with regard to
purchase of inventories and fixed assets and with regard
to the sale of goods and services. We have not observed
any major weakness in the internal control system during
the course of the audit.
(v) The Company has not accepted any deposits from the
public.
(vi) We have broadly reviewed the books of account relating
to material, labour and other items of cost maintained by
the Company prescribed by the Central Government for the
maintenance of cost records under section 148 (1) of the
Act and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained.
However, we have not made a detailed examination of the
records.
(vii) (a) According to the information and explanations given
to us and on the basis of our examination of the
records of the Company, amounts deducted/accrued
in the books of account in respect of undisputed
statutory dues including Provident Fund, Employees’
State Insurance, Income-Tax, Wealth Tax, Sales-Tax,
Service Tax, Duty of Customs, Duty of Excise, Value
Added Tax, Cess and other material statutory dues
have generally been regularly deposited during
the year by the Company with the appropriate
authorities.
According to the information and explanations given
to us, no undisputed amounts payable in respect
of Provident Fund, Employees’ State Insurance,
Income-Tax, Wealth Tax, Sales-Tax, Service Tax, Duty
of Customs, Duty of Excise, Value Added Tax, Cess and
other material statutory dues were in arrears as at
March 31, 2015 for a period of more than six months
from the date they became payable.
(b) According to the information and explanation
given to us, there are no disputed amounts payable
in respect of Wealth tax and Cess which have not
been deposited with the appropriate authorities
on account of any dispute. However, according
to information and explanations given to us, the
following dues of Income tax, Duty of Excise, Duty
of Customs, Sales-Tax and Service Tax have not been
deposited by the Company on account of disputes:
04_Wipro AR_Standalone Accnts_2015.indd 132
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Standalone Financial StatementsAnnual Report 2014-15
Name of the Statute
Nature of the dues
Amount
unpaid*
(` in millions)
Period to which
the amount relates
(Assessment year)
Forum where dispute is
pending
The Income Tax Act, 1961
Income Tax and interest demanded
31,968 2001-02 to 2007-08
High Court **
The Income Tax Act, 1961
Income Tax and interest demanded
2,102 2007-08 to 2011-12
Income Tax Appellate Tribunal
The Income Tax Act, 1961
Income Tax and interest demanded
(based on draft assessment order)
7,852 2011-12
Dispute Resolution Panel ***
State Sales Tax/VAT and CST
(pertaining to various states)
State Sales Tax/VAT and CST
(pertaining to various states)
State Sales Tax/VAT and CST
(pertaining to Kerala and Andhra
Pradesh)
Sales tax, interest and penalty demanded
1,021 1986-87 to 2010-11
Appellate Authorities
Sales tax demanded
366 1998-99 to 2009-10
Appellate Tribunal
Sales tax and penalty demanded
31 1999-00 to 2007-08
High court / Supreme court
The Central Excise Act, 1944
Excise duty demanded
59 1995-96 to 2012-13
Appellate Authorities
The Central Excise Act, 1944
Excise duty demanded
22 2004-05 to 2010-11
CESTAT
The Customs Act, 1962
Customs duty, interest and penalty demanded
279 1995-96 to 2009-10
Appellate Authorities
The Customs Act, 1962
Customs duty and penalty demanded
4 1991-92 to 2011-12
CESTAT
The Customs Act, 1962
Customs duty demanded
40 1990-91 to 1998-99
High court / Supreme court
The Finance Act, 1994 - Service tax Service tax demanded
109 2004-05 to 2010-11
Appellate Authorities
The Finance Act, 1994 - Service tax Service tax demanded
379 2001-02 to 2009-10
CESTAT
*The amounts paid under protest have been reduced from the amounts demanded in arriving at the aforesaid disclosure.
**No subsequent demand has been raised as the matter is pending with High Court based on appeals filed by the department.
*** Pending directions from Dispute Resolution Panel, the Company has not received any demand for payment.
(c) According to the information and explanations
given to us, the amounts which were required to be
transferred to the investor education and protection
fund in accordance with the relevant provisions of
the Companies Act, 1956 (1 of 1956) and rules there
under has been transferred made thereunder.
(viii) The Company does not have any accumulated losses at the
end of the financial year and has not incurred cash losses
in the financial year and in the immediately preceding
financial year.
(xi)
In our opinion and according to the information and
explanations given to us, the term loans taken by the
Company have been applied for the purposes for which
they were raised.
(xii) According to the information and explanations given to
us, no fraud on or by the Company has been noticed or
reported during the course of our audit.
(ix)
(x)
In our opinion and according to the information and
explanations given to us, the Company has not defaulted
in repayment of dues to its banks. The Company did not
have any outstanding dues to any financial institutions or
debentures holders during the year.
for BSR & Co. LLP
Chartered Accountants
Firm registration No.: 101248W/ W-100022
In our opinion and according to the information and
explanations given to us, the terms and conditions on
which the Company has given guarantees for loans taken
by others from banks or financial institutions are not
prejudicial to the interest of the Company.
Supreet Sachdev
Partner
Membership No.: 205385
Bangalore
June 3, 2015
04_Wipro AR_Standalone Accnts_2015.indd 133
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133
Standalone Financial StatementsWipro Limited
BALANCE SHEET
EQUITY AND LIABILITIES
Shareholders’ funds
Share capital
Reserves and surplus
Share application money pending allotment(1)
Non-current liabilities
Long term borrowings
Deferred tax liabilities
Other long term liabilities
Long term provisions
Current liabilities
Short term borrowings
Trade payables
Other current liabilities
Short term provisions
TOTAL EQUITY AND LIABILTIES
ASSETS
Non-current assets
Fixed assets
Tangible assets
Intangible assets and goodwill
Capital work-in-progress
Non-current investments
Deferred tax assets
Long term loans and advances
Other non-current assets
Current assets
Current investments
Inventories
Trade receivables
Cash and bank balances
Short term loans and advances
Other current assets
(` in millions, except share and per share data, unless otherwise stated)
Notes
3
4
5
6
47(ii)
7
8
9
10
11
12
13
14
15
47(ii)
16
17
18
19
20
21
22
23
2
As at March 31,
2015
2014
4,937
341,279
346,216
–
10,632
567
281
2,736
14,216
49,704
57,288
25,511
41,150
173,653
534,085
35,700
4,684
3,612
55,797
1,659
30,710
3,368
135,530
51,888
4,794
81,442
156,675
52,561
51,195
398,555
534,085
4,932
288,627
293,559
–
10,061
1,379
629
2,889
14,958
35,042
53,566
24,048
36,196
148,852
457,369
36,215
3,535
2,751
51,968
1,487
29,981
5,390
131,327
58,392
2,283
85,509
105,549
29,293
45,016
326,042
457,369
TOTAL ASSETS
Significant accounting policies
(1) value is less than one million rupees.
The notes referred to above form an integral part of the Balance Sheet
As per our report of even date attached
For and on behalf of the Board of Directors
for BSR & Co. LLP
Chartered Accountants
Firm’s Registration No.: 101248W/W-100022
Azim H Premji
Chairman & Managing
Director
N Vaghul
Director
M K Sharma
Director
Supreet Sachdev
Partner
Membership No.: 205385
Bangalore
June 3, 2015
134
Jatin Pravinchandra Dalal T K Kurien
Chief Financial Officer
Chief Executive Officer
& Executive Director
M Sanaulla Khan
Company Secretary
04_Wipro AR_Standalone Accnts_2015.indd 134
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Standalone Financial StatementsAnnual Report 2014-15
STATEMENT OF PROFIT AND LOSS
(` in millions, except share and per share data, unless otherwise stated)
Notes
For the year ended March 31,
2015
2014
REVENUE
Revenue from operations (gross)
Less: Excise duty
Revenue from operations (net)
Other income
Total Revenue
EXPENSES
Cost of raw materials consumed
Purchases of stock-in-trade
Changes in inventories of finished goods, work-in-progress and stock-in-trade
Employee benefits expense
Finance costs
Depreciation and amortisation expense
Other expenses
Total Expenses
Profit before tax
Tax expense
Current tax
Deferred tax
Net Profit
EARNINGS PER EQUITY SHARE
(Equity shares of par value ` 2 each)
Basic
Diluted
Significant accounting policies
24
25
26
27
27
28
29
30
41
2
412,100
387,651
2
412,098
24,990
437,088
34
24,564
(2,543)
197,263
3,629
7,784
100,787
331,518
105,570
23,766
(127)
23,639
81,931
33.38
33.28
79
387,572
16,112
403,684
2,053
22,858
9
183,375
3,747
7,367
88,193
307,602
96,082
21,684
524
22,208
73,874
30.09
30.01
The notes referred to above form an integral part of the Statement of Profit and Loss
As per our report of even date attached
For and on behalf of the Board of Directors
for BSR & Co. LLP
Chartered Accountants
Firm’s Registration No.: 101248W/W-100022
Azim H Premji
Chairman & Managing
Director
N Vaghul
Director
M K Sharma
Director
Supreet Sachdev
Partner
Membership No.: 205385
Bangalore
June 3, 2015
Jatin Pravinchandra Dalal T K Kurien
Chief Financial Officer
Chief Executive Officer
& Executive Director
M Sanaulla Khan
Company Secretary
135
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Standalone Financial StatementsWipro Limited
CASH FLOW STATEMENT
(` in Millions)
Year ended March 31,
B.
A.
Cash flows from operating activities:
Profit before tax
Adjustments:
Depreciation and amortisation
Amortisation of share based compensation
Provision for diminution in the value of non-current investments
Exchange differences, net
Interest on borrowings
Dividend / interest income
Proft on sale of investments
Loss/(Gain) on sale of fixed assets
Working capital changes :
Trade receivables and unbilled revenue
Loans and advances and other assets
Inventories
Liabilities and provisions
Net cash generated from operations
Direct taxes paid, net
Net cash generated by operating activities
Cash flows from investing activities:
Acquisition of fixed assets including capital advances
Proceeds from sale of fixed assets
Purchase of investments
Proceeds from sale / maturity of investments
Investment in interest bearing and non callable deposits
Refund of interest bearing deposits
Investment in subsidiaries
Payment made pursuant to demerger
Loan repayment by subsidiaries
Dividend / interest income received
Net cash (used in) / generated from investing activities
Cash flows from financing activities:
Proceeds from exercise of employee stock options
Interest paid on borrowings
Dividends paid including distribution tax
Proceeds from borrowings / loans
Repayment of borrowings / loans
Net cash used in financing activities
Net increase in cash and cash equivalents during the year
Cash and cash equivalents at the beginning of the year
Amount transferred consequent to Amalgamation of Subsidiaries
Effect of exchange rate changes on cash balance
Cash and cash equivalents at the end of the year [refer note 21]
The notes referred to above form an integral part of the Cash Flow Statement
C.
2015
105,570
7,784
1,296
-
3,156
511
(15,834)
(3,948)
8
2,851
(4,022)
(2,511)
5,146
100,007
(22,971)
77,036
(8,739)
445
(550,990)
561,106
(39,200)
13,500
(3,425)
-
-
12,353
(14,950)
5
(253)
(29,239)
90,212
(79,086)
(18,361)
43,725
105,549
-
151
149,425
2014
96,082
7,367
535
(1,875)
3,045
732
(12,835)
(1,537)
(18)
(6,067)
(8,849)
922
11,256
88,758
(22,872)
65,886
(6,703)
1,017
(465,756)
473,672
(13,905)
10,865
(5,927)
(3,553)
928
11,758
2,396
6
(674)
(23,069)
102,078
(119,227)
(40,886)
27,396
78,004
642
(493)
105,549
As per our report of even date attached
For and on behalf of the Board of Directors
for BSR & Co. LLP
Chartered Accountants
Firm’s Registration No.: 101248W/W-100022
Azim H Premji
Chairman & Managing
Director
N Vaghul
Director
M K Sharma
Director
Supreet Sachdev
Partner
Membership No.: 205385
Bangalore
June 3, 2015
136
Jatin Pravinchandra Dalal T K Kurien
Chief Financial Officer
Chief Executive Officer
& Executive Director
M Sanaulla Khan
Company Secretary
04_Wipro AR_Standalone Accnts_2015.indd 136
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Standalone Financial StatementsAnnual Report 2014-15
NOTES TO THE FINANCIAL STATEMENTS
(` in millions, except share and per share data, unless otherwise stated)
1. Company overview
iii. Goodwill
Wipro Limited (Wipro or the Company), is a leading India
based provider of IT Services, including Business Process
Services (BPS), globally and IT Products.
The goodwill arising on acquisition of a group of assets is
not amortized and is tested for impairment if indicators of
impairment exist.
Wipro is a public limited company incorporated and
domiciled in India. The address of its registered office is
Wipro Limited, Doddakannelli, Sarjapur Road, Bangalore
- 560 035, Karnataka, India. Wipro has its primary listing
with Bombay Stock Exchange and National Stock Exchange
in India. The Company’s American Depository Shares
representing equity shares are also listed on the New York
Stock Exchange.
2.
Significant accounting policies
i.
Basis of preparation of financial statements
The financial statements are prepared in accordance
with Generally Accepted Accounting Principles in India
(GAAP) under the historical cost convention on the
accrual basis, except for certain financial instruments
which are measured on a fair value basis. GAAP comprises
mandatory accounting standards as prescribed under
Section 133 of the Companies Act, 2013 (‘Act’) read
with Rule 7 of the Companies (Accounts) Rules, 2014,
and the relevant provisions of the Companies Act,
2013 (“the 2013 Act”) / Companies Act, 1956 (“the 1956
Act”), as applicable, Accounting Standards (‘AS’) issued
by Institute of Chartered Accountants of India (ICAI)
and other generally accepted accounting principles in
India.
All amounts included in the financial statements are
reported in millions of Indian rupees (` in millions)
except share and per share data, unless otherwise stated.
Due to rounding off, the numbers presented throughout
the document may not add up precisely to the totals
and percentages may not precisely reflect the absolute
figures.
ii.
Use of estimates
The preparation of financial statements requires
management to make judgments, estimates and
assumptions that affect the application of accounting
policies and the reported amounts of assets and
liabilities and the disclosure of contingent liabilities as at
the date of financial statements and reported amounts
of income and expenses during the year. Estimates and
underlying assumptions are reviewed on an ongoing
basis. Revision to accounting estimates is recognised in
the year in which the estimates are revised and in any
future year affected.
iv.
Fixed Asset
Tangible assets are stated at historical cost less accumulated
depreciation and impairment loss, if any. Costs include
expenditure directly attributable to the acquisition of
the asset. Borrowing costs directly attributable to the
construction or production of qualifying assets are
capitalized as part of the cost.
When parts of an item of property, plant and equipment
have different useful lives, they are accounted for as
separate items (major components) of property, plant and
equipment. Subsequent expenditure relating to property,
plant and equipment is capitalized only when it is probable
that future economic benefits associated with these will
flow to the Company and the cost of the item can be
measured reliably.
Intangible assets are stated at the consideration paid for
acquisition less accumulated amortization and impairment
loss, if any.
Cost of fixed assets not ready for use before the balance
sheet date is disclosed as capital work-in-progress.
Advances paid towards the acquisition of fixed assets
outstanding as of each balance sheet date is disclosed
under long term loans and advances.
v.
Investments
Non-current investments are stated at cost less other than
temporary diminution in the value of such investments, if
any. Current investments are valued at lower of cost and
fair value determined by category of investment. The fair
value is determined using quoted market price/market
observable information adjusted for cost of disposal. On
disposal of the investment, the difference between its
carrying amount and net disposal proceeds is charged or
credited to the statement of profit and loss.
vi.
Inventories
Inventories are valued at lower of cost and net realizable
value, including necessary provision for obsolescence.
Cost is determined using the weighted average method.
Cost of work-in-progress and finished goods include
material cost and appropriate share of manufacturing
overheads. Cost of inventories comprises all costs of
purchase, costs of conversion and other costs incurred
in bringing the inventories to their present location and
condition.
137
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Standalone Financial StatementsWipro Limited
vii. Provisions and contingent liabilities
Provisions are recognised when the Company has a
present obligation as a result of past events, it is probable
that an outflow of resources will be required to settle the
obligation, and a reliable estimate can be made of the
amount of obligation.
A disclosure for a contingent liability is made when there is
a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. Where
there is a possible obligation or a present obligation in
respect of which the likelihood of outflow of resources is
remote, no provision or disclosure is made.
Provision for onerous contracts is recognized when the
expected benefits to be derived from the contract are
lower than the unavoidable cost of meeting the future
obligations under the contract.
viii. Revenue recognition
The Company derives revenue primarily from software
development, maintenance of software/hardware and
related services, business process services, sale of IT and
other products.
Services:
The Company recognizes revenue when the significant
terms of the arrangement are enforceable, services have
been delivered and the collectability is reasonably assured.
The method of recognizing the revenues and costs
depends on the nature of the services rendered:
A. Time and material contracts
Revenues and costs relating to time and material contracts
are recognized as the related services are rendered.
B.
Fixed-price contracts
Revenues from fixed-price contracts, including systems
development and integration contracts are recognized
using the “percentage - of- completion” method.
Percentage of completion is determined based on
project costs incurred to date as a percentage of total
estimated project costs required to complete the project.
The cost expended (or input) method has been used
to measure progress towards completion as there is a
direct relationship between input and productivity. If the
Company does not have a sufficient basis to measure the
progress of completion or to estimate the total contract
revenues and costs, revenue is recognized only to the
extent of contract cost incurred for which recoverability is
probable. When total cost estimates exceed revenues in an
arrangement, the estimated losses are recognized in the
statement of profit and loss in the period in which such
losses become probable based on the current contract
estimates.
138
‘Unbilled revenues’ represent cost and earnings in excess
of billings as at the end of the reporting period. ‘Unearned
revenues’ represent billing in excess of revenue recognized.
Advance payments received from customers for which no
services have been rendered are presented as ‘Advance
from customers’.
C. Maintenance Contracts
Revenue from maintenance contracts is recognized ratably
over the period of the contract using the percentage of
completion method. When services are performed through
an indefinite number of repetitive acts over a specified
period of time, revenue is recognized on a straight-line
basis over the specified period unless some other method
better represents the stage of completion.
In certain projects, a fixed quantum of service or output
units is agreed at a fixed price for a fixed term. In such
contracts, revenue is recognized with respect to the
actual output achieved till date as a percentage of total
contractual output. Any residual service unutilized by the
customer is recognized as revenue on completion of the
term.
D. Others
•
•
•
•
The Company accounts for volume discounts and
pricing incentives to customers by reducing the
amount of revenue recognized at the time of sale.
The Company accrues the estimated cost of warranties
at the time when the revenue is recognized. The
accruals are based on the Company’s historical
experience of material usage and service delivery
costs.
Costs that relate directly to a contract and incurred
in securing a contract are recognized as an asset and
amortized over the contract term.
Contract expenses are recognised as expenses by
reference to the stage of completion of contract
activity at the end of the reporting period.
Products:
Revenue from sale of products is recognised when the
significant risks and rewards of ownership has been
transferred in accordance with the sales contract. Revenue
from product sales is shown net of excise duty and net of
sales tax separately charged and applicable discounts.
Other income:
Agency commission is accrued when shipment of
consignment is dispatched by the principal.
Interest is recognized using the time-proportion method,
based on rates implicit in the transaction.
Dividend income is recognized when the Company’s right
to receive dividend is established.
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Standalone Financial StatementsAnnual Report 2014-15
ix.
Leases
Leases of assets, where the Company assumes substantially
all the risks and rewards of ownership are classified as
finance leases. Finance leases are capitalized at the lower
of the fair value of the leased assets at inception and the
present value of minimum lease payments. Lease payments
are apportioned between the finance charge and the
outstanding liability. The finance charge is allocated to
periods during the lease term at a constant periodic rate
of interest on the remaining balance of the liability.
Leases where the lessor retains substantially all the risks
and rewards of ownership are classified as operating leases.
Lease rentals in respect of assets taken under operating
leases are charged to statement of profit and loss on a
straight line basis over the lease term.
In certain arrangements, the Company recognizes revenue
from the sale of products given under finance leases. The
Company records gross finance receivables, unearned
interest income and the estimated residual value of the
leased equipment on consummation of such leases.
Unearned interest income represents the excess of the
gross finance lease receivable plus the estimated residual
value over the sales price of the equipment. The Company
recognizes unearned interest income as financing revenue
over the lease term using the effective interest method.
x.
Foreign currency transactions
The Company is exposed to currency fluctuations on foreign
currency transactions. Foreign currency transactions are
accounted in the books of account at the exchange rates
prevailing on the date of transaction.
Transaction:
The difference between the rate at which foreign currency
transactions are accounted and the rate at which they are
realized is recognized in the statement of profit and loss.
Translation:
Monetary foreign currency assets and liabilities at period-
end are translated at the exchange rate prevailing at the
date of Balance Sheet. The difference arising from the
translation is recognised in the statement of profit and loss,
except for the exchange difference arising on monetary
items that qualify as hedging instruments in a cash flow
hedge or hedge of a net investment in a non-integral
foreign operation. In such cases the exchange difference is
initially recognised in hedging reserve or Foreign Currency
Translation Reserve (FCTR), respectively. Such exchange
differences are subsequently recognised in the statement
of profit and loss on occurrence of the underlying
hedged transaction or on disposal of the investment,
respectively. Further, foreign currency differences arising
from translation of intercompany receivables or payables
relating to foreign operations, the settlement of which
is neither planned nor likely in the foreseeable future,
are considered to form part of net investment in foreign
operation and are recognized in FCTR. When a foreign
operation is disposed of, the relevant amount recognized
in FCTR is transferred to the statement of profit and loss as
part of the profit or loss on disposal.
The amended AS 11 provides an irrevocable option to the
Company to amortise exchange rate fluctuation on long
term foreign currency monetary asset/liability over the
life of the asset/liability or March 31, 2020, whichever is
earlier. The amendment is applicable retroactively from
the financial year beginning on or after December 7, 2006.
The Company did not elect to exercise this option.
xi.
Financial Instruments
Financial instruments are recognised when the Company
becomes a party to the contractual provisions of the
instrument.
Derivative instruments and Hedge accounting:
The Company is exposed to foreign currency fluctuations
on foreign currency assets, liabilities, net investment in a
non-integral foreign operation and forecasted cash flows
denominated in foreign currency. The Company limits the
effects of foreign exchange rate fluctuations by following
established risk management policies including the use of
derivatives. The Company enters into derivative financial
instruments, where the counterparty is primarily a bank.
Premium or discount on foreign exchange forward
contracts taken to hedge foreign currency risk of an existing
asset / liability is recognised in the statement of profit and
loss over the period of the contract. Exchange differences
on such contracts are recognised in the statement of profit
and loss of the reporting period in which the exchange
rates change.
The Company has adopted the principles of Accounting
Standard 30, Financial Instruments: Recognition
and Measurement (AS 30) issued by ICAI except to
the extent the adoption of AS 30 does not conflict
with existing accounting standards prescribed by
Companies (Accounts) Rules, 2014 and other authoritative
pronouncements.
In accordance with the recognition and measurement
principles set out in AS 30, changes in fair value of derivative
financial instruments designated as cash flow hedges are
recognised directly in shareholders’ funds and reclassified
into the statement of profit and loss upon the occurrence
of the hedged transaction.
Changes in the fair value relating to the ineffective
portion of the hedges and derivative instruments that do
not qualify for hedge accounting are recognised in the
statement of profit and loss.
The fair value of derivative financial instruments is
determined based on observable market inputs including
139
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Standalone Financial StatementsWipro Limited
currency spot and forward rates, yield curves, currency
volatility etc.
xii. Depreciation and amortization
The Company has provided for depreciation using straight
line method over the useful life of the assets as prescribed
under part C of Schedule II of the Companies Act, 2013
except in the case of following assets which are depreciated
based on useful lives estimated by the Management:
Class of asset
Buildings
Computer including telecom equipment and
software (included under plant and machinery)
Furniture and fixtures
Electrical installations (included under plant
and machinery)
Estimated
useful life
28 – 40 years
2 – 7 years
5 – 6 years
5 years
Other than financial assets:
The Company assesses at each balance sheet date whether
there is any indication that a non-financial asset including
goodwill may be impaired. If any such indication exists, the
Company estimates the recoverable amount of the asset.
If such recoverable amount of the asset or the recoverable
amount of the cash generating unit to which the asset
belongs to is less than its carrying amount, the carrying
amount is reduced to its recoverable amount. The reduction
is treated as an impairment loss and is recognised in the
statement of profit and loss. If at the balance sheet date
there is an indication that a previously assessed impairment
loss no longer exists, the recoverable amount is reassessed
and the asset is reflected at the recoverable amount subject
to a maximum of depreciated historical cost. In respect of
goodwill, the impairment loss will be reversed only when
it was caused by specific external events of an exceptional
nature that is not expected to recur and their effects have
been reversed by subsequent external events.
Vehicles
4 years
xiv. Employee benefits
For the class of assets mentioned above, based on internal
technical assessment the management believes that the
useful lives as given above best represent the period over
which management expects to use these assets. Hence
the useful lives for these assets are different from the
useful lives as prescribed under Part C of Schedule II of the
Companies Act, 2013.
Freehold land is not depreciated.
Intangible assets are amortized over their estimated useful
life on a straight line basis.
Payments for leasehold land are amortised over the period
of lease.
Fixed assets individually costing Rupees five thousand or
less are depreciated at 100% over a period of one year.
Assets under finance lease are amortised over their
estimated useful life or the lease term, whichever is lower.
xiii.
Impairment of assets
Financial assets:
The Company assesses at each balance sheet date whether
there is any objective evidence that a financial asset or
group of financial assets is impaired. If any such indication
exists, the Company estimates the amount of impairment
loss. The amount of loss for receivables is measured as
the difference between the assets carrying amount and
undiscounted amount of future cash flows. Reduction,
if any, is recognised in the statement of profit and loss.
If at the balance sheet date there is any indication that
a previously assessed impairment loss no longer exists,
the recognised impairment loss is reversed, subject to
maximum of initial carrying amount of the short-term
receivable.
140
Provident fund:
Employees receive benefits from a provident fund. The
employee and employer each make monthly contributions
to the plan. A portion of the contribution is made to the
provident fund trust managed by the Company, while the
remainder of the contribution is made to the Government
administered pension fund. The Company is generally
liable for any shortfall in the fund assets based on the
government specified minimum rate of return.
Compensated absences:
The employees of the Company are entitled to compensated
absences. The employees can carry forward a portion of
the unutilized accumulating compensated absences and
utilize it in future periods or receive cash at retirement
or termination of employment. The Company records an
obligation for compensated absences in the period in
which the employee renders the services that increases
this entitlement. The Company measures the expected
cost of compensated absences as the additional amount
that the Company expects to pay as a result of the unused
entitlement that has accumulated at the end of the
reporting period. The Company recognizes accumulated
compensated absences based on actuarial valuation
carried out by independent actuary using the projected
unit credit method. Non-accumulating compensated
absences are recognized in the period in which the
absences occur. The Company recognizes actuarial gains
and losses immediately in the statement of profit and loss
account.
Gratuity:
In accordance with the Payment of Gratuity Act, 1972, the
Company provides for a lump sum payment to eligible
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Standalone Financial StatementsAnnual Report 2014-15
employees, at retirement or termination of employment
based on the last drawn salary and years of employment
with the Company. The gratuity fund is managed by the Life
Insurance Corporation of India (LIC), HDFC Standard Life,
TATA AIG life and Birla Sun-life. The Company’s obligation
in respect of the gratuity plan, which is a defined benefit
plan, is provided for based on actuarial valuation carried
out by an independent actuary using the projected unit
credit method. The Company recognizes actuarial gains
and losses immediately in the statement of profit and loss.
Superannuation:
Superannuation plan, a defined contribution scheme,
is administered by the LIC and ICICI Prudential Life
Insurance Company Limited. The Company makes annual
contributions based on a specified percentage of each
covered employee’s salary.
xv. Employee stock options
The Company determines the compensation cost based
on the intrinsic value method. The compensation cost
is amortised on a straight line basis over the vesting
period.
xvi. Taxes
Income tax:
The current charge for income taxes is calculated in
accordance with the relevant tax regulations. Tax liability
for domestic taxes has been computed under Minimum
Alternate Tax (MAT). MAT credit are being recognized if
there is convincing evidence that the Company will pay
normal tax after the tax holiday period and the resultant
asset can be measured reliably. The excess tax paid under
MAT provisions being over and above regular tax liability
can be carried forward for a period of ten years from the
year of recognition and is available for set off against future
tax liabilities computed under regular tax provisions, to the
extent of MAT liability.
Deferred tax assets on timing differences are recognised
only if there is a reasonable certainty that sufficient future
taxable income will be available against which such deferred
tax assets can be realized. However, deferred tax assets on
the timing differences when unabsorbed depreciation
and losses carried forward exist, are recognised only to
the extent that there is virtual certainty that sufficient
future taxable income will be available against which such
deferred tax assets can be realized.
Deferred tax assets are reassessed for the appropriateness
of their respective carrying amounts at each balance sheet
date.
The Company offsets, on a year on year basis, the current
and non-current tax assets and liabilities, where it has a
legally enforceable right and where it intends to settle such
assets and liabilities on a net basis.
xvii. Earnings per share
Basic:
The number of equity shares used in computing basic
earnings per share is the weighted average number of
shares outstanding during the year excluding equity shares
held by controlled trusts.
Diluted:
The number of equity shares used in computing diluted
earnings per share comprises the weighted average
number of equity shares considered for deriving basic
earnings per share, and also the weighted average number
of equity shares that could have been issued on the
conversion of all dilutive potential equity shares.
Dilutive potential equity shares are deemed converted as
of the beginning of the period, unless issued at a later date.
The number of equity shares and potentially dilutive equity
shares are adjusted for any stock splits and bonus shares
issued.
Deferred tax:
xviii. Cash flow statement
Cash flows are reported using the indirect method,
whereby net profits before tax is adjusted for the effects
of transactions of a non-cash nature and any deferrals or
accruals of past or future cash receipts or payments. The
cash flows from regular revenue generating, investing and
financing activities of the Company are segregated.
Deferred tax assets and liabilities are recognised for the
future tax consequences attributable to timing differences
that result between the profit offered for income taxes and
the profit as per the financial statements of the Company.
Deferred taxes are recognised in respect of timing
differences which originate during the tax holiday period
but reverse after the tax holiday period. For this purpose,
reversal of timing difference is determined using first in first
out method.
Deferred tax assets and liabilities are measured using the tax
rates and tax laws that have been enacted or substantively
enacted by the balance sheet date. The effect on deferred
tax assets and liabilities of a change in tax rates is recognised
in the period that includes the enactment/substantive
enactment date.
141
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Standalone Financial StatementsWipro Limited
3.
Share capital
Authorised Capital
2,917,500,000 (2014: 2,650,000,000) equity shares [Par value of ` 2 per share]
25,000,000 (2014: 25,000,000) 10.25 % redeemable cumulative preference shares
[Par value of ` 10 per share]
150,000 (2014: Nil) 10% Optionally convertible cumulative preference shares [Par value of
` 100 per share]
Issued, subscribed and fully paid-up capital
2,469,043,038 (2014: 2,466,317,273) equity shares of ` 2 each [refer note (i) below]
Terms / Rights attached to equity shares
As at March 31,
2015
5,385
250
15
6,100
4,937
2014
5,300
250
-
5,550
4,932
The Company has only one class of equity shares having a par value of ` 2 per share. Each holder of equity shares is entitled to
one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors
is subject to shareholders approval in the ensuing Annual General Meeting.
Following is the summary of per share dividends recognised as distributions to equity share holders:
Interim Dividend
Final Dividend
Year ended March 31,
2015
` 5
` 7
2014
` 3
` 5
In the event of liquidation of the Company, the equity share holders will be entitled to receive the remaining assets of the Company,
after distribution of all preferential amounts, if any, in proportion to the number of equity shares held by the shareholders.
(i) Reconciliation of number of shares
As at March 31, 2015
As at March 31, 2014
No of Shares
` million
No of shares
` million
Opening number of equity shares / American Depository
Receipts (ADRs) outstanding
Equity shares / American Depository Receipts (ADRs) issued
pursuance to Employee Stock Option Plan
2,466,317,273
4,932
2,462,934,730
2,725,765
5
3,382,543
Closing number of equity shares / ADRs outstanding
2,469,043,038
4,937
2,466,317,273
4,926
6
4,932
142
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Standalone Financial StatementsAnnual Report 2014-15 (ii) Details of shareholders having more than 5% of the total equity shares of the Company
Name of the Shareholder
Sl.
No.
As at March 31, 2015
As at March 31, 2014
No of shares
% held No of shares
% held
1 Mr. Azim Hasham Premji Partner representing Hasham Traders
370,956,000
15.02
370,956,000
2 Mr. Azim Hasham Premji Partner representing Prazim Traders
452,906,791
18.34
452,906,791
3 Mr. Azim Hasham Premji Partner representing Zash Traders
451,619,790
18.29
451,619,790
4
Azim Premji Trust
429,714,120
17.40
429,714,120
15.04
18.36
18.31
17.42
(iii) Other details of Equity Shares for a period of five years immediately preceding March 31, 2015
Aggregate number of share allotted as fully paid up pursuant to contract(s) without payment
being received in cash
(Allotted to the Wipro Inc Trust, the sole beneficiary of which is Wipro LLC, a wholly owned
subsidiary of the Company, in consideration of acquisition of inter-company investments)
As at March 31,
2015
841,585
2014
841,585
Aggregate number of shares allotted as fully paid bonus shares
979,119,256
979,119,256
Aggregate number of shares bought back
(iv) Shares reserved for issue under option
-
-
For details of shares reserved for issue under the employee stock option plan of the Company, refer note 39.
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143
Standalone Financial StatementsWipro Limited 4.
Reserves and Surplus:
Capital Reserve
Balance brought forward from previous year
Additions during the year
Capital Redemption Reserve
Balance brought forward from previous year
Adjustment on account of amalgamation (refer note 45)
Securities premium account
Balance brought forward from previous year
Add: Exercise of stock options by employees
Adjustment on account of amalgamation (refer note 45)
Restricted stock units reserve [refer note 39] *
Employee stock options outstanding
Less: Deferred employee compensation expense
General reserve
Balance brought forward from previous year
Adjustment on account of amalgamation (refer note 45)
Compensation cost related to Employee share based payment transaction
Amount transferred from surplus balance in the statement of profit and loss
Foreign currency translation reserve [refer note 2(x)]
Balance brought forward from previous year
On account of foreign branch operations
Hedging reserve [refer note 35 & 2 (xi)]
Balance brought forward from previous year
Gain / (loss) on cash flow hedging derivatives, net
Surplus from statement of profit and loss
Balance brought forward from previous year
Profit for the year
Less: Appropriations
- Interim dividend
- Proposed dividend
- Tax on dividend
- Amount transferred to general reserve
Closing balance
As at March 31,
2015
1,139
-
1,139
14
-
14
12,733
909
-
13,642
3,380
(2,565)
815
151,486
-
104
8,193
159,783
608
1,061
1,669
569
3,701
4,270
121,769
81,931
12,353
17,283
5,924
8,193
159,947
341,279
2014
1,139
-
1,139
-
14
14
11,758
904
71
12,733
1,947
(1,638)
309
143,773
430
(104)
7,383
151,486
501
107
608
1,278
(709)
569
78,371
73,874
7,404
12,332
3,353
7,387
121,769
288,627
*Restricted stock units reserve includes Deferred Employee Compensation, which represents future charge to the statement of
profit and loss and employee stock options outstanding to be treated as securities premium at the time of allotment of shares.
144
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Standalone Financial StatementsAnnual Report 2014-15
5.
Share application money pending allotment
Share application money pending allotment represents monies received against shares to be issued under the employee stock
option plan formulated by the Company as at the year end. Securities premium on account of these shares pending allotment
amounts to ` 3 and ` 156 as at March 31, 2015 and 2014, respectively is included in the ‘Restricted stock units reserve’. The
Company has sufficient authorized equity share capital to cover the share capital amount arising from allotment of shares
pending allotment as at March 31, 2015 and 2014 and there are no interest accrued and due on amount due for refund as at
March 31, 2015 and 2014.
6.
Long term borrowings
Secured:
Obligation under finance lease (a)
Unsecured:
Term loan:
External commercial borrowing (b)
Others (c)
As at March 31,
2015
1,143
1,143
9,375
114
9,489
10,632
2014
1,060
1,060
8,985
16
9,001
10,061
(a) Obligation under finance lease is secured by underlying fixed assets. These obligations are repayable in monthly installments up
to year ending March 31, 2020. The interest rate for these obligations ranges from 1.43% to 13.84% (2014: 1.5% to 17.2%).
(b) The Company entered into an arrangement with a consortium of banks to obtain External Commercial Borrowings (ECB) during
the year ended March 31, 2014. Pursuant to this arrangement, the Company has availed ECB of USD 150 million repayable in
full in June 2018. The ECB carries an average interest rate of LIBOR+1.25% p.a (2014: LIBOR+1.25% p.a.). The ECB is an unsecured
borrowing and the Company is subject to certain customary restrictions on additional borrowings and quantum of payments
for acquisitions in a financial year.
(c) Unsecured loans from others are interest free which is repayable in monthly installments within the year ending March 31, 2018.
As at March 31, 2015 and 2014, the Company has complied with all the covenants under the loan arrangements.
7. Other long term liabilities
Derivative liabilities
Others
8.
Long term provisions
Employee benefit obligations
Warranty provision [refer note 40]
As at March 31,
2015
71
210
281
As at March 31,
2015
2,731
5
2,736
2014
629
-
629
2014
2,883
6
2,889
Employee benefit obligations include provision for gratuity, other retirement benefits and compensated absences.
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145
Standalone Financial StatementsWipro Limited
9.
Short term borrowings
Unsecured:
Loan repayable on demand from banks(a)
Cash credit(b)
As at March 31,
2015
49,477
227
49,704
2014
35,042
-
35,042
(a) Rate of Interest for PCFC loan ranges from 0.27% - 0.63% (2014: 1% to 2%) and other than PCFC loan 7.5% (2014: 12.2%)
(b) The interest rate for cash credit is 0.40%
10. Trade payables
Trade payables
Accrued expenses
11. Other current liabilities
Current maturities of long-term borrowings (a)
Current maturities of obligation under finance lease (a)
Unearned revenue
Statutory liabilities
Derivative liabilities
Capital creditors
Advances from customers
Unclaimed dividends
Interest accrued but not due on borrowings
Balances due to related parties[refer note 46]
(a) For rate of interest and other terms and conditions, refer note 6
12. Short term provisions
Employee benefit obligations
Provision for tax
Proposed dividend
Tax on proposed dividend
Warranty provision [refer note 40]
Provisions-others taxes [refer note 40]
Others
As at March 31,
2015
37,284
20,004
57,288
As at March 31,
2015
104
586
14,021
3,417
3,922
703
1,989
25
404
340
25,511
As at March 31,
2015
4,438
14,055
17,283
3,456
333
1,211
374
41,150
2014
36,013
17,553
53,566
2014
156
571
11,100
3,170
4,632
494
2,918
27
147
833
24,048
2014
4,787
15,251
12,332
2,096
276
1,031
423
36,196
Employee benefit obligations include other retirement benefits and compensated absences.
146
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Standalone Financial StatementsAnnual Report 2014-15
13. Tangible assets
Gross carrying value
As at April 1, 2013
Addition on account of Amalgamation
(refer note 45)
Additions(b)
Disposal/Adjustments
As at March 31, 2014
As at April 1, 2014
Additions(b)
Disposal/Adjustments
As at March 31, 2015
Accumulated depreciation/
Impairment
As at April 1, 2013
Adjustment on account of Amalgamation
(refer note 45)
Charge for the year
Deductions / other adjustments(c)
As at March 31, 2014
As at April 1, 2014
Charge for the year
Deductions / other adjustments(c)
As at March 31, 2015
Net Block
As at March 31, 2014
As at March 31, 2015
Land(a)
Buildings
Plant and
machinery
Furniture
and
fixtures
Office
equipment
Vehicles
Total
4,900
-
517
(661)
4,756
4,756
-
-
4,756
84
-
117
178
379
379
39
-
418
19,099
86
1,021
(59)
20,147
20,147
272
(68)
20,351
2,013
84
565
(23)
2,639
2,639
564
9
3,212
43,883
462
6,697
(1,115)
49,927
49,927
6,767
(4,194)
52,500
33,118
443
5,369
(471)
38,459
38,459
6,039
(3,936)
40,562
7,742
59
403
(25)
8,179
8,179
416
(253)
8,342
5,589
37
910
(554)
5,982
5,982
832
(178)
6,636
2,668
94
303
(90)
2,975
2,975
223
(20)
3,178
1,967
90
342
(86)
2,313
2,313
285
9
2,607
1,299
8
2
(482)
827
827
2
(128)
701
79,591
709
8,943
(2,432)
86,811
86,811
7,680
(4,663)
89,828
1,260
8
44,031
662
39
(483)
824
824
5
(136)
693
7,342
(1,439)
50,596
50,596
7,764
(4,232)
54,128
4,377
4,338
17,508
17,139
11,468
11,938
2,197
1,706
662
571
3
8
36,215
35,700
(a) Includes gross block of ` 1,613 (2014: ` 1,613) and accumulated amortization of ` 418 (2014: ` 379) being leasehold land.
(b) Interest capitalized during the year ended March 31, 2015, aggregated to ` 105 (2014: ` 149).
(c) Includes regrouping/reclassification within the block of assets.
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147
Standalone Financial StatementsWipro Limited 14.
Intangible assets and goodwill
Goodwill
Technical
Know-how
Patents,
trademarks and
rights
Total
3,434
-
3,434
3,434
-
1,187
4,621
-
-
-
-
-
-
-
3,434
4,621
111
-
111
111
(100)
-
11
63
12
75
75
8
(82)
1
36
10
52
26
78
78
-
-
78
-
13
13
13
12
-
25
65
53
3,597
26
3,623
3,623
(100)
1,187
4,710
63
25
88
88
20
(82)
26
3,535
4,684
As at March 31,
2015
2014
49,229
49,256
3,452
-*
3,116
55,797
2,712
51,968
Gross carrying value
As at April 1, 2013
Additions
As at March 31, 2014
As at April 1, 2014
Disposal/Adjustments
Translation Adjustment
As at March 31, 2015
Amortization
As at April 1, 2013
Charge for the year
As at March 31, 2014
As at April 1, 2014
Charge for the year
Disposal/Adjustments
As at March 31, 2015
Net Block
As at March 31, 2014
As at March 31, 2015
15. Non-current investments
(Valued at cost unless stated otherwise)
Trade
Investments in unquoted equity instruments
- Subsidiaries [refer note 43 (i)]
Investments in unquoted preference shares
- Subsidiary [refer note 43 (ii)]
Non-trade
Investment in unquoted equity instruments
- Others [refer note 43 (iii)]
* Value of investments is less than one million rupees.
148
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Standalone Financial StatementsAnnual Report 2014-15
16. Long term loans and advances
(Unsecured, considered good unless otherwise stated)
Loans to subsidiary companies*
Capital advances
Prepaid expenses
Security deposits
Other deposits
Deferred contract costs
Advance income tax, net of provision for tax
MAT credit entitlement
* Refer note 46 for loans given to subsidiaries.
17. Other non-current assets
Secured, considered good:
Finance lease receivables
Unsecured, considered good:
Derivative assets
Finance lease receivables are secured by the underlying assets given on lease.
18. Current investments
(Valued at cost or fair value whichever is less)
Quoted
Investments in Indian money market mutual funds * [refer note 44 (i)]
Investments in debentures [refer note 44 (ii)]
Unquoted
Certificate of deposit/bonds [refer note 44 (iii)]
Aggregate market value of quoted investments
Aggregate book value of quoted investments (current and non-current)
Aggregate book value of unquoted investments (current and non-current)
As at March 31,
2015
1,848
1,482
2,602
1,383
206
4,445
16,906
1,838
30,710
As at March 31,
2015
2,632
2,632
736
736
3,368
As at March 31,
2015
10,199
751
10,950
40,938
40,938
51,888
11,024
10,950
96,735
2014
1,770
943
1,019
1,261
369
3,711
19,070
1,838
29,981
2014
5,104
5,104
286
286
5,390
2014
17,963
51
18,014
40,378
40,378
58,392
18,257
18,014
92,346
* includes investments in mutual fund amounting to Nil (2014: ` 228) pledged as margin money deposit for entering into currency
future contracts. The remaining maturity of such outstanding future contracts does not exceed 12 months from the reporting date.
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149
Standalone Financial StatementsWipro Limited
19.
Inventories
(At lower of cost and net realizable value)
Raw materials [including goods in transit - Nil (2014 : ` 1)]
Work in progress
Finished goods [including goods in transit - ` 8 (2014 : ` 28)]
Traded goods
Stores and spares
20. Trade Receivables
Unsecured:
Over six months from the date they were due for payment
Considered good
Considered doubtful
Less: Provision for doubtful receivables
Other receivables
Considered good
Considered doubtful
Less: Provision for doubtful receivables
21. Cash and bank balances
Cash and cash equivalents
Balances with banks
- In current accounts
- Unclaimed dividend
- In deposit accounts
Cheques, drafts on hand
Cash on hand
Other Deposits with banks
Total
Deposit accounts with more than 3 months but less than 12 months maturity
Deposit accounts with more than 12 months maturity
As at March 31,
2015
2
2
8
3,850
932
4,794
2014
36
16
65
1,236
930
2,283
As at March 31,
2015
2014
8,804
4,377
13,181
(4,377)
8,804
72,638
132
72,770
(132)
72,638
81,442
14,542
3,756
18,298
(3,756)
14,542
70,967
162
71,129
(162)
70,967
85,509
As at March 31,
2015
2014
41,903
25
106,429
1,067
1
149,425
7,250
156,675
99,510
-
39,134
27
65,441
947
-*
105,549
-
105,549
40,590
-
Cash and cash equivalents include restricted cash balance of ` 25 (2014 : ` 27) primarily on account of unclaimed dividends.
* Value is less than one million rupees.
150
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Standalone Financial StatementsAnnual Report 2014-15
22. Short term loans and advances
(Unsecured, considered good unless otherwise stated)
Employee travel and other advances
Advance to suppliers
Balance with excise, customs and other authorities
Prepaid expenses
Other deposits
Security deposits
Interest bearing deposits
Deferred contract costs
Others
Others, considered doubtful
Less: Provision for doubtful loans and advances
23. Other current assets
Secured and considered good:
Finance lease receivables
Unsecured and considered good:
Derivative assets
Interest receivable
Unbilled revenue
Finance lease receivables are secured by the underlying assets given on lease.
As at March 31,
2015
3,264
1,173
1,475
6,293
253
1,620
30,950
3,610
3,923
865
53,426
(865)
52,561
As at March 31,
2015
3,190
3,190
7,474
7,144
33,387
48,005
51,195
2014
2,325
1,003
938
4,623
289
1,243
12,500
3,852
2,520
826
30,119
(826)
29,293
2014
2,986
2,986
5,514
4,345
32,171
42,030
45,016
151
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Standalone Financial StatementsWipro Limited
24. Revenue from operations (gross)
Sale of products
Sale of services
(A) Details of revenue from sale of products
Mini computers/micro-processor based systems including accessories, MS licenses
Networking, storage equipment, servers, software licenses
Others
Less: Excise duty
(B) Details of revenue from services rendered
Software services
IT enabled services
Others
25. Other income
Income from current investments
- Dividend on mutual fund units
- Profit on sale of investments, net
Interest income from banks and others
Other exchange differences, net
Miscellaneous income
26. Cost of materials consumed
Opening stock
Add: Purchases
Less: Closing stock
152
Year ended March 31,
2015
27,492
384,608
412,100
2014
32,386
355,265
387,651
Year ended March 31,
2015
80
27,185
227
27,492
(2)
27,490
2014
9,111
15,240
8,035
32,386
(79)
32,307
Year ended March 31,
2015
356,576
27,175
857
384,608
2014
328,610
25,532
1,123
355,265
Year ended March 31,
2015
2014
224
3,948
15,610
4,259
949
24,990
354
1,537
12,481
1,385
355
16,112
Year ended March 31,
2015
36
-
(2)
34
2014
645
1,444
(36)
2,053
04_Wipro AR_Standalone Accnts_2015.indd 152
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Standalone Financial StatementsAnnual Report 2014-15
(A) Details of materials consumed
Memory, processors and hard disks
Monitors and cabinets
Operating systems
Motherboards and power supplies
Peripherals and add-on
Others
Less : Internal capitalization
27. Changes in inventories of finished goods, work in progress and Stock-in-trade
Opening stock
Work in progress
Traded goods
Finished products
Less: Closing stock
Work in progress
Traded goods
Finished products
(Increase)/Decrease
Details of purchase of traded goods
Networking equipment’s, storage devices and servers
Operating systems and software licenses
Desktops, laptops, printers and other peripherals
Others
Year ended March 31,
2015
7
8
5
4
8
2
-
34
Year ended March 31,
2015
16
1,236
65
1,317
2
3,850
8
3,860
(2,543)
Year ended March 31,
2015
16,415
6,857
545
747
2014
1,026
659
375
373
342
7
(729)
2,053
2014
43
1,149
134
1,326
16
1,236
65
1,317
9
2014
13,992
7,480
715
671
24,564
22,858
153
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Standalone Financial StatementsWipro Limited
28. Employee benefits expense
Salaries and wages
Contribution to provident and other funds
Share based compensation
Staff welfare expenses
29. Finance costs
Interest
Exchange fluctuations on foreign currency borrowings, net
(to the extent regarded as borrowing cost)
30. Other expenses
Sub-contracting / technical fees / third party application
Travel
Provision (Reversal) for diminution in the value of non-current investments
Repairs to building
Repairs to machinery
Power and fuel
Rent
Communication
Advertisement and sales promotion
Legal and professional
Staff recruitment
Carriage and freight
Consumption of stores and spares
Insurance
Rates and taxes
Auditors’ remuneration
As auditor
For certification including tax audit
Reimbursement of expenses
Miscellaneous expenses
154
Year ended March 31,
2015
188,024
3,727
1,296
4,216
2014
175,523
3,504
535
3,813
197,263
183,375
Year ended March 31,
2015
511
3,118
3,629
2014
732
3,015
3,747
Year ended March 31,
2015
52,076
19,662
26
343
3,412
2,426
2,682
4,011
1,567
2,965
1,119
88
(28)
547
728
34
3
3
9,123
100,787
2014
44,197
15,314
(1,875)
279
3,712
2,468
3,040
4,329
1,407
1,868
1,069
113
574
643
552
44
2
2
10,455
88,193
04_Wipro AR_Standalone Accnts_2015.indd 154
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Standalone Financial StatementsAnnual Report 2014-15
31.
Corporate Social Responsibility
a) Gross amount required to be spent by the Company during the year is ` 1,283.
b) Amount spent during the year on:
Sl. no Particulars
(i)
(ii)
Construction/acquisition of any asset
On purpose other than (i) above
32. Capital commitments
The estimated amount of contracts remaining to be
executed on Capital account and not provided for, net of
advances is ` 863 (2014: ` 614).
33. Contingent Liabilities, to the extent not provided for
Contingent liabilities in respect of:
Disputed demands for excise
duty, customs duty, sales tax
and other matters
Performance and financial
guarantees given by the banks
on behalf of the Company
Guarantees given by the
Company on behalf of
subsidiaries
As at March 31,
2015
2014
2,560
2,338
18,084
19,946
8,715
5,036
The Company’s Indian operations have been established as
units in Special Economic Zone and Software Technology
Park Unit under plans formulated by the Government of
India. As per the plan, the Company’s India operations have
export obligations to the extent of net positive foreign
exchange (i.e. foreign exchange inflow - foreign exchange
outflow should be positive) over a five year period. The
consequence of not meeting this commitment in the future
would be a retroactive levy of import duties on certain
hardware previously imported duty free. As at March 31,
2015, the Company has met all commitments required
under the plan.
Tax Demands:
Company received a tax demand for year ended March 31,
2001 arising primarily on account of denial of deduction
under section 10A of the Income Tax Act, 1961 (Act) in
respect of profit earned by the Company’s undertaking
in Software Technology Park at Bangalore. The same issue
was repeated in the successive assessments for the years
ended March 31, 2002 to March 31, 2010 and the aggregate
demand is ` 46,515 (including interest of ` 13,673). The
appeals filed against the said demand before the Appellate
authorities have been allowed in favor of the Company by
the second appellate authority for the years up to March
31, 2007. Further appeals have been filed by the Income
tax authorities before the Hon’ble High Court. The Hon’ble
In cash
-
1,163
Yet to be paid in cash
-
164
Total
-
1,327
High Court has heard and disposed off the appeals up to
years ended March 31, 2004. Order of the Hon’ble High
Court is not yet received.
On similar issues for years prior to years ended March 31,
2001, the Hon’ble High Court in Karnataka has upheld the
claim of the Company under section 10A of the Act. For the
year ended March 31, 2008, March 2009, the appeals are
pending before Income Tax Appellate Tribunal (Tribunal).
For year ended March 31, 2010, the Dispute Resolution
Panel (DRP) allowed the claim of the Company under
section 10A of the Act. The Income tax authorities have
filed an appeal before the Tribunal. For year ended March
31, 2011, the Company received the draft assessment order
in March 2015, on similar grounds as that of earlier years,
with a demand of ` 7,852 (including interest of ` 2,547) for
the financial year ended March 31, 2011.
Considering the facts and nature of disallowance and the
order of the appellate authority/Hon’ble Karnataka High
Court upholding the claims of the Company for earlier
years, the Company believes that the final outcome of the
above disputes should be in favor of the Company and
there should not be any adverse impact on the financial
statements.
The Company is subject to legal proceedings and claims
which have arisen in the ordinary course of its business. The
resolution of these legal proceedings is not likely to have
a material and adverse effect on the results of operations
or the financial position of the Company.
34. Adoption of AS 30
The Company has applied the principles of AS 30, Financial
Instruments: Recognition and measurement, as per
announcement by ICAI to the extent such principles of AS
30 does not conflict with existing accounting standards
prescribed under Section 133 of the Companies Act,
2013 (‘Act’) read with Rule 7 of the Companies (Accounts)
Rules, 2014, the provisions of Companies Act, 2013 (to the
extent notified and applicable) and other authoritative
pronouncements.
The Company has designated USD 145 Million (2014: USD
220 Million), Euro Nil (2014: Euro 25 Million) of forward
contracts as hedges of its net investment in non- integral
foreign operation and has also designated a dollar-
denominated foreign currency borrowing amounting
to USD 150 Million (2014: USD 150 Million) as a hedging
155
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Standalone Financial StatementsWipro Limited
instrument to hedge net investment in non-integral foreign
operations. As equity investments in non-Integral foreign
subsidiaries / operations are stated at historical cost, in
these standalone financial statements, the changes in fair
value of derivative contracts and impact of restatement of
foreign currency borrowing amounting to (loss) / gain of
` 390 million for the year ended March 31, 2015 has been
recorded in the statement of profit and loss as part of other
income [2014: ` (2,607)].
35. Derivatives
As at March 31, 2015 the Company has recognised gain of
` 4,270 million (2014: ` 569) relating to derivative financial
instruments (comprising foreign currency forward contract,
option contracts and interest rate swap) that are designated
as effective cash flow hedges in the shareholders’ fund.
The following table presents the aggregate contracted
principal amounts of the Company’s derivative contracts
outstanding as at:
Particulars
Designated derivative instruments
Sell
Interest rate swap
Non designated derivative
Instruments
Sell
Buy
(In Millions)
As at March 31,
2015
2014
$
£
AUD
€
$
836 $
198 £
83 AUD
220 €
150 $
516
51
9
78
150
$
AUD
£
€
JPY
SGD
ZAR
CAD
CHF
$
1,449 $
53 AUD
67 £
60 €
490 JPY
13 SGD
69 ZAR
30 CAD
10 CHF
790 $
1,281
99
112
88
490
8
223
10
-
585
As of the balance sheet date, the Company has net foreign
currency exposures that are not hedged by a derivative
instrument or otherwise amounting to ` 18,398 (2014: ` 9,403).
36. Finance lease receivables
The Company provides lease financing for the traded and
manufactured products primarily through finance leases.
The finance lease portfolio contains only the normal
collection risk with no important uncertainties with respect
to future costs. These receivables are generally due in
monthly or quarterly installments over periods ranging
from 1 to 7 years.
The components of finance lease receivables are as follows:
156
Gross investment in lease
Not later than one year
Later than one year and not later
than five years
Later than five years
Unguaranteed residual values
Unearned finance income
Net investment in finance
receivables
As at March 31,
2015
2014
3,397
3,151
2,835
73
62
6,367
(545)
5,582
159
90
8,982
(892)
5,822
8,090
Present value of minimum lease receivables are as follows:
As at March 31,
2015
2014
5,822
3,149
2,558
57
58
8,090
2,948
4,966
93
83
Present value of minimum lease
payments receivables
Not later than one year
Later than one year and not later
than five years
Later than five years
Unguaranteed residual value
37. Assets taken on lease
Finance leases:
The following is a schedule of present value of future
minimum lease payments under finance leases, together
with the value of the minimum lease payments as at March
31, 2015
Present value of minimum lease
payments
Not later than one year
Later than one year and not
later than five years
Total present value of minimum
lease payments
Add: Amount representing interest
Total value of minimum lease
payments
Operating leases:
As at March 31,
2015
2014
586
571
1,143
1,060
1,729
216
1,631
242
1,945
1,873
The Company has taken on lease office, residential facilities
and IT equipment’s under cancelable and non-cancelable
operating lease agreements that are renewable on a
periodic basis at the option of both the lessor and the
lessee. Rental payments under such leases are ` 2,682 and
` 3,040 during the years ended March 31, 2015 and 2014,
respectively.
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Standalone Financial StatementsAnnual Report 2014-15
Details of contractual payments under non-cancelable leases
are given below:
Not later than one year
Later than one year and not later
than five years
Later than five years
Total
38. Employee benefit plans
As at March 31,
2015
1,488
2,985
837
5,310
2014
1,132
2,823
1,273
5,228
Gratuity: In accordance with applicable Indian laws,
the Company provides for gratuity, a defined benefit
retirement plan (Gratuity Plan) covering certain categories
of employees. The Gratuity Plan provides a lump sum
payment to vested employees, at retirement or termination
of employment, an amount based on the respective
employee’s last drawn salary and the years of employment
with the Company. The Company provides the gratuity
benefit through annual contributions to a fund managed
by the Life Insurance Corporation of India (LIC), HDFC
Standard Life, Tata AIG and Birla Sun Life (‘Insurer’). Under
this plan, the settlement obligation remains with the
Company, although the Insurer administers the plan and
determines the contribution premium required to be paid
by the Company.
Change in the benefit obligation
As at March 31,
Projected Benefit Obligation (PBO)
at the beginning of the year
Addition on account of
amalgamation
Current service cost
Interest on obligation
Benefits paid
Actuarial loss
Projected Benefit Obligation (PBO)
at the end of the year
Change in plan assets
Fair value of plan assets at the
beginning of the year
Addition on account of
amalgamation
Expected return on plan assets
Employer contributions
Benefits paid
Actuarial gain
Fair value of plan assets at the end
of the year
Present value of unfunded
obligation
Recognized liability
2015
2014
3,682
3,070
-
618
348
(462)
179
37
537
262
(479)
255
As at March 31,
2015
2014
3,345
3,026
-
274
1,065
(462)
105
54
246
480
(479)
18
4,327
3,345
(38)
(38)
(337)
(337)
The Company has invested the plan assets in the insurer
managed funds. The expected rate of return on plan asset
is based on expectation of the average long term rate of
return expected on investments of the fund during the
estimated term of the obligation. Expected contribution
to the fund for the year ending March 31, 2016 is ` 789.
Net gratuity cost for the year ended March 31, 2015 and
2014 are as follows:
Current service cost
Interest on obligation
Expected return on plan assets
Actuarial loss
Net gratuity cost
Year ended March 31,
2014
537
262
(246)
237
790
2015
618
348
(274)
74
766
The weighted average actuarial assumptions used to determine
benefit obligations and net periodic gratuity cost are:
Assumptions
As at March 31,
Discount rate
Rate of increase in compensation
levels
Rate of return on plan assets
2015
7.95%
8%
8.50%
2014
8.90%
8%
8.50%
Details for the present value of defined obligation, fair value of
assets, surplus/ (deficit) of assets and experience adjustments of
current year and preceding four years are as under:
As at March 31,
2015
2014
2013
2012
2011
1
105
(22)
17
(50)
(140)
44
52
(55)
15
4,365
3,682
3,070
2,819
2,448
4,327
3,345
3,026
2,815
2,339
(38)
(337)
(44)
(4)
(109)
Experience
adjustments:
On Plan liabilities
Present value of
benefit obligation
Fair value of plan
assets
Excess of
(obligations over
plan assets)/
plan assets over
obligations
The Company assesses these assumptions with its projected
long-term plans of growth and prevalent industry standards.
The estimates of future salary increase, considered in actuarial
valuation, take account of inflation, seniority, promotion and
other relevant factors such as supply and demand factors in the
employment market.
157
4,365
3,682
On Plan assets
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Standalone Financial StatementsWipro Limited
option plans”) are granted an option to purchase shares
of the Company at the respective exercise prices, subject
to requirements of vesting conditions. These options
generally vest over a period of three to five years from the
date of grant. Upon vesting, the employees can acquire one
equity share for every option. The maximum contractual
term for these stock option plans is generally 10 years.
The stock compensation cost is computed under the
intrinsic value method and amortised on a straight line
basis over the total vesting period of five years. The intrinsic
value on the date of grant approximates the fair value. For
the year ended March 31, 2015, the Company has recorded
stock compensation expense of `1,296 (2014: ` 535).
The compensation committee of the board evaluates the
performance and other criteria of employees and approves
the grant of options. These options vest with employees
over a specified period subject to fulfillment of certain
conditions. Upon vesting, employees are eligible to apply
and secure allotment of Company’s shares at a price
determined on the date of grant of options. The particulars
of options granted under various plans are tabulated below.
(The number of shares in the table below is adjusted for
any stock splits and bonus shares issues).
Wipro Employee Stock Option Plans and Restricted Stock
Unit Option Plans
A summary of the general terms of grants under stock
option plans and restricted stock unit option plans are as
follows:
Name of Plan
Wipro Employee Stock Option
Plan 1999 (1999 Plan)
Wipro Employee Stock Option
Plan 2000 (2000 Plan)
Stock Option Plan (2000 ADS Plan)
Wipro Restricted Stock Unit Plan
(WRSUP 2004 plan)
Wipro ADS Restricted Stock Unit
Plan (WARSUP 2004 plan)
Wipro Employee Restricted Stock
Unit Plan 2005 (WSRUP 2005 plan)
Wipro Employee Restricted Stock
Unit Plan 2007 (WSRUP 2007 plan)
Authorised
Shares
Range of
Exercise
Prices
50,000,000 ` 171 – 490
250,000,000 ` 171 – 490
15,000,000 US$ 3 – 7
20,000,000 `
2
20,000,000 US$
0.04
20,000,000 `
16,666,667 `
2
2
Superannuation: Apart from being covered under the gratuity
plan, the employees of the Company also participate in a
defined contribution plan maintained by the Company. This
plan is administered by the Life Insurance Corporation of India
and ICICI Prudential Insurance Company Limited. The Company
makes annual contributions based on a specified percentage of
each covered employee’s salary.
For the year ended March 31, 2015, the Company has contributed
(net) ` 367 to superannuation fund [2014: contribution recognized
` 332], in the statement of profit and loss.
ii)
Provident Fund (PF): In addition to the above, all employees
receive benefits from a provident fund. The employee and
employer each make monthly contributions to the plan. A
portion of the contribution is made to the provident fund
trust established by the Company, while the remainder of the
contribution is made to the Government administered pension
fund.
iii)
The interest rate payable by the trust to the beneficiaries is
regulated by the statutory authorities. The Company has an
obligation to make good the shortfall, if any, between the returns
from its investments and the administered rate.
The details of fund and plan assets are given below:
Change in the benefit obligation
As at March 31,
Fair value of plan assets
Present value of defined benefit
obligation
Net (shortfall)/excess
2015
28,445
28,445
-
2014
24,632
24,632
-
The principal assumptions used in determining the present
value obligation of interest guarantee under the deterministic
approach are as follows:
Assumptions
As at March 31,
Discount rate
Average remaining tenure of
investment portfolio
Guaranteed rate of return
2015
7.95%
6 Years
8.75%
2014
8.90%
6 years
8.75%
For the year ended March 31, 2015, the Company contributed
` 2,490 (2014: ` 2,367) towards provident fund.
39. Employee stock option
i)
Employees covered under Stock Option Plans and
Restricted Stock Unit (RSU) Option Plans (collectively “stock
158
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Standalone Financial StatementsAnnual Report 2014-15
The activity in these stock option plans is summarized below:
Outstanding at the beginning of the period (1)
Granted
Exercised
Forfeited and lapsed
Outstanding at the end of the period
Exercisable at the end of the period
As at March 31,
Range of
Exercise
Prices
` 480 – 489
`
2
US$
0.04
` 480 – 489
`
2
US$
0.04
` 480 – 489
`
2
0.04
US$
` 480 – 489
`
2
US$
0.04
` 480 – 489
`
2
US$
0.04
` 480 – 489
`
2
0.04
US$
2015
Number
Weighted
Average
Exercise
Price
33,636 `
8,007,354 `
2,096,492 US$
— `
2,480,000 `
1,689,500 US$
(13,455) `
(1,968,609 ) `
(743,701 ) US$
— `
(2,186,526 ) `
(465,647 ) US$
20,181 `
6,332,219 `
2,576,644 US$
— `
1,389,772 `
180,683 US$
480.20
2
0.04
—
2
0.04
480.20
2
0.04
—
2
0.04
480.20
2
0.04
480.20
2
0.04
2014
Number
Weighted
Average
Exercise
Price
33,636 `
11,502,173 `
2,727,802 US$
— `
5,000 `
25,000 US$
— `
(2,944,779) `
(437,764) US$
— `
(555,040) `
(218,546) US$
33,636 `
8,007,354 `
2,096,492 US$
13,455 `
5,518,608 `
342,562 US$
480.20
2
0.04
—
2
0.04
—
2
0.04
—
2
0.04
480.20
2
0.04
480.20
2
0.04
(1)
An adjustment of one employee stock option for every 8.25 employee stock option held has been made, as of the Record Date
of the Demerger, for each eligible employee pursuant to the terms of the Scheme.
The following table summarizes information about outstanding stock options:
Range of Exercise price
` 480 – 489
`
2
0.04
US$
Numbers
20,181
6,332,219
2,576,644
2015
Weighted
Average
Remaining
Life
(Months)
24
25
31
Weighted
Average
Exercise
Price
`
`
US$
480.20
2
0.04
2014
Weighted
Average
Remaining
Life
(Months)
36
36
44
Weighted
Average
Exercise
Price
`
`
US$
480.20
2
0.04
Numbers
33,636
8,007,354
2,096,492
The weighted-average grant-date fair value of options granted during the year ended March 31, 2015 was ` 658.12 (2014: ` 676.73)
for each option. The weighted average share price of options exercised during the year ended March 31, 2015 was ` 603.58 (2014:
` 462.60) for each option.
The movement in Restricted Stock Unit reserve is summarized below:
Opening balance
Less: Amount transferred to share premium
Add: Amortisation*
Add: Amortisation in respect of share based compensation to Wipro Enterprises Limited (WEL)
Closing balance
Year ended March 31,
2015
309
(909)
1,327
88
815
2014
549
(904)
560
104
309
* Includes amortization expense relating to options granted to employees of the Company’s subsidiaries, amounting to ` 31 (2014:
` 25). This expense has been debited to respective subsidiaries.
159
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Standalone Financial StatementsWipro Limited 40. Provisions
Provision for warranty represent cost associated with providing sales support services which are accrued at the time of
recognition of revenues and are expected to be utilized over a period of 1 to 2 years from the balance sheet date. Other
provisions primarily include provisions for tax related contingencies and litigations. The timing of cash outflows in respect of
such provision cannot be reasonably determined. The activity in the provision balance is summarized below:
Provision at the beginning of the year
Additions during the year, net
Utilized/Reversed during the year
Provision at the end of the year
Non-current portion
Current portion
41. Earnings per share
Year ended March 31,
2015
Provision for
Warranty
Others – taxes
Provision for
Warranty
2014
Others - taxes
282
278
(222)
338
5
333
1,031
187
(7)
1,211
-
1,211
283
284
(285)
282
6
276
869
270
(108)
1,031
-
1,031
The computation of equity shares used in calculating basic and diluted earnings per share is set out below:
Weighted average equity shares outstanding
Share held by controlled trusts
Weighted average equity shares for computing basic EPS
Dilutive impact of employee stock options
Weighted average equity shares for computing diluted EPS
Net income considered for computing EPS (` in Million)
Year ended March 31,
2015
2,470,776,266
(16,094,616)
2,454,681,650
7,109,442
2,461,791,092
81,931
2014
2,471,385,646
(16,640,212)
2,454,745,434
6,503,042
2,461,248,476
73,874
42. As at March 31, 2015 ` 22 Million is outstanding to Micro and Small Enterprises (Includes ` 1 Million of interest due and
outstanding on the same) (2014: Nil).This information has been determined to the extent such parties have been identified
on the basis of information available with the Company.
43. Details of Non-current investment
(i)
Investments in unquoted equity instruments (fully paid up) of Subsidiaries [Trade]
Name of the subsidiary
No. of shares
Currency
Face value
As at March 31,
Wipro Trademarks Holding Limited
Wipro Travel Services Limited
2015
93,250
66,171
2014
93,250
66,171
Wipro Holdings (Mauritius) Limited
105,468,318 105,448,318
Wipro Australia Pty Limited
Wipro LLC
Wipro Japan KK
-
180,378
650
16
25,000
180,378
650
16
`
`
USD
AUD
USD
2015
2014
10
10
1
1
22
1
4,747
-
22
1
4,747
1
2,500
23,135
23,135
JPY Refer note 2 below
JPY Refer note 2 below
Wipro Shanghai Limited
Refer note 1 below
Wipro Cyprus Private Limited
163,611
163,611
28,126,108
28,126,108
EUR
SGD
Wipro Network Pte Limited (formerly
3D network Pte Limited
Wipro Chengdu Limited
Refer note 1 below
`
3,700,000
Wipro Airport IT Services Limited
3,700,000
160
1
1
10
10
1,002
9
18,903
1,339
24
37
10
1,002
9
18,903
1,365
24
37
49,229
49,256
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Standalone Financial StatementsAnnual Report 2014-15
Note 1 - As per the local laws of People’s Republic of China, there is no concept of issuance of Share Certificate. Hence the
investment by the Company is considered as equity contribution.
Note 2- As per the local laws of Japan, there is no concept of Face value of Shares.
(ii)
Investments in unquoted preference shares (Fully paid up) of Subsidiary [Trade]
Name of the subsidiary
No. of shares
Currency
Face value
As at March 31,
Redeemable preference shares held in Wipro
Cyprus Private Limited
9% cumulative redeemable preference shares
held in Wipro Trademarks Holding Limited (a)
35,000
Nil
1,800
1,800
EUR
`
1
10
3,452
-
-
-
2015
2014
2015
2014
(a)
Value of investment is less than one million rupees.
(iii) Investments in equity instruments – Others (fully paid up)
Particulars
No. of shares
Currency
Face value
As at March 31,
Opera Solutions LLC
Axeda Corporation
Mycity Technology Limited
Wep Peripherals Limited
Wep Solutions Limited
2015
2014
2,390,433 1,593,365
-
5,462,287
44,935
44,935
306,000
306,000
1,836,000
-
USD
USD
`
`
`
22
0.001
10
10
10
2015
3,048
-
45
6
17
2014
2,360
283
45
24
-
3,116
2,712
44. Details of current investments
(i)
Investments in Indian money market mutual funds
Fund House
Number of Units as at 31st March
Balances as at 31st March
Birla Sunlife Mutual Fund
Religare Invesco Mutual Fund
ICICI Prudential Mutual Fund
Franklin Templeton Mutual Fund
Reliance Mutual Fund
Kotak Mutual Fund
SBI Mutual Fund
LIC Mutual Fund
UTI Mutual Fund
IDFC Mutual Fund
AXIS Mutual Fund
HDFC Mutual Fund
Deutsche Mutual Fund
JP Morgan Mutual Fund
L&T Mutual Fund
Tata Mutual Fund
Total
2015
2014
93,799,876
256,738,978
678,676
8,009,531
49,338,857
367,877
220,013
227,498
197,264
319,064
41,853,497
78,353,120
38,151,444
204,454,734
88,853
624,151
-
-
17,085,746
108,971,467
255,429
4,169,307
-
-
-
-
-
77,319,989
18,438,357
50,317,473
610,329
30,000,000
2015
3,082
1,317
1,079
915
710
600
500
500
500
496
400
100
-
-
-
-
2014
4,357
578
1,273
1,297
4,846
207
1,025
-
-
1,428
-
781
193
608
1,070
300
10,199
17,963
161
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Standalone Financial StatementsWipro Limited
(ii)
Investments in debentures – Others (Fully paid up)
Particulars
Debentures in Citicorp Finance (India) Limited
No. of shares/units
Currency Face value
As at March 31,
2015
7,510
2014
505
`
100,000
2015
751
2014
51
(iii) Investments in certificate of deposits/ commercial papers and bonds
Particulars
As at March 31,
LIC Housing Finance Limited
Bajaj Finance Limited
Tata Capital Financial Services Limited
Kotak Mahindra Prime Limited
Sundaram Finance Limited
Government of India Bonds
L&T Finance Limited
Mahindra & Mahindra Financial Services
IL&FS Financial Services Limited
Aditya Birla Finance Limited
L&T Infrastructure Finance Limited
HDFC Limited
Kotak Mahindra Investments Limited
Infrastructure Leasing And Financial Serv Ltd
Power Finance Corporation Limited
Mahindra Vehicle Manufacturers Limited
Exim Bank
Bharath Aluminium Co Limited
L&T Housing Finance Limited
Tube Investments
IDFC Limited
Canara Bank
GIC Housing Finance Limited
NABARD
IRFC
E.I.D. Parry
SIDBI
SAIL
Total
Total (i+ ii+ iii)
2015
5,041
4,500
4,450
3,894
3,794
3,275
3,207
2,751
2,161
2,131
1,398
996
954
914
357
264
250
250
200
151
-
-
-
-
-
-
-
-
40,938
51,888
2014
7,170
1,495
248
3,004
4,151
1,821
1,940
3,576
-
-
1,663
1,453
-
1,696
3,613
-
504
490
-
150
2,607
1,470
1,435
649
500
343
301
99
40,378
58,392
45. Amalgamation of Companies
The Company has two wholly owned subsidiaries namely, Wipro Technology Services (‘WTS’) and Wipro Energy IT Services
Limited (‘WEITSL’) who are engaged in the business of providing information technology services including software
maintenance and support services. During the previous year, WTS and WEITSL have been amalgamated with the Company in
terms of the scheme of amalgamation (‘Scheme’) sanctioned by the Honorable High Court of Karnataka pursuant to its Order
dated March 28, 2014. The Scheme became effective on April 9, 2014 with appointed date of April 1, 2013 when the sanction
of the Honorable High Court of Karnataka and filing of the certified copy of the same with the Registrar of Companies. The
Scheme has been accounted for under the ‘pooling of interest method’ as prescribed under AS 14 as per the terms of the Court
Order. Since the subsidiaries amalgamated were wholly owned subsidiaries of the Company, there was no exchange of shares
to effect the amalgamation. The difference between the amounts recorded as investments of the Company and the amount
of share capital of the aforesaid amalgamating subsidiaries have been adjusted in the reserves.
162
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Standalone Financial StatementsAnnual Report 2014-15
46. Related party relationships and transactions
List of subsidiaries as at March 31, 2015 are provided in the table below.
Subsidiaries
Subsidiaries
Subsidiaries
Wipro LLC (Formerly Wipro
Inc.)
Wipro Gallagher Solutions Inc
Opus Capital Markets Consultants
LLC
Infocrossing Inc.
Wipro Promax Analytics Solutions LLC
(Formerly Promax Analytics Solutions
Americas LLC)
Wipro Insurance Solutions LLC
Wipro Japan KK
Wipro Shanghai Limited
Wipro Trademarks Holding
Limited
Wipro Travel Services Limited
Wipro Holdings (Mauritius)
Limited
Wipro Holdings U.K. Limited
Wipro Information
Technogoty Austria GmbH(A)
(Formerly Wipro Holdings
Austria GmbH)(A)
3D Networks (U.K.) Limited
Wipro Europe Limited (A)
Wipro Promax Analytics
Solutions (Europe) Limited
(formerly Promax Analytics
Solutions (Europe) Ltd)
Country of
Incorporation
USA
USA
USA
USA
USA
USA
Japan
China
India
India
Mauritius
U.K.
Austria
U.K.
U.K.
U.K.
163
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Standalone Financial StatementsWipro Limited
Country of
Incorporation
Cyprus
Qatar
Mexico
Philippines
Hungary
Argentina
Egypt
Saudi Arabia
Poland
Poland
Australia
Ghana
South Africa
Subsidiaries
Subsidiaries
Subsidiaries
Wipro Cyprus Private Limited
Wipro Doha LLC#
Wipro Technologies S.A DE C. V
Wipro BPO Philippines LTD. Inc
Wipro Holdings Hungary Korlátolt
Felelősségű Társaság
Wipro Technologies Argentina SA
Wipro Information Technology Egypt
SAE
Wipro Arabia Limited*
Wipro Poland Sp Zoo
Wipro IT Services Poland Sp. z o. o
Wipro Promax Analytics
Solutions Pty Ltd
(Formerly Promax Applications
Group Pty Ltd)
Wipro Corporate technologies
Ghana Limited
Wipro Technologies South Africa
(Proprietary) Limited
Wipro Information Technology
Netherlands BV
Wipro Technologies SRL
PT WT Indonesia
Wipro Australia Pty Limited
164
Wipro Technologies Nigeria Limited
Nigeria
Wipro Portugal S.A.(A)
Wipro Technologies Limited, Russia
Wipro Technology Chile SPA
Wipro Technologies Canada Limited (A)
Wipro Information Technology
Kazakhstan LLP
Wipro Technologies W.T. Sociedad
Anonima
Wipro Outsourcing Services
(Ireland) Limited
Wipro IT Services Ukraine
LLC
Wipro Technologies Norway AS
Wipro Technologies VZ, C.A.
Wipro Technologies Peru
S.A.C
Wipro Promax Holdings Pty Ltd
(Formerly Promax Holdings Pty Ltd)(A)
Netherland
Portugal
Russia
Chile
Canada
Kazakhstan
Costa Rica
Ireland
Ukraine
Norway
Venezuela
Peru
Romania
Indonesia
Australia
Australia
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Standalone Financial StatementsAnnual Report 2014-15
Subsidiaries
Subsidiaries
Subsidiaries
Wipro (Thailand) Co Limited
Wipro Bahrain Limited WLL
Wipro Gulf LLC
Wipro Technologies Spain S.L.
Wipro Technologies SDN BHD
Wipro Networks Pte Limited
(Formerly 3D Networks Pte
Limited)
Wipro Chengdu Limited
Wipro Airport IT Services
Limited*
Country of
Incorporation
Thailand
Bahrain
Sultanate of
Oman
Spain
Singapore
Malaysia
China
India
In addition to above, the Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’ and Wipro SA Broad Based
Ownership Scheme SPV (RF) (PTY) LTD, which are incorporated in South Africa and are consolidated for financial reporting purposes.
* All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the equity securities
of Wipro Arabia Limited and 74% of the equity securities of Wipro Airport IT Services Limited.
# 51% of equity securities of Wipro Doha LLC are held by a local share holder. However, the beneficial interest in these holdings is
with the Company.
(A) Step Subsidiary details of Wipro Information Technogoty Austria GmbH, Wipro Portugal S.A, Wipro Europe Limited ,Wipro Promax
Holdings Pty Ltd and Wipro Technologies Canada Limited are as follows:
Subsidiaries
Subsidiaries
Wipro Information Technogoty
Austria GmbH
(Formerly Wipro Holdings
Austria GmbH)
Wipro Europe Limited
(Formerly SAIC Europe Limited)
Wipro Portugal S.A.
Wipro Technologies Austria GmbH
New Logic Technologies SARL
Wipro UK Limited
Wipro Europe SARL
SAS Wipro France
Wipro Retail UK Limited
Wipro do Brasil Technologia Ltda
Wipro Technologies Gmbh
Wipro Promax Holdings Pty Ltd
(Formerly Promax Holdings Pty Ltd)
Wipro Technologies Canada Limited
Wipro Do Brasil Sistemetas De Informatica Ltd
Wipro Promax IP Pty Ltd (Formerly PAG IP Pty Ltd)
Wipro solutions Canada limited
(Formerly ATCO I-Tek Inc.)
Country of
Incorporation
Austria
Austria
France
U.K.
U.K.
France
Portugal
France
U.K.
Brazil
Germany
Brazil
Australia
Australia
Canada
Canada
165
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Standalone Financial StatementsWipro Limited Name of other related parties
Wipro Equity Reward Trust
Wipro Inc Benefit Trust
Azim Premji Foundation (I) Pvt. Ltd.
Hasham Traders (partnership firm)
Prazim Traders (partnership firm)
Zash Traders (partnership firm)
Nature
Trust
Trust
% of holding
Fully controlled trust
Country of
Incorporation
India
Fully controlled trust
India
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Regal Investment & Trading Company Private Limited
Entity controlled by Director
Vidya Investment & Trading Company Private Limited
Entity controlled by Director
Napean Trading & Investment Company Private Limited
Entity controlled by Director
Azim Premji Trust
Entity controlled by Director
Wipro Enterprises Limited (Formerly known as Azim
Entity controlled by Director
Premji Custodial Services Private Limited)
Wipro Enterprises Cyprus Limited (Formerly WMNETSERV
Entity controlled by Director
Limited)
Wipro Singapore Pte Limited
Wipro Unza Holdings Limited
Wipro Infrastructure Engineering AB
Key management personnel
Azim H Premji
Suresh C Senapaty
T K Kurien
Rishad Azim Premji
Jatin Pravinchandra Dalal
(1) Up to March 31, 2015
(2) Effective May 1, 2015
(3) Effective April 1, 2015
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Chairman and Managing
Director
Chief Financial Officer and
Executive Director (1)
Chief Executive Officer and
Executive Director
Chief Strategy Officer and
Executive Director (2)
Chief Financial Officer(3)
166
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Standalone Financial StatementsAnnual Report 2014-15 The Company has the following related party transactions:
Transaction / Balances
Subsidiaries / Trusts
Entities controlled by
Directors
Key Management
Personnel@
Sales of services
Sale of products
Purchase of services
Purchase of products
Assets purchased / capitalized
Dividend paid
Commission paid
Rent paid
Rent Income
Dividend payable
Remuneration paid
Interest income
Interest expense
Corporate guarantee commission
Repayment of loans and advance given
Balances as at the year end
Receivables
Payables
2015
22,117
2
12,536
-
-
133
607
38
-
74$
-
-
-
83
-
2014
14,239
-
9,913
-
-
133
432
48
-
83#
-
18
4
96
928
2015
115
-
1
-
207
17,166
-
63
55
12,016
-
-
-
-
-
10,770*
9,133
17,551*
10,310
134
12,356
2014
126
17
-
3
66
13,733
-
-
39
8,583
-
-
32
-
-
257
9,416
2015
-
-
-
-
-
958
-
4
-
670
189
-
-
-
-
-
720
2014
-
-
-
-
-
765
-
3
-
478
211
-
-
-
-
-
574
# Represents dividend payable to Wipro Inc Benefit Trust and Wipro Equity Reward Trust.
@ Including relative of key management personnel.
* Includes the following balances being in the nature of loans given to subsidiaries of the Company including interest accrued,
where applicable and inter-corporate deposits with subsidiary.
$ Represents dividend payable to Wipro Equity Reward Trust.
Loan amounts outstanding from subsidiaries:
Name of the entity
Wipro Cyprus Private Limited
Wipro Australia Pty Limited
Balance as at
March 31,
2015
1,848
-
2014
1,770
-
2015
1,864
-
Maximum amount due
during the year
The following are the significant related party transactions during the year ended March 31, 2015 and 2014:
Sale of services
Wipro LLC (Formerly Wipro Inc.)
Wipro Technologies South Africa (Proprietory) Limited
Wipro Networks Pte Limited
Sale of products
Wipro Enterprises Limited
Purchase of services
Infocrossing Inc
Spectramind Inc.
Year ended March 31,
2015
9,078
4,282
2,533
-
4,203
1,074
2014
1,851
973
2014
5,270
-
2,923
17
2,860
-
167
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Standalone Financial StatementsWipro Limited Enabler Brasil Ltd.
Wipro Technologies SRL
Wipro Retail UK Limited
Wipro Portugal S.A
Wipro LLC (Formerly Wipro Inc.)
Purchase of products
Wipro Enterprises Limited
Asset purchased / capitalized
Wipro Enterprises Limited
Dividend paid
Hasham Traders
Prazim Traders
Zash Traders
Azim Premji Trust
Commission paid
Wipro Japan KK
Wipro Technologies Gmbh
Rent paid
Wipro Holding UK Limited
Wipro Enterprises Limited
Rental Income
Wipro Enterprises Limited
Dividend payable
Hasham Traders
Prazim Traders
Zash Traders
Azim Premji Trust
Remuneration paid to key management personnel
Azim H Premji
Suresh C Senapaty
T K Kurien
Interest income
Wipro Australia Pty Limited
Interest expense
Wipro Enterprises Limited
Wipro LLC (Formerly Wipro Inc.)
Corporate guarantee commission
Infocrossing Inc
Wipro LLC (Formerly Wipro Inc.)
Wipro Arabia Limited
Wipro Technologies South Africa (Proprietory) Limited
Repayment of loans and advances given
Wipro Australia Pty Limited
168
Year ended March 31,
2015
1,025
764
-
-
-
-
207
3,710
4,529
4,516
4,297
210
397
38
63
55
2,597
3,170
3,161
3,008
48
34
91
-
-
-
43
20
14
5
-
2014
-
908
76
823
1,672
3
66
2,968
3,623
3,613
3,438
206
226
48
-
39
1,855
2,265
2,258
2,149
102
31
66
18
32
4
42
13
33
-
928
04_Wipro AR_Standalone Accnts_2015.indd 168
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Standalone Financial StatementsAnnual Report 2014-15 47.
Income Tax
The provision for taxation includes tax liability in India
on the Company’s worldwide income. The tax has been
computed on the worldwide income as reduced by the
various deductions and exemptions provided by the
Income Tax Act in India (Act), 1961 and the tax credit in
India for the tax liabilities payable in foreign countries.
Most of the Company’s operations are through units
in Special Economic Zone and Software Technology
Parks(‘STPs’). Income from STPs is not eligible for deduction
from April 01, 2011. Income from SEZ’s are eligible for 100%
deduction for the first 5 years, 50% deduction for the next
5 years and 50% deduction for another 5 years subject to
fulfilling certain conditions.
ii)
The components of the deferred tax (net) are as follows:
The Company has calculated its tax liability after
considering the provisions of law relating to Minimum
Alternate Tax (MAT). As per the Act, any excess of MAT paid
over the normal tax payable can be carried forward and set
off against the future tax liabilities. Accordingly an amount
of ` 1,838 is included under ‘Long term loans and advances’
in the balance sheet as at March 31, 2015 (March 31, 2014:
` 1,838).
i)
Tax expenses provision includes reversal of tax
provision in respect of earlier periods no longer
required amounting to ` 952 for the year ended March
31, 2015 (2014: ` 1,121) and MAT credit of Nil for the
year ended March 31, 2015 (2014: Nil).
Deferred Tax Assets (DTA)
Accrued expenses and liabilities
Allowances for doubtful debts
Deferred Tax Liabilities (DTL)
Amortisation of goodwill
Deferred revenue
Fixed assets
Others
Net DTA/(DTL)
The Net DTA / (DTL) of ` 1,092 (2014: ` 108) has the following breakdown:
Deferred tax asset
Deferred tax liabilities
Net DTA/(DTL)
As at March 31,
2015
2,249
1,698
3,947
355
506
1,994
-
2,855
1,092
As at March 31,
2015
1,659
(567)
1,092
2014
1,418
1,585
3,003
183
1,196
1,513
3
2,895
108
2014
1,487
(1,379)
108
48. The Company publishes standalone financial statements along with the consolidated financial statements in the annual report.
In accordance with Accounting Standard 17, Segment Reporting, the Company has disclosed the segment information in the
consolidated financial statements.
49. Value of imported and indigenous materials consumed
Raw Materials
Imported
Indigenous
Year ended March 31,
2015
%
76
24
100
`
26
8
34
2014
%
69
31
100
`
1,416
637
2,053
169
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Standalone Financial StatementsWipro Limited
50. Value of imports on CIF basis
(Does not include value of imported items locally purchased)
Raw materials, components and peripheral
Stores and spares
Capital goods
51. Foreign currency transactions
a) Expenditures
Travelling and onsite allowances
Interest
Royalty
Professional fees
Subcontracting charges
Foreign taxes
Others
b) Earnings
Income from sale of services and products
Agency commission
Others
Dividend remitted in foreign currencies:
Final Dividend
Net amount remitted (` in Million)
Number of shares held by non-resident shareholders
Number of foreign shareholders
Financial year to which final dividend relates
Interim Dividend
Net amount remitted (` in Million)
Number of shares held by non-resident shareholders
Number of foreign shareholders
Financial year to which interim dividend relates
Year ended March 31,
2015
8,513
160
200
8,873
2014
15,242
147
1
15,390
Year ended March 31,
2015
113,201
264
-
17,746
19,651
4,651
38,795
194,308
366,759
269
637
367,665
2014
105,401
178
388
10,877
18,192
3,433
31,549
170,018
324,059
280
-
324,339
Year ended March 31,
2015
0.13
25,656
5
2013-14
2014
0.20
40,824
6
2012-13
Year ended March 31,
2015
0.13
25,656
5
2014-15
2014
0.07
25,656
5
2013-14
As per our report of even date attached
For and on behalf of the Board of Directors
for BSR & Co. LLP
Chartered Accountants
Firm’s Registration No.: 101248W/W-100022
Azim H Premji
Chairman & Managing
Director
N Vaghul
Director
M K Sharma
Director
Supreet Sachdev
Partner
Membership No.: 205385
Bangalore
June 3, 2015
170
Jatin Pravinchandra Dalal T K Kurien
Chief Financial Officer
Chief Executive Officer
& Executive Director
M Sanaulla Khan
Company Secretary
04_Wipro AR_Standalone Accnts_2015.indd 170
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Standalone Financial StatementsAnnual Report 2014-15
INDEPENDENT AUDITORS’ REPORT
To the Board of Directors of Wipro Limited
We have audited the accompanying consolidated financial statements of Wipro Limited (‘the Holding Company’) and its subsidiaries
(collectively referred to as ‘the Group’), comprising the consolidated balance sheet as at March 31, 2015, the consolidated statement
of profit and loss and the consolidated cash flow statement for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management’s Responsibility for the Consolidated Financial Statements
The Holding Company’s Board of Directors is responsible for the preparation of these consolidated financial statements that give a true
and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group in
accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section
133 of the Companies Act, 2013 (‘the Act’), read with Rule 7 of the Companies (Accounts) Rules, 2014 (particularly Accounting Standard
21, Consolidated Financial Statements). The respective Board of Directors of the companies included in the Group are responsible for
maintenance of adequate accounting records for safeguarding the assets of the Group and for preventing and detecting frauds and other
irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been
used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit.
We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India.
Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement
of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal
control relevant to the Holding Company’s preparation of the consolidated financial statements that give a true and fair view in order
to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the
Holding Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness
of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the
accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated financial
statements give a true and fair view in conformity with the accounting principles generally accepted in India:
(i)
(ii)
(iii)
Emphasis of matter
Without qualifying our opinion, we draw attention to note 28 to the consolidated financial statements that describes the principles of
Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurements, applied by the Group on certain foreign currency
borrowing designated as a hedging instrument to hedge its net investment in a non-integral foreign operations, These principles of
AS 30, are yet to be notified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. Had the Group
not applied the principles of AS 30, the profit after taxation for the year ended March 31, 2015 would have been lower by ` 390 million.
in the case of the consolidated balance sheet, of the state of affairs of the Group as at March 31, 2015;
in the case of the consolidated statement of profit and loss, of the profit of the Group for the year ended on that date; and
in the case of the consolidated cash flow statement, of the cash flows of the Group for the year ended on that date.
for BSR & Co. LLP
Chartered Accountants
Firm registration No.: 101248W/ W-100022
Supreet Sachdev
Partner
Membership No.: 205385
Bangalore
June 3, 2015
05_Wipro AR_Consolidated Accnts_2015.indd 171
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171
Consolidated Financial StatementsWipro Limited Consolidated Financial Statements
CONSOLIDATED BALANCE SHEET
(` in millions, except share and per share data, unless otherwise stated)
Notes
As at March 31,
2015
2014
EQUITY AND LIABILITIES
Shareholders’ funds
Share capital
Reserves and surplus
Share application money pending allotment (1)
Minority interest
Non-current liabilities
Long term borrowings
Deferred tax liabilities
Other long term liabilities
Long term provisions
Current Liabilities
Short term borrowings
Trade payables
Other current liabilities
Short term provisions
TOTAL EQUITY AND LIABILTIES
ASSETS
Non-current assets
Goodwill
Fixed assets
Tangible assets
Intangible assets
Capital work-in-progress
Non-current investments
Deferred tax assets
Long term loans and advances
Other non-current assets
Current assets
Current investments
Inventories
Trade receivables
Cash and bank balances
Short term loans and advances
Other current assets
TOTAL ASSETS
Significant accounting policies
3
4
5
6
35(ii)
7
8
9
10
11
12
13
14
15
35(ii)
16
17
18
19
20
21
22
23
2
4,937
365,983
370,920
–
1,646
12,707
269
679
3,067
16,722
64,441
58,486
29,494
42,059
194,480
583,768
58,047
49,693
631
3,951
3,404
834
31,376
3,642
151,578
51,917
4,849
91,548
166,190
57,190
60,496
432,190
583,768
4,930
316,357
321,287
–
1,387
10,909
1,679
2,604
3,036
18,228
39,433
52,161
27,291
37,095
155,980
496,882
58,416
47,671
404
3,691
2,712
1,553
30,463
5,521
150,431
58,752
2,293
85,467
114,201
33,505
52,233
346,451
496,882
(1) value is less than one million rupees
The notes referred to above forms an integral part of the balance sheet
As per our report of even date attached
For and on behalf of the Board of Directors
for BSR & Co. LLP
Chartered Accountants
Firm’s Registration No.: 101248W/W-100022
Supreet Sachdev
Partner
Membership No.: 205385
Bangalore
June 3, 2015
172
Azim H Premji
Chairman & Managing
Director
N Vaghul
Director
M K Sharma
Director
Jatin Pravinchandra Dalal T K Kurien
Chief Financial Officer
Chief Executive Officer
& Executive Director
M Sanaulla Khan
Company Secretary
05_Wipro AR_Consolidated Accnts_2015.indd 172
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Consolidated Financial StatementsAnnual Report 2014-15
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
(` in millions, except share and per share data, unless otherwise stated)
Notes
For the year ended March 31,
2015
2014
REVENUE
Revenue from operations (gross)
Less: Excise duty
Revenue from operations (net)
Other income
Total Revenue
EXPENSES
Cost of materials consumed
Purchases of stock-in-trade
Changes in inventories of finished goods, work in progress and stock-in- trade
Employee benefits expense
Finance costs
Depreciation, amortisation and impairment charge
Other expenses
Total Expenses
Profit before tax and minority interest
Tax expense
Current tax
Deferred tax
Total tax expense
Profit after tax
Minority interest
Net Profit
Earnings per equity share
(Equity shares of par value ` 2 each)
Basic
Diluted
Significant accounting policies
469,512
2
469,510
24,497
494,007
34
29,767
(2,588)
225,115
3,499
11,749
114,190
381,766
112,241
25,070
31
25,101
87,140
(531)
86,609
434,317
79
434,238
19,219
453,457
2,053
27,689
55
206,815
3,834
10,594
101,273
352,314
101,143
20,708
526
21,234
79,909
(438)
79,471
35.28
35.18
32.37
32.29
24
25
26
27
37
2
The notes referred to above forms an integral part of the statement of profit and loss
As per our report of even date attached
For and on behalf of the Board of Directors
for BSR & Co. LLP
Chartered Accountants
Firm’s Registration No.: 101248W/W-100022
Supreet Sachdev
Partner
Membership No.: 205385
Bangalore
June 3, 2015
Azim H Premji
Chairman & Managing
Director
N Vaghul
Director
M K Sharma
Director
Jatin Pravinchandra Dalal T K Kurien
Chief Financial Officer
Chief Executive Officer
& Executive Director
M Sanaulla Khan
Company Secretary
173
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Consolidated Financial StatementsWipro Limited
Consolidated Financial Statements
CONSOLIDATED CASH FLOW STATEMENT
Year ended March 31,
(` in millions)
A.
Cash flows from operating activities:
Profit before tax
Adjustments:
Depreciation, amortisation and impairment charge
Amortisation of stock compensation
Exchange difference, net
Interest on borrowings
Dividend / interest income
Profit on sale of investments
(Gain) / Loss on sale of fixed assets, net
Working capital changes:
Trade receivables and unbilled revenue
Loans and advances and other assets
Inventories
Liabilities and provisions
Net cash generated from operations
Direct taxes paid, net
Net cash generated from operating activities
B. Cash flows from investing activities:
Acquisition of fixed assets incuding capital advances
Proceeds from sale of fixed assets
Purchase of investments
Proceeds from sale / maturity of investments
Cash tranferred pursuant to demerger
Impact of net investment hedging activities, net
Investment in interest-bearing and non-callable deposits
Refund of interest-bearing deposits
Payment for deferred consideration in respect of business acquisition
Payment for acquisitions of business, net of cash acquired
Dividend / interest received
Net cash used in investing activities
C. Cash flows from financing activities:
Proceeds from exercise of employee stock options
Proceeds from sale of treasury shares
Interest paid on borrowings
Dividends paid including distribution tax
Repayment of loans and borrowings
Proceeds from loans and borrowings
Net cash used in financing activities
Net increase in cash and cash equivalents during the year
Cash and cash equivalents at the beginning of the year
Effect of exchange rate changes on cash and cash equivalent
Cash and cash equivalents at the end of the year (refer note 21)
The notes referred to above forms an integral part of the cash flow statement
2015
112,241
11,749
1,327
3,840
774
(15,915)
(4,123)
6
(8,876)
(3,627)
(2,556)
7,830
102,670
(24,266)
78,404
(12,847)
1,434
(551,282)
561,582
-
-
(39,200)
13,500
(243)
(11,331)
12,430
(25,957)
5
1,000
(919)
(29,490)
(98,420)
119,527
(8,297)
44,150
114,201
589
158,940
2014
101,143
10,594
560
1,077
819
(12,826)
(1,545)
(55)
(15,662)
(8,910)
970
13,468
89,633
(21,733)
67,900
(8,891)
1,091
(465,801)
473,531
(3,093)
(5,315)
(13,905)
10,865
-
(2,984)
11,729
(2,773)
6
-
(936)
(23,289)
(118,258)
106,782
(35,695)
29,432
84,838
(69)
114,201
As per our report of even date attached
For and on behalf of the Board of Directors
for BSR & Co. LLP
Chartered Accountants
Firm’s Registration No.: 101248W/W-100022
Supreet Sachdev
Partner
Membership No.: 205385
Bangalore
June 3, 2015
174
Azim H Premji
Chairman & Managing
Director
N Vaghul
Director
M K Sharma
Director
Jatin Pravinchandra Dalal T K Kurien
Chief Financial Officer
Chief Executive Officer
& Executive Director
M Sanaulla Khan
Company Secretary
05_Wipro AR_Consolidated Accnts_2015.indd 174
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Consolidated Financial StatementsAnnual Report 2014-15
NOTES TO THE FINANCIAL STATEMENTS
(` in millions, except share and per share data, unless otherwise stated)
1. Company overview
Wipro Limited (“Wipro” or the “Parent Company”), together
with its subsidiaries (collectively, “the Company” or the
“Group”) is a leading India based provider of IT Services,
including Business Process Services (“BPS”), globally.
Wipro is a public limited company incorporated and
domiciled in India. The address of its registered office is
Wipro Limited, Doddakannelli, Sarjapur Road, Bangalore
- 560 035, Karnataka, India. Wipro has its primary listing
with Bombay Stock Exchange and National Stock Exchange
in India. The Company’s American Depository Shares
representing equity shares are also listed on the New York
Stock Exchange.
2.
Significant accounting policies
i.
Basis of preparation of financial statements
The financial statements are prepared in accordance
with Indian Generally Accepted Accounting Principles
(GAAP) under the historical cost convention on the
accrual basis, except for certain financial instruments
which are measured on a fair value basis. GAAP
comprises Accounting Standards (AS), issued by the
Institute of Chartered Accountants of India (ICAI) and
other generally accepted accounting principles in
India.
All amounts included in the financial statements are
reported in millions of Indian rupees (` in millions)
except share and per share data, unless otherwise
stated. Due to rounding off, the numbers presented
throughout the document may not add up precisely
to the totals and percentages may not precisely reflect
the absolute figures.
ii.
Principles of consolidation
The consolidated financial statements have been
prepared on the following basis:
-
-
The consolidated financial statements include
the financial statements of Wipro and all its
subsidiaries, which are more than 50% owned
or controlled. The financial statements of the
parent company and its majority owned /
controlled subsidiaries have been combined on
a line by line basis by adding together the book
values of all items of assets, liabilities, incomes
and expenses after eliminating all intra-group
balances / transactions and resulting unrealized
gain / loss.
The excess of the cost to the parent of
its investments in a subsidiary over the
parent’s portion of equity at the date on
which investment in the subsidiary is made,
is recognised as ‘Goodwill’. When the cost to
the parent of its investment in a subsidiary is
less than the parent’s portion of equity of the
subsidiary at the date on which investment in
the subsidiary is made, the difference is treated
as ‘Capital Reserve’ in the consolidated financial
statements.
-
Minority interest in the net assets of consolidated
subsidiaries consists of:
a)
b)
the amount of equity attributable to
the minorities at the dates on which
investment in a subsidiary is made; and
the minorities share of movements in
equity since the date of parent-subsidiary
relationship came into existence.
Minority interest in share of net result for the
year is identified and adjusted against the profit
after tax. Excess of loss, if any, attributable to the
minority over and above the minority interest
in the equity of the subsidiaries is absorbed by
the Company.
-
The consolidated financial statements are
prepared using uniform accounting policies for
similar transactions and other events in similar
circumstances.
iii. Use of estimates
The preparation of financial statements requires
management to make judgments, estimates and
assumptions that affect the application of accounting
policies and the reported amounts of assets and
liabilities and the disclosure of contingent liabilities
as at the date of financial statements and reported
amounts of income and expenses during the year.
Estimates and underlying assumptions are reviewed
on an ongoing basis. Revision to accounting estimates
is recognised in the year in which the estimates are
revised and in any future year affected.
iv.
Fixed asset
Tangible assets are stated at historical cost less
accumulated depreciation and impairment loss, if
any. Costs include expenditure directly attributable to
the acquisition of the asset. Borrowing costs directly
attributable to the construction or production of
qualifying assets are capitalized as part of the cost.
When parts of an item of property, plant and equipment
have different useful lives, they are accounted for as
separate items (major components) of property, plant
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Consolidated Financial StatementsWipro Limited
and equipment. Subsequent expenditure relating
to property, plant and equipment is capitalized only
when it is probable that future economic benefits
associated with these will flow to the Company and
the cost of the item can be measured reliably.
Intangible assets are stated at the consideration paid
for acquisition less accumulated amortization and
impairment loss, if any.
Cost of fixed assets not ready for use before the
balance sheet date is disclosed as capital work-in-
progress. Advances paid towards the acquisition of
fixed assets outstanding as of each balance sheet date
is disclosed under long term loans and advances.
v.
Investments
Non-current investments are stated at cost less other
than temporary diminution in the value of such
investments, if any. Current investments are valued at
lower of cost and fair value determined by category of
investment. The fair value is determined using quoted
market price/market observable information adjusted
for cost of disposal. On disposal of the investment,
the difference between its carrying amount and
net disposal proceeds is charged or credited to the
statement of profit and loss.
vi.
Inventories
Inventories are valued at lower of cost and net
realizable value, including necessary provision for
obsolescence. Cost is determined using the weighted
average method. Cost of work-in-progress and
finished goods include material cost and appropriate
share of manufacturing overheads. Cost of inventories
comprises all costs of purchase and other costs
incurred in bringing the inventories to their present
location and condition.
vii. Provisions and contingent liabilities
Provisions are recognised when the Company has
a present obligation as a result of past events, it is
probable that an outflow of resources will be required
to settle the obligation, and a reliable estimate can
be made of the amount of obligation.
A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation
that may, but probably will not, require an outflow of
resources. Where there is a possible obligation or a
present obligation in respect of which the likelihood
of outflow of resources is remote, no provision or
disclosure is made.
Provision for onerous contracts is recognized when
the expected benefits to be derived from the contract
are lower than the unavoidable cost of meeting the
future obligations under the contract.
viii. Revenue recognition
The Company derives revenue primarily from software
development, maintenance of software/hardware
and related services, business process services, sale
of IT and other products.
Services
The Company recognizes revenue when the significant
terms of the arrangement are enforceable, services have
been delivered and the collectability is reasonably assured.
The method for recognizing revenues and costs depends
on the nature of the services rendered:
A.
Time and materials contracts
Revenues and costs relating to time and materials contracts
are recognized as the related services are rendered.
B.
Fixed-price contracts
Revenues from fixed-price contracts, including systems
development and integration contracts are recognized
using the “percentage-of-completion” method. Percentage
of completion is determined based on project costs
incurred to date as a percentage of total estimated project
costs required to complete the project. The cost expended
(or input) method has been used to measure progress
towards completion as there is a direct relationship
between input and productivity. If the Company does
not have a sufficient basis to measure the progress of
completion or to estimate the total contract revenues and
costs, revenue is recognized only to the extent of contract
cost incurred for which recoverability is probable. When
total cost estimates exceed revenues in an arrangement,
the estimated losses are recognized in the statement of
profit and loss in the period in which such losses become
probable based on the current contract estimates.
Unbilled revenues’ included in other current assets
represent cost and earnings in excess of billings as at the
end of the reporting period. ‘Unearned revenues’ included
in other current liabilities represent billing in excess of
revenue recognized. Advance payments received from
customers for which no services have been rendered are
presented as ‘Advance from customers’.
C. Maintenance contracts
Revenue from maintenance contracts is recognized ratably
over the period of the contract using the percentage of
completion method. When services are performed through
an indefinite number of repetitive acts over a specified
period of time, revenue is recognized on a straight-line
basis over the specified period unless some other method
better represents the stage of completion.
In certain projects, a fixed quantum of service or output units
is agreed at a fixed price for a fixed term. In such contracts,
revenue is recognized with respect to the actual output
achieved till date as a percentage of total contractual
176
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Consolidated Financial StatementsAnnual Report 2014-15
output. Any residual service unutilized by the customer is
recognized as revenue on completion of the term.
D. Others
•
•
•
•
The Company accounts for volume discounts and
pricing incentives to customers by reducing the
amount of revenue recognized at the time of sale.
The Company accrues the estimated cost of warranties
at the time when the revenue is recognized. The
accruals are based on the Company’s historical
experience of material usage and service delivery
costs.
Costs that relate directly to a contract and incurred
in securing a contract are recognized as an asset and
amortized over the contract term.
Contract expenses are recognised as expenses by
reference to the stage of completion of contract
activity at the end of the reporting period.
Products:
Revenue from sale of products is recognised when the
significant risks and rewards of ownership has been
transferred in accordance with the sales contract. Revenues
from product sales are shown net of excise duty and net of
sales tax separately charged and applicable discounts.
Other income:
Agency commission is accrued when shipment of
consignment is dispatched by the principal.
Interest is recognized using the time-proportion method,
based on rates implicit in the transaction.
Dividend income is recognized when the Company’s right
to receive dividend is established.
ix.
Leases
Leases of assets, where the Company assumes substantially
all the risks and rewards of ownership are classified as
finance leases. Finance leases are capitalized at the lower
of the fair value of the leased assets at inception and the
present value of minimum lease payments. Lease payments
are apportioned between the finance charge and the
outstanding liability. The finance charge is allocated to
periods during the lease term at a constant periodic rate
of interest on the remaining balance of the liability.
Leases where the lessor retains substantially all the risks
and rewards of ownership are classified as operating leases.
Lease rentals in respect of assets taken under operating
leases are charged to profit and loss account on a straight
line basis over the lease term.
In certain arrangements, the Company recognizes
revenue from the sale of products given under finance
leases. The Company records gross finance receivables,
unearned interest income and the estimated residual
value of the leased equipment on consummation of such
leases. Unearned interest income represents the excess
of the gross finance lease receivable plus the estimated
residual value over the sales price of the equipment.
The Company recognizes unearned interest income as
financing revenue over the lease term using the effective
interest method.
x.
Foreign currency transactions
Transaction:
The Company is exposed to currency fluctuations on foreign
currency transactions. Foreign currency transactions are
accounted at the exchange rates prevailing on the date of
transaction.
Translation:
Monetary foreign currency assets and liabilities at period-
end are translated at the exchange rate prevailing at the
date of Balance Sheet. The difference arising from the
translation is recognised in the statement of profit and loss,
except for the exchange difference arising on monetary
items that qualify as hedging instruments in a cash flow
hedge or hedge of a net investment in a non-integral
foreign operation. In such cases the exchange difference is
initially recognised in hedging reserve or Foreign Currency
Translation Reserve (FCTR), respectively. Such exchange
differences are subsequently recognised in the statement
of profit and loss on occurrence of the underlying
hedged transaction or on disposal of the investment,
respectively. Further, foreign currency differences arising
from translation of intercompany receivables or payables
relating to foreign operations, the settlement of which
is neither planned nor likely in the foreseeable future,
are considered to form part of net investment in foreign
operation and are recognized in FCTR. When a foreign
operation is disposed of, the relevant amount recognized
in FCTR is transferred to the statement of profit and loss as
part of the profit or loss on disposal.
Integral operations:
Monetary assets and liabilities are translated at the
exchange rate prevailing at the date of the balance sheet.
Non-monetary items are translated at the historical rate.
The items in the statement of profit and loss are translated
at the average exchange rate during the period. The
differences arising out of the translation are recognised in
the statement of profit and loss.
Non-integral operations:
Assets and liabilities are translated at the exchange rate
prevailing at the date of the balance sheet. The items in the
statement of profit and loss are translated at the average
exchange rate during the period. The differences arising
out of the translation are transferred to foreign currency
translation reserve.
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Consolidated Financial StatementsWipro Limited
The amended AS 11 provides an irrevocable option to
the Company to amortise exchange rate fluctuation
on long term foreign currency monetary asset/liability
over the life of the asset/liability or March 31, 2020,
whichever is earlier. The amendment is applicable
retroactively from the financial year beginning on or
after December 7, 2006.
The company did not elect to exercise the option.
Changes in fair value relating to the ineffective portion of
the hedges and derivatives that do not qualify for hedge
accounting are recognised in the statement of profit and
loss.
The fair value of derivative financial instruments is
determined based on observable market inputs including
currency spot and forward rates, yield curves, currency
volatility etc.
xi.
Financial Instruments
xii. Depreciation and amortization
Financial instruments are recognised when the
Company becomes a party to the contractual
provisions of the instrument.
Derivative instruments and Hedge accounting:
The Company is exposed to foreign currency fluctuations
on foreign currency assets, liabilities, net investment in
non-integral foreign operations and forecasted cash flows
denominated in foreign currency. The Company limits the
effects of foreign exchange rate fluctuations by following
established risk management policies including the use of
derivatives. The Company enters into derivative financial
instruments, where the counterparty is primarily a bank.
Premium or discount on foreign exchange forward
contracts entered into hedge foreign currency risk of an
existing asset / liability is recognised in the statement of
profit and loss over the period of the contract. Exchange
differences on such contracts are recognised in the
statement of profit and loss of the reporting period in which
the exchange rates change.
The Company has adopted the principles of Accounting
Standard 30, Financial Instruments: Recognition and
Measurement (AS 30) issued by ICAI except to the
extent the adoption of AS 30 does not conflict with
existing accounting standards prescribed by Companies
(Accounting Standards) Rules, 2014 and other authoritative
pronouncements.
In accordance with the recognition and measurement
principles set out in AS 30, changes in fair value of derivative
financial instruments designated as cash flow hedges are
recognised directly in Reserves and Surplus and reclassified
into the statement of profit and loss upon the occurrence
of the hedged transaction.
The Company designates derivative financial instruments
as hedges of net investments in foreign operations.
Changes in the fair value of the derivative hedging
instruments and gains/losses on translation or settlement
of foreign currency denominated borrowings designated
as a hedge of net investment in foreign operations are
recognized in Reserves and Surplus to the extent that
the hedge is effective. To the extent that the hedge is
ineffective, changes in fair value are recognized in the
statement of profit and loss.
The Company has provided for depreciation using
straight line method over the useful life of the assets
as prescribed under part C of Schedule II of the
Companies Act, 2013 except in the case of following
assets which are depreciated based on useful lives
estimated by the Management:
Class of asset
Building
Plant and machinery
Office equipment
Vehicles
Furniture and fixtures
Electrical installations (included
under plant and machinery)
Computer equipment and
software (included under plant
and machinery)
Estimated
Useful Life
28-40 years
5 – 21 years
3 - 10 years
4 - 5 years
3 - 10 years
2-7 years
2 – 7 years
For the class of assets, based on internal technical
assessment, management believes that the useful lives as
given above best represent the period over which assets
are expected to be used.
Hence the useful lives for these assets are different from
the useful lives as prescribed under Part C of Schedule II
of the Companies Act, 2013.
Freehold land is not depreciated.
Fixed assets individually costing Rupees five thousand or
less are depreciated at 100% over a period of one year.
Assets under finance lease are amortised over their
estimated useful life or the lease term, whichever is lower.
Payments for leasehold land are amortised over the period
of lease.
The estimated useful lives of the amortizable intangible
assets for the current and comparative periods are as
follows:
Class of asset
Customer-related intangibles
Estimated
Useful Life
5-10 years
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Consolidated Financial StatementsAnnual Report 2014-15
xiii.
Impairment of assets
Financial assets:
The Company assesses at each period end whether
there is any objective evidence that a financial asset
or group of financial assets is impaired. If any such
indication exists, the Company estimates the amount
of impairment loss. The amount of loss for receivables
is measured as the difference between the assets
carrying amount and undiscounted amount of future
cash flows. Impairment loss, if any, is recognised in the
statement of profit and loss. If at the balance sheet
date there is any indication that a previously assessed
impairment loss no longer exists, the recognised
impairment loss is reversed, subject to maximum of
initial carrying amount of the short-term receivable.
compensated absences and utilize it in future
periods or receive cash at retirement or termination
of employment. The Company records an obligation
for compensated absences in the period in which
the employee renders the services that increases this
entitlement. The Company measures the expected
cost of compensated absences as the additional
amount that the Company expects to pay as a result of
the unused entitlement that has accumulated at the
end of the reporting period. The Company recognizes
accumulated compensated absences based on
actuarial valuation using the projected unit credit
method. Non-accumulating compensated absences
are recognized in the period in which the absences
occur. The Company recognizes actuarial gains and
losses immediately in the statement of profit and loss.
Other than financial assets:
Gratuity:
The Company assesses at each period end whether
there is any indication that a non-financial asset
including goodwill may be impaired. If any such
indication exists, the Company estimates the
recoverable amount of the asset. If such recoverable
amount of the asset or the recoverable amount of the
cash generating unit to which the asset belongs to is
less than its carrying amount, the carrying amount is
reduced to its recoverable amount. The reduction is
treated as an impairment loss and is recognised in the
statement of profit and loss. If at the balance sheet
date there is an indication that a previously assessed
impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at
the recoverable amount subject to a maximum of
depreciated historical cost. In respect of goodwill,
the impairment loss will be reversed only when it was
caused by specific external events of an exceptional
nature that is not expected to recur and their effects
have been reversed by subsequent external events.
xiv. Employee benefits
Provident fund:
Employees receive benefits from a provident fund,
a defined benefit plan. The employee and employer
each make monthly contributions to the plan. A
portion of the contribution is made to the approved
provident fund trust managed by the Company,
while the remainder of the contribution is made to
the government administered pension fund. The
Company is generally liable for any shortfall in the
fund assets based on the government specified
minimum rate of return.
Compensated absences:
The employees of the Company are entitled to
compensated absences. The employees can carry
forward a portion of the unutilized accumulating
In accordance with the Payment of Gratuity
Act, 1972 applicable to Indian Companies, the
Company provides for a lump sum payment to
eligible employees, at retirement or termination of
employment based on the last drawn salary and
years of employment with the Company. The gratuity
fund is managed by the Life Insurance Corporation
of India (LIC), HDFC Standard Life, TATA AIG life and
Birla Sun-life. The Company’s obligation in respect of
the gratuity plan, which is a defined benefit plan, is
provided for based on actuarial valuation carried out
by an independent actuary using the projected unit
credit method. The Company recognizes actuarial
gains and losses immediately in the statement of
profit and loss.
Superannuation:
Superannuation plan, a defined contribution scheme,
is administered by the LIC and ICICI Prudential Life
Insurance Company Limited. The Company makes
annual contributions based on a specified percentage
of each eligible employee’s salary.
xv. Employee stock options
The Company determines the compensation
cost based on the intrinsic value method. The
compensation cost is amortised on a straight line
basis over the vesting period.
xvi. Taxes
Income tax:
The current charge for income taxes is calculated
in accordance with the relevant tax regulations. Tax
liability for domestic taxes has been computed under
Minimum Alternate Tax (MAT). MAT credit are being
recognized if there is convincing evidence that the
Company will pay normal tax after the tax holiday
period and the resultant asset can be measured
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Consolidated Financial StatementsWipro Limited
reliably. The excess tax paid under MAT provisions
being over and above regular tax liability can be
carried forward for a period of ten years from the year
of recognition and is available for set off against future
tax liabilities computed under regular tax provisions,
to the extent of MAT liability.
Deferred tax:
Deferred tax assets and liabilities are recognised for
the future tax consequences attributable to timing
differences that result between the profit offered
for income taxes and the profit as per the financial
statements of each entity in the Group.
Deferred taxes are recognised in respect of timing
differences which originate during the tax holiday
period but reverse after the tax holiday period. For this
purpose, reversal of timing difference is determined
using first in first out method.
Deferred tax assets and liabilities are measured using
the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date. The
effect on deferred tax assets and liabilities of a change
in tax rates is recognised in the period that includes
the enactment/substantive enactment date.
Deferred tax assets on timing differences are
recognised only if there is a reasonable certainty
that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
However, deferred tax assets on the timing differences
when unabsorbed depreciation and losses carried
forward exist, are recognised only to the extent that
there is virtual certainty that sufficient future taxable
income will be available against which such deferred
tax assets can be realized.
Deferred tax assets are reassessed for the
appropriateness of their respective carrying amounts
at each balance sheet date.
The Company offsets, on a year on year basis, it’s
current and non-current tax assets and liabilities,
where it has a legally enforceable right and where it
intends to settle such assets and liabilities on a net
basis.
xvii. Earnings per share
Basic:
The number of equity shares used in computing basic
earnings per share is the weighted average number of
shares outstanding during the year excluding equity
shares held by controlled trust.
Diluted:
The number of equity shares used in computing
diluted earnings per share comprises the weighted
average number of equity shares considered for
deriving basic earnings per share, and also the
weighted average number of equity shares that could
have been issued on the conversion of all dilutive
potential equity shares.
Dilutive potential equity shares are deemed converted
as of the beginning of the period, unless issued
at a later date. The number of equity shares and
potentially dilutive equity shares are adjusted for any
stock splits and bonus shares issued.
xviii. Cash flow statement
Cash flows are reported using the indirect method,
whereby net profits before tax is adjusted for the
effects of transactions of a non-cash nature and any
deferrals or accruals of past or future cash receipts
or payments. The cash flows from regular revenue
generating, investing and financing activities of the
Company are segregated.
180
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Consolidated Financial StatementsAnnual Report 2014-15
3.
Share capital
Authorised Capital
2,917,500,000 (2014: 2,650,000,000) equity shares [Par value of ` 2 per share]
25,000,000 (2014: 25,000,000) 10.25 % redeemable cumulative preference shares
[Par value of ` 10 per share]
150,000 (2014: Nil) 10% Optionally convertible cumulative preference shares [Par value of
` 100 per share]
Issued, subscribed and fully paid-up capital [Refer note (i) below)]
2,469,043,038 (2014: 2,466,317,273) equity shares of ` 2 each
Less: Nil(2014: 1,810,388) equity shares issued to controlled trust
2,469,043,038 (2014:2,464,506,885) equity shares of ` 2 each
Terms / Rights attached to equity shares
As at March 31,
2015
5,835
250
15
6,100
4,937
-
4,937
2014
5,300
250
-
5,550
4,932
(2)
4,930
The Company has only one class of equity shares having a par value of ` 2 per share. Each share holder of equity shares is entitled
to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors
is subject to shareholders approval in the ensuing Annual General Meeting.
Following is the summary of per share dividends recognised as distributions to equity share holders:
Interim dividend
Final dividend
Year ended March 31,
2015
` 5
` 7
2014
` 3
` 5
In the event of liquidation of the Company, the equity share holders will be entitled to receive the remaining assets of the Company,
after distribution of all preferential amounts, if any, in proportion to the number of equity shares held by the shareholders.
i.
Reconciliation of number of shares
As at March 31, 2015
As at March 31, 2014
No. of Shares
` million
No. of shares
` million
Opening number of equity shares / American Depository Receipts
(ADRs) outstanding
2,466,317,273
4,932
2,462,934,730
4,926
Equity shares issued pursuance to Employee Stock Option Plan
2,725,765
5
3,382,543
Number of equity shares / ADRs outstanding
Less: Equity shares issued to controlled trust*
2,469,043,038
4,937
2,466,317,273
-
-
(1,810,388)
Closing number of equity shares / ADRs outstanding
2,469,043,038
4,937
2,464,506,885
6
4,932
(2)
4,930
* During the year ended March 31, 2015, Wipro Inc. trust sold 1,810,388 shares of Wipro Limited.
ii. Details of shareholders holding more than 5% of the total equity shares of the Company
Sl.
No. Name of the Shareholder
1 Mr. Azim Hasham Premji Partner representing Hasham Traders
2 Mr. Azim Hasham Premji Partner representing Prazim Traders
3 Mr. Azim Hasham Premji Partner representing Zash Traders
4
Azim Premji Trust
As at March 31, 2015
As at March 31, 2014
No of shares
% held
No of shares
% held
370,956,000
452,906,791
451,619,790
429,714,120
15.02
18.34
18.29
17.40
370,956,000
452,906,791
451,619,790
429,714,120
15.04
18.36
18.31
17.42
181
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Consolidated Financial StatementsWipro Limited iii. Other details of Equity Shares for a period of five years immediately preceding March 31, 2015
Aggregate number of share allotted as fully paid up pursuant to contract(s) without
payment being received in cash
(Allotted to the Wipro Inc Trust, the sole beneficiary of which is Wipro Inc., a wholly owned
subsidiary of the Company, in consideration of acquisition of inter-company investments)
Aggregate number of shares allotted as fully paid bonus shares
Aggregate number of shares bought back
iv. Shares reserved for issue under option
As at March 31,
2015
2014
841,585
841,585
979,119,256
-
979,119,256
-
For details of shares reserved for issue under the employee stock option plan of the Company, refer note 34.
4.
Reserves and surplus
As at March 31,
Capital Reserve
Balance brought forward from previous year
Additions during the year
Securities premium account
Balance brought forward from previous year
Add: Exercise of stock options by employees
Add: Sale of treasury shares gain
Adjustment on account of amalgamation (refer note 42)
Less: Shares issued to controlled trust [refer note 3(iii)]
Foreign currency translation reserve [ refer note 2(x)]
Balance brought forward from previous year
Adjustment on account of amalgamation (refer note 42)
Movement during the year
Capital redemption reserve
Balance brought forward from previous year
Adjustment on account of amalgamation (refer note 42)
Restricted stock units reserve [refer note 34] *
Employee stock options outstanding
Less: Deferred employee compensation expense
General reserve
Balance brought forward from previous year
Adjustment on account of demerger (refer note 44)
Adjustment on account of amalgamation (refer note 42)
Adjustment for post-acquisition profits (net) (refer note 42)
Amortisation in respect of share based compensation to the Resulting Company
Amount transferred from surplus balance in the statement of profit and loss [Refer note
(a) below]
182
2015
1,139
-
1,139
12,733
909
458
-
14,100
-
14,100
8,797
350
1,635
10,782
14
-
14
3,628
(2,813)
815
147,151
-
(9,735)
-
104
8,121
2014
1,139
-
1,139
11,758
904
-
71
12,733
(540)
12,193
4,669
-
4,128
8,797
-
14
14
1,947
(1,638)
309
144,427
636
430
(5,623)
(104)
7,385
145,641
147,151
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Consolidated Financial StatementsAnnual Report 2014-15
Hedging reserve [refer note 29 and 2(xi)]
Balance brought forward from previous year
Changes in fair value of effective portion of derivatives
Gain/(loss) on cash flow hedging derivatives, net
Surplus from statement of profit and loss
Balance brought forward from previous year
Add: Profit for the year
Less: Appropriations
- Interim dividend
- Proposed dividend
- Tax on dividend
- Amount transferred to general reserve
Closing balance
As at March 31,
2015
567
3,701
3,701
4,268
146,187
86,609
12,276
17,179
5,924
8,193
189,224
365,983
2014
1,669
(1,102)
(1,102)
567
97,051
79,471
7,347
12,248
3,353
7,387
146,187
316,357
* Restricted stock units reserve includes Deferred Employee Compensation, which represents future charge to the statement of
profit and loss and employee stock options outstanding to be treated as securities premium at the time of allotment of shares.
(a) Additions to General Reserve include:
Transfer from statement of profit and loss
Dividend paid to Wipro Equity Reward Trust and Wipro Inc Trust
Others
5.
Share application money pending allotment
Year ended March 31,
2015
8,193
-
(72)
8,121
2014
7,387
50
(52)
7,385
Share application money pending allotment represents monies received against shares to be issued under the employee
stock option plan formulated by the Company as at the year end. Securities premium on account of shares pending allotment
amounts to ` 3 and ` 156 as at March 31, 2015 and 2014, respectively included in the ‘Restricted stock units reserve’. The
Company has sufficient authorized equity share capital to cover the share capital amount arising from allotment of shares
pending allotment as at March 31, 2015 and 2014 and there are no interest accrued and due on amount due for refund As at
March 31, 2015 and 2014.
6.
Long term borrowings
Secured:
Obligation under finance lease (a)
Unsecured:
Term loan:
External commercial borrowing (b)
Others (c)
As at March 31,
2015
3,218
3,218
9,375
114
9,489
12,707
2014
1,908
1,908
8,985
16
9,001
10,909
(a) Obligation under finance lease is secured by underlying fixed assets. These obligations are repayable in monthly installments up
to year ending March 31, 2020. The interest rate for these obligations ranges from 0.21% to 13.84% (2014: 0.72% to 17.2%).
183
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Consolidated Financial StatementsWipro Limited
(b) The Company entered into an arrangement with a consortium of banks to obtain External Commercial Borrowings (ECB) during
the year ended March 31, 2014. Pursuant to this arrangement, the Company has availed ECB of USD 150 million repayable in
full in June 2018. The ECB carries an average interest rate of Libor+1.25% p.a. (2014: Libor + 1.25% p.a.). The ECB is an unsecured
borrowing and the Company is subject to certain customary restrictions on additional borrowings and quantum of payments
for acquisitions in a financial year.
(c) Unsecured loans from others are interest free which is repayable in monthly installments within the year ending March 31, 2018.
As of March 31, 2015 and 2014, the Company has complied with all the covenants under the loan arrangements.
7. Other long term liabilities
Derivative liabilities
Deposits and other advances received
Others
8.
Long term provisions
Employee benefit obligations
Warranty provision [refer note 36]
As at March 31,
2015
71
71
537
679
As at March 31,
2015
3,062
5
3,067
Employee benefit obligations includes provision for gratuity, other retirement benefits and compensated absences.
9.
Short term borrowings
Secured:
Cash credit(a)
Loan repayable on demand from banks (b)
Unsecured:
Cash credit(c)
Loan repayable on demand from banks (d)
As at March 31,
2015
3,675
141
3,816
227
60,398
60,625
64,441
2014
629
1,661
314
2,604
2014
3,030
6
3,036
2014
3,465
-
3,465
-
35,968
35,968
39,433
(a) The interest rate for this loan is 1.02% (2014: 1.11% - 2.62%). Secured by inventories, accounts receivable, certain property, plant
and equipment.
(b) The interest rate for this loan is 6.75%. Secured by inventories, accounts receivable, certain property, plant and equipment.
(c) The interest rate for this loan is 0.40%.
(d) Rate of interest for this PCFC loan ranges from 0.27% - 0.63% (Monthly Libor + Spread) and other than PCFC loan is 2.02%-10.30%
(2014: PCFC Loan ranges from 1% - 2% and other than PCFC loan is 12.2%).
184
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Consolidated Financial StatementsAnnual Report 2014-15
10. Trade payables
Trade payables
Accrued expenses
11. Other current liabilities
Current maturities of long term borrowings (a)
Current maturities of obligation under finance lease (a)
Unearned revenue
Statutory liabilities
Derivative liabilities
Capital creditors
Advances from customers
Unclaimed dividends
Interest accrued but not due on borrowings
Payable to related party
(a) For rate of interest and other terms and conditions, refer to note 6.
12. Short term provisions
Employee benefit obligations
Provision for income tax
Proposed dividend
Tax on proposed dividend
Warranty provision [refer note 36]
Provisions – Others taxes [refer note 36]
Others
Employee benefit obligations include other retirement benefits and compensated absences.
As at March 31,
2015
32,203
26,283
58,486
As at March 31,
2015
104
1,660
16,551
3,528
3,922
706
2,200
25
458
340
29,494
As at March 31,
2015
4,802
14,731
17,179
3,456
306
1,211
374
42,059
2014
29,501
22,660
52,161
2014
158
1,092
12,767
3,548
4,632
593
3,278
27
196
1,000
27,291
2014
5,027
15,930
12,248
2,096
340
1,031
423
37,095
185
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Consolidated Financial StatementsWipro Limited
13. Tangible assets
Cost:
As at April 1, 2013
Additions (c)
Additions due to acquisitions
Translation adjustment (b)
Disposal/adjustments (d)
As at March 31, 2014
As at April 1, 2014
Additions (c)
Additions due to acquisitions
Translation adjustment (b)
Disposal/adjustments (d)
As at March 31, 2015
Accumulated depreciation/
impairment
As at April 1, 2013
Charge for the year
Translation adjustment (b)
Disposal/adjustments(d)
As at March 31, 2014
As at April 1, 2014
Charge for the year
Translation adjustment (b)
Disposal/adjustments(d)
As at March 31, 2015
Net Block
As at March 31, 2014
As at March 31, 2015
Land (a)
Buildings
Plant and
machinery
Furniture
& fixtures
Office
equipment Vehicles
Total
5,435
576
12
22
(361)
5,684
5,684
178
-
11
-
5,873
274
240
(3)
189
700
700
135
14
-
849
22,642
1,037
-
338
(100)
23,917
23,917
446
89
51
(132)
24,371
3,045
714
121
(61)
3,819
3,819
751
36
(55)
4,551
61,997
9,850
49
1,936
(1,324)
72,508
72,508
11,978
871
122
(5,688)
79,791
44,520
7,687
1,242
(676)
52,773
52,773
9,164
243
(5,137)
57,043
8,135
459
-
135
(427)
8,302
8,302
531
97
(85)
(278)
8,567
5,992
1,109
92
(651)
6,542
6,542
1,019
(52)
(185)
7,324
3,580
515
105
46
(109)
4,137
4,137
303
23
(36)
(206)
4,221
2,608
431
36
(13)
3,062
3,062
410
(18)
(70)
3,384
1,443
30
3
-
(495)
981
981
36
1
(21)
(151)
846
1,411
39
1
(489)
962
962
12
-
(149)
825
103,232
12,467
169
2,477
(2,816)
115,529
115,529
13,472
1,081
42
(6,455)
123,669
57,850
10,220
1,489
(1,701)
67,858
67,858
11,491
223
(5,596)
73,976
4,984
5,024
20,098 19,735
22,748
19,820
1,760
1,243
1,075
837
19
21
47,671
49,693
a) Includes Gross block of ` 2,232 (2014 : ` 2,042) and Accumulated amortisation of ` 849 (2014 : ` 698) being leasehold land.
b) Represents translation of tangible assets of non-integral operations into Indian Rupee.
c) Interest capitalized during the year ended March 31, 2015, aggregated to ` 105 (2014: ` 149).
d) Includes regrouping / reclassification within the block of assets.
186
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Consolidated Financial StatementsAnnual Report 2014-15 14.
Intangible assets
Cost:
As at April 1, 2013
Additions
Additions due to acquisitions
Translation adjustment(a)
Disposal/adjustments
As at March 31, 2014
As at April 1, 2014
Additions
Translation adjustment(a)
Disposal/adjustments
As at March 31, 2015
Accumulated amortization
As at April 1, 2013
Charge for the year
Translation adjustment(a)
Disposal/adjustments
As at March 31, 2014
As at April 1, 2014
Charge for the year
Translation adjustment(a)
Disposal/adjustments
As at March 31, 2015
Net Block
As at March 31, 2014
As at March 31, 2015
Technical
Know-how
Patents,
trademarks and
rights
Customer
Contract
662
-
-
91
(23)
730
730
-
(108)
(100)
522
543
27
87
(9)
648
648
19
(107)
(83)
477
82
45
180
26
213
9
(57)
371
371
-
13
-
384
-
49
-
-
49
49
153
(3)
-
199
322
185
-
-
-
-
-
-
-
509
(80)
-
429
-
-
-
-
-
-
32
(4)
-
28
-
401
Total
842
26
213
100
(80)
1,101
1,101
509
(175)
(100)
1,335
543
76
87
(9)
697
697
204
(114)
(83)
704
404
631
a) Represents translation of intangible assets of non-integral operations into Indian Rupee.
15. Non-current investments
(Valued at cost, unless stated otherwise)
Investment in equity instruments [Refer note 46]
As at March 31,
2015
3,404
3,404
2014
2,712
2,712
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Consolidated Financial StatementsWipro Limited
16. Long term loans and advances
(Unsecured, considered good unless otherwise stated)
Capital advances
Prepaid expenses
Security deposits
Other deposits
Deferred contract costs
Advance income tax, net of provision for tax
MAT credit entitlement
17. Other non-current assets
Secured, considered good:
Finance lease receivables*
Unsecured, considered good:
Derivative assets
Interest receivable
* Finance lease receivables are secured by the underlying assets given on lease.
18. Current investments
(Valued at cost or fair value, whichever is lower)
Quoted
Investments in Indian money market mutual funds * [Refer note 47(i)]
Investment in debentures [Refer note 47(ii)]
Unquoted
Certificate of deposits/bonds [Refer note 47(iii)]
Others
Aggregate market value of quoted investments
As at March 31,
2015
1,511
3,747
1,472
460
4,445
17,897
1,844
31,376
As at March 31,
2015
2,899
736
7
3,642
As at March 31,
2015
10,199
751
10,950
40,939
28
40,967
51,917
11,024
2014
985
1,946
1,355
657
3,711
19,967
1,842
30,463
2014
5,235
286
-
5,521
2014
18,295
51
18,346
40,378
28
40,406
58,752
18,589
* include mutual funds amounting to ` Nil (2014: ` 250) pledged as margin money deposit for entering into currency future
contracts. The remaining maturity of such outstanding future contracts does not exceed 12 months from the reporting date.
188
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19.
Inventories
(At lower of cost and net realizable value)
Raw materials [including goods in transit - Nil (2014 : ` 1)]
Work in progress
Finished goods [including goods in transit - ` 8 (2014 : ` 28)]
Traded goods
Stores and spares
20. Trade Receivables
Unsecured
Over six months from the date they were due for payment
Considered good
Considered doubtful
Less: Provision for doubtful receivables
Other receivables
Considered good
Considered doubtful
Less: Provision for doubtful receivables
21. Cash and bank balances
Cash and cash equivalents
Balances with banks [refer note 48]
- In current accounts
- Unclaimed dividend
- In deposit accounts
Cheques, drafts on hand
Cash in hand
Other Deposits with banks
Deposit accounts with more than 3 months but less than 12 months maturity
Deposit accounts with more than 12 months maturity
As at March 31,
2015
3
2
24
3,888
932
4,849
2014
37
16
65
1,245
930
2,293
As at March 31,
2015
2014
13,142
5,337
18,479
(5,337)
13,142
78,406
173
78,579
(173)
78,406
91,548
18,575
4,389
22,964
(4,389)
18,575
66,892
197
67,089
(197)
66,892
85,467
As at March 31,
2015
2014
46,073
25
111,743
1,070
29
158,940
7,250
166,190
100,657
-
44,683
27
68,536
953
2
114,201
-
114,201
40,590
-
a)
Cash and cash equivalents include restricted cash balance of ` 25 (2014 : ` 27), primarily on account of unclaimed dividends.
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Consolidated Financial StatementsWipro Limited
22. Short term loans and advances
(Unsecured, considered good unless otherwise stated)
Employee travel and other advances
Advance to suppliers
Balance with excise and customs
Prepaid expenses
Other deposits
Security deposits
Interest bearing deposit
Deferred contract costs
Others
Considered doubtful
Less: Provision for doubtful loans and advances
23. Other current assets
Secured, considered good:
Finance lease receivables
Unsecured, considered good:
Derivative assets
Interest receivable
Unbilled revenue
Receivable from Related party
Finance lease receivables are secured by the underlying assets given on lease.
24. Other income
Income from current investments
- Dividend on mutual fund units
- Profit/(loss) on sale of investment, net
Interest on bank and other deposits
Exchange fluctuations on foreign currency borrowings, net
Other exchange differences, net
Miscellaneous income
190
As at March 31,
2015
3,488
1,533
1,786
8,033
254
2,054
30,950
3,610
5,482
880
58,070
(880)
57,190
2014
2,447
1,153
1,267
6,193
289
1,679
12,500
3,852
4,125
826
34,331
(826)
33,505
As at March 31,
2015
3,461
3,461
7,474
7,146
42,338
77
57,035
60,496
Year ended March 31,
2015
224
3,948
15,691
(1)
3,611
1,024
24,497
2014
3,018
3,018
5,514
4,367
39,334
-
49,215
52,233
2014
354
1,545
12,472
970
3,382
496
19,219
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25. Employee benefits expense
Salaries and wages
Contribution to provident and other funds
Share based compensation
Staff welfare expenses
26. Finance costs
Interest
Exchange fluctuations on foreign currency borrowings, net
(to the extent regarded as borrowing cost)
27. Other expenses
Sub-contracting / technical fees / third party application
Travel
Advertisement and sales promotion
Repairs and maintenance
Communication
Power and fuel
Legal and professional charges
Staff recruitment
Rent
Consumption of stores and spares
Insurance
Rates and taxes
Auditors’ remuneration
Miscellaneous expenses
Year ended March 31,
2015
214,266
4,798
1,327
4,724
225,115
2014
197,627
4,468
560
4,160
206,815
Year ended March 31,
2015
774
2,725
3,499
2014
819
3,015
3,834
Year ended March 31,
2015
52,247
21,684
1,625
5,717
5,640
2,932
3,682
917
4,727
370
1,230
1,015
50
12,354
114,190
2014
43,521
17,074
1,449
5,880
5,775
2,935
2,655
1,173
4,582
857
1,493
728
48
13,103
101,273
28. Adoption of AS 30
The Company has applied the principles of AS 30, as per
announcement by ICAI, to the extent such principles of AS
30 does not conflict with existing accounting standards
prescribed by Companies (Accounts) Rules, 2014.
i)
ii)
As permitted by AS 30, the Company has designated
a USD-denominated foreign currency borrowing
amounting to USD 150 million as a hedging
instrument to hedge its net investment in a non-
integral foreign operation.
Accordingly, the translation gain/ (loss) on the foreign
currency borrowings and portion of the changes in
fair value of IRS which are determined to be effective
hedge of net investment in non-integral operation
and cash flow hedge of foreign currency borrowings
aggregating to ` (524) for the year ended March 31,
2015 [2014: ` (705)] was recognised in translation
reserve / hedging reserve in shareholders’ funds.
The amount of gain/ (loss) of ` (390) for the year
ended March 31, 2015 [2014: ` (839)] recognised
in translation reserve would be transferred to profit
and loss account upon sale or disposal of the non-
integral foreign operation and the amount of gain /
(loss) of ` (134) for year ended March 31, 2015 [2014:
` 134] recognised in the hedging reserve would be
transferred to the statement of profit and loss on the
occurrence of the hedged transaction.
iii)
In accordance with AS 11, if the Company had
continued to recognize translation (losses)/ gains on
foreign currency borrowing in the statement of profit
and loss:
191
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Consolidated Financial StatementsWipro Limited
a.
Foreign currency borrowing of USD 150 Mn
would not have been eligible as a hedge
instrument for hedge accounting and changes in
the fair value of the foreign currency borrowing
would have to be recognized in the statement of
profit and loss. As a result profit after tax would
have been lower by ` 390 for the year ended
March 31, 2015 (2014: ` 839).
29. Derivatives
As of March 31, 2015, the Company has recognised gains
of ` 4,268 [2014: ` 567] relating to derivative financial
instruments (comprising of foreign currency forward
contract, option contracts, and interest rate swap) that
are designated as effective cash flow hedges in the
shareholders’ funds.
In addition to the derivative instruments discussed above in
Note 28, the Company has also designated certain foreign
currency forward contracts to hedge its net investment
in non-integral foreign operations. The Company has
recognized gain of ` 780 for the year ended March 31, 2015
(2014: loss of ` 1,761) relating to the derivative financial
instruments in translation reserve in the reserves and surplus.
The following table presents the aggregate contracted
principal amounts of the Company’s derivative contracts
outstanding as at:
(In Millions)
As at March 31,
2015
2014
$ 836 $
£ 198 £
516
51
AUD 83 AUD
9
€ 220 €
$ 150 $
78
150
$
€
145 $
- €
220
25
1,061
$ 1,304 $
112
67 £
£
€
63
60 €
JPY 490 JPY 490
8
SGD 13 SGD
ZAR 69 ZAR 223
CAD 30 CAD 10
AUD 53 AUD 99
-
CHF 10 CHF
585
$
790 $
Designated cash flow hedging
derivative instruments
Sell
Interest Rate Swap
Net investment hedges in foreign
operations
Others
Non designated derivative
instruments
Sell
Buy
192
As of the balance sheet date, the Company has net foreign
currency exposures that are not hedged by a derivative
instrument or otherwise amounting to ` 18,303 (2014: `
18,196).
30. Sale of financial assets
From time to time, in the normal course of business, the
Company transfers accounts receivables, unbilled revenues,
net investment in finance lease receivables (financials
assets) to banks. Under the terms of the arrangements, the
Company surrenders control over the financial assets and
transfer is without recourse. Accordingly, such transfers are
recorded as sale of financial assets. Gains and losses on sale
of financial assets without recourse are recorded at the time
of sale based on the carrying value of the financial assets
and fair value of servicing liability.
In certain cases, transfer of financial assets may be with
recourse. Under such arrangements, the Company is
obligated to repurchase the uncollected financial assets,
subject to limits specified in the agreement with the banks.
These are reflected as part of loans and borrowings in the
statement of balance sheet.
31. Finance lease receivables
The Company provides lease financing for the traded and
manufactured products primarily through finance leases.
The finance lease portfolio contains only the normal
collection risk with no important uncertainties with respect
to future costs. These receivables are generally due in
monthly or quarterly installments over periods ranging
from 1 to 7 years.
The components of finance lease receivables are as follows:
Gross investment in lease
Not later than one year
Later than one year and not later
than five years
Later than five years
Unguaranteed residual values
Unearned finance income
Net investment in finance receivables
As at March 31,
2015
2014
3,685
3,194
3,108
73
63
6,929
(569)
6,360
5,885
-
90
9,169
(916)
8,253
Present value of minimum lease receivables are as follows:
Present value of minimum lease
payments receivables
Not later than one year
Later than one year and not later
than five years
Later than five years
Unguaranteed residual value
As at March 31,
2015
2014
6,360
3,419
2,826
57
58
8,253
2,980
5,190
-
83
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32. Assets taken on lease
Finance leases:
The following is a schedule of present value of minimum
lease payments under finance leases, together with the
value of the future minimum lease payments as of March
31, 2015 and 2014.
As at March 31,
2015
2014
Present value of minimum lease
payments
Not later than one year
1,660
1,092
Later than one year and not later
than five years
Total present value of minimum
lease payments
Add: Amount representing interest
Total value of minimum lease payments
Operating leases:
3,218
1,908
4,878
345
5,223
3,000
296
3,296
The Company leases office and residential facilities
under cancelable and non-cancelable operating lease
agreements that are renewable on a periodic basis at the
option of both the lessor and the lessee. Rental payments
under such leases are ` 4,727 and ` 4,582 during the years
ended March 31, 2015 and 2014 respectively.
Details of contractual payments under non-cancelable
leases are given below:
Not later than one year
Later than one year and not later
than five years
Later than five years
Total
33. Employee benefit plan
As at March 31,
2015
3,351
6,385
2,206
11,942
2014
2,584
5,413
2,881
10,878
Gratuity: In accordance with applicable Indian laws,
the Company provides for gratuity, a defined benefit
retirement plan (Gratuity Plan) covering certain categories
of employees. The Gratuity Plan provides a lump sum
payment to vested employees, at retirement or termination
of employment, an amount based on the respective
employee’s last drawn salary and the years of employment
with the Company. The Company provides the gratuity
benefit through annual contributions to a fund managed
by the Life Insurance Corporation of India (LIC), HDFC
Standard Life, Tata AIG Life and Birla Sun Life (‘Insurer’).
Under this plan, the settlement obligation remains with
the Company, although the Insurer administers the plan
and determines the contribution premium required to be
paid by the Company.
Change in the benefit obligation
As at March 31,
Projected Benefit Obligation (PBO)
at the beginning of the year
Current service cost
Interest cost
Benefits paid
Actuarial loss
Projected Benefit Obligation (PBO)
at the end of the year
Change in plan assets
Fair value of plan assets at the
beginning of the year
Expected return on plan assets
Employer contributions
Benefits paid
Actuarial gain
Fair value of plan assets at the end
of the year
Recognized liability
2015
2014
3,690
613
348
(462)
179
3,115
537
262
(479)
255
4,368
3,690
As at March 31,
2015
2014
3,360
261
1,065
(462)
105
4,329
(39)
3,096
247
479
(479)
17
3,360
(330)
The Company has invested the plan assets in the insurer
managed funds. The expected rate of return on plan asset
is based on expectation of the average long term rate of
return expected on investments of the fund during the
estimated term of the obligation. Expected contribution
to the fund during the year ending March 31, 2016 is ` 788.
Net gratuity cost for the year ended March 31, 2015 and
2014 are as follows:
Current service cost
Interest on obligation
Expected return on plan assets
Actuarial loss
Net gratuity cost
Year ended March 31,
2014
537
262
(247)
238
790
2015
613
348
(261)
74
774
The weighted average actuarial assumptions used to
determine benefit obligations and net periodic gratuity
cost are:
Assumptions
Discount rate
Rate of Increase in compensation
levels
Rate of return on plan assets
As at March 31,
2015
7.95%
8%
2014
8.90%
8%
8.50%
8.50%
193
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Consolidated Financial StatementsWipro Limited
Details for the present value of defined obligation, fair value of assets, surplus/(deficit) of assets and experience adjustments
of current year and preceding four years are as under:
Experience Adjustments:
On Plan Liabilities
On Plan Assets
Present value of benefit obligation
Fair value of plan assets
Excess of (obligations over plan assets) / plan assets over obligations
As at March 31,
2015
2014
2013
2012
2011
(1)
105
4,368
4,329
(39)
(22)
17
3,690
3,360
(330)
(58)
44
3,115
3,096
(19)
(147)
52
2,845
2,866
21
(32)
15
2,476
2,387
(89)
The Company assesses these assumptions with its
projected long-term plans of growth and prevalent
industry standards. The estimates of future salary increase,
considered in actuarial valuation, take account of inflation,
seniority, promotion and other relevant factors such as
supply and demand factors in the employment market.
Superannuation: Apart from being covered under
the gratuity plan, the employees of the Company also
participate in a defined contribution plan maintained
by the Company. This plan is administered by the Life
Insurance Corporation of India and ICICI Prudential
Insurance Company Limited. The Company makes annual
contributions based on a specified percentage of each
covered employee’s salary.
For the year ended March 31, 2015, the Company has
contributed (net) ` 518 to superannuation fund [2014:
contribution recognized ` 484].
Provident Fund (PF): In addition to the above, all employees
receive benefits from a provident fund. The employee and
employer each make monthly contributions to the plan. A
portion of the contribution is made to the provident fund
trust established by the Company, while the remainder of
the contribution is made to the Government administered
pension fund.
The interest rate payable by the trust to the beneficiaries
is regulated by the statutory authorities. The Company has
an obligation to make good the shortfall, if any, between
the returns from its investments and the administered rate.
The details of fund and plan assets are given below:
Change in the benefit obligation
As at March 31,
Fair value of plan assets
Present value of defined benefit
obligation
Net (shortfall) / excess
2015
28,455
28,455
-
2014
24,632
24,632
-
The principal assumptions used in determining the
present value obligation of interest guarantee under the
deterministic approach are as follows:
194
Assumptions
As at March 31,
Discount rate
Average remaining tenure of
investment portfolio
Guaranteed rate of return
2015
7.95%
6 years
8.75%
2014
8.90%
6 years
8.75%
For the year ended March 31, 2015, the Company
contributed ` 3,247 (2014: ` 3,117) towards provident
fund.
34. Employee stock option
i)
ii)
iii)
Employees covered under Stock Option Plans and
Restricted Stock Unit (RSU) Option Plans (collectively
“stock option plans”) are granted an option to
purchase shares of the Company at the respective
exercise prices, subject to requirements of vesting
conditions. These options generally vest in tranches
over a period of three to five years from the date
of grant. Upon vesting, the employees can acquire
one equity share for every option. The maximum
contractual term for aforementioned stock option
plans is generally 10 years.
The stock compensation cost is computed under the
intrinsic value method and amortised on a straight
line basis over the total vesting period. The intrinsic
value on the date of grant approximates the fair value.
For the year ended March 31, 2015, the Company has
recorded stock compensation expense of ` 1,327
(2014: ` 560).
The compensation committee of the board evaluates
the performance and other criteria of employees
and approves the grant of options. These options
vest with employees over a specified period subject
to fulfillment of certain conditions. Upon vesting,
employees are eligible to apply and secure allotment
of Company’s shares at a price determined on the
date of grant of options. The particulars of options
granted under various plans are tabulated below. (The
numbers of shares in the table below are adjusted for
any stock splits and bonus shares issues).
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Consolidated Financial StatementsAnnual Report 2014-15
Wipro Employee Stock Option Plans and Restricted Stock Unit Option Plans
A summary of the general terms of grants under stock option plans and restricted stock unit option plans are as follows:
Name of Plan
Wipro Employee Stock Option Plan 1999 (1999 Plan)
Wipro Employee Stock Option Plan 2000 (2000 Plan)
Stock Option Plan (2000 ADS Plan)
Wipro Restricted Stock Unit Plan (WRSUP 2004 plan)
Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan)
Wipro Employee Restricted Stock Unit Plan 2005 (WSRUP 2005 plan)
Wipro Employee Restricted Stock Unit Plan 2007 (WSRUP 2007 plan)
The activity in these stock option plans is summarized below:
2015
Number
Range of
Exercise
Prices
Authorized
Shares
50,000,000 `
Range of
Exercise Prices
171 – 490
250,000,000 `
171 – 490
15,000,000 US$
20,000,000 `
20,000,000 US$
20,000,000 `
16,666,667 `
3 – 7
2
0.04
2
2
Year ended March 31,
Outstanding at the beginning of the period(1)
Granted
Exercised
Forfeited and lapsed
Outstanding at the end of the period
Exercisable at the end of the period
Weighted
Average
Exercise
Price
480.20
2
0.04
—
2
0.04
—
2
0.04
—
2
0.04
480.20
2
0.04
480.20
2
0.04
`
`
US$
`
`
US$
`
`
US$
`
`
US$
`
`
US$
`
`
US$
480 – 489
2
0.04
480 – 489
2
0.04
480 – 489
0.04
480 – 489
0.04
480 – 489
2
0.04
480 – 489
2
0.04
33,636 `
8,007,354 `
2,096,492 US$
— `
2,480,000 `
1,689,500 US$
(13,455) `
2 (1,968,609 ) `
(743,701 ) US$
— `
2 (2,186,526 ) `
(465,647 ) US$
20,181 `
6,332,219 `
2,576,644 US$
- `
1,389,772 `
1,80,683 US$
2014
Number
Weighted
Average
Exercise
Price
480.20
2
0.04
—
2
0.04
—
2
0.04
—
2
0.04
480.20
2
0.04
480.20
2
0.04
33,636 `
11,502,173 `
2,727,802 US$
— `
5,000 `
25,000 US$
— `
(2,944,779) `
(437,764) US$
— `
(555,040) `
(218,546) US$
33,636 `
8,007,354 `
2,096,492 US$
13,455 `
5,518,608 `
342,562 US$
(1) An adjustment of one employee stock option for every 8.25 employee stock option held has been made, as of the Record Date
of the Demerger, for each eligible employee pursuant to the terms of the Scheme.
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Consolidated Financial StatementsWipro Limited
The following table summarizes information about outstanding stock options:
Numbers
2015
Weighted
Average
Remaining
Life
(Months)
Numbers
Weighted
Average
Exercise
Price
2014
Weighted
Average
Remaining
Life
(Months)
Weighted
Average
Exercise
Price
Range of Exercise price
`
`
US$
480 – 489
2
0.04
20,181
6,332,219
2,576,644
24
25
31
`
`
480.20
2
US$
0.04
33,636
8,007,354
2,096,492
36
36
44
`
`
US$
480.20
2
0.04
The weighted-average grant-date fair value of options granted during the year ended March 31, 2015 was ` 658.12 (2014:
` 676.73) for each option. The weighted average share price of options exercised during the year ended March 31, 2015 was ` 603.58
(2014: ` 462.60) for each option.
The movement in Restricted Stock Unit reserve is summarized below:
Opening balance
Less: Amount transferred to share premium
Add: Amortisation
Add: Amortisation in respect of share based compensation to Wipro Enterprises Limited (WEL)
Year ended March 31,
2015
309
(909)
1,327
88
815
2014
549
(904)
560
104
309
ii)
The components of the deferred tax assets (net) are
as follows:
Deferred tax assets (DTA)
Accrued expenses and liabilities
Allowances for doubtful trade
receivables
Carry – forward business losses
Income received in advance
Deferred tax liabilities (DTL)
Fixed assets
Amortisable goodwill
Unbilled revenue
Others
Net DTA/(DTL)
As at March 31,
2015
2014
2,360
1,258
1,706
1,601
117
5,784
(3,791)
(671)
(552)
(205)
(5,219)
565
1,750
2,786
807
6,601
(4,964)
(483)
(1,195)
(85)
(6,727)
(126)
The Net DTA / (DTL) of ` 565 (2014: ` (126)) has the following
breakdown:
Deferred tax asset
Deferred tax liabilities
Net DTA/(DTL)
As at March 31,
2015
834
(269)
565
2014
1,553
(1,679)
(126)
Closing balance
35.
Income tax
The provision for taxation includes tax liability in India
on the Company’s worldwide income. The tax has been
computed on the worldwide income as reduced by the
various deductions and exemptions provided by the
Income Tax Act, 1961 in India (Act) and the tax credit in
India for the tax liabilities payable in foreign countries.
Most of the Company’s operations are through units in
Software Technology Parks (‘STPs’) and Special Economic
Zones (SEZ’s). Income from STPs is not eligible for deduction
from 1st April, 2011. Income from SEZ’s are eligible for 100%
deduction for the first 5 years, 50% deduction for the next
5 years and 50% deduction for another 5 years subject to
fulfilling certain conditions.
The Company has calculated its tax liability after
considering the provisions of law relating to Minimum
Alternate Tax (MAT). As per the Act, any excess of MAT
paid over the normal tax payable can be carried forward
and set off against the future tax liabilities. Accordingly
an amount of ` 1,844 (2014: ` 1,842) is included under
‘Long term loans and advances’ in the balance sheet as
of March 31, 2015.
i)
Tax expenses are net of reversal of provisions recorded
in earlier periods, which are no longer required,
amounting to ` 891 for the year ended March 31,
2015 (2014: ` 1,244) and MAT credit of ` 2 for the year
ended March 31, 2015 (2014: Nil).
196
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36. Provisions
Provision for warranty represents cost associated with providing sales support services which are accrued at the time of
recognition of revenues and are expected to be utilized over a period of 1 to 2 years from the date of balance sheet. Other
provisions primarily include provisions for tax related contingencies and litigations. The timing of cash outflows in respect of
such provision cannot be reasonably determined. The activity in provision balance is summarized below:
Provision at the beginning of the year
Additions during the year, net
Utilized/reversed during the year
Provision at the end of the year
Non-current portion
Current portion
37. Earnings per share
Year ended March 31,
2015
2014
Provision for
Warranty
346
350
(385)
311
5
306
Others – taxes
1,031
187
(7)
1,211
-
1,211
Provision for
Warranty
314
383
(351)
346
6
340
Others – taxes
869
270
(108)
1,031
-
1,031
The computation of equity shares used in calculating basic and diluted earnings per share is set out below:
Weighted average equity shares outstanding
Share held by controlled trusts
Weighted average equity shares for computing basic EPS
Dilutive impact of employee stock options
Weighted average equity shares for computing diluted EPS
Net income considered for computing EPS (` in Millions)
Year ended March 31,
2015
2,470,776,266
(16,094,616)
2,454,681,650
7,109,442
2,461,791,092
86,609
2014
2,471,385,646
(16,640,212)
2,454,745,434
6,503,042
2,461,248,476
79,471
Earnings per share and number of shares outstanding for the year ended March 31, 2013 have been adjusted for the grant of
one employee stock option for every 8.25 employee stock option held by each eligible employee in terms of the demerger
scheme as on the Record Date.
38. Related party relationships and transactions
The List of subsidiaries as of March 31, 2015 is provided in the table below:
Subsidiaries
Wipro LLC (Formerly
Wipro Inc.)
Wipro Japan KK
Wipro Shanghai Limited
Wipro Trademarks Holding Limited
Wipro Travel Services Limited
Subsidiaries
Country of
Incorporation
USA
Opus Capital Markets
Consultants LLC
Wipro Gallagher Solutions Inc
Infocrossing Inc.
Wipro Promax Analytics Solutions LLC
(Formerly Promax Analytics Solutions
Americas LLC)
Wipro Insurance Solutions LLC
USA
USA
USA
USA
USA
Japan
China
India
India
197
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Consolidated Financial StatementsWipro Limited
Subsidiaries
Subsidiaries
Wipro Holdings (Mauritius) Limited
Wipro Holdings U.K. Limited
Wipro Information
Technogoty Austria GmbH(A)
(Formerly Wipro Holdings
Austria GmbH)
3D Networks (U.K.) Limited
Wipro Europe Limited (A)
Wipro Promax Analytics
Solutions (Europe) Limited
(Formerly Promax Analytics
Solutions (Europe) Ltd)
Wipro Cyprus Private Limited
Wipro Doha LLC#
Wipro Technologies S.A DE C. V
Wipro BPO Philippines LTD. Inc
Wipro Holdings Hungary Korlátolt
Felelősségű Társaság
Wipro Technologies Argentina SA
Wipro Information Technology Egypt
SAE
Wipro Arabia Limited*
Wipro Poland Sp Zoo
Wipro IT Services Poland Sp. z o. o
Wipro Promax Analytics
Solutions Pty Ltd
(Formerly Promax Applications
Group Pty Ltd)
Wipro Corporate technologies
Ghana Limited
Wipro Technologies South Africa
(Proprietary) Limited
Country of
Incorporation
Mauritius
U.K.
Austria
U.K.
U.K.
U.K.
Cyprus
Qatar
Mexico
Philippines
Hungary
Argentina
Egypt
Saudi Arabia
Poland
Poland
Australia
Ghana
South Africa
Wipro Technologies Nigeria
Limited
Nigeria
198
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Consolidated Financial StatementsAnnual Report 2014-15 Subsidiaries
Subsidiaries
Wipro Information Technology
Netherlands BV
Country of
Incorporation
Netherland
Wipro Portugal S.A.(A)
Wipro Technologies Limited,
Russia
Wipro Technology Chile SPA
Wipro Technologies Canada
Limited (A)
Portugal
Russia
Chile
Canada
Wipro Information Technology
Kazakhstan
Kazakhstan LLP
Wipro Technologies W.T. Sociedad
Costa Rica
Anonima
Wipro Outsourcing Services
Ireland
(Ireland) Limited
Wipro IT Services Ukraine
Ukraine
LLC
Wipro Technologies Norway AS
Norway
Wipro Technologies VZ, C.A.
Venezuela
Wipro Technologies Peru
Wipro Promax Holdings Pty Ltd
(Formerly Promax Holdings Pty
Ltd)(A)
Peru
Romania
Indonesia
Australia
Australia
Thailand
Bahrain
Sultanate of
Oman
Spain
Singapore
Malaysia
China
India
Wipro Technologies SRL
PT WT Indonesia
Wipro Australia Pty Limited
Wipro (Thailand) Co Limited
Wipro Bahrain Limited WLL
Wipro Gulf LLC
Wipro Technologies Spain S.L.
Wipro Technologies SDN BHD
Wipro Networks Pte Limited
(Formerly 3D Networks Pte
Limited)
Wipro Chengdu Limited
Wipro Airport IT Services Limited*
In addition to above, the Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’ and Wipro SA Broad Based
Ownership Scheme SPV (RF) (PTY) LTD, which are incorporated in South Africa and are consolidated for financial reporting purposes.
* All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the equity securities
of Wipro Arabia Limited and 74% of the equity securities of Wipro Airport IT Services Limited.
# 51% of equity securities of Wipro Doha LLC are held by a local share holder. However, the beneficial interest in these holdings is
with the Company.
(A) Step Subsidiary details of Wipro Information Technogoty Austria GmbH, Wipro Portugal S.A, Wipro Europe Limited , Wipro Promax
Holdings Pty Ltd and Wipro Technologies Canada Limited are as follows:
199
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Consolidated Financial StatementsWipro Limited Subsidiaries
Subsidiaries
Wipro Information Technogoty
Austria GmbH
(Formerly Wipro Holdings
Austria GmbH)
Wipro Europe Limited
(Formerly SAIC Europe Limited)
Wipro Portugal S.A.
Wipro Promax Holdings Pty Ltd
(Formerly Promax Holdings Pty Ltd)
Wipro Technologies Canada Limited
The list of controlled trusts is:
Name of entity
Wipro Equity Reward Trust
Wipro Inc Benefit Trust
The other related parties are:
Wipro Technologies Austria GmbH
New Logic Technologies SARL
Wipro UK Limited
Wipro Europe SARL
SAS Wipro France
Wipro Retail UK Limited
Wipro do Brasil Technologia Ltda
Wipro Technologies Gmbh
Wipro Do Brasil Sistemetas De Informatica Ltd
Wipro Promax IP Pty Ltd (Formerly PAG IP Pty Ltd)
Wipro Solutions Canada Limited
(Formerly ATCO I-Tek Inc.)
Country of
Incorporation
Austria
Austria
France
U.K.
U.K.
France
Portugal
France
U.K.
Brazil
Germany
Brazil
Australia
Australia
Canada
Canada
Nature
Trust
Trust
Country of Incorporation
India
India
Name of other related parties
Azim Premji Foundation
Azim Premji Trust
Hasham Traders (partnership firm)
Prazim Traders (partnership firm)
Zash Traders (partnership firm)
Regal Investment & Trading Company Private Limited
Vidya Investment & Trading Company Private Limited
Napean Trading & Investment Company Private Limited
Wipro Enterprises Limited
Wipro Enterprises Cyprus Limited
Wipro Singapore Pte Limited
Wipro Unza Holdings Limited
Wipro Infrastructure Engineering AB
Yardley of London Limited
Wipro Enterprises Netherlands BV
Nature
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
200
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Consolidated Financial StatementsAnnual Report 2014-15
Azim H Premji
Suresh C Senapaty
T K Kurien
Rishad Azim Premji
Jatin Pravinchandra Dalal
Name of other related parties
Key management personnel
-
-
-
-
-
(1) Up to March 31, 2015
(2) Effective May 1, 2015
(3) Effective April 1, 2015
Nature
Chairman and Managing Director
Chief Financial Officer and Executive Director (1)
Chief Executive Officer and Executive Director
Chief Strategy Officer and Executive Director (2)
Chief Financial Officer (3)
The Company has the following related party transactions:
Transaction / Balances
Entities controlled by
Directors
Sales of services
Sale of products
Purchase of services
Purchase of products
Assets purchased / capitalized
Dividend paid
Rent paid
Rent Income
Dividend payable
Remuneration paid
Interest income
Interest expense
Receivables
Payables
2015
154
-
1
-
207
17,166
63
55
2014
169
17
-
3
66
13,733
-
39
12,016
8,583
-
-
-
193
12,356
-
18
40
490
9,583
Key Management
Personnel@
2015
2014
-
-
-
-
-
958
4
-
670
189
-
-
-
-
-
-
-
-
765
3
-
478
211
-
-
-
720
574
@ Including relative of key management personnel.
The following are the significant related party transactions during the year ended March 31, 2015 and 2014:
Sale of services
Wipro Enterprises Limited
Sale of products
Wipro Enterprises Limited
Purchase of services
Azim Premji Foundation
Purchase of products
Wipro Enterprises Limited
Asset purchased / capitalized
Wipro Enterprises Limited
Year ended March 31,
2015
2014
111
-
1
-
207
167
17
-
3
66
201
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Consolidated Financial StatementsWipro Limited Dividend paid
Hasham Traders
Prazim Traders
Zash Traders
Azim Premji Trust
Rent Paid
Wipro Enterprises Limited
Yasmeen Premji
Rental Income
Wipro Enterprises Limited
Dividend payable
Hasham Traders
Prazim Traders
Zash Traders
Azim Premji Trust
Remuneration paid to key management personnel
Azim H Premji
Suresh C Senapaty
T K Kurien
Interest income
Wipro Enterprises Cyprus Limited
(Formerly WMNETSERV Limited)
Interest expense
Wipro Singapore Pte Limited
Wipro Enterprises Limited
Year ended March 31,
2015
3,710
4,529
4,516
4,297
63
4
55
2,597
3,170
3,161
3,008
48
34
91
-
-
-
2014
2,968
3,623
3,613
3,438
-
3
39
1,855
2,265
2,258
2,149
102
31
66
18
8
32
39. Capital commitments
Tax Demands:
The estimated amount of contracts remaining to be
executed on Capital account and not provided for, net of
advances is ` 1,262 (2014: ` 778).
40. Contingent liabilities
As at March 31,
2015
2014
2,560
2,238
21,235
19,646
Disputed demands for excise duty,
custom duty, sales tax and other
matters
Performance and financial guarantee
given by the banks on behalf of the
Company
202
In March 2004, the Company received a tax demand for
year ended March 31, 2001 arising primarily on account
of denial of deduction under section 10A of the Income
Tax Act, 1961 (Act) in respect of profit earned by the
Company’s undertaking in Software Technology Park at
Bangalore. The same issue was repeated in the successive
assessments for the years ended March 31, 2002 to March
31, 2010 and the aggregate demand is ` 46,515 (including
interest of ` 13,673). The appeals filed against the said
demand before the Appellate authorities have been
allowed in favor of the Company by the second appellate
authority for the years up to March 31, 2007. Further
appeals have been filed by the Income tax authorities
before the Hon’ble High Court. The Hon’ble High Court
has heard and disposed off the appeals upto years ended
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Consolidated Financial StatementsAnnual Report 2014-15
March 31, 2004. Order of the Hon’ble High Court is not
yet received.
On similar issues for years prior to years ended March 31,
2001, the Hon’ble High Court in Karnataka has upheld the
claim of the Company under section 10A of the Act.
For the years ended March 31, 2008, March 2009, the
appeals are pending before Income Tax Appellate Tribunal
(Tribunal).
For year ended March 31, 2010, the Dispute Resolution
Panel (DRP) allowed the claim of the Company under
section 10A of the Act. The Income tax authorities have
filed an appeal before the Tribunal.
For year ended March 31, 2011, the Company received the
draft assessment order in March 2015, on similar grounds
as that of earlier years, with a demand of ` 7,852 (including
interest of ` 2,547) for the financial year ended March 31,
2011.
Considering the facts and nature of disallowance and the
order of the Appellate authority/Hon’ble Karnataka High
Court upholding the claims of the Company for earlier
years, the Company believes that the final outcome of the
above disputes should be in favor of the Company and
there should not be any adverse impact on the financial
statements.
41. Acquisitions
On August 15, 2014, the Company obtained control of ATCO
I-Tek Inc., a Canadian entity, by acquiring 100% of its share
capital and certain assets of IT services business of ATCO
I-Tek Australia (hereafter the Acquisitions are collectively
referred to as ‘acquisition of ATCO I-Tek’) for an all-cash
consideration of ` 11,420 million (Canadian Dollars 204
million). ATCO I-Tek provides IT services to ATCO Group.
As part of conclusion of certain closing conditions, ` 349
has been reduced from the purchase price.
42. Amalgamation of companies
The Company has two wholly owned subsidiaries namely,
Wipro Technology Services (‘WTS’) and Wipro Energy IT
Services Limited (‘WEITSL’) who are engaged in the business
of providing information technology services including
software maintenance and support services. During the
previous year, WTS and WEITSL have been amalgamated
with the Company in terms of the scheme of amalgamation
(‘Scheme’) sanctioned by the Honorable High Court of
Karnataka pursuant to its Order dated March 28, 2014. The
Scheme became effective on April 9, 2014 with appointed
date of April 1, 2013 when the sanction of the Honorable
High Court of Karnataka and filing of the certified copy of
the same with the Registrar of Companies. The Scheme
has been accounted for under the ‘pooling of interest
method’ as prescribed under AS 14 as per the terms of the
Court Order. Since the subsidiaries amalgamated were
wholly owned subsidiaries of the Company, there was
no exchange of shares to effect the amalgamation. The
difference between the amounts recorded as investments
of the Company and the amount of share capital of the
aforesaid amalgamating subsidiaries have been adjusted
in the reserves in the standalone financial statements of
the Company.
During the current year, Wipro IT Services Canada Limited
has been amalgamated with Wipro Solutions Canada
Limited in terms of the articles of amalgamation (“scheme”)
dated October 3, 2014. The scheme has been accounted for
under the ‘pooling of interest method’ as prescribed under
AS 14. The difference between the amounts recorded as
investments and the amount of share capital have been
adjusted in the reserves in the consolidated financial
statements of the Company.
43. Segment reporting
The Company is organized by the following operating
segments; IT Services and IT Products.
IT Services: The IT Services segment primarily consists of IT
Service offerings to our customers organized by industry
verticals as follows: Banking, Financial Services and
Insurance (BFSI), Healthcare and Life Sciences (HLS), Retail,
Consumer, Transport and Government (RCTG), Energy,
Natural Resources and Utilities (ENU), Manufacturing
and Hi-tech (MFG), Global Media and Telecom (GMT).
Key service offering to customers includes software
application development and maintenance, research and
development services for hardware and software design,
business application services, analytics, consulting,
infrastructure outsourcing services and business process
services.
IT Products: The IT Products segment sells a range of
Wipro personal desktop computers, Wipro servers and
Wipro notebooks. The Company is also 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. During FY
2013-14, the Company ceased the manufacturing of ‘Wipro
branded desktops, laptops and servers’. Revenue relating
to the above items is reported as revenue from the sale of
IT Products.
Assets and liabilities used in the Company’s business are not
identified to any of the reportable segments, as these are
used interchangeably between segments. Management
believes that it is currently not practicable to provide
segment disclosures relating to total assets and liabilities
since a meaningful segregation of the available data is
onerous.
203
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Consolidated Financial StatementsWipro Limited
Information on reportable segments for year ended March 31, 2015 is given below:
BFSI
HLS
RCTG
ENU
MFG
GMT
Total
IT Services
IT
Products
Others
Entity
total
Revenue
115,505 49,884 62,209 71,229 80,303 61,050 440,180
33,975
(1,034) 473,121
Operating income of segment
26,916 10,565 13,190 17,561 17,127 13,574 98,933
339
(1,109)
98,163
Unallocated
Operating income total
Interest and other income
Profit before tax
Income tax expense
Profit after tax
Minority interest
Net profit
(2,462)
96,471
-
-
(2,462)
339
(1,109)
95,701
16,540
112,241
(25,101)
87,140
(531)
86,609
Information on reportable segments for year ended March 31, 2014 is given below:
BFSI
HLS
RCTG
ENU
MFG
GMT
Total
IT Services
IT
Products*
Others
Entity
total*
Revenue
106,035
41,130
58,893
63,923
74,423
55,105 399,509
38,832
(722) 437,619
Operating income of segment
24,153
7,637
13,012
17,418
17,348
11,569
91,137
313
(762)
90,688
Unallocated
Operating income total
Interest and other income
Profit before tax
Income tax expense
Profit after tax
Minority interest
Net profit
(1,052)
90,085
-
-
(1,052)
313
(762)
89,636
11,507
101,143
(21,234)
79,909
(438)
79,471
* Refer note below for cessation of manufacturing of ‘Wipro branded desktops, laptops and servers’.
Note:
The operating income of IT Products segment and the Company for the year ended March 31, 2014, includes non-recurring expense
of ` 209, incurred due to cessation of manufacturing of ‘Wipro branded desktops, laptops and servers’. Operating income of the IT
Products segment and the Company excluding the above non-recurring expense is ` 522 and ` 89,846 for the year ended March
31, 2014, respectively and profit after tax of the Company excluding the above non-recurring expense is ` 80,075 for the year ended
March 31, 2014.
204
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Consolidated Financial StatementsAnnual Report 2014-15
The Company has four geographic segments: India, Americas,
Europe and Rest of the world. Significant portion of the segment
assets are in India. Revenue from geographical segments based
on domicile of the customers is outlined below:
India
Americas
Europe
Rest of the world
Year ended March 31,
2014
46,226
200,343
120,868
70,182
437,619
2015
45,753
227,328
124,523
75,517
473,121
Management believes that it is currently not practicable to
provide disclosure of geographical assets and liabilities, Segment
wise capital expenditure and depreciation since the meaningful
segregation of the available information is onerous.
No client individually accounted for more than 10% of the
revenues during the year ended March 31, 2015 and 2014.
a)
b)
c)
d)
e)
The segment report of Wipro Limited and its consolidated
subsidiaries has been prepared in accordance with the AS
17 “Segment Reporting” issued by the Institute of Chartered
Accountants of India (ICAI).
‘Reconciling items’ includes elimination of inter-segment
transactions and other corporate activities.
Revenue from sale of traded cloud based licenses is
reported as part of IT Services revenues.
Segment results includes ` 849 for the year ended March
31, 2015, (2014: ` 496) of certain other income / (loss) which
is reflected in other income in the financial statements.
For the purpose of segment reporting, the Company has
included the impact of ‘foreign exchange gains / (losses),
net’ of ` 3,611 for the Year ended March 31, 2015, (2014:
46. Details of non-current investments
Investments in Equity Instruments
` 3,382) in revenues which is reported as a part of ‘other
income’ in the financial statements.
f )
For the purpose of reporting, business segments are
considered as primary segment and geographic segments
are considered as secondary segment.
44. Demerger and discontinued operations
During the year ended March 31, 2013, the Company
initiated and completed the demerger of Diversified
Business. The “scheme of Arrangement” (‘the scheme’)
involved transfer of the Diversified Business to a “Resulting
Company” [Wipro Enterprises Limited (Formerly known
as Azim Premji Custodial Services Private Limited)] whose
equity shares are not listed in any stock exchange in India
or abroad.
The Scheme became effective on March 31, 2013 with an
appointed date of April 01, 2012 when the sanction of
the Honorable High Court of Karnataka and filing of the
certified copy of the same with the Registrar of Companies.
The Scheme of Demerger has been accounted for in terms
of the Court Orders and alterations or modifications as
approved by the Board of Directors of the Company and
the Resulting Company as provided for in the Scheme.
45. Corporate Social Responsibility
a) Gross amount required to be spent by the company
during the year is ` 1,283.
b) Amount spent during the year on:
Particulars
Sl.
no
(i) Construction/acquisition
In
cash
Yet to be
paid in cash
Total
of any asset
-
-
-
(ii) On purpose other than
(i) above
1,163
164
1,327
Particulars
No. of shares
Currency Face value
As at March 31,
Opera Solutions LLC
Axeda Corporation
Mycity Technology Limited
Wep Peripherals Limited
Wep Solutions Limited
Drivestream Inc
Total
2015
2014
2,390,433
1,593,365
-
5,462,287
44,935
44,935
306,000
306,000
1,836,000
94,527
-
-
USD
USD
`
`
`
22
0.001
10
10
10
USD
49.51
2015
3,044
-
45
6
17
292
3,404
2014
2,360
283
45
24
-
-
2,712
205
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Consolidated Financial StatementsWipro Limited
47. Details of current investments
(i)
Investments in Indian money market mutual funds
Fund House
Birla Sun Life Mutual Fund
Religare Invesco Mutual Fund
ICICI Prudential Mutual Fund
Franklin Templeton Mutual Fund
Reliance Mutual Fund
Kotak Mahindra Mutual Fund
SBI Mutual Fund
UTI Mutual Fund
LIC Mutual Fund
IDFC Mutual Fund
AXIS Mutual Fund
HDFC Mutual Fund
L&T Mutual Fund
JP Morgan Mutual Fund
Tata Mutual Fund
Deutsche Mutual Fund
(ii)
Investments in debentures
Particulars
Debentures in Citicorp Finance (India) Limited
(iii) Investments in certificate of deposits / bonds
Particulars
LIC Housing Finance Limited
Bajaj Finance Limited
Tata Capital Financial Services Limited
Kotak Mahindra Prime Limited
Sundaram Finance Limited
Government of India Bonds
L&T Finance Limited
Mahindra & Mahindra Financial Services Limited
IL&FS Financial Services Limited
Aditya Birla Finance Limited
L&T Infrastructure Finance Limited
HDFC Limited
Kotak Mahindra Investments Limited
Infrastructure Leasing And Financial Services Limited
Power Finance Corporation Limited
Mahindra Vehicle Manufacturers Limited
Exim Bank
Bharath Aluminium Co Limited
L&T Housing Finance Limited
Tube Investments
IDFC Limited
Canara Bank
206
Balances as at March 31,
2015
3,082
1,317
1,079
915
710
600
500
500
500
496
400
100
-
-
-
-
10,199
As at March 31,
2015
751
751
As at March 31,
2015
5,041
4,500
4,450
3,894
3,794
3,275
3,207
2,751
2,161
2,131
1,398
996
954
914
358
264
250
250
200
151
-
-
2014
4,357
578
1,560
1,297
4,846
208
1,070
-
-
1,428
-
781
1,070
608
300
192
18,295
2014
51
51
2014
7,170
1,495
248
3,004
4,151
1,821
1,940
3,576
-
-
1,663
1,453
-
1,696
3,613
-
504
490
-
150
2,607
1,470
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Consolidated Financial StatementsAnnual Report 2014-15 Particulars
GIC Housing Finance Limited
NABARD
IRFC
E.I.D. Parry
SIDBI
SAIL
Total
48. Details of cash and bank balances
Details of balances with banks as of March 31, 2015 are as follows:
As at March 31,
2015
-
-
-
-
-
-
40,939
Bank Name
Wells Fargo Bank
Canara Bank
ICICI Bank
Bank Of Baroda
AXIS Bank
Corporation Bank
HSBC
Yes Bank
Vijaya Bank
Oriental Bank of Commerce
Citi Bank
IDBI
State Bank of Travancore
HDFC
Punjab National Bank
Saudi British Bank
Bank of Montreal
Shinhan Bank
Standard Chartered Bank
Ratnakar Bank
ING Vysya Bank
Bank of America
Indian Overseas Bank
RABO Bank
Merrill Lynch
BBVA Provincial
Others including cash and cheques on hand
Total
In Current Account
36,872
-
24
-
-
-
3,016
-
3
-
2,166
52
-
845
-
66
506
129
264
-
15
204
3
82
74
-
2,876
47,197
In Deposit Account
-
22,140
19,368
17,640
16,580
13,600
4,649
4,500
4,300
4,000
1,166
3,050
3,000
861
1,500
1,149
-
352
188
450
250
-
177
-
-
73
-
118,993
2014
1,435
649
500
343
301
99
40,378
Total
36,872
22,140
19,392
17,640
16,580
13,600
7,665
4,500
4,303
4,000
3,332
3,102
3,000
1,706
1,500
1,215
506
481
452
450
265
204
180
82
74
73
2,876
166,190
As per our report of even date attached
For and on behalf of the Board of Directors
for BSR & Co. LLP
Chartered Accountants
Firm’s Registration No.: 101248W/W-100022
Azim H Premji
Chairman & Managing
Director
N Vaghul
Director
M K Sharma
Director
Supreet Sachdev
Partner
Membership No.: 205385
Bangalore
June 3, 2015
Jatin Pravinchandra Dalal T K Kurien
Chief Financial Officer
Chief Executive Officer
& Executive Director
M Sanaulla Khan
Company Secretary
207
05_Wipro AR_Consolidated Accnts_2015.indd 207
6/21/2015 4:12:51 PM
Consolidated Financial StatementsWipro Limited
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05_Wipro AR_Consolidated Accnts_2015.indd 208
6/21/2015 4:12:51 PM
Consolidated Financial StatementsAnnual Report 2014-15
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05_Wipro AR_Consolidated Accnts_2015.indd 209
6/21/2015 4:12:52 PM
209
Consolidated Financial StatementsWipro Limited
CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Equity holders
Wipro Limited:
We have audited the accompanying consolidated statements of financial position of Wipro Limited and subsidiaries (“the Company”)
as of March 31, 2015 and 2014, and the related consolidated statements of income, comprehensive income, changes in equity, and
cash flows for each of the years in the three year period ended March 31, 2015. These consolidated financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements
based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position
of the Company as of March 31, 2015 and 2014, and the results of their operations and their cash flows for each of the years in the
three year period ended March 31, 2015, in conformity with International Financial Reporting Standards as issued by International
Accounting Standard Board.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Wipro
Limited’s internal control over financial reporting as of March 31, 2015, based on criteria established in Internal Control – Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated
May 23, 2015 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
KPMG
Bangalore, India
May 23, 2015
210
06_US Gap IFRS_182-232.indd 210
6/21/2015 4:10:13 PM
Consolidated Financial Statements Under IFRSAnnual Report 2014-15
WIPRO LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(` in millions, except share and per share data, unless otherwise stated)
Notes
As at March 31,
2015
2014
63,422
1,936
51,449
286
2,676
3,362
10,192
14,295
147,618
2,293
85,392
39,474
39,334
60,557
9,774
3,661
114,201
354,686
502,304
4,932
12,664
314,952
1,021
10,472
(542)
343,499
1,387
344,886
68,078
7,931
54,206
736
3,867
2,945
11,409
14,369
163,541
4,849
91,531
73,359
42,338
53,908
6,490
5,077
158,940
436,492
600,033
4,937
14,031
372,248
1,312
15,454
—
407,982
1,646
409,628
ASSETS
Goodwill ............................................................................................
Intangible assets .............................................................................
Property, plant and equipment ................................................
Derivative assets .............................................................................
Available for sale investments ..................................................
Deferred tax assets ........................................................................
Non-current tax assets .................................................................
Other non-current assets ............................................................
Total non-current assets ............................................................
Inventories ........................................................................................
Trade receivables ............................................................................
Other current assets ......................................................................
Unbilled revenues ..........................................................................
Available for sale investments ...................................................
Current tax assets ...........................................................................
Derivative assets .............................................................................
Cash and cash equivalents .........................................................
Total current assets ......................................................................
TOTAL ASSETS ..........................................................................................
EQUITY
6
6
5
16
8
19
12
10
9
12
8
16
11
Share capital.....................................................................................
Share premium ...............................................................................
Retained earnings ..........................................................................
Share based payment reserve ...................................................
Other components of equity .....................................................
Shares held by controlled trust .................................................
Equity attributable to the equity holders of the Company
Non-controlling interest ..............................................................
Total equity ......................................................................................
LIABILITIES ................................................................................................
Loans and borrowings ..................................................................
Derivative liabilities .......................................................................
Deferred tax liabilities ...................................................................
Non-current tax liabilities ............................................................
Other non-current liabilities .......................................................
Provisions ..........................................................................................
Total non-current liabilities ....................................................
Loans and borrowings and bank overdraft ..........................
Trade payables and accrued expenses ...................................
Unearned revenues .......................................................................
Current tax liabilities .....................................................................
Derivative liabilities .......................................................................
Other current liabilities ................................................................
Provisions ..........................................................................................
Total current liabilities ................................................................
TOTAL LIABILITIES .................................................................................
TOTAL EQUITY AND LIABILITIES .....................................................
12,707
71
3,240
6,695
3,658
5
26,376
66,206
58,745
16,549
8,036
753
12,223
1,517
164,029
190,405
600,033
The accompanying notes form an integral part of these consolidated financial statements.
10,909
629
1,796
3,448
4,478
6
21,266
40,683
51,917
12,767
12,482
2,504
14,429
1,370
136,152
157,418
502,304
13
16
19
16
15
15
15
15
13
14
2015
Convenience
translation
into U.S.$ in
millions
(Unaudited)
Refer note 2(iii)
1,093
127
870
12
62
47
183
231
2,625
78
1,469
1,177
679
865
104
81
2,551
7,004
9,629
79
225
5,974
21
248
—
6,547
26
6,573
204
1
52
107
59
—
423
1,063
943
266
129
12
196
24
2,633
3,056
9,629
211
06_US Gap IFRS_182-232.indd 211
6/21/2015 4:10:13 PM
Consolidated Financial Statements Under IFRSWipro Limited
WIPRO LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(` in millions, except share and per share data, unless otherwise stated)
Notes
2013
2014
2015
Year ended March 31,
2015
Convenience
translation
into U.S.$ in
millions
(Unaudited)
Refer note
2(iii)
7,536
(5,156)
2,380
(491)
(415)
58
1,532
(58)
319
1,793
(395)
1,398
434,269
(295,488)
138,781
(29,248)
(23,538)
3,359
89,354
(2,891)
14,542
101,005
(22,600)
78,405
469,545
(321,284)
148,261
(30,625)
(25,850)
3,637
95,423
(3,599)
19,859
111,683
(24,624)
87,059
—
78,405
—
87,059
—
1,398
77,967
438
78,405
77,967
438
78,405
31.76
31.66
31.76
31.66
86,528
531
87,059
86,528
531
87,059
35.25
35.13
35.25
35.13
1,389
9
1,398
1,389
9
1,398
0.57
0.56
0.57
0.56
Continuing operations
Revenues ...................................................................
Cost of revenues......................................................
Gross profit
Selling and marketing expenses .......................
General and administrative expenses .............
Foreign exchange gains / (losses), net ............
Results from operating activities
Finance expense .....................................................
Finance and other income...................................
Profit before tax
Income tax expense ...............................................
Profit for the year from continuing operations
Discontinued operations
22
23
23
23
24
25
19
Profit after tax for the year from discontinued
operations .................................................................
4
Profit for the year
Profit attributable to:
Equity holders of the Company .........................
Non-controlling interest.......................................
Profit for the year
Profit from continuing operations attributable to:
Equity holders of the Company .........................
Non-controlling interest.......................................
Earnings per equity share:
26
Basic .............................................................................
Diluted .......................................................................
Earnings per share from continuing operations:
Basic ............................................................................
Diluted .......................................................................
Weighted-average number of equity shares used in
computing earnings per equity share:
374,256
(260,665)
113,591
(24,213)
(22,032)
2,626
69,972
(2,693)
11,317
78,596
(16,912)
61,684
5,012
66,696
66,359
337
66,696
61,362
322
61,684
27.05
26.98
25.01
24.95
Basic ............................................................................
Diluted .......................................................................
2,453,218,759
2,459,184,321
2,454,745,434 2,454,681,650 2,454,681,650
2,462,626,739 2,462,579,161 2,462,579,161
The accompanying notes form an integral part of these consolidated financial statements.
212
06_US Gap IFRS_182-232.indd 212
6/21/2015 4:10:13 PM
Consolidated Financial Statements Under IFRSAnnual Report 2014-15
WIPRO LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(` in millions, except share and per share data, unless otherwise stated)
Notes
2013
Year ended March 31,
2015
2014
Profit for the year .................................................................................
Other comprehensive income
Items that will not be reclassified to profit or loss:
Defined benefit plan actuarial gains/(losses) ....................
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation differences:
Translation difference relating to foreign operations .....
Net change in fair value of hedges of net investment in
foreign operations .......................................................................
Net change in fair value of cash flow hedges ....................
Net change in fair value of available for sale investments
Total other comprehensive income, net of taxes .......................
Total comprehensive income for the year ......................................
Attributable to: .........................................................................................
Equity holders of the Company ...............................................
Non-controlling interest.............................................................
66,696
78,405
87,059
—
—
(190)
(190)
(64)
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18
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18
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554
81,819
390
3,051
856
5,096
5,032
92,091
91,510
581
92,091
The accompanying notes form an intergral part of these consolidated financial statements.
2015
Convenience
translation
into U.S.$ in
millions
(Unaudited)
Refer note 2 (iii)
1,398
(1)
(1)
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06_US Gap IFRS_182-232.indd 213
6/21/2015 4:10:13 PM
Consolidated Financial Statements Under IFRSWipro Limited
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6/21/2015 4:10:14 PM
Consolidated Financial Statements Under IFRSAnnual Report 2014-15
WIPRO LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(` in millions, except share and per share data, unless otherwise stated)
2013
Year ended March 31,
2014
2015
2015
Convenience
translation
into U.S.$ in
millions
(Unaudited)
Refer note
2(iii)
66,696
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Cash flows from operating activities:
Profit for the year ....................................................................................................
Adjustments to reconcile profit for the year to net cash generated from
operating activities:
Gain on sale of property, plant and equipment ...................................
Depreciation and amortization ...................................................................
Exchange loss, net ...........................................................................................
Impact of hedging activities, net ...............................................................
Gain on sale of investments .........................................................................
Share based compensation ..........................................................................
Income tax expense ........................................................................................
Share of losses of equity accounted investees, net of taxes .............
Dividend and interest (income)/ expense, net ......................................
Changes in operating assets and liabilities:
Trade receivables ..................................................................................
Unbilled revenues ................................................................................
Inventories ..............................................................................................
Other assets ............................................................................................
Trade payables and accrued expenses .........................................
Unearned revenues .............................................................................
Other liabilities and provisions ........................................................
Cash generated from operating activities before taxes ...............................
Income taxes paid, net ...................................................................................
Net cash generated from operating activities .................................................
Expenditure on property, plant and equipment ..................................
Proceeds from sale of property, plant and equipment ......................
Purchase of available for sale investments .............................................
Investment in associate .................................................................................
Proceeds from sale of available for sale investments..........................
Investment in newly acquired subsidiaries under demerged business
Impact of investment hedging activities, net ........................................
Investment in inter-corporate deposits ...................................................
Refund of inter-corporate deposits ...........................................................
Payment of deferred consideration in respect of business acquisition
Cash transferred pursuant to demerger ..................................................
Payment for business acquisitions including deposit in escrow, net
of cash acquired ...............................................................................................
Interest received ...............................................................................................
Dividend received ............................................................................................
Net cash (used) in investing activities .................................................................
Cash flows from investing activities:
Cash flows from financing activities:
Proceeds from issuance of equity shares ................................................
Repayment of loans and borrowings .......................................................
Proceeds from loans and borrowings .......................................................
Proceeds from sale of treasury shares ......................................................
Interest paid on loans and borrowings ....................................................
Payment of cash dividend (including dividend tax thereon) ...........
Net cash (used) in financing activities.................................................................
Net increase in cash and cash equivalents during the year
Effect of exchange rate changes on cash and cash equivalents ..........................
Cash and cash equivalents at the beginning of the year ........................................
Cash and cash equivalents at the end of the year (note 11) ..........................
*Includes cash flow from diversified business. Refer to Note 4 for additional details.
(230)
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713
2,614
88,501
(18,079)
70,422
(55)
11,106
1,054
—
(1,697)
513
22,600
—
(11,977)
(8,299)
(7,346)
970
(8,902)
7,300
2,420
3,577
89,669
(21,772)
67,897
6
12,823
3,946
—
(3,948)
1,138
24,624
—
(15,143)
(5,929)
(3,004)
(2,556)
(3,742)
5,578
3,784
(2,109)
102,527
(24,265)
78,262
(10,616)
471
(492,158)
(130)
456,075
(8,276)
(2,667)
(12,460)
11,410
—
(4,163)
(8,913)
1,091
(465,801)
—
473,553
—
(5,315)
(13,905)
10,865
—
(3,093)
(12,661)
1,389
(551,282)
—
561,582
—
—
(39,200)
13,500
(243)
—
(3,074)
7,376
639
(57,573)
9
(96,911)
108,305
—
(1,044)
(17,080)
(6,721)
6,128*
789
77,202
84,119
(2,985)
11,375
354
(2,774)
6
(117,550)
106,782
—
(937)
(23,273)
(34,972)
30,151
(69)
84,119
114,201
(11,331)
12,206
224
(25,816)
5
(98,419)
119,300
1,000
(919)
(29,490)
(8,523)
43,923
589
114,201
158,713
The accompanying notes form an integral part of these consolidated financial statements.
0
206
63
—
(63)
18
395
—
(243)
(95)
(48)
(41)
(60)
90
61
(34)
1,646
(389)
1,257
(203)
22
(8,847)
—
9,014
—
—
(629)
217
(4)
—
(182)
196
4
(412)
0
(1,580)
1,915
16
(15)
(473)
(137)
708
9
1,834
2,551
217
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Consolidated Financial Statements Under IFRSWipro Limited
WIPRO LIMITED AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(` in millions, except share and per share data, unless otherwise stated)
1. The Company overview
Wipro Limited (“Wipro” or the “Parent Company”), together with
its subsidiaries (collectively, “the Company” or the “Group”) is a
leading India based provider of IT Services, including Business
Process Services (“BPS”), globally.
Effective as of March 31, 2013, the Group completed the
demerger (the “Demerger”) of its consumer care and lighting,
infrastructure engineering and other non-IT business segments
(collectively, the “Diversified Business”) into Wipro Enterprises
Limited (“Resulting Company”), a company incorporated
under the laws of India. The Diversified Business is presented
as a discontinued operation in the accompanying consolidated
financial statements. See Note 4 of these Consolidated Financial
Statements for more information regarding the Demerger.
Wipro is a public limited company incorporated and domiciled
in India. The address of its registered office is Wipro Limited,
Doddakannelli, Sarjapur Road, Bangalore – 560 035, Karnataka,
India. Wipro has its primary listing with Bombay Stock Exchange
and National Stock Exchange in India. The Company’s American
Depository Shares representing equity shares are also listed
on the New York Stock Exchange. These consolidated financial
statements were authorized for issue by the Audit Committee
on May 23, 2015.
2.
Basis of preparation of financial statements
(i) Statement of compliance and basis of preparation
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
and its interpretations (“IFRS”), as issued by the International
Accounting Standards Board (“IASB”). Accounting policies have
been applied consistently to all periods presented in these
financial statements.
The consolidated financial statements correspond to the
classification provisions contained in IAS 1(revised), “Presentation
of Financial Statements”. For clarity, various items are aggregated
in the statements of income and statements of financial position.
These items are disaggregated separately in the notes to the
consolidated financial statements, where applicable.
All amounts included in the consolidated financial statements
are reported in millions of Indian rupees (Rupees in millions)
except share and per share data, unless otherwise stated. Due to
rounding off, the numbers presented throughout the document
may not add up precisely to the totals and percentages may not
precisely reflect the absolute figures.
(ii) Basis of measurement
The consolidated financial statements have been prepared on
a historical cost convention and on an accrual basis, except for
the following material items which have been measured at fair
value as required by relevant IFRS:-
a. Derivative financial instruments;
b.
c.
Available-for-sale financial assets; and
The defined benefit asset/(liability) is recognised as the
present value of defined benefit obligation less fair value
of plan assets.
(iii) Convenience translation (unaudited)
The accompanying consolidated financial statements have been
prepared and reported in Indian rupees, the national currency of
India. Solely for the convenience of the readers, the consolidated
financial statements as of and for the year ended March 31,
2015, have been translated into United States dollars at the
certified foreign exchange rate of US$1 = ` 62.31, as published
by Federal Reserve Board of Governors on March 31, 2015. No
representation is made that the Indian rupee amounts have
been, could have been or could be converted into United States
dollars at such a rate or any other rate.
(iv) Use of estimates and judgment
The preparation of the consolidated financial statements in
conformity with IFRS requires management to make judgments,
estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from
those estimates.
Estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognized
in the period in which the estimates are revised and in any future
periods affected. In particular, information about significant
areas of estimation, uncertainty and critical judgments in
applying accounting policies that have the most significant
effect on the amounts recognized in the consolidated financial
statements are included in the following notes:
a)
Revenue recognition: The Company uses the percentage of
completion method using the input (cost expended) method to
measure progress towards completion in respect of fixed price
contracts. Percentage of completion method accounting relies
on estimates of total expected contract revenue and costs. This
method is followed when reasonably dependable estimates
of the revenues and costs applicable to various elements of
the contract can be made. Key factors that are reviewed in
estimating the future costs to complete include estimates of
future labor costs and productivity efficiencies. Because the
financial reporting of these contracts depends on estimates
that are assessed continually during the term of these contracts,
recognized revenue and profit are subject to revisions as the
218
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15 contract progresses to completion. When estimates indicate
that a loss will be incurred, the loss is provided for in the period
in which the loss becomes probable.
b) Goodwill: Goodwill is tested for impairment at least annually
and when events occur or changes in circumstances indicate
that the recoverable amount of the cash generating unit is
less than its carrying value. The recoverable amount of cash
generating units is higher of value-in-use and fair value less cost
to sell. The calculation involves use of significant estimates and
assumptions which includes turnover and earnings multiples,
growth rates and net margins used to calculate projected future
cash flows, risk-adjusted discount rate, future economic and
market conditions.
c)
Income taxes: The major tax jurisdictions for the Company
are India and the United States of America. Significant judgments
are involved in determining the provision for income taxes
including judgment on whether tax positions are probable of
being sustained in tax assessments. A tax assessment can involve
complex issues, which can only be resolved over extended time
periods.
d) Deferred taxes: Deferred tax is recorded on temporary
differences between the tax bases of assets and liabilities and
their carrying amounts, at the rates that have been enacted
or substantively enacted at the reporting date. The ultimate
realization of deferred tax assets is dependent upon the
generation of future taxable profits during the periods in which
those temporary differences and tax loss carry-forwards become
deductible. The Company considers the expected reversal of
deferred tax liabilities and projected future taxable income in
making this assessment. The amount of the deferred income
tax assets considered realizable, however, could be reduced in
the near term if estimates of future taxable income during the
carry-forward period are reduced.
Business combination: In accounting for business
e)
combinations, judgment is required in identifying whether an
identifiable intangible asset is to be recorded separately from
goodwill. Additionally, estimating the acquisition date fair value
of the identifiable assets acquired, and liabilities and contingent
consideration assumed involves management judgment.
These measurements are based on information available at the
acquisition date and are based on expectations and assumptions
that have been deemed reasonable by management. Changes
in these judgments, estimates, and assumptions can materially
affect the results of operations.
f ) Other estimates: The preparation of financial statements
involves estimates and assumptions that affect the reported
amount of assets, liabilities, disclosure of contingent liabilities
at the date of financial statements and the reported amount of
revenues and expenses for the reporting period. Specifically, the
Company estimates the uncollectability of accounts receivable by
analyzing historical payment patterns, customer concentrations,
customer credit-worthiness and current economic trends. If
the financial condition of a customer deteriorates, additional
allowances may be required. Similarly, the Company provides
for inventory obsolescence, excess inventory and inventories
with carrying values in excess of net realizable value based
on assessment of the future demand, market conditions and
specific inventory management initiatives. If market conditions
and actual demands are less favorable than the Company’s
estimates, additional inventory provisions may be required. In all
cases inventory is carried at the lower of historical cost and net
realizable value. The stock compensation expense is determined
based on the Company’s estimate of equity instruments that will
eventually vest.
Non-marketable equity investments are initially recorded
at cost and subsequently measured at fair value. Fair value
of investments is determined using the market and income
approaches. The market approach includes the use of financial
metrics and ratios of comparable companies, such as revenue,
earnings, comparable performance multiples, recent financial
rounds and the level of marketability of the investments. The
selection of comparable companies requires management
judgment and is based on a number of factors, including
comparable company sizes, growth rates, and development
stages. The income approach includes the use of discounted
cash flow model, which requires significant estimates regarding
the investees’ revenue, costs, and discount rates based on the
risk profile of comparable companies. Estimates of revenue and
costs are developed using available historical and forecast data.
3. Significant accounting policies
(i) Basis of consolidation
Subsidiaries
The Company determines the basis of control in line with the
requirements of IFRS 10, Consolidated Financial Statements.
Subsidiaries are entities controlled by the Group. The Group
controls an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has
the ability to affect those returns through its power over the
entity. The financial statements of subsidiaries are included in
the consolidated financial statements from the date on which
control commences until the date on which control ceases.
All intra-Group balances, transactions, income and expenses are
eliminated in full on consolidation.
Equity accounted investees
Equity accounted investees are entities in respect of which
the Company has significant influence, but not control, over
the financial and operating policies. Interest in associates is
accounted for using the equity method. Under the equity
method, the investment is initially recorded at cost. Subsequent
to initial recognition, the consolidated financial statements
include the Company’s share of the profit or loss and other
comprehensive income (“OCI”) of equity accounted investees,
until the date on which significant influence ceases.
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Consolidated Financial Statements Under IFRSWipro Limited Non-controlling interest
Non-controlling interests in the net assets (excluding goodwill)
of consolidated subsidiaries are identified separately from the
Company’s equity. The interest of non-controlling shareholders
may be initially measured either at fair value or at the non-
controlling interest’s proportionate share of the fair value of the
acquiree’s identifiable net assets. The choice of measurement
basis is made on an acquisition to acquisition basis. Subsequent
to acquisition, the carrying amount of non-controlling interest
is the amount of those interest at initial recognition plus the
non-controlling interest’s share of subsequent changes in equity.
Total comprehensive income is attributed to non-controlling
interests even if it results in the non-controlling interest having
a deficit balance.
(ii) Functional and presentation currency
Items included in the financial statements of each of the
Company’s entities (including equity accounted investees)
are measured using the currency of the primary economic
environment in which these entities operate (i.e. the “functional
currency”). These consolidated financial statements are
presented in Indian rupees, the national currency of India, which
is the functional currency of the Company.
(iii) Foreign currency transactions and translation
a)
Transactions and balances
Transactions in foreign currency are translated into the
respective functional currencies using the exchange rates
prevailing at the date of the transaction. Foreign exchange gains
and losses resulting from the settlement of such transactions
and from translation at the exchange rates prevailing at the
reporting date of monetary assets and liabilities denominated
in foreign currencies are recognized in the statement of income
and reported within foreign exchange gains/(losses), net within
results of operating activities except when deferred in other
comprehensive income as qualifying cash flow hedge and
qualifying net investment hedges. Gains/(losses) relating to
translation or settlement of borrowings denominated in foreign
currency are reported within finance expense except foreign
exchange gains/(losses) on short-term borrowings, which are
considered as a natural economic hedge for the foreign currency
monetary assets and are classified and reported within foreign
exchange gains/(losses), net within results from operating
activities. Non monetary assets and liabilities denominated in
foreign currency and measured at historical cost are translated
at the exchange rate prevalent at the date of transaction.
Translation differences on non-monetary financial assets
measured at fair value such as equities classified as available for
sale are included in other comprehensive income, net of taxes.
b)
Foreign operations
For the purpose of presenting consolidated financial statements,
the assets and liabilities of the Company’s foreign operations
that have a functional currency other than Indian rupees are
220
translated into Indian rupees using exchange rates prevailing at
the reporting date. Income and expense items are translated at
the average exchange rates for the period. Exchange differences
arising, if any, are recognized in other comprehensive income
and held in foreign currency translation reserve (FCTR), a
component of equity. When a foreign operation is disposed off,
the relevant amount recognized in FCTR is transferred to the
statement of income as part of the profit or loss on disposal.
Goodwill and fair value adjustments arising on the acquisition
of a foreign operation are treated as assets and liabilities of the
foreign operation and translated at the exchange rate prevailing
at the reporting date.
c) Others
Foreign currency differences arising on the translation or
settlement of a financial liability designated as a hedge of a
net investment in a foreign operation are recognized in other
comprehensive income and presented within equity in the FCTR
to the extent the hedge is effective. To the extent the hedge is
ineffective, such differences are recognized in the statement of
income. When the hedged part of a net investment is disposed
off, the relevant amount recognized in FCTR is transferred
to the statement of income as part of the profit or loss on
disposal. Foreign currency differences arising from translation
of intercompany receivables or payables relating to foreign
operations, the settlement of which is neither planned nor
likely in the foreseeable future, are considered to form part of
net investment in foreign operation and are recognized in FCTR.
(iv) Financial instruments
a) Non-derivative financial instruments
Non derivative financial instruments consist of:
•
•
financial assets, which include cash and cash equivalents,
trade receivables, unbilled revenues, finance lease
receivables, employee and other advances, investments
in equity and debt securities and eligible current and non-
current assets;
financial liabilities, which include long and short-term loans
and borrowings, bank overdrafts, trade payables, eligible
current and non-current liabilities.
Non derivative financial instruments are recognized initially
at fair value including any directly attributable transaction
costs. Financial assets are derecognized when substantial risks
and rewards of ownership of the financial asset have been
transferred. In cases where substantial risks and rewards of
ownership of the financial assets are neither transferred nor
retained, financial assets are derecognized only when the
Company has not retained control over the financial asset.
Subsequent to initial recognition, non derivative financial
instruments are measured as described below:
A. Cash and cash equivalents
The Company’s cash and cash equivalents consist of cash on
hand and in banks and demand deposits with banks, which
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15 can be withdrawn at any time, without prior notice or penalty
on the principal.
For the purposes of the cash flow statement, cash and cash
equivalents include cash on hand, in banks and demand deposits
with banks, net of outstanding bank overdrafts that are repayable
on demand and are considered part of the Company’s cash
management system. In the consolidated statement of financial
position, bank overdrafts are presented under borrowings within
current liabilities.
B. Available-for-sale financial assets
The Company has classified investments in liquid mutual funds,
equity securities (other than equity accounted investees) and
certain debt securities (primarily certificate of deposits with
banks) as available-for-sale financial assets. These investments
are measured at fair value and changes therein, other than
impairment losses, are recognized in other comprehensive
income and presented within equity, net of taxes. The
impairment losses, if any, are reclassified from equity into
statement of income. When an available for sale financial asset
is derecognized, the related cumulative gain or loss recognised
in equity is transferred to the statement of income.
C.
Loans and receivables
Loans and receivables are non-derivative financial assets with
fixed or determinable payments that are not quoted in an
active market. They are presented as current assets, except
for those maturing later than 12 months after the reporting
date which are presented as non-current assets. Loans and
receivables are initially recognized at fair value plus directly
attributable transaction costs and subsequently measured
at amortized cost using the effective interest method, less
any impairment losses. Loans and receivables comprise trade
receivables, unbilled revenues, cash and cash equivalents
and other assets.
D. Trade and other payables
Trade and other payables are initially recognized at fair value,
and subsequently carried at amortized cost using the effective
interest method. For these financial instruments, the carrying
amounts approximate fair value due to the short term maturity
of these instruments.
Derivatives are recognized and measured at fair value.
Attributable transaction costs are recognized in statement of
income as cost.
Subsequent to initial recognition, derivative financial instruments
are measured as described below:
A. Cash flow hedges
Changes in the fair value of the derivative hedging instrument
designated as a cash flow hedge are recognized in other
comprehensive income and held in cash flow hedging reserve,
net of taxes, a component of equity, to the extent that the hedge
is effective. To the extent that the hedge is ineffective, changes in
fair value are recognized in the statement of income and reported
within foreign exchange gains/(losses), net within results from
operating activities. If the hedging instrument no longer meets
the criteria for hedge accounting, then hedge accounting is
discontinued prospectively. If the hedging instrument expires
or is sold, terminated or exercised, the cumulative gain or loss
on the hedging instrument recognized in cash flow hedging
reserve till the period the hedge was effective remains in cash
flow hedging reserve until the forecasted transaction occurs.
The cumulative gain or loss previously recognized in the cash
flow hedging reserve is transferred to the statement of income
upon the occurrence of the related forecasted transaction. If
the forecasted transaction is no longer expected to occur, such
cumulative balance is immediately recognized in the statement
of income.
B. Hedges of net investment in foreign operations
The Company designates derivative financial instruments as
hedges of net investments in foreign operations. The Company
has also designated a combination of foreign currency
denominated borrowings and related cross-currency swaps as
a hedge of net investment in foreign operations. Changes in the
fair value of the derivative hedging instruments and gains/losses
on translation or settlement of foreign currency denominated
borrowings designated as a hedge of net investment in foreign
operations are recognized in other comprehensive income
and presented within equity in the FCTR to the extent that the
hedge is effective. To the extent that the hedge is ineffective,
changes in fair value are recognized in the statement of income
and reported within foreign exchange gains/(losses), net within
results from operating activities.
b) Derivative financial instruments
C. Others
The Company is exposed to foreign currency fluctuations on
foreign currency assets, liabilities, net investment in foreign
operations and forecasted cash flows denominated in foreign
currency.
The Company limits the effect of foreign exchange rate
fluctuations by following established risk management policies
including the use of derivatives. The Company enters into
derivative financial instruments where the counterparty is
primarily a bank.
Changes in fair value of foreign currency derivative instruments
neither designated as cash flow hedges nor hedges of net
investment in foreign operations are recognized in the statement
of income and reported within foreign exchange gains/(losses),
net within results from operating activities.
Changes in fair value and gains/(losses) on settlement of foreign
currency derivative instruments relating to borrowings, which
have not been designated as hedges are recorded in finance
expense.
221
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Consolidated Financial Statements Under IFRSWipro Limited (v) Equity and share capital
h) Dividend
a)
Share capital and share premium
The authorized share capital of the Company is ` 6,100,000,000
divided into 2,917,500,000 equity shares of ` 2 each, 25,000,000
preference shares of ` 10 each and 150,000 10% optionally
convertible cumulative preference shares of ` 100 each. Par
value of the equity shares is recorded as share capital and the
amount received in excess of par value is classified as share
premium.
Every holder of the equity shares, as reflected in the records of the
Company as of the date of the shareholder meeting shall have
one vote in respect of each share held for all matters submitted
to vote in the shareholder meeting.
A final dividend, including tax thereon, on common stock
is recorded as a liability on the date of approval by the
shareholders. An interim dividend, including tax thereon, is
recorded as a liability on the date of declaration by the board
of directors.
(vi) Property, plant and equipment
a) Recognition and measurement
Property, plant and equipment are measured at cost less
accumulated depreciation and impairment losses, if any. Cost
includes expenditures directly attributable to the acquisition of
the asset. Borrowing costs directly attributable to the construction
of a qualifying asset are capitalized as part of the cost.
b)
Shares held by controlled trust (Treasury shares)
b) Depreciation
The Company’s equity shares held by the controlled trust, which
is consolidated as a part of the Group are classified as Treasury
shares. The Company has 14,841,271, 16,640,212 and 14,829,824
treasury shares as of March 31, 2013, 2014 and 2015, respectively.
Treasury shares are recorded at acquisition cost.
c)
Retained earnings
Retained earnings comprises of the Company’s undistributed
earnings after taxes. A portion of these earnings amounting to
` 1,139 is not freely available for distribution.
d)
Share based payment reserve
The share based payment reserve is used to record the value
of equity-settled share based payment transactions with
employees. The amounts recorded in share based payment
reserve are transferred to share premium upon exercise of stock
options by employees.
e) Cash flow hedging reserve
Changes in fair value of derivative hedging instruments
designated and effective as a cash flow hedge are recognized
in other comprehensive income (net of taxes), and presented
within equity in the cash flow hedging reserve.
f)
Foreign currency translation reserve
The exchange differences arising from the translation of financial
statements of foreign subsidiaries, differences arising from
translation of long-term intercompany receivables or payables
relating to foreign operations, changes in fair value of the
derivative hedging instruments and gains/losses on translation
or settlement of foreign currency denominated borrowings
designated as hedge of net investment in foreign operations
are recognized in other comprehensive income, net of taxes and
presented within equity in the FCTR.
g) Other reserves
Changes in the fair value of available for sale financial assets is
recognized in other comprehensive income (net of taxes), and
presented within equity in other reserves.
The Company depreciates property, plant and equipment over
the estimated useful life on a straight-line basis from the date
the assets are available for use. Assets acquired under finance
lease and leasehold improvements are amortized over the
shorter of estimated useful life of the asset or the related lease
term. Freehold land is not depreciated. The estimated useful
life of assets are reviewed and where appropriate are adjusted,
annually. The estimated useful lives of assets are as follows:
Category
Buildings
Plant and machinery
Computer, equipment and software
Furniture, fixtures and equipment
Vehicles
Useful life
28 to 40 years
5 to 21 years
2 to 7 years
3 to 10 years
4 to 5 years
When parts of an item of property, plant and equipment
have different useful lives, they are accounted for as separate
items (major components) of property, plant and equipment.
Subsequent expenditure relating to property, plant and
equipment is capitalized only when it is probable that future
economic benefits associated with these will flow to the
Company and the cost of the item can be measured reliably.
Deposits and advances paid towards the acquisition of property,
plant and equipment outstanding as of each reporting date and
the cost of property, plant and equipment not available for use
before such date are disclosed under capital work- in-progress.
(vii) Business combination, Goodwill and Intangible assets
a) Business combination
Business combinations are accounted for using the purchase
(acquisition) method. The cost of an acquisition is measured
as the fair value of the assets transferred, liabilities incurred or
assumed and equity instruments issued at the date of exchange
by the Company. Identifiable assets acquired and liabilities
and contingent liabilities assumed in a business combination
are measured initially at fair value at the date of acquisition.
Transaction costs incurred in connection with a business
acquisition are expensed as incurred.
222
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15 The cost of an acquisition also includes the fair value of any
contingent consideration measured as at the date of acquisition.
Any subsequent changes to the fair value of contingent
consideration classified as liabilities, other than measurement
period adjustments, are recognized in the consolidated
statement of income.
b) Goodwill
The excess of the cost of an acquisition over the Company’s share
in the fair value of the acquiree’s identifiable assets, liabilities and
contingent liabilities is recognized as goodwill. If the excess is
negative, a bargain purchase gain is recognized immediately in
the statement of income.
made under operating leases are recognized in the statement of
income on a straight-line basis over the lease term.
b) Arrangements where the Company is the lessor
In certain arrangements, the Company recognizes revenue
from the sale of products given under finance leases. The
Company records gross finance receivables, unearned income
and the estimated residual value of the leased equipment on
consummation of such leases. Unearned income represents the
excess of the gross finance lease receivable plus the estimated
residual value over the sales price of the equipment. The
Company recognizes unearned income as financing revenue
over the lease term using the effective interest method.
c)
Intangible assets
(ix)
Inventories
Intangible assets acquired separately are measured at cost of
acquisition. Intangible assets acquired in a business combination
are measured at fair value as at the date of acquisition. Following
initial recognition, intangible assets are carried at cost less
accumulated amortization and impairment losses, if any.
The amortization of an intangible asset with a finite useful life
reflects the manner in which the economic benefit is expected
to be generated and consumed. Intangible assets with indefinite
lives comprising of brands are not amortized, but instead
tested for impairment at least annually and written down to the
recoverable amount as required.
The estimated useful life of amortizable intangibles are reviewed
and where appropriate are adjusted, annually. The estimated
useful lives of the amortizable intangible assets for the current
and comparative periods are as follows:
Category
Customer-related intangibles
Marketing related intangibles
(viii) Leases
Useful life
5 to 10 years
5 to 10 years
The determination of whether an arrangement is, or contains,
a lease is based on the substance of the arrangement at the
inception date. The arrangement is, or contains a lease if,
fulfillment of the arrangement is dependent on the use of a
specific asset or assets or the arrangement conveys a right to
use the asset or assets, even if that right is not explicitly specified
in an arrangement.
a) Arrangements where the Company is the lessee
Leases of property, plant and equipment, where the Company
assumes substantially all the risks and rewards of ownership are
classified as finance leases. Finance leases are capitalized at the
lower of the fair value of the leased property and the present
value of the minimum lease payments. Lease payments are
apportioned between the finance charge and the outstanding
liability. The finance charge is allocated to periods during the
lease term at a constant periodic rate of interest on the remaining
balance of the liability.
Leases where the lessor retains substantially all the risks and
rewards of ownership are classified as operating leases. Payments
Inventories are valued at lower of cost and net realizable
value, including necessary provision for obsolescence. Cost is
determined using the weighted average method.
(x)
Impairment
a)
Financial assets
The Company assesses at each reporting date whether there
is any objective evidence that a financial asset or a group of
financial assets is impaired. If any such indication exists, the
Company estimates the amount of impairment loss.
A.
Loans and receivables
Impairment losses on trade and other receivables are recognized
using separate allowance accounts. Refer Note 2 (iv) (f) for further
information regarding the determination of impairment.
B. Available for sale financial assets
When the fair value of available-for-sale financial assets declines
below acquisition cost and there is objective evidence that
the asset is impaired, the cumulative gain/loss that has been
recognized in other comprehensive income, a component of
equity in other reserves is transferred to the statement of income.
An impairment loss may be reversed in subsequent periods, if
the indicators for the impairment no longer exist. Such reversals
are recognized in other comprehensive income.
b)
Non financial assets
The Company assesses long-lived assets such as property, plant,
equipment and acquired intangible assets for impairment
whenever events or changes in circumstances indicate that
the carrying amount of an asset or group of assets may not
be recoverable. If any such indication exists, the Company
estimates the recoverable amount of the asset or group of
assets. The recoverable amount of an asset or cash generating
unit is the higher of its fair value less cost to sell (FVLCTS) and
its value-in-use (VIU). If the recoverable amount of the asset
or the recoverable amount of the cash generating unit to
which the asset belongs is less than its carrying amount, the
carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recognized
in the statement of income. If at the reporting date, there is an
223
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Consolidated Financial Statements Under IFRSWipro Limited indication that a previously assessed impairment loss no longer
exists, the recoverable amount is reassessed and the impairment
losses previously recognized are reversed such that the asset is
recognized at its recoverable amount but not exceeding written
down value which would have been reported if the impairment
losses had not been recognized initially.
Intangible assets with indefinite lives comprising of brands
are not amortized, but instead tested for impairment at least
annually at the same time and written down to the recoverable
amount as required.
Goodwill is tested for impairment at least annually at the same
time and when events occur or changes in circumstances
indicate that the recoverable amount of the cash generating
unit is less than its carrying value. The goodwill impairment test
is performed at the level of cash-generating unit or groups of
cash-generating units which represent the lowest level at which
goodwill is monitored for internal management purposes. An
impairment in respect of goodwill is not reversed.
(xi) Employee benefits
a)
Post-employment and pension plans
The Group participates in various employee benefit plans.
Pensions and other post-employment benefits are classified as
either defined contribution plans or defined benefit plans. Under
a defined contribution plan, the Company’s only obligation
is to pay a fixed amount with no obligation to pay further
contributions if the fund does not hold sufficient assets to pay
all employee benefits. The related actuarial and investment risks
fall on the employee. The expenditure for defined contribution
plans is recognized as an expense during the period when the
employee provides service. Under a defined benefit plan, it is
the Company’s obligation to provide agreed benefits to the
employees. The related actuarial and investment risks fall on the
Company. The present value of the defined benefit obligations
is calculated by an independent actuary using the projected
unit credit method.
During the year ended March 31, 2014, the Company had applied
IAS 19 (as revised in June 2011) Employee Benefits and the
related consequential amendments. IAS 19R has been applied
retrospectively in accordance with transitional provisions. As a
result, all actuarial gains or losses are immediately recognized
in other comprehensive income, net of taxes and permanently
excluded from profit or loss. Further, the profit or loss will no
longer include an expected return on plan assets. Instead net
interest recognized in profit or loss is calculated by applying the
discount rate used to measure the defined benefit obligation to
the net defined benefit liability or asset. The actual return on the
plan assets above or below the discount rate is recognized as
part of re-measurement of net defined liability or asset through
other comprehensive income, net of taxes. The adoption of
IAS 19R did not have a material impact on the consolidated
financial statements. Also, the comparative information has
not been restated as the cumulative effect of the change in
the accounting policy is inconsequential to the consolidated
financial statements.
224
The Company has the following employee benefit plans:
A. Provident fund
Employees receive benefits from a provident fund, which is a
defined benefit plan. The employer and employees each make
periodic contributions to the plan. A portion of the contribution
is made to the approved provident fund trust managed by the
Company while the remainder of the contribution is made to
the government administered pension fund. The Company is
generally liable for any shortfall in the fund assets based on the
government specified minimum rates of return.
B.
Superannuation
Superannuation plan, a defined contribution scheme is
administered by Life Insurance Corporation of India and ICICI
Prudential Insurance Company Limited. The Company makes
annual contributions based on a specified percentage of each
eligible employee’s salary.
C. Gratuity
In accordance with the Payment of Gratuity Act, 1972, applicable
for Indian companies, the Company provides for a lump sum
payment to eligible employees, at retirement or termination
of employment based on the last drawn salary and years of
employment with the Company. The gratuity fund is managed
by the Life Insurance Corporation of India (LIC), HDFC Standard
Life, TATA AIG and Birla Sun-life. The Company’s obligation in
respect of the gratuity plan, which is a defined benefit plan, is
provided for based on actuarial valuation using the projected
unit credit method. The Company recognizes actuarial gains and
losses immediately in other comprehensive income, net of taxes.
b)
Termination benefits
Termination benefits are expensed when the Company can no
longer withdraw the offer of those benefits.
c)
Short-term benefits
Short-term employee benefit obligations are measured on an
undiscounted basis and are recorded as expense as the related
service is provided. A liability is recognized for the amount
expected to be paid under short-term cash bonus or profit-
sharing plans, if the Company has a present legal or constructive
obligation to pay this amount as a result of past service provided
by the employee and the obligation can be estimated reliably.
d) Compensated absences
The employees of the Company are entitled to compensated
absences. The employees can carry forward a portion of the
unutilized accumulating compensated absences and utilize it
in future periods or receive cash at retirement or termination
of employment. The Company records an obligation for
compensated absences in the period in which the employee
renders the services that increases this entitlement. The
Company measures the expected cost of compensated absences
as the additional amount that the Company expects to pay as a
result of the unused entitlement that has accumulated at the end
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15 of the reporting period. The Company recognizes accumulated
compensated absences based on actuarial valuation using the
projected unit credit method. Non-accumulating compensated
absences are recognized in the period in which the absences
occur. The Company recognizes actuarial gains and losses
immediately in the statement of income.
(xii) Share based payment transactions
Selected employees of the Company receive remuneration in
the form of equity settled instruments, for rendering services
over a defined vesting period. Equity instruments granted are
measured by reference to the fair value of the instrument at the
date of grant. In cases, where equity instruments are granted at
a nominal exercise price, the intrinsic value on the date of grant
approximates the fair value. The expense is recognized in the
statement of income with a corresponding increase to the share
based payment reserve, a component of equity.
The equity instruments generally vest in a graded manner over
the vesting period. The fair value determined at the grant date is
expensed over the vesting period of the respective tranches of
such grants (accelerated amortization). The stock compensation
expense is determined based on the Company’s estimate of
equity instruments that will eventually vest.
(xiii) Provisions
and the collectability is reasonably assured. The method for
recognizing revenues and costs depends on the nature of the
services rendered:
A. Time and materials contracts
Revenues and costs relating to time and materials contracts are
recognized as the related services are rendered.
B.
Fixed-price contracts
Revenues from fixed-price contracts, including systems
development and integration contracts are recognized using
the “percentage-of-completion” method. Percentage of
completion is determined based on project costs incurred to
date as a percentage of total estimated project costs required
to complete the project. The cost expended (or input) method
has been used to measure progress towards completion as
there is a direct relationship between input and productivity.
If the Company does not have a sufficient basis to measure
the progress of completion or to estimate the total contract
revenues and costs, revenue is recognized only to the extent
of contract cost incurred for which recoverability is probable.
When total cost estimates exceed revenues in an arrangement,
the estimated losses are recognized in the statement of income
in the period in which such losses become probable based on
the current contract estimates.
Provisions are recognized when the Company has a present
obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of economic benefits will be required
to settle the obligation and a reliable estimate can be made of
the amount of the obligation.
‘Unbilled revenues’ represent cost and earnings in excess of
billings as at the end of the reporting period. ‘Unearned revenues’
represent billing in excess of revenue recognized. Advance
payments received from customers for which no services have
been rendered are presented as ‘Advance from customers’.
The amount recognized as a provision is the best estimate of
the consideration required to settle the present obligation at
the end of the reporting period, taking into account the risks
and uncertainties surrounding the obligation.
When some or all of the economic benefits required to settle a
provision are expected to be recovered from a third party, the
receivable is recognized as an asset, if it is virtually certain that
reimbursement will be received and the amount of the receivable
can be measured reliably.
Provisions for onerous contracts are recognized when the
expected benefits to be derived by the Company from a
contract are lower than the unavoidable costs of meeting the
future obligations under the contract. Provisions for onerous
contracts are measured at the present value of lower of the
expected net cost of fulfilling the contract and the expected
cost of terminating the contract.
(xiv) Revenue
The Company derives revenue primarily from software
development, maintenance of software/hardware and related
services, business process services, sale of IT and other products.
a)
Services
The Company recognizes revenue when the significant terms of
the arrangement are enforceable, services have been delivered
C. Maintenance contracts
Revenue from maintenance contracts is recognized ratably over
the period of the contract using the percentage of completion
method. When services are performed through an indefinite
number of repetitive acts over a specified period of time,
revenue is recognized on a straight-line basis over the specified
period unless some other method better represents the stage
of completion.
In certain projects, a fixed quantum of service or output units is
agreed at a fixed price for a fixed term. In such contracts, revenue
is recognized with respect to the actual output achieved till
date as a percentage of total contractual output. Any residual
service unutilized by the customer is recognized as revenue on
completion of the term.
b)
Products
Revenue from products are recognized when the significant
risks and rewards of ownership have transferred to the buyer,
continuing managerial involvement usually associated with
ownership and effective control have ceased, the amount of
revenue can be measured reliably, it is probable that economic
benefits associated with the transaction will flow to the Company
and the costs incurred or to be incurred in respect of the
transaction can be measured reliably.
225
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Consolidated Financial Statements Under IFRSWipro Limited c) Multiple element arrangements
a) Current income tax
Revenue from contracts with multiple-element arrangements
are recognized using the guidance in IAS 18, Revenue. The
Company allocates the arrangement consideration to separately
identifiable components based on their relative fair values
or on the residual method. Fair values are determined based
on sale prices for the components when it is regularly sold
separately, third-party prices for similar components or cost
plus an appropriate business-specific profit margin related to
the relevant component.
d) Others
•
•
•
•
•
The Company accounts for volume discounts and pricing
incentives to customers by reducing the amount of revenue
recognized at the time of sale.
Revenues are shown net of sales tax, value added tax,
service tax and applicable discounts and allowances.
Revenue includes excise duty.
The Company accrues the estimated cost of warranties at
the time when the revenue is recognized. The accruals are
based on the Company’s historical experience of material
usage and service delivery costs.
Costs that relate directly to a contract and incurred
in securing a contract are recognized as an asset and
amortized over the contract term.
Contract expenses are recognised as expenses by reference
to the stage of completion of contract activity at the end
of the reporting period.
(xv) Finance expenses
Finance expenses comprise interest cost on borrowings,
impairment losses recognized on financial assets, gains/ (losses)
on translation or settlement of foreign currency borrowings
and changes in fair value and gains/ (losses) on settlement of
related derivative instruments except foreign exchange gains/
(losses), net on short-term borrowings which are considered as
a natural economic hedge for the foreign currency monetary
assets which are classified as foreign exchange gains/(losses),
net within results from operating activities. Borrowing costs that
are not directly attributable to a qualifying asset are recognized
in the statement of income using the effective interest method.
(xvi) Finance and other income
Finance and other income comprises interest income on
deposits, dividend income and gains / (losses) on disposal of
available-for-sale financial assets. Interest income is recognized
using the effective interest method. Dividend income is
recognized when the right to receive payment is established.
(xvii) Income tax
Income tax comprises current and deferred tax. Income tax
expense is recognized in the statement of income except to
the extent it relates to a business combination, or items directly
recognized in equity or in other comprehensive income.
226
Current income tax for the current and prior periods are
measured at the amount expected to be recovered from or
paid to the taxation authorities based on the taxable income
for the period. The tax rates and tax laws used to compute the
current tax amount are those that are enacted or substantively
enacted by the reporting date and applicable for the period. The
Company offsets current tax assets and current tax liabilities,
where it has a legally enforceable right to set off the recognized
amounts and where it intends either to settle on a net basis, or
to realize the asset and liability simultaneously.
b) Deferred income tax
Deferred income tax is recognized using the balance sheet
approach. Deferred income tax assets and liabilities are
recognized for deductible and taxable temporary differences
arising between the tax base of assets and liabilities and
their carrying amount in financial statements, except when
the deferred income tax arises from the initial recognition of
goodwill or an asset or liability in a transaction that is not a
business combination and affects neither accounting nor taxable
profits or loss at the time of the transaction.
Deferred income tax assets are recognized to the extent it is
probable that taxable profit will be available against which
the deductible temporary differences and the carry forward of
unused tax credits and unused tax losses can be utilized.
Deferred income tax liabilities are recognized for all taxable
temporary differences except in respect of taxable temporary
differences associated with investments in subsidiaries, associates
and foreign branches where the timing of the reversal of the
temporary difference can be controlled and it is probable that the
temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed
at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to
allow all or part of the deferred income tax asset to be utilized.
Deferred income tax assets and liabilities are measured at the
tax rates that are expected to apply in the period when the asset
is realized or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantively enacted at the
reporting date.
The Company offsets deferred income tax assets and liabilities,
where it has a legally enforceable right to offset current tax assets
against current tax liabilities, and they relate to taxes levied by
the same taxation authority on either the same taxable entity, or
on different taxable entities where there is an intention to settle
the current tax liabilities and assets on a net basis or their tax
assets and liabilities will be realized simultaneously.
(xviii) Earnings per share
Basic earnings per share is computed using the weighted average
number of equity shares outstanding during the period adjusted
for treasury shares held. Diluted earnings per share is computed
06_US Gap IFRS_182-232.indd 226
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15 using the weighted-average number of equity and dilutive
equivalent shares outstanding during the period, using the
treasury stock method for options and warrants, except where
the results would be anti-dilutive.
(xix) Discontinued operations
A discontinued operation is a component of the Company’s
business that represents a separate line of business that has
been disposed off or is held for sale, or is a subsidiary acquired
exclusively with a view to resale. Classification as a discontinued
operation occurs upon the earlier of disposal or when the
operation meets the criteria to be classified as held for sale.
A demerger that is a business under common control is outside
the scope of IFRS 3, Business Combination and IFRIC 17, Non-
Current Assets Held for Sale and Discontinued Operations and
can be accounted using either carrying values or fair values.
The Company accounts for such demergers at carrying value.
New Accounting standards adopted by the Company:
The Company has, with effect from April 01, 2014, adopted
the following interpretation and amendments to accounting
standards.
IFRIC 21 – Levies
IFRIC 21 is effective for annual periods beginning on or after
January 1, 2014 and is applied retrospectively. It is applicable
to all levies imposed by governments under legislation, other
than outflows that are within the scope of other standards (e.g.,
IAS 12 Income Taxes) and fines or other penalties for breaches
of legislation.
The interpretation clarifies that an entity recognizes a liability
when the activity that triggers the payment of levy, as identified
by the relevant legislation, occurs. No liability needs to be
recorded towards levy that will be triggered by operating in
a future period. It also clarifies that a levy liability is accrued
progressively only if the activity that triggers payment occurs
over a period of time, in accordance with the relevant legislation.
For a levy that is triggered upon reaching a minimum threshold,
no liability is recognized before the specified minimum threshold
is reached. The interpretation requires these same principles to
be applied in interim financial statements. This has no impact
on the Company.
Amendments to IAS 32 Financial instruments – Offsetting
Financial Assets and Financial Liabilities*
Amendments to IFRS 10 – Consolidated Financial Statements,
IFRS 12 – Disclosure of Interests in Other Entities and IAS 27 –
Separate Financial Statements – Investment Entities*
Amendments to IAS 36 – Impairment of Assets – Recoverable
Amount Disclosures for Non-Financial Assets*
Amendments to IAS 39 – Financial Instruments: Recognition
and Measurement – Novation of Derivatives and Continuation of
Hedge Accounting*
* The adoption of these accounting standards including
consequential amendments did not have any material impact
on the consolidated financial statements of the Company.
New accounting standards not yet adopted:
A number of new standards, amendments to standards and
interpretations are not yet effective for annual periods beginning
after 1 April 2014, and have not been applied in preparing
these consolidated financial statements. New standards,
amendments to standards and interpretations that could have
potential impact on the consolidated financial statements of
the Company are:
IFRS 9 – Financial instruments
In July 2014, the IASB completed its project to replace IAS
39, Financial Instruments: Recognition and Measurement by
publishing the final version of IFRS 9: Financial Instruments.
IFRS 9 introduces a single approach for the classification and
measurement of financial assets according to their cash flow
characteristics and the business model they are managed in,
and provides a new impairment model based on expected
credit losses. IFRS 9 also includes new guidance regarding the
application of hedge accounting to better reflect an entity’s
risk management activities especially with regard to managing
non-financial risks. The new standard is effective for annual
reporting periods beginning on or after January 1, 2018, while
early application is permitted. The application of IFRS 9 may
have a material impact on the classification, measurement and
presentation of the Company’s financial assets and liabilities. The
Company is currently assessing the impact of adopting IFRS 9 on
the Company’s Consolidated Financial Statements.
IFRS 15 – Revenue from Contracts with Customers.
IFRS 15 supersedes all existing revenue requirements in IFRS
(IAS 11 Construction Contracts, IAS 18 Revenue and related
interpretations). According to the new standard, revenue is
recognized to depict the transfer of promised goods or services
to a customer in an amount that reflects the consideration
to which the entity expects to be entitled in exchange for
those goods or services. IFRS 15 establishes a five step model
that will apply to revenue earned from a contract with a
customer (with limited exceptions), regardless of the type
of revenue transaction or the industry. Extensive disclosures
will be required, including disaggregation of total revenue;
information about performance obligation; changes in contract
asset and liability account balances between periods and key
judgments and estimates. The standard permits the use of
either the retrospective or cumulative effect transition method.
The standard is effective for annual periods beginning on or
after January 1, 2017; early application is permitted. In May
2015, the IASB, through an exposure draft, proposed changing
the effective date to periods beginning on or after January
1, 2018 instead of January 1, 2017. The Company is currently
assessing the impact of adopting IFRS 15 on the Company’s
Consolidated Financial Statements.
227
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Consolidated Financial Statements Under IFRSWipro Limited 4. Demerger of diversified business and discontinued
operations
During the financial year 2012-13, the Company had initiated
and completed the demerger of its consumer care and lighting,
infrastructure engineering and other non-IT business segment
(collectively, “the Diversified Business”). The scheme was
effective March 31, 2013 (“Effective Date”) after the sanction of
the Honorable High Court and filing of the certified copy of the
scheme with the Registrar of Companies.
The results of the Diversified Business are as follows:
Following the Effective Date, the Diversified Business is classified
and presented in the consolidated financial statements as
discontinued operation in accordance with IFRS 5 – Non-Current
Assets Held for Sale and Discontinued Operations. The Demerger
is considered as business under common control and hence
is outside the scope of application of IFRS 3 and International
Financial Reporting Standards Interpretations (“IFRIC”) 17.
Accordingly, assets and liabilities of the Diversified Business as
on the Effective Date are at their carrying values.
Year ended March 31,
Revenues ...............................................................................................................
Expenses (net) .....................................................................................................
Finance and other income/(expense), net ................................................
Share of profits/(losses) of equity accounted investee, net of taxes
Profit before tax ................................................................................................
Income tax expense ..........................................................................................
Profit for the period from discontinued operations .......................
Profit from discontinued operations attributable to:
Equity holders of the Company ....................................................................
Non-controlling interest ..................................................................................
Earnings per equity share:
Basic ........................................................................................................................
Diluted ....................................................................................................................
Weighted average number of equity shares used in computing
earnings per equity share:...............................................................................
Basic ........................................................................................................................
Diluted ....................................................................................................................
Cash flows from/ (used in) discontinued operations
2013
` 56,706
(51,530)
1,380
(107)
6,449
(1,437)
` 5,012
` 4,997
15
` 5,012
2.04
2.03
2,453,218,759
2,459,184,321
2014
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Net cash flows from operating activities ...................................................
Net cash flows used in investing activities ................................................
Net cash flows from financing activities ....................................................
Increase in net cash flows for the period ..................................................
2013
` 5,709
(9,825)
4,611
` 495
Year ended March 31,
2014
—
—
—
—
Effect of disposal on the financial position of the Company as on the Effective Date
Goodwill ................................................................................................................................................................................................
Intangible assets ..................................................................................................................................................................................
Property, plant and equipment ......................................................................................................................................................
Investment in equity accounted investee ..................................................................................................................................
Investment in newly acquired subsidiaries ................................................................................................................................
Other assets ...........................................................................................................................................................................................
Inventories .............................................................................................................................................................................................
Trade receivables .................................................................................................................................................................................
2015
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2015
—
—
—
—
` 18,660
3,255
9,722
3,193
8,276
6,175
7,543
7,048
228
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
Available for sale investments ........................................................................................................................................................
Current tax assets ................................................................................................................................................................................
Cash and cash equivalents ...............................................................................................................................................................
Loans and borrowings .......................................................................................................................................................................
Deferred tax liabilities, net ...............................................................................................................................................................
Trade payables, other liabilities and provisions .......................................................................................................................
Net assets and liabilities ..............................................................................................................................
The above is effected in the consolidated statements of changes in equity for the year ended March 31, 2013.
13,009
14
4,163
(7,515)
(1,122)
(13,914)
`58,507
5. Property, plant and equipment
Cost:
As at April 1, 2013
Translation adjustment
Additions
Acquisition through business combination
Disposal / adjustments
As at March 31, 2014
Accumulated depreciation/impairment:
As at April 1, 2013
Translation adjustment
Depreciation
Disposal / adjustments
As at March 31, 2014
Capital work-in-progress
Net carrying value as at March 31, 2014
Cost:
As at April 1, 2014
Translation adjustment
Additions
Acquisition through business combination
Disposal / adjustments
As at March 31, 2015
Accumulated depreciation/impairment:
As at April 1, 2014
Translation adjustment
Depreciation
Disposal / adjustments
As at March 31, 2015
Capital work-in-progress
Net carrying value as at March 31, 2015
Land Buildings
Plant and
machinery*
Furniture
fixtures and
equipment
Vehicles
Total
` 3,990
21
` 22,787
338
` 61,798
1,936
` 11,680
181
` 1,430
—
` 101,685
2,476
—
—
1,037
—
9,851
106
1,269
53
30
1
12,187
160
(324)
` 3,687
(100)
` 24,062
(1,381)
` 72,310
(836)
` 12,347
(495)
` 966
(3,136)
` 113,372
` —
—
` 3,037
121
` 44,090
1,242
—
718
7,731
—
` —
(61)
` 3, 815
(748)
` 52,315
` 8,574
129
1,553
(721)
` 9,535
` 1,395
1
` 57,096
1,493
39
10,041
(491)
` 944
(2,021)
` 66,609
4,686
` 51,449
` 3,687
(2)
` 24,062
50
` 72,310
122
` 12,347
(120)
` 966
(22)
` 113,372
28
—
—
446
89
—
` 3,685
(132)
` 24,515
11,978
871
(5,687)
` 79,594
873
120
36
1
13,333
1,081
(522)
` 12,698
(151)
` 830
(6,492)
` 121,322
` —
—
` 3,815
36
` 52,315
243
—
755
9,220
—
` —
(93)
` 4,513
(5,149)
` 56,629
` 9,535
(71)
1,430
(258)
` 10,636
` 944
2
` 66,609
210
12
11,417
(149)
` 809
(5,649)
` 72,587
5,471
` 54,206
*Including net carrying value of computer equipment and software amounting to ` 8,903 and ` 12,682 as at March 31, 2014 and
2015, respectively.
229
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Consolidated Financial Statements Under IFRSWipro Limited
Interest capitalized by the Company was ` 149 and ` 105 for
the year ended March 31, 2014 and 2015, respectively. The
capitalization rate used to determine the amount of borrowing
cost capitalized for the year ended March 31, 2014 and 2015 are
8.02% and 8.18%, respectively.
6.
Goodwill and Intangible assets
The movement in goodwill balance is given below:
Balance at the beginning of the year
Translation adjustment
Acquisition through business
combination, net
Balance at the end of the year
Year ended March 31,
2015
` 63,422
1,098
2014
` 54,756
5,571
3,095
` 63,422
3,558
` 68,078
Acquisition through business combination for the year ended
March 31, 2015, includes goodwill recognized on the acquisition
of ATCO I-Tek and adjustments on conclusion of closing
conditions pursuant to acquisition of Opus Capital Markets
Consultants LLC under the IT Services Segment. Also refer note
7 to the consolidated financial statements.
Following the Demerger, the Company’s remaining two
operating segments are IT Services and IT Products.
Goodwill as at March 31, 2014 and 2015 has been allocated to
the following operating segments:
Segments
IT Services
IT Products
Total
As at March 31,
2015
2014
` 67,394
` 62,772
684
650
` 68,078
` 63,422
For the purpose of impairment testing, goodwill relating to IT
Services segment has been allocated to the CGUs as follows:
CGUs
Banking Financial Services and
Insurance (BFSI)
Healthcare and Life Sciences (HLS)
Retail, Consumer, Transport and
Government (RCTG)
Energy, Natural Resources and Utilities
(ENU)
Manufacturing and High-Tech (MFG)
Global Media and Telecom (GMT)
Total
As at March 31,
2015
2014
` 13,763
13,496
` 14,015
14,080
9,515
9,426
11,738
11,563
2,697
` 62,772
15,768
11,644
2,461
` 67,394
Goodwill is tested for impairment annually in accordance with
the Company’s procedure for determining the recoverable value
of such assets. For the purpose of impairment testing, goodwill
is allocated to a CGU representing the lowest level within the
Group at which goodwill is monitored for internal management
purposes, and which is not higher than the Company’s operating
segment.
The recoverable amount of the CGU within IT Services segment is
determined on the basis of Fair Value Less Cost To Sell (FVLCTS).
The FVLCTS of the CGU is determined based on the market
capitalization approach, using the turnover and earnings
multiples derived from observable market data. The fair value
measurement is categorised as a level 2 fair value based on the
inputs in the valuation techniques used.
The carrying value of goodwill allocated to the CGU within IT
Products segment is not significant. The recoverable value of
this CGU has been determined using value-in-use (VIU). The VIU
is determined based on discounted cash flow projections. Key
assumptions on which the Company has based its determination
of VIU include estimated cash flows, terminal value and discount
rates.
Value-in-use is calculated using after tax assumptions. The use
of after tax assumptions does not result in a value-in-use that
is materially different from the value-in-use that would result if
the calculation was performed using before tax assumptions. The
before tax discount rate is determined based on the value-in-use
derived from the use of after tax assumptions.
Assumptions
Terminal value long-term growth
rate
After tax discount rate
Before tax discount rate
Year ended March 31,
2015
2014
5%
16.5%
22.6%
5%
16.5%
24.9%
Based on the above, no impairment was identified as of March 31,
2014 and 2015 as the recoverable value of the CGUs exceeded the
carrying value. Further, none of the CGU’s tested for impairment
as of March 31, 2014 and 2015 were at risk of impairment. An
analysis of the calculation’s sensitivity to a change in the key
parameters (revenue growth, operating margin, discount rate
and long-term growth rate) based on reasonably probable
assumptions, did not identify any probable scenarios where the
CGU’s recoverable amount would fall below its carrying amount.
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
The movement in intangible assets is given below:
Cost:
As at April 1, 2013
Translation adjustment
Acquisition through business combination
Additions
As at March 31, 2014
Accumulated amortization and impairment:
As at April 1, 2013
Translation adjustment
Amortization and impairment
Effect of demerger of diversified business
As at March 31, 2014
Net carrying value as at March 31, 2014
Cost:
As at April 1, 2014
Translation adjustment
Acquisition through business combination
Disposal/adjustment
As at March 31, 2015
Accumulated amortization and impairment:
As at April 1, 2014
Translation adjustment
Amortization and impairment
Disposal/adjustment
As at March 31, 2015
Net carrying value as at March 31, 2015
Intangible assets
Customer related Marketing related
Total
` 3,003
63
338
—
` 3,404
` 1,632
—
462
(202)
` 1,892
` 1,512
` 3,404
(1,015)
8,228
—
` 10,617
` 1,892
—
1,044
—
` 2,936
` 7,681
` 818
43
219
20
` 1,100
` 475
125
76
—
` 676
` 424
` 1,100
(95)
—
(100)
` 905
` 676
(104)
165
(82)
` 655
` 250
` 3,821
106
557
20
` 4,504
` 2,107
125
538
(202)
` 2,568
` 1,936
` 4,504
(1,110)
8,228
(100)
` 11,522
` 2,568
(104)
1,209
(82)
` 3,591
` 7,931
Amortization expense on intangible assets is included in selling
and marketing expenses in the statement of income.
7. Business combination
Summary of acquisitions made in 2013-14 is given below:
As of March 31, 2015, the estimated remaining amortization
period for intangibles acquired on acquisition are as follows:
Opus Capital Markets Consultants LLC
Acquisition
ATCO I-Tek
Global oil and gas information
technology practice of the
Commercial Business Services
Business Unit of Science Applications
International Corporation
Promax Applications Group
Opus Capital Markets Consultants
LLC
Estimated remaining
amortization period
9.50 years
5.25 – 6.25 years
7.25 years
3.75 – 5.75 years
On January 14, 2014, the Company had obtained control of Opus
Capital Markets Consultants LLC (“Opus”) by acquiring 100% of
its share capital. Opus is a US-based provider of mortgage due
diligence and risk management services. The acquisition has
strengthened Wipro’s mortgage solutions and complemented
our existing offerings in mortgage origination, servicing and
secondary market.
The acquisition was executed through a share purchase
agreement for a consideration of ` 4,589 (US$ 75 million) which
included a deferred earn-out component of ` 1,285 (US$ 21
million), dependent on achievement of revenues and earnings
targets over a period of 3 years. This earn-out liability was fair
valued at ` 782 and recorded as part of preliminary purchase
price allocation.
During the current year, the Company concluded the fair value
adjustments of the assets acquired and liabilities assumed on
acquisition. Consequently, the fair value of earn-out liability was
recorded at ` 589. Comparatives have not been retrospectively
revised as the amounts are not material.
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Consolidated Financial Statements Under IFRSWipro Limited
The following table presents the allocation of purchase price:
Description
Assets
Cash and cash equivalents
Property, plant and equipment (including software)
Trade receivable
Other assets
Customer related intangibles
Non-compete arrangement
Liabilities
Other liabilities
Deferred income taxes, net
Total
Goodwill
Total purchase price
Pre-acquisition
carrying amount
Fair value
adjustments
Purchase price
allocated
` 22
160
456
20
—
—
(258)
—
400
` —
—
—
—
234
216
—
(133)
317
` 22
160
456
20
234
216
(258)
(133)
717
2,810
` 3,527
The goodwill of ` 2,810 comprises value of expected synergies
arising from the acquisition. Goodwill is not expected to be
deductible for income tax purposes.
During the current year, the fair value of earn-out liability was
determined to be ` 144 as a result of changes in estimates of
revenue and earnings over the earn-out period. The revision of
the estimates has inter alia resulted in reduction in the carrying
value of intangibles recognized on acquisition. Accordingly, a
net gain of ` 470 has been recorded in the statement of income.
The fair value of earn-out consideration was estimated by
applying the Discounted Cash Flow approach. The fair value
estimates are based on discount rate of 7% and probability
adjusted revenue and earnings estimates.
During the year ended March 31, 2015, an amount of ` 39 has
been paid to the sellers representing earn-out payments for the
calendar year 2014.
The following table presents the allocation of purchase price:
Summary of acquisitions made in 2014-15 is given below:
ATCO I-Tek Inc.
On August 15, 2014, the Company obtained control of ATCO
I-Tek Inc., a Canadian entity, by acquiring 100% of its share
capital and certain assets of IT services business of ATCO I-Tek
Australia (hereafter the acquisitions are collectively referred to
as ‘acquisition of ATCO I-Tek’) for an all-cash consideration of
` 11,420 (Canadian Dollars 204 million). ATCO I-Tek provides
IT services to ATCO Group. The acquisition will strengthen
Wipro’s IT services delivery model in North America and
Australia.
As part of conclusion of certain closing conditions, ` 349 has
been reduced from the purchase price. Consequently, the
Company concluded the fair value adjustments of the assets
acquired and liabilities assumed on acquisition.
Description
Assets
Cash
Property, plant and equipment (including capital work-in-progress
and software)
Trade receivables
Other assets
Customer related intangibles
Liabilities
Trade payables and accrued liabilities
Deferred income taxes, net
Total
Goodwill
Total purchase price
Pre-acquisition
carrying amount
Fair value
adjustments
Purchase price
allocated
` 71
` —
` 71
1,689
210
296
—
(798)
(138)
1,330
(278)
—
—
8,228
—
(2,017)
5,933
1,411
210
296
8,228
(798)
(2,155)
7,263
3,808
` 11,071
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
The goodwill of ` 3,808 comprises value of expected synergies
arising from the acquisition. Goodwill is not expected to be
deductible for income tax purposes.
From the date of acquisition, ATCO I-Tek has contributed ` 6,301
of revenue and ` 868 of profit after taxes. If the acquisition
had occurred on April 1, 2014, management estimates that
consolidated revenue for the Company would have been `
472,142 and the profit after taxes would have been ` 87,503 for
twelve months ended March 31, 2015. The pro-forma amounts
are not necessarily indicative of the results that would have
occurred if the acquisition had occurred on date indicated or
that may result in the future.
Consolidated Financial Statements Under IFRS
8. Available for sale investments
Available for sale investments consists of the following:
Cost* Gross gain
recognized
directly in
equity
As at March 31, 2014
Gross loss
recognized
directly in
equity
Fair
Value
Cost* Gross gain
recognized
directly in
equity
As at March 31, 2015
Gross loss
recognized
directly in
equity
Fair
Value
Investment in liquid and
short-term mutual funds
and others
Certificate of deposits
Total
Current
Non current
` 61,594
1,482
` 63,076
` 334
—
` 334
` (177)
—
` (177)
1,482
` 61,751 ` 56,437
—
` 63,233 ` 56,437
` 60,557
2,676
` 1,340
—
` 1,340
—
` (2) ` 57,775
—
` (2) ` 57,775
` 53,908
3,867
* Available for sale investments include investments amounting to ` 228 and ` Nil as of March 31, 2014 and 2015, respectively,
pledged as margin money deposit for entering into currency future contracts. The counter-parties have an obligation to return the
securities to the Company upon settling all the open currency future contracts.
9.
Trade receivables
11. Cash and cash equivalents
Trade receivables
Allowance for doubtful accounts
receivable
As at March 31,
2015
` 97,041
2014
` 89,977
(4,585)
` 85,392
(5,510)
` 91,531
The activity in the allowance for doubtful accounts receivable
is given below:
Balance at the beginning of the
year
Additions during the year, net
Uncollectable receivables charged
against allowance
Balance at the end of the year
10. Inventories
Inventories consist of the following:
Stores and spare parts
Raw materials and components
Work in progress
Finished goods and traded goods
Year ended March 31,
2015
2014
` 3,625
1,294
(334)
` 4,585
` 4,585
925
—
` 5,510
As at March 31,
2014
` 930
37
16
1,310
` 2,293
2015
` 932
3
2
3,912
` 4,849
Cash and cash equivalents as of March 31, 2013, 2014 and 2015
consist of cash and balances on deposit with banks. Cash and
cash equivalents consist of the following:
As at March 31,
2013
2014
2015
Cash and bank balances
` 35,683 ` 45,666 ` 47,198
Demand deposits with
banks(1)
49,155
68,535
111,742
` 84,838 ` 114,201 ` 158,940
(1) These deposits can be withdrawn by the Company at any time
without prior notice and without any penalty on the principal.
Cash and cash equivalents consist of the following for the
purpose of the cash flow statement:
As at March 31,
2013
2014
2015
Cash and cash equivalents
(as per above).
` 84,838 ` 114,201 ` 158,940
Bank overdrafts
(719)
—
(227)
` 84,119 ` 114,201 ` 158,713
233
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Wipro Limited
12. Other assets
Current
Interest bearing deposits(1)
Prepaid expenses
Due from officers and employees
Finance lease receivables
Advance to suppliers
Deferred contract costs
Interest receivable
Deposits
Balance with excise, customs and other authorities
Others (2)
Non current
Prepaid expenses including rentals for leasehold land
Finance lease receivables
Deposits
Deferred contract costs
Others
Total
As at March 31,
2014
2015
` 12,500
7,354
2,447
3,018
2,446
3,852
2,794
756
1,267
3,040
` 39,474
` 4,523
5,235
412
3,711
414
` 14,295
` 53,769
` 38,200
9,476
3,488
3,461
2,430
3,610
5,290
763
1,786
4,855
` 73,359
` 6,630
2,899
65
4,445
330
` 14,369
` 87,728
(1) Such deposits earn a fixed rate of interest and will be liquidated within 12 months.
(2) Others include ` 400 (March 31, 2014: Nil) representing assets held for sale.
Finance lease receivables
Finance lease receivables consist of assets that are leased to customers for periods ranging from 1 to 7 years, with lease payments
due in monthly or quarterly installments. Details of finance lease receivables are given below:
Not later than one year
Later than one year but not later than five years
Later than five years
Unguaranteed residual values
Gross investment in lease
Less: Unearned finance income
Present value of minimum lease payment receivable
Included in the financial statements as follows:
Current finance lease receivables
Non-current finance lease receivables
13.
Loans and borrowings
Short-term loans and borrowings
Minimum lease payment
Present value of minimum
lease payment
As at March 31,
2015
` 3,685
3,108
73
62
6,928
(568)
` 6,360
2014
` 3,194
5,885
—
90
9,169
(916)
` 8,253
As at March 31,
2015
` 3,419
2,826
57
58
6,360
—
` 6,360
2014
` 2,980
5,190
—
83
8,253
—
` 8,253
` 3,018
5,235
` 3,461
2,899
The Company had short-term borrowings including bank overdrafts amounting to ` 39,433 and ` 64,443 as at March 31, 2014 and
2015, respectively. Short-term borrowings from banks as of March 31, 2015 primarily consist of lines of credit of approximately `
4,255, U.S. Dollar (U.S.$) 1,286 million, Canadian Dollar (CAD) 150 million, Saudi Arabian Riyal (SAR) 378 million, Chinese Yuan (CNY)
14 million, and United Kingdom Pound Sterling (GBP) 20 million from bankers for working capital requirements and other short
term needs. As of March 31, 2015, the Company has unutilized lines of credit aggregating ` 4,148, U.S.$ 437 million, SAR 165 million
and GBP 18 million respectively. To utilize these unused lines of credit, the Company requires consent of the lender and compliance
with certain financial covenants. Significant portion of these lines of credit are revolving credit facilities and floating rate foreign
currency loans, renewable on a periodic basis. Significant portion of these facilities bear floating rates of interest, referenced to
LIBOR and a spread, determined based on market conditions.
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
The Company has non-fund based revolving credit facilities in various currencies equivalent to ` 39,813 and ` 39,511, as of March 31,
2014 and 2015, respectively, towards operational requirements that can be used for the issuance of letters of credit and bank
guarantees. As of March 31, 2014 and 2015, an amount of ` 16,949 and ` 18, 277 respectively, was unutilized out of these non-fund
based facilities.
Long-term loans and borrowings
A summary of long- term loans and borrowings is as follows:
Currency
Unsecured external commercial borrowing
U.S. Dollar
Unsecured term loan
Indian Rupee
Other secured term loans
Obligations under finance leases
Current portion of long term loans and borrowings
Non-current portion of long term loans and
borrowings
As at March 31, 2014
Foreign
currency
in
millions
Indian
Rupee
Foreign
currency
in
millions
As at March 31, 2015
Indian
Rupee
Interest
rate
Final
maturity
150 ` 8,985
150 ` 9,375 LIBOR+1.25 % June 2018
0 - 12% 2015 - 2017
—
—
NA
—
172
2
` 9,159
3,000
` 12,159
` 1,250
NA
—
217
—
` 9,592
4,878
` 14,470
` 1,763
10,909
12,707
The Company had entered into interest rate swap (IRS) in
connection with the unsecured external commercial borrowing.
The contract governing the Company’s unsecured external
commercial borrowing contain certain covenants that limit
future borrowings and payments towards acquisitions in a
financial year. The terms of the other secured and unsecured
loans and borrowings also contain certain restrictive covenants
primarily requiring the Company to maintain certain financial
ratios. As of March 31, 2015, the Company has met all the
covenants under these arrangements.
A portion of the above short-term loans and borrowings,
other secured term loans and obligation under finance leases
aggregating to ` 6,467 and ` 8,694 as at March 31, 2014 and 2015,
respectively, are secured by inventories, accounts receivable,
certain property, plant and equipment and underlying assets.
Interest expense was ` 868 and ` 768 for the year ended March 31,
2014 and 2015, respectively for the continuing operations.
The following is a schedule of future minimum lease payments
under finance leases, together with the present value of
minimum lease payments as of March 31, 2014 and 2015:
Not later than one year
Later than one year but not later than five years
Total minimum lease payments
Less: Amount representing interest
Present value of minimum lease payments
Included in the financial statements as follows:
Current finance lease payables
Non-current finance lease payables
Minimum lease payments
As at March 31,
Present value of minimum
lease payments
As at March 31,
2014
` 1,230
2,066
3,296
(296)
` 3,000
2015
` 1,843
3,379
5,222
(344)
` 4,878
2014
` 1,092
1,908
3,000
—
` 3,000
` 1,092
1,908
2015
` 1,660
3,218
4,878
—
` 4,878
` 1,660
3,218
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235
Consolidated Financial Statements Under IFRSWipro Limited
14. Trade payables and accrued expenses
Trade payables and accrued expenses consist of the following:
Trade payables
Accrued expenses
15. Other liabilities and provisions
Other liabilities:
Current:
Statutory and other liabilities
Employee benefit obligations
Advance from customers
Others
Non-current:
Employee benefit obligations
Others
Total
As at March 31,
2014
` 17,615
34,302
` 51,917
2015
` 18,845
39,900
` 58,745
As at March 31,
2015
2014
` 3,551
5,027
3,278
2,573
` 14,429
` 3,030
1,448
` 4,478
` 18,907
` 3,530
4,802
2,200
1,691
` 12,223
` 3,062
596
` 3,658
` 15,881
Provisions:
Current:
Provision for warranty
Others
Non-current:
Provision for warranty
Total
As at March 31,
2014
2015
` 340
1,030
` 1,370
` 306
1,211
` 1,517
` 6
` 1,376
` 5
` 1,522
Provision for warranty represents cost associated with providing
sales support services which are accrued at the time of
recognition of revenues and are expected to be utilized over
a period of 1 to 2 years. Other provisions primarily include
provisions for indirect tax related contingencies and litigations.
The timing of cash outflows in respect of such provision cannot
be reasonably determined.
A summary of activity for provision for warranty and other provisions is as follows:
Year ended March 31, 2014
Year ended March 31, 2015
Provision
for
warranty
` 314
383
(351)
` 346
Others
` 869
270
(109)
` 1,030
Total Provision
for
warranty
` 346
350
(385)
` 311
` 1,183
653
(460)
` 1,376
Others
Total
` 1,030
188
(7)
` 1,211
` 1,376
538
(392)
` 1,522
Balance at the beginning of the year
Additional provision during the year, net
Provision used during the year
Balance at the end of the year
16. Financial instruments
Financial assets and liabilities (Carrying value/Fair value):
As at March 31,
2015
2014
` 85,392
39,334
114,201
` 91,531
42,338
158,940
63,233
3,947
29,229
` 335,336
57,775
5,813
56,298
` 412,695
Liabilities:
Loans and borrowings
Trade payables and accrued
expenses
Derivative liabilities
Other liabilities
Total
As at March 31,
2015
2014
` 51,592
` 78,913
51,144
3,133
2,529
` 108,398
57,793
824
1,023
` 138,553
Assets:
Trade receivables
Unbilled revenues
Cash and cash equivalents
Available for sale financial
investments
Derivative assets
Other assets
Total
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
By Category (Carrying value/Fair value):
Assets:
Loans and receivables
Derivative assets
Available for sale financial assets
Total
Liabilities:
Financial liabilities at amortized cost
Trade and other payables
Derivative liabilities
Total
As at March 31,
2014
2015
` 268,156 ` 349,107
5,813
57,775
` 335,336 ` 412,695
3,947
63,233
` 51,592 ` 78,913
58,816
824
` 108,398 ` 138,553
53,673
3,133
Offsetting financial assets and liabilities
The following table contains information on financial assets and
liabilities subject to offsetting:
Financial assets
Gross
amounts of
recognized
financial
liabilities set
off in the
balance
sheet
Net amounts
of financial
assets
presented in
the balance
sheet
(2,944)
(3,084)
268,156
349,107
Gross
amounts of
recognized
financial
assets
271,100
352,191
Gross
amounts of
recognized
financial
assets set
off in the
balance
sheet
Net amounts
of financial
liabilities
presented in
the balance
sheet
Gross
amounts of
recognized
financial
liabilities
56,617
61,900
(2,944)
(3,084)
53,673
58,816
Loans and receivables
As at March 31, 2014
As at March 31, 2015
Financial liabilities
Trade and other
payables
As at March 31, 2014
As at March 31, 2015
Particulars
For the financial assets and liabilities subject to offsetting or
similar arrangements, each agreement between the Company
and the counterparty allows for net settlement of the relevant
financial assets and liabilities when both elect to settle on a net
basis. In the absence of such an election, financial assets and
liabilities will be settled on a gross basis.
Fair value
The fair value of cash and cash equivalents, trade receivables,
unbilled revenues, trade payables, current financial liabilities and
borrowings approximate their carrying amount largely due to
the short-term nature of these instruments. A substantial portion
of the Company’s long-term debt has been contracted at floating
rates of interest, which are reset at short intervals. Accordingly,
the carrying value of such long-term debt approximates fair
value. Further, finance lease receivables that are overdue are
periodically evaluated based on individual credit worthiness
of customers. Based on this evaluation, the Company records
allowance for expected losses on these receivables. As of
March 31, 2014 and 2015, the carrying value of such receivables,
net of allowances approximates the fair value.
Investments in liquid and short-term mutual funds, which are
classified as available-for-sale are measured using quoted market
prices at the reporting date multiplied by the quantity held. Fair
value of investments in certificate of deposits, classified as
available for sale is determined using observable market inputs.
The fair value of derivative financial instruments is determined
based on observable market inputs including currency spot and
forward rates, yield curves, currency volatility etc.
Fair value hierarchy
Level 1 – Quoted prices (unadjusted) in active markets for
identical assets or liabilities.
Level 2 – Inputs other than quoted prices included within Level
1 that are observable for the asset or liability, either directly (i.e.
as prices) or indirectly (i.e. derived from prices).
Level 3 – Inputs for the assets or liabilities that are not based on
observable market data (unobservable inputs).
The following table presents fair value hierarchy of assets and
liabilities measured at fair value on a recurring basis:
Assets
Derivative instruments
- Cash flow hedges
- Net investment hedges
- Others
Available for sale financial assets:
- Investment in liquid and short-term
mutual funds
- Investment in certificate of deposit,
non-convertible debentures and
commercial papers
- Investment in equity instruments
Total
As at March 31, 2014
Fair value measurements at
reporting date using
Level 1
Level 2
Level 3
As at March 31, 2015
Total Fair value measurements at
reporting date using
Level 1 Level 2 Level 3
` 1,289
123
2,535
` — ` 1,289
123
2,425
—
—
` — ` 4,237
140
1,436
—
110
` — ` 4,237
140
912
—
—
` —
—
524
18,555
16,826
1,729
— 10,202
10,202
—
—
42,002
2,676
488
—
41,514
—
— 43,706
3,867
2,676
2,046
—
41,660
—
—
3,867
237
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Consolidated Financial Statements Under IFRSWipro Limited
Particulars
Liabilities
Derivative instruments
- Cash flow hedges
- Net investment hedges
- Others
- Contingent consideration
Total
As at March 31, 2014
Fair value measurements at
reporting date using
Level 1
Level 2
Level 3
As at March 31, 2015
Total Fair value measurements at
reporting date using
Level 1 Level 2 Level 3
(740)
(718)
(1,675)
(789)
—
—
—
—
(740)
(718)
(1,675)
—
—
—
—
(789)
(80)
(264)
(480)
(110)
—
—
—
—
(80)
(264)
(480)
—
—
—
—
(110)
The following methods and assumptions were used to estimate
the fair value of the level 2 financial instruments included in the
above table:
Derivative instruments (assets and liabilities): The Company
enters into derivative financial instruments with various
counterparties, primarily financial institutions with investment
grade credit ratings. Derivatives valued using valuation
techniques with market observable inputs are mainly interest
rate swaps, foreign exchange forward contracts and foreign
exchange option contracts. The most frequently applied
valuation techniques include forward pricing, swap models and
Black Scholes models (for option valuation), using present value
calculations. These models incorporate various inputs including
the credit quality of counterparties, foreign exchange spot and
forward rates, interest rate curves and forward rate curves of the
underlying. As at March 31, 2015, the changes in counterparty
credit risk had no material effect on the hedge effectiveness
assessment for derivatives designated in hedge relationships
and other financial instruments recognized at fair value.
Available for sale investments (Investment in certificate of
deposits and commercial papers): Fair value of available-for-sale
financial assets is derived based on the indicative quotes of price
and yields prevailing in the market as on March 31, 2015.
Available for sale investments (Investment in liquid and short-
term mutual funds): Fair valuation is derived based on Net Asset
Value published by the respective mutual fund houses.
Details of assets and liabilities considered under Level 3 classification
Balance at the beginning of the year
Additions
Disposals/ payouts
Measurement period adjustment to goodwill
Gain/(loss) recognised in statement of income
Gain/(loss) recognised in other comprehensive income
Balance at the end of the year
Description of significant unobservable inputs to valuation:
As at March 31, 2014
Available for sale
investments –
Equity instruments
Derivative
assets –
Others
Contingent
consideration
` 2,676
546
(916)
—
608
953
` 3,867
` 110
433
—
—
(19)
—
` 524
` (789)
—
39
193
447
—
` (110)
Valuation
technique
Available for sale investments
in unquoted equity shares
Option pricing
model
Significant
unobservable
inputs
Volatility of
comparable companies
Time to liquidation
event
Derivative assets
Option pricing
model
Volatility of
comparable companies
Time to liquidation
event
Input
Sensitivity of the input to fair value
45% 2.5% increase (decrease) in volatility would
result in increase (decrease) in fair value of
AFS investments by ` 21
5 years 1 year increase (decrease) in time to liquidation
event would result in increase (decrease) in
fair value of AFS investments by ` 27
40% 2.5% increase (decrease) in volatility would
result in increase (decrease) in fair value of
the derivative asset by ` 21
5 years 1 year increase (decrease) in time to liquidation
event would result in increase (decrease) in
fair value of the derivative asset by ` 27
238
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
As at March 31, 2015
Available for sale investments
in unquoted equity shares
Significant
unobservable
inputs
Long term growth rate
Discount rate
Revenue multiple
Valuation
technique
Discounted
cash flow
model
Market
multiple
approach
Derivative assets
Option pricing
model
Volatility of comparable
companies
Time to liquidation event
Input
Sensitivity of the input to fair value
2%
0.5% increase (decrease) in growth rate would
result in increase (decrease) in fair value of
AFS investments by ` 44, (` 40) respectively
14% 0.5% increase (decrease) in growth rate would
result in increase (decrease) in fair value of
AFS investments by ` 85, (` 91) respectively
0.5x increase (decrease) in revenue multiple
would result in increase (decrease) in fair
value of AFS investments by ` 148, (` 152)
respectively
4.1x
45% 2.5% increase (decrease) in volatility would
result in increase (decrease) in fair value of
the derivative asset by ` 32, (` 33) respectively
4.5 years 1 year increase (decrease) in time to
liquidation event would result in increase
(decrease) in fair value of the derivative asset
by ` 63, (` 85) respectively
See note 7 for disclosure relating to valuation techniques applied for contingent consideration.
Derivatives assets and liabilities:
The Company is exposed to foreign currency fluctuations
on foreign currency assets / liabilities, forecasted cash flows
denominated in foreign currency and net investment in foreign
operations. The Company follows established risk management
policies, including the use of derivatives to hedge foreign
currency assets / liabilities, foreign currency forecasted cash
flows and net investment in foreign operations. The counter
party in these derivative instruments is a bank and the Company
considers the risks of non-performance by the counterparty as
non-material.
The following table presents the aggregate contracted principal
amounts of the Company’s derivative contracts outstanding:
Designated derivative
instruments
Sell
Interest rate swaps
Net investment hedges in
foreign operations
Others
Non designated derivative
instruments
Sell
As at March 31,
2014
2015
US$
€
£
AUD
US$
516 US$
78 €
51 £
9 AUD
150 US$
836
220
198
83
150
US$
€
220 US$
25 €
145
—
US$
£
1,061 US$
112 £
1,304
67
As at March 31,
2014
2015
€
AUD
¥
SGD
ZAR
CAD
US$
63 €
99 AUD
490 ¥
8 SGD
223 ZAR
10 CAD
585 US$
60
53
490
13
69
30
790
Buy
The following table summarizes activity in the cash flow hedging
reserve within equity related to all derivative instruments
classified as cash flow hedges:
Balance as at the beginning of
the year
Deferred cancellation gain/(loss)
Changes in fair value of effective
portion of derivatives
Gains/ (losses) on cash flow
hedging derivatives, net
Balance as at the end of the year
Deferred tax asset thereon
Balance as at the end of the year,
net of deferred tax
As at March 31,
2014
2015
` 1,669
—
` 567
101
(1,102)
3,600
`(1,102)
` 567
` (68)
` 3,701
` 4,268
` (718)
` 499
` 3,550
The related hedge transactions for balance in cash flow
hedging reserve as of March 31, 2015 are expected to occur
and reclassified to the statement of income over a period of
5 years.
239
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Consolidated Financial Statements Under IFRSWipro Limited
As at March 31, 2014 and 2015, there were no significant gains
or losses on derivative transactions or portions thereof that have
become ineffective as hedges, or associated with an underlying
exposure that did not occur.
Sale of financial assets
From time to time, in the normal course of business, the Company
transfers accounts receivables, unbilled revenues, net investment
in finance lease receivables (financials assets) to banks. Under the
terms of the arrangements, the Company surrenders control over
the financial assets and transfer is without recourse. Accordingly,
such transfers are recorded as sale of financial assets. Gains and
losses on sale of financial assets without recourse are recorded
at the time of sale based on the carrying value of the financial
assets and fair value of servicing liability.
In certain cases, transfer of financial assets may be with recourse.
Under arrangements with recourse, the Company is obligated
to repurchase the uncollected financial assets, subject to limits
specified in the agreement with the banks. These are reflected
as part of loans and borrowings in the statement of financial
position.
Financial risk management
General
Market risk is the risk of loss of future earnings, to fair values or
to future cash flows that may result from a change in the price
of a financial instrument. The value of a financial instrument
may change as a result of changes in the interest rates, foreign
currency exchange rates and other market changes that affect
market risk sensitive instruments. Market risk is attributable to all
market risk sensitive financial instruments including investments,
foreign currency receivables, payables and loans and borrowings.
The Company’s exposure to market risk is a function of
investment and borrowing activities and revenue generating
activities in foreign currency. The objective of market risk
management is to avoid excessive exposure of the Company’s
earnings and equity to losses.
Risk Management Procedures
The Company manages market risk through a corporate treasury
department, which evaluates and exercises independent control
over the entire process of market risk management. The corporate
treasury department recommends risk management objectives
and policies, which are approved by senior management and
Audit Committee. The activities of this department include
management of cash resources, implementing hedging
strategies for foreign currency exposures, borrowing strategies,
and ensuring compliance with market risk limits and policies.
Foreign currency risk
The Company operates internationally and a major portion of
its business is transacted in several currencies. Consequently,
the Company is exposed to foreign exchange risk through
receiving payment for sales and services in the United States
and elsewhere, and making purchases from overseas suppliers
in various foreign currencies. The exchange rate risk primarily
arises from foreign exchange revenue, receivables, cash balances,
forecasted cash flows, payables and foreign currency loans and
borrowings. A significant portion of the Company’s revenue is in
the U.S. Dollar, the United Kingdom Pound Sterling, the Euro, the
Canadian Dollar and the Australian Dollar, while a large portion
of costs are in Indian Rupees. The exchange rate between the
rupee and these currencies has fluctuated significantly in recent
years and may continue to fluctuate in the future. Appreciation
of the rupee against these currencies can adversely affect the
Company’s results of operations.
The Company evaluates exchange rate exposure arising from
these transactions and enters into foreign currency derivative
instruments to mitigate such exposure. The Company follows
established risk management policies, including the use of
derivatives like foreign exchange forward/option contracts to
hedge forecasted cash flows denominated in foreign currency.
The Company has designated certain derivative instruments as
cash flow hedges to mitigate the foreign exchange exposure
of forecasted highly probable cash flows. The Company has
also designated foreign currency borrowings as hedge against
respective net investments in foreign operations.
As of March 31, 2014 and 2015 respectively, a ` 1 increase/
decrease in the spot exchange rate of the Indian rupee with the
U.S. dollar would result in approximately ` 1,212 and ` 1,495
decrease/increase in the fair value of foreign currency dollar
denominated derivative instruments.
The below table presents foreign currency risk from non-derivative financial instruments as of March 31, 2014 and 2015:
US$
` 31,065
14,611
46,805
934
` (44,028)
Euro
Pound
Sterling
` 8,045
4,314
676
809
` — ` (478)
` 6,581
2,257
687
1,232
Australian
Dollar
` 2,704
949
364
1,667
` (1,118)
Canadian
Dollar
` 87
200
43
11
` —
Other
currencies#
` 2,876
2,327
1,684
202
` —
Total
` 51,358
24,658
50,259
4,855
` (45,624)
(16,303)
` 33,084
(3,088)
` 7,669
(3,743)
` 9,623
(1,219)
` 3,347
(196)
` 145
(1,627)
` 5,462
(26,176)
` 59,330
Trade receivables
Unbilled revenues
Cash and cash equivalents
Other assets
Loans and borrowings
Trade payables, accrued
expenses and other liabilities
Net assets / (liabilities)
240
06_US Gap IFRS_182-232.indd 240
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
Australian
Dollar
Canadian
Dollar
Trade receivables
Unbilled revenues
Cash and cash equivalents
Other assets
Loans and borrowings
Trade payables, accrued
expenses and other liabilities
Net assets / (liabilities)
US$
Euro
` 29,586
16,430
40,465
1,393
` (58,750)
` 4,648
2,855
1,098
1,241
` —
Pound
Sterling
` 8,603
5,099
842
308
` (360)
(22,296)
` 6,828
(2,923)
` 6,919
(4,149)
` 10,343
` 1,376
915
255
1,782
` (932)
(797)
` 2,599
Other
currencies#
` 3,005
1,292
2,100
218
` (227)
Total
` 47,429
26,787
44,786
4,954
` (60,269)
` 211
196
26
12
` —
(119)
` 326
(1,571)
` 4,817
(31,855)
` 31,832
# Other currencies reflects currencies such as Singapore Dollars, Saudi Arabian Riyals etc.
As at March 31, 2014 and 2015 respectively, every 1% increase/
decrease of the respective foreign currencies compared to
functional currency of the Company would impact result from
operating activities by approximately ` 593 and ` 318 respectively.
Interest rate risk
Interest rate risk primarily arises from floating rate borrowing,
including various revolving and other lines of credit. The
Company’s investments are primarily in short-term investments,
which do not expose it to significant interest rate risk. The
Company manages its net exposure to interest rate risk relating
to borrowings by entering into interest rate swap agreements,
which allows it to exchange periodic payments based on a
notional amount and agreed upon fixed and floating interest
rates. As of March 31, 2015, substantially all of the Company’s
borrowings were subject to floating interest rates, which reset
at short intervals. If interest rates were to increase by 100 bps
from March 31, 2015, additional net annual interest expense on
floating rate borrowing would amount to approximately ` 640.
Credit risk
Credit risk arises from the possibility that customers may not
be able to settle their obligations as agreed. To manage this,
the Company periodically assesses the financial reliability of
customers, taking into account the financial condition, current
economic trends, analysis of historical bad debts and ageing of
accounts receivable. Individual risk limits are set accordingly. No
single customer accounted for more than 10% of the accounts
receivable as of March 31, 2014 and 2015, respectively and
revenues for the year ended March 31, 2013, 2014 and 2015,
respectively. There is no significant concentration of credit risk.
Financial assets that are neither past due nor impaired
Cash and cash equivalents, available-for-sale financial assets,
investment in certificates of deposits and interest bearing
deposits with corporates are neither past due nor impaired.
Cash and cash equivalents with banks and interest-bearing
deposits are placed with corporate, which have high credit-
ratings assigned by international and domestic credit-rating
agencies. Available-for-sale financial assets substantially
include investment in liquid mutual fund units. Certificates of
deposit represent funds deposited with banks or other financial
institutions for a specified time period.
Financial assets that are past due but not impaired
There is no other class of financial assets that is past due but
not impaired except for receivables of ` 4,585 and ` 5,510 as of
March 31, 2014 and 2015, respectively. Of the total receivables, `
59,927 and ` 67,997 as of March 31, 2014 and 2015, respectively,
were neither past due nor impaired. The Company’s credit period
generally ranges from 45-60 days. The aging analysis of the
receivables has been considered from the date the invoice falls
due. The age wise break up of receivables, net of allowances that
are past due, is given below:
Financial assets that are neither past
due nor impaired
Financial assets that are past due but
not impaired
Past due 0 – 30 days
Past due 31 – 60 days
Past due 61 – 90 days
Past due over 90 days
Total past due but not impaired
Counterparty risk
As at March 31,
2015
2014
` 59,927
` 67,997
4,996
4,646
3,259
21,733
` 34,634
7,343
3,936
2,876
16,307
` 30,462
Counterparty risk encompasses issuer risk on marketable
securities, settlement risk on derivative and money market
contracts and credit risk on cash and time deposits. Issuer risk is
minimized by only buying securities which are at least AA rated
in India based on Indian rating agencies. Settlement and credit
risk is reduced by the policy of entering into transactions with
counterparties that are usually banks or financial institutions
with acceptable credit ratings. Exposure to these risks are closely
monitored and maintained within predetermined parameters.
There are limits on credit exposure to any financial institution.
The limits are regularly assessed and determined based upon
credit analysis including financial statements and capital
adequacy ratio reviews.
Liquidity risk
Liquidity risk is defined as the risk that the Company will
not be able to settle or meet its obligations on time or at a
reasonable price. The Company’s corporate treasury department
241
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Consolidated Financial Statements Under IFRSWipro Limited
is responsible for liquidity and funding as well as settlement
management. In addition, processes and policies related to
such risks are overseen by senior management. Management
monitors the Company’s net liquidity position through rolling
forecasts on the basis of expected cash flows. As of March 31,
2015, cash and cash equivalents are held with major banks and
financial institutions.
The table below provides details regarding the remaining
contractual maturities of significant financial liabilities at
the reporting date. The amounts include estimated interest
payments and exclude the impact of netting agreements, if any.
Loans and borrowings
Trade payables and accrued expenses
Derivative liabilities
Carrying
value
` 51,592
51,144
` 3,133
Less than 1
year
` 41,050
51,144
` 2,504
1-2 years
2-4 years
4-7 years
Total
` 1,539
—
` 599
` 1,481
—
` 30
` 9,035
—
` —
` 53,105
51,144
` 3,133
As at March 31, 2014
Contractual cash flows
Loans and borrowings
Trade payables and accrued
expenses
Derivative liabilities
As at March 31, 2015
Contractual cash flows
Carrying
value
` 78,913
Less than 1
year
` 66,526
1-2 years
2-4 years
4-7 years
Total
` 1,827
` 11,609
` 116
` 80,078
57,793
` 824
57,793
` 753
—
` 39
—
` 22
—
` 10
57,793
` 824
The balanced view of liquidity and financial indebtedness is
stated in the table below. This calculation of the net cash position
is used by the management for external communication with
investors, analysts and rating agencies:
18.
Foreign currency translation reserve
The movement in foreign currency translation reserve attributable
to equity holders of the Company is summarized below:
Cash and cash equivalents
Interest bearing deposits
Available for sale investments
Loans and borrowings
Net cash position
As at March 31,
2015
` 158,940
38,200
53,908
(78,913)
` 172,135
2014
` 114,201
12,500
60,557
(51,592)
` 135,666
17. Investment in equity accounted investees
Wipro GE Healthcare Private Limited (Wipro GE)
The Company held 49% interest in Wipro GE which is a private
entity that is not listed on any public exchange. The investment
in Wipro GE has been transferred to the Resulting Company
pursuant to the Demerger of the diversified business and therefore
had been classified as discontinued operations as of March 31,
2013. Refer to Note 4. The Company’s share of profits/(losses) of
Wipro GE for the year ended March 31, 2013 was ` (108), which
is considered under results of discontinued operations.
The aggregate summarized financial information of Wipro GE
is as follows:
Year ended March 31,
2013
` 30,103
4,144
(203)
2014
` —
—
—
2015
` —
—
—
Revenue
Gross profit
Profit /(loss) for the year
242
Balance at the beginning of the
year
Translation difference related to
foreign operations
Change in effective portion of
hedges of net investment in
foreign operations
Total change during the year
Balance at the end of the year
19. Income taxes
As at March 31,
2014
2015
` 5,470
` 10,060
7,190
799
(2,600)
` 4,590
` 10,060
390
` 1,189
` 11,249
Income tax expense has been allocated as follows:
Year ended March 31,
2013
2014
2015
Income tax expense for
continuing operations as per
the statement of income
Income tax included in other
comprehensive income on:
Unrealized gains/(losses) on
available for sale investments
Gains/(losses) on cash flow
hedging derivatives
` 16,912 ` 22,600 ` 24,624
37
(4)
427
112
335
650
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
Year ended March 31,
2013
2014
2015
The components of deferred tax assets and liabilities are as
follows:
As at March 31,
2013
2014
2015
` 3,526
` 4,207 ` 3,589
1,477
1,257
2,546
1,264
1,844
1,750
1,844
1,859
1,844
1,383
86
` 9,580
807
(71)
134
(268)
` 9,794 ` 9,704
` (3,722)
(1,597)
(294)
(180)
(398)
` (6,191)
` (5,005) ` (3,416)
(3,347)
(1,965)
(719)
(552)
` (8,228) ` (9,999)
(1,698)
(261)
(68)
(1,196)
` 3,389
` 1,566 ` (295)
` 4,235
` (846)
` 3,362 ` 2,945
` (1,796) ` (3,240)
Defined benefit plan
actuarial gains/(losses)
Total income taxes for
continuing operations
—
55
(19)
` 17,376 ` 22,763 ` 25,590
Income tax expense consists of the following:
Year ended March 31,
2013
2014
2015
` 13,684
5,314
` 18,998
` 18,414 ` 19,163
5,913
` 20,707 ` 25,076
2,293
Carry-forward business
losses
Accrued expenses and
liabilities
Allowances for doubtful
accounts receivable
Minimum alternate tax
Income received in
advance
Others
` (1,241)
592
` (649)
` 18,349
` (247)
` (389)
(205)
2,282
` 1,893
` (452)
` 22,600 ` 24,624
` 16,912
` 22,600 ` 24,624
Property, plant and
equipment
Amortizable goodwill
Intangible assets
Cash flow hedges
Deferred revenue
Current taxes
Domestic
Foreign
Deferred taxes
Domestic
Foreign
Total income tax expense
Total taxes of continuing
operations
Total taxes of discontinued
operations
1,437
` 18,349
—
—
` 22,600 ` 24,624
Income tax expenses are net of reversal of provisions recorded
in earlier periods, which are no longer required, amounting to
` 1,109, ` 1,244 and ` 891 for the year ended March 31, 2013,
2014 and 2015, respectively.
The reconciliation between the provision of income tax of
continuing operations of the Company and amounts computed
by applying the Indian statutory income tax rate to profit before
taxes is as follows:
Year ended March 31,
2013
2014
2015
Profit before taxes from
continuing operations
Enacted income tax rate
in India
Computed expected tax
expense
Effect of:
Income exempt from tax
Basis differences that will
reverse during a tax holiday
period
Income taxed at higher/
(lower) rates
Income taxes relating to
prior years
Changes in unrecognized
deferred tax assets
Expenses disallowed for tax
purposes
Others, net
Total income tax expense of
continuing operations
` 78,596 ` 101,005 ` 111,683
32.45%
33.99% 33.99%
25,500
34,332
37,961
(10,124)
(11,208)
(11,698)
(91)
918
(327)
1,508
(1,261)
(1,910)
(1,109)
(1,244)
(891)
378
826
24
302
671
91
343
1,225
(79)
` 16,912 ` 22,600 ` 24,624
Net deferred tax assets/
(liabilities)
Amounts presented in
statement of financial
position:
Deferred tax assets
Deferred tax liabilities
Deferred taxes on unrealized foreign exchange gain / loss relating
to cash flow hedges is recognized in other comprehensive
income and presented within equity in the cash flow hedging
reserve. Deferred tax liability on the intangible assets identified
and recorded separately at the time of an acquisition is recorded
by an adjustment to goodwill. Other than these, the change in
deferred tax assets and liabilities is primarily recorded in the
statement of income.
In assessing the realizability of deferred tax assets, the Company
considers the extent to which it is probable that the deferred
tax asset will be realized. The ultimate realization of deferred
tax assets is dependent upon the generation of future taxable
profits during the periods in which those temporary differences
and tax loss carry-forwards become deductible. The Company
considers the expected reversal of deferred tax liabilities,
projected future taxable income and tax planning strategies in
making this assessment. Based on this, the Company believes
that it is probable that the Company will realize the benefits of
these deductible differences. The amount of deferred tax asset
considered realizable, however, could be reduced in the near
term if the estimates of future taxable income during the carry-
forward period are reduced. Deferred tax asset amounting to `
2,096 and ` 1,858 as at March 31, 2014 and 2015, respectively
in respect of unused tax losses have not been recognized by
the Company.
243
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Consolidated Financial Statements Under IFRSWipro Limited
The tax loss carry-forwards of ` 6,920 and ` 6,509 as at March 31,
2014 and March 31, 2015, respectively, relates to certain
subsidiaries on which deferred tax asset has not been recognized
by the Company, because there is a lack of reasonable certainty
that these subsidiaries may generate future taxable profits.
Approximately, ` 5,869 and ` 4,971 as at March 31, 2014 and
March 31, 2015, respectively, of these tax loss carry-forwards
is not currently subject to expiration dates. The remaining tax
loss carry-forwards of approximately ` 1,051 and ` 1,538 as at
March 31, 2014 and March 31, 2015, respectively, expires in
various years through fiscal 2035.
The Company has recognized deferred tax assets of ` 4,207 and
` 3,763 in respect of carry forward losses of its various subsidiaries
as at March 31, 2014 and 2015. Management’s projections of
future taxable income and tax planning strategies support the
assumption that it is probable that sufficient taxable income will
be available to utilize these deferred tax assets.
Pursuant to the changes in the Indian income tax laws, Minimum
Alternate Tax (MAT) has been extended to income in respect
of which deduction is claimed under Section 10A, 10B and
10AA of the Income Tax Act, 1961; consequently, the Company
has calculated its tax liability for current domestic taxes after
considering MAT. The excess tax paid under MAT provisions
over and above normal tax liability can be carried forward and
set-off against future tax liabilities computed under normal
tax provisions. The Company was required to pay MAT and
accordingly, a deferred tax asset of ` 1,844 has been recognized
in the statement of financial position as of March 31, 2014 and
2015, which can be carried forward for a period of ten years from
the year of recognition.
A substantial portion of the profits of the Company’s India
operations are exempt from Indian income taxes being profits
attributable to export operations and profits from undertakings
situated in Software Technology, Hardware Technology Parks and
Export Oriented units. Under the tax holiday, the taxpayer can
utilize an exemption from income taxes for a period of any ten
consecutive years. The tax holidays on all facilities under Software
Technology, Hardware Technology Parks and Export oriented
units has expired on March 31, 2011. Additionally, under the
Special Economic Zone Act, 2005 scheme, units in designated
special economic zones providing service on or after April 1, 2005
will be eligible for a deduction of 100 percent of profits or gains
derived from the export of services for the first five years from
commencement of provision of services and 50 percent of such
profits and gains for a further five years. Certain tax benefits are
also available for a further five years subject to the unit meeting
defined conditions. Profits from certain other undertakings are
also eligible for preferential tax treatment. The tax holiday period
being currently available to the Company expires in various
years through fiscal 2028. The expiration period of tax holiday
for each unit within a SEZ is determined based on the number
of years that have lapsed following year of commencement of
production by that unit. The impact of tax holidays has resulted
in a decrease of current tax expense from continuing operations
of ` 9,244, ` 11,043 and ` 11,412 for the years ended March 31,
244
2013, 2014 and 2015 respectively, compared to the effective tax
amounts that we estimate we would have been required to pay
if these incentives had not been available. The per share effect
of these tax incentives for the years ended March 31, 2013, 2014
and 2015 was ` 3.77, ` 4.50 and ` 4.65 respectively.
Deferred income tax liabilities are recognized for all taxable
temporary differences except in respect of taxable temporary
differences associated with investments in subsidiaries where
the timing of the reversal of the temporary difference can be
controlled and it is probable that the temporary difference will
not reverse in the foreseeable future. Accordingly, deferred
income tax liabilities on cumulative earnings of subsidiaries
amounting to ` 28,959 and ` 21,954 as of March 31, 2014 and
2015, respectively has not been recognized. Further, it is not
practicable to estimate the amount of the unrecognized deferred
tax liabilities for these undistributed earnings.
The Company is subject to U.S. tax on income attributable to its
permanent establishment in the United States due to operation
of the U.S. branch. In addition, the Company is subject to a 15%
branch profit tax in the United States on the “dividend equivalent
amount” as that term is defined under U.S. tax law. The Company
has not triggered the branch profit tax until year ended March 31,
2015. The Company intends to maintain the current level of net
assets in the United States commensurate with its operation and
consistent with its business plan. The Company does not intend
to repatriate out of the United States any portion of its current
profits. Accordingly, the Company did not record current and
deferred tax provision for branch profit tax.
20. Dividends
The Company declares and pays dividends in Indian rupees.
According to the Companies Act, 2013 any dividend should
be declared out of accumulated distributable profits. A
company may, before the declaration of any dividend, transfer a
percentage of its profits for that financial year as it may consider
appropriate to the reserves.
The cash dividends paid per equity share were ` 6, ` 8 and `
10 during the years ended March 31, 2013, 2014 and 2015,
respectively, including an interim dividend of ` 2, ` 3 and ` 5 for
the years ended March 31, 2013, 2014 and 2015.
The Board of Directors in their meeting on April 21, 2015
proposed a final dividend of ` 7 (U.S.$ 0.11) per equity share and
ADS. The proposal is subject to the approval of shareholders at
the ensuing Annual General Meeting of the shareholders, and
if approved, would result in a cash outflow of approximately
` 20,739, including corporate dividend tax thereon. The
proposed dividend has not been included as a liability in these
consolidated financial statements.
21. Additional capital disclosures
The key objective of the Company’s capital management is
to ensure that it maintains a stable capital structure with the
focus on total equity to uphold investor, creditor, and customer
confidence and to ensure future development of its business. The
06_US Gap IFRS_182-232.indd 244
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15 Company focused on keeping strong total equity base to ensure
independence, security, as well as a high financial flexibility for
potential future borrowings, if required without impacting the
risk profile of the Company.
The Company’s goal is to continue to be able to return excess
liquidity to shareholders by continuing to distribute annual
dividends in future periods. The Company has distributed an
interim dividend of ` 5 per equity share during the year ended
March 31, 2015. The Board of Directors in their meeting on
April 21, 2015 proposed a final dividend of ` 7 (U.S.$ 0.11) per
equity share and ADS. The proposal is subject to the approval of
shareholders. The amount of future dividends will be balanced
with efforts to continue to maintain an adequate liquidity status.
The capital structure as of March 31, 2014 and 2015 was as
follows:
As at March 31,
2014
2015 % Change
` 343,499 ` 407,982
18.77%
87%
84%
40,683
66,206
10,909
12,707
Total equity attributable
to the equity
shareholders of the
Company
As percentage of total
capital
Current loans and
borrowings
Non-current loans and
borrowings
Total loans and
borrowings
As percentage of total
capital
Total capital (loans and
borrowings and equity)
23. Expenses by nature (continuing operations)
Employee compensation
Raw materials, finished
goods, process stocks
and stores and spares
consumed
Sub-contracting/
technical fees/third party
application
Travel
Depreciation and
amortization
Repairs
Advertisement
Communication
Rent
Power and fuel
Legal and professional fees
Rates, taxes and insurance
Provision for doubtful debt
Miscellaneous expenses
Total cost of revenues,
selling and marketing
expenses and general and
administrative expenses
Year ended March 31,
2013
2015
` 179,627 ` 206,568 ` 224,838
2014
31,148
30,686
27,604
36,186
14,652
43,568
18,519
52,247
21,684
9,913
9,576
1,423
5,023
4,177
2,705
2,024
2,053
1,176
7,227
11,106
11,181
1,417
5,356
4,583
2,901
2,558
2,221
1,294
6,316
12,823
11,644
1,598
5,204
4,727
2,916
3,682
2,240
922
5,630
` 306,910 ` 348,274 ` 377,759
24. Finance expense (continuing operations)
51,592
78,913
52.96%
13%
16%
` 395,091 ` 486,895
23.24%
Interest expense
Exchange fluctuation
on foreign currency
borrowings, net
Total
Year ended March 31,
2013
` 863
2014
` 868
2015
` 768
1,830
` 2,693
2,023
2,831
` 2,891 ` 3,599
The Company is predominantly equity-financed. This is also
evident from the fact that loans and borrowings represented
only 13% and 16% of total capital as of March 31, 2014 and 2015,
respectively. Further, the Company has consistently been a net
cash company with cash and bank balance along with available
for sale investments being in excess of debt. The company is not
subject to any externally imposed capital requirements.
22. Revenues (continuing operations)
Year ended March 31,
2013
2014
2015
Rendering of services
` 335,286 ` 395,838 ` 435,507
Sale of products
38,970
38,431
34,038
Total revenues
` 374,256 ` 434,269 ` 469,545
25. Finance and other income (continuing operations)
Interest income
Dividend income
Gain on sale of investments
Total
2014
Year ended March 31,
2013
` 8,427
639
2,251
` 11,317
2015
` 12,491 ` 15,687
224
3,948
` 14,542 ` 19,859
354
1,697
26. Earnings per equity share
A reconciliation of profit for the year and equity shares used in
the computation of basic and diluted earnings per equity share
is set out below:
Basic: Basic earnings per share is calculated by dividing the
profit attributable to equity shareholders of the Company by the
weighted average number of equity shares outstanding during
the period, excluding equity shares purchased by the Company
and held as treasury shares. Equity shares held by controlled
245
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Consolidated Financial Statements Under IFRSWipro Limited
Wipro Equity Reward Trust (“WERT”) and Wipro Inc Benefit Trust
(“WIBT”) have been reduced from the equity shares outstanding
for computing basic and diluted earnings per share. During the
year ended March 31, 2015, WIBT sold 1.8 million shares of Wipro
Limited. Earnings per share and number of shares outstanding
for the year ended March 31, 2013, has been adjusted for the
grant of 1 employee stock option for every 8.25 employee stock
options held by each eligible employee in terms of the demerger
scheme as on the Record Date.
Year ended March 31,
2013
2014
2015
Profit attributable to equity holders of the Company
` 66,359
` 77,967
` 86,528
Profit from continuing operations attributable to equity holders of the
Company
` 61,362
` 77,967
` 86,528
Weighted average number of equity shares outstanding
2,453,218,759
2,454,745,434
2,454,681,650
Basic earnings per share
` 27.05
` 31.76
` 35.25
Basic earnings per share from continuing operations
` 25.01
` 31.76
` 35.25
Diluted: Diluted earnings per share is calculated by adjusting the
weighted average number of equity shares outstanding during
the period for assumed conversion of all dilutive potential equity
shares. Employee share options are dilutive potential equity
shares for the Company.
The calculation is performed in respect of share options to
determine the number of shares that could have been acquired at
fair value (determined as the average market price of the Company’s
shares during the period). The number of shares calculated as above
is compared with the number of shares that would have been
issued assuming the exercise of the share options.
Year ended March 31,
2013
2014
2015
Profit attributable to equity holders of the Company
` 66,359
` 77,967 ` 86,528
Profit from continuing operations attributable to equity holders of the
Company
` 61,362
` 77,967 ` 86,528
Weighted average number of equity shares outstanding
2,453,218,759
2,454,745,434
2,454,681,650
Effect of dilutive equivalent share options
5,965,562
7,881,305
7,897,511
Weighted average number of equity shares for diluted earnings per share
2,459,184,321
2,462,626,739
2,462,579,161
Diluted earnings per share
` 26.98
` 31.66 ` 35.13
Diluted earnings per share from continuing operations
` 24.95
` 31.66 ` 35.13
27. Employee stock incentive plans
The movement in the shares held by the WERT is given below:
The stock compensation expense recognized for employee
services received during the year ended March 31, 2013,
2014 and 2015 were ` 510, ` 513 and ` 1,138 respectively for
continuing operations.
Wipro Equity Reward Trust (“WERT”)
In 1984, the Company established a controlled trust called the
Wipro Equity Reward Trust (“WERT”). In the earlier years, the WERT
purchased shares of the Company out of funds borrowed from
the Company. The Company’s Board Governance, Nomination
and Compensation Committee recommends to the WERT certain
officers and key employees, to whom the WERT grants shares
from its holdings at nominal price. Such shares are then held by
the employees subject to vesting conditions. The shares held by
the WERT are reported as a reduction in stockholders’ equity.
Year ended March 31,
2013
2014
2015
Shares held at the
beginning of the
period
Adjustment pursuant
to demerger
Shares held at the end
of the period
13,269,600 14,829,824 14,829,824
1,560,224
—
—
14,829,824 14,829,824 14,829,824
Wipro Employee Stock Option Plans and Restricted Stock
Unit Option Plans
A summary of the general terms of grants under stock option
plans and restricted stock unit option plans are as follows:
246
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
Name of Plan
Wipro Employee Stock Option Plan 1999 (1999 Plan)
Wipro Employee Stock Option Plan 2000 (2000 Plan)
Stock Option Plan (2000 ADS Plan)
Wipro Restricted Stock Unit Plan (WRSUP 2004 plan)
Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan)
Wipro Employee Restricted Stock Unit Plan 2005 (WSRUP 2005 plan)
Wipro Employee Restricted Stock Unit Plan 2007 (WSRUP 2007 plan)
Authorized
Shares(1)
50,000,000 `
250,000,000 `
15,000,000 US$
20,000,000 `
20,000,000 US$
20,000,000 `
16,666,667 `
Range of
Exercise Prices
171 – 490
171 – 490
3 – 7
2
0.04
2
2
Employees covered under the stock option plans and restricted
stock unit option plans (collectively “stock option plans”) are
granted an option to purchase shares of the Company at the
respective exercise prices, subject to requirement of vesting
conditions (generally service conditions). These options
The activity in these stock option plans is summarized below:
generally vests in tranches over a period of 3 to 5 years from
the date of grant. Upon vesting, the employees can acquire one
equity share for every option. The maximum contractual term
for these stock option plans is ten years.
Range of
Exercise
Prices
` 480 – 489
`
2
US$
0.04
` 480 – 489
`
2
US$
0.04
` 480 – 489
`
2
US$
0.04
` 480 – 489
`
2
0.04
US$
` 480 – 489
`
2
US$
0.04
` 480 – 489
2013
Number Weighted
Average
Exercise
Price
30,000 ` 480.20
Year ended March 31,
2014
2015
Number Weighted
Average
Exercise
Price
480.20
33,636 `
Number Weighted
Average
Exercise
Price
480.20
33,636 `
10,607,038 `
2,173,692 US$
— ` —
3,573,150 `
1,352,000 US$
— `
(3,265,830) `
(912,672) US$
— `
(655,662) `
(180,116) US$
3,636 `
1,243,478 `
294,897 US$
33,636 `
2
0.04
2
—
—
2
0.04
—
2
0.04
480.20
2
0.04
480.20
2
0.04
480.20
11,502,173 `
2,727,802 US$
— `
5,000 `
25,000 US$
— `
(2,944,779) `
(437,764) US$
— `
(555,040) `
(218,546) US$
— `
— `
— US$
33,636 `
8,007,354 `
2,096,492 US$
2
0.04
— `
—
2,480,000 `
2
1,689,500 US$
0.04
(13,455) `
—
2 (1,968,609) `
(743,701) US$
0.04
—
— `
2 (2,186,526) `
0.04
—
—
—
480.20
(465,647) US$
— `
— `
— US$
20,181 `
2.00
0.04
—
2.00
0.04
—
2.00
0.04
—
2.00
0.04
—
—
—
480.20
8,007,354 `
2,096,492 US$
13,455 `
2
0.04
480.20
6,332,219 `
2,576,644 US$
— `
2.00
0.04
480.20
`
2
US$
0.04
` 480 – 489
11,502,173 `
2,727,802 US$
— `
Outstanding at the
beginning of the year
Granted
Exercised
Forfeited and expired
Effect of demerger(1)
Outstanding at the end of
the year
Exercisable at the end of
the year
`
US$
2
0.04
7,111,160 `
541,959 US$
2
0.04
5,518,608 `
347,562 US$
2
0.04
1,389,772 `
180,683 US$
2
0.04
(1) An adjustment of one employee stock option for every 8.25 employee stock option held has been made, as of the Record Date
of the Demerger, for each eligible employee pursuant to the terms of the Scheme.
247
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Consolidated Financial Statements Under IFRSWipro Limited
The following table summarizes information about outstanding stock options:
2013
As at March 31,
2014
2015
Range of
Exercise
price
Numbers Weighted
Average
Remaining
Life
(Months)
Weighted
Average
Exercise
Price
Numbers Weighted
Average
Remaining
Life
(Months)
Weighted
Average
Exercise
Price
Numbers Weighted
Average
Remaining
Life
(Months)
Weighted
Average
Exercise
Price
` 480 – 489
`
US$
33,636
2 11,502,173
2,727,802
0.04
48
37
50
`
`
US$
480.20
2
0.04
33,636
8,007,354
2,096,492
36
36
44
` 480.20
`
US$
20,181
2 6,332,219
0.04 2,576,644
24
25
31
` 480.20
`
2.00
US$ 0.04
The weighted-average grant-date fair value of options granted during the year ended March 31, 2013, 2014 and 2015 was ` 406.26,
` 676.73 and ` 658.12 for each option, respectively. The weighted average share price of options exercised during the year ended
March 31, 2013, 2014 and 2015 was ` 384.52, ` 462.60 and ` 603.58 for each option, respectively.
28. Employee benefits (continuing operations)
a) Employee costs include:
Salaries and bonus
Employee benefit plans
Gratuity
Contribution to provident
and other funds
Share based compensation
Year ended March 31,
2013
2015
` 175,172 ` 201,815 ` 218,985
2014
562
559
688
3,383
510
4,027
1,138
` 179,627 ` 206,568 ` 224,838
3,681
513
The employee benefit cost is recognized in the following line
items in the statement of income:
Cost of revenues
Selling and marketing
expenses
General and administrative
expenses
Year ended March 31,
2013
2015
` 150,864 ` 173,651 ` 189,959
2014
17,308
21,412
21,851
11,455
13,028
` 179,627 ` 206,568 ` 224,838
11,505
Defined benefit plan actuarial gains/ (losses) recognized in other
comprehensive income include:
Year ended March 31,
2015
2014
The Company has adopted IAS 19R with effect from April 1,
2013. Comparative information has not been restated for the
changes as the effect of the change in accounting policy is
inconsequential.
b) Defined benefit plans – Gratuity:
Amount recognized in the statement of income in respect of
gratuity cost (defined benefit plan) for the continuing operations
is as follows:
Current service cost
Net interest on net defined
benefit liability/(asset)*
Interest on obligation*
Expected return on plan assets
Actuarial losses/(gains)
recognized
Past service cost
Net gratuity cost/(benefit)
Actual return on plan assets
*as per IAS 19R
Year ended March 31,
2014 2015
2013
` 665
` 578
` 457
NA
237
(208)
86
(11)
` 561
` 249
(19)
NA
—
23
NA
—
—
—
` 559
` 263
—
—
` 688
` 365
Gratuity is applicable only to employees drawing a salary in
Indian rupees and there are no other foreign defined benefit
gratuity plans.
The principal assumptions used for the purpose of actuarial
valuation are as follows:
(24)
283
(3)
(25)
231
(96)
216
(39)
2
83
Discount rate
Expected return on plan assets
Expected rate of salary increase
As at March 31,
2015
2014
2013
7.80% 8.90% 7.95%
8.00% 8.50% 7.95%
5.00% 8.00% 8.00%
The expected return on plan assets is based on expectation of
the average long term rate of return expected on investments of
the fund during the estimated term of the obligations.
Re-measurement of net defined
benefit liability/(asset)
Return on plan assets excluding
interest income
Actuarial loss/ (gain) arising from
financial assumptions
Actuarial loss/ (gain) arising from
demographic assumptions
Actuarial loss/ (gain) arising from
experience adjustments
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
The discount rate is based on the prevailing market yields of Indian government securities for the estimated term of the obligations.
The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors.
Attrition rate considered is the management’s estimate, based on previous years’ employee turnover of the Company.
Change in present value of defined benefit obligation is summarized below:
As at March 31,
Defined benefit obligation at the beginning of the year
Acquisitions
Current service cost
Past service cost
Interest on obligation
Benefits paid
Actuarial losses/(gains)*
Remeasurement loss/(gains)*
Actuarial loss/(gain) arising from financial assumptions
Actuarial loss/(gain) arising from demographic assumptions
Actuarial loss/(gain) arising from experience assumptions
Effect of demerger of diversified business
Defined benefit obligation at the end of the year
Change in plan assets is summarized below:
Fair value of plan assets at the beginning of the year
Acquisitions
Expected return on plan assets
Employer contributions
Benefits paid
Actuarial gains/(losses)*
Remeasurement loss/(gains)*
Return on plan assets excluding interest income
Effect of demerger of diversified business
Fair value of plan assets at the end of the year
Present value of unfunded obligation
Recognized asset/(liability)
*as per revised IAS 19
`
2011
2,060 `
—
386
254
161
(230)
(155)
NA
NA
NA
—
` 2,476
2012
2,476 `
25
435
(16)
211
(352)
66
NA
NA
NA
—
2013
2,845 `
—
471
—
249
(397)
142
NA
NA
NA
(195)
3,115
2014
3,115 `
—
578
—
221
(479)
NA
283
(3)
(25)
—
2015
3,690
—
665
—
296
(462)
NA
216
(39)
2
—
4,368
` 2,845 `
`
3,690
`
As at March 31,
2011
` 1,967
—
164
473
(230)
13
NA
—
` 2,387
` (89)
` (89)
2012
` 2,387
1
184
586
(344)
52
NA
—
` 2,866
` 21
` 21
2013
` 2,866
—
216
507
(397)
50
NA
(146)
` 3,096
` (19)
` (19)
2014
` 3096
—
240
475
(478)
NA
24
—
` 3,357
` (333)
` (333)
2015
` 3,357
—
273
1,065
(462)
NA
96
—
` 4,329
` (39)
` (39)
As at March 31, 2013, 2014 and 2015, plan assets were primarily invested in insurer managed funds
The Company has established an income tax approved irrevocable trust fund to which it regularly contributes to finance the liabilities
of the plan. The fund’s investments are managed by certain insurance companies as per the mandate provided to them by the
trustees and the asset allocation is within the permissible limits prescribed in the insurance regulations.
The expected future contribution and estimated future benefit payments from the fund are as follows:
Expected contribution to the fund during the year ending March 31, 2016
Estimated benefit payments from the fund for the year ending March 31:
2016
2017
2018
2019
2020
Thereafter
Total
` 784
` 846
874
914
929
986
4,143
` 8,692
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Consolidated Financial Statements Under IFRSWipro Limited
The expected benefits are based on the same assumptions used to measure the Company’s benefit obligations as of March 31, 2015.
Sensitivity for significant actuarial assumptions is computed to show the movement in defined benefit obligation by 0.5 percentage.
As of March 31, 2015, every 0.5 percentage point increase/ decrease in discount rate will affect the gratuity benefit obligation by
approximately ` 130.
As of March 31, 2015 every 0.5 percentage point increase/ decrease in expected rate of salary increase will affect the gratuity benefit
obligation by approximately ` 112.
c) Provident fund:
Up to year ended March 31, 2011, in the absence of guidance from the Actuarial Society of India, actuarial valuation could not have
been applied to reliably measure the provident fund liabilities. During the year ended March 31, 2012, the Actuarial Society of India
issued the guidance for measurement of provident fund liabilities.
The details of fund and plan assets are given below:
Fair value of plan assets
Present value of defined benefit obligation
Net (shortfall)/excess
As at March 31,
2011
15,309 `
15,412
(103) `
2012
17,932 `
17,668
264 `
2013
21,004 `
21,004
— `
2014
24,632 `
24,632
— `
2015
28,445
28,445
—
`
`
The plan assets have been primarily invested in government securities and corporate bonds.
The principal assumptions used in determining the present value obligation of interest guarantee under the deterministic approach
are as follows:
Discount rate for the term of the obligation
Average remaining tenure of investment portfolio
Guaranteed rate of return
29. Related party relationships and transactions
As at March 31,
2011
7.95%
7 years
9.5%
2012
8.35%
6 years
8.25%
2013
7.80%
6 years
8.50%
2014
8.90%
6 years
8.75%
2015
7.95%
6 years
8.75%
List of subsidiaries as of March 31, 2015 are provided in the table below.
Subsidiaries
Subsidiaries
Wipro LLC (formerly Wipro Inc.)
Wipro Gallagher Solutions Inc
Opus Capital Markets
Consultants LLC
Infocrossing Inc.
Wipro Promax Analytics Solutions LLC
(Formerly Promax Analytics Solutions
Americas LLC)
Wipro Insurance Solutions LLC
Wipro Japan KK
Wipro Shanghai Limited
Wipro Trademarks Holding Limited
Wipro Travel Services Limited
250
Country of
Incorporation
USA
USA
USA
USA
USA
USA
Japan
China
India
India
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
Subsidiaries
Subsidiaries
Wipro Holdings (Mauritius) Limited
Wipro Holdings U.K. Limited
Wipro Cyprus Private Limited
Wipro Information
Technogoty Austria GmbH
(Formerly Wipro Holdings
Austria GmbH) (A)
3D Networks (U.K.) Limited
Wipro Europe Limited (A)
Wipro Promax Analytics
Solutions (Europe) Limited
(Formerly Promax Analytics
Solutions (Europe) Ltd)
Wipro Technologies Nigeria
Limited
Wipro Doha LLC#
Wipro Technologies S.A DE C. V
Wipro BPO Philippines LTD. Inc
Wipro Holdings Hungary Korlátolt
Felelősségű Társaság
Wipro Technologies Argentina SA
Wipro Information Technology Egypt
SAE
Wipro Arabia Limited*
Wipro Poland Sp Zoo
Wipro IT Services Poland Sp. z o. o
Wipro Promax Analytics
Solutions Pty Ltd
(Formerly Promax Applications
Group Pty Ltd)
Wipro Corporate technologies
Ghana Limited
Wipro Technologies South Africa
(Proprietary) Limited
Country of
Incorporation
Mauritius
U.K.
Austria
U.K.
U.K.
U.K.
Cyprus
Qatar
Mexico
Philippines
Hungary
Argentina
Egypt
Saudi Arabia
Poland
Poland
Australia
Ghana
South Africa
Nigeria
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Consolidated Financial Statements Under IFRSWipro Limited Subsidiaries
Subsidiaries
Wipro Information Technology
Netherlands BV
Country of
Incorporation
Netherland
Wipro Portugal S.A.(A)
Wipro Technologies Limited,
Russia
Wipro Technology Chile SPA
Wipro Technologies Canada
Limited (A)
Portugal
Russia
Chile
Canada
Wipro Information Technology
Kazakhstan
Kazakhstan LLP
Wipro Technologies W.T. Sociedad
Costa Rica
Anonima
Wipro Outsourcing Services
Ireland
(Ireland) Limited
Wipro IT Services Ukraine
Ukraine
LLC
Wipro Technologies Norway AS
Norway
Wipro Technologies VZ, C.A.
Venezuela
Wipro Technologies Peru
Wipro Promax Holdings Pty Ltd
(Formerly Promax Holdings Pty
Ltd)(A)
Peru
Romania
Indonesia
Australia
Australia
Thailand
Bahrain
Sultanate of
Oman
Spain
Singapore
Malaysia
China
India
Wipro Technologies SRL
PT WT Indonesia
Wipro Australia Pty Limited
Wipro (Thailand) Co Limited
Wipro Bahrain Limited WLL
Wipro Gulf LLC
Wipro Technologies Spain S.L.
Wipro Technologies SDN BHD
Wipro Networks Pte Limited
(Formerly 3D Networks Pte
Limited)
Wipro Chengdu Limited
Wipro Airport IT Services Limited*
* All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the equity securities
of Wipro Arabia Limited and 74% of the equity securities of Wipro Airport IT Services Limited
# 51% of equity securities of Wipro Doha LLC are held by a local share holder. However, the beneficial interest in these holdings is
with the Company.
The Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’ and ‘Wipro SA Broad Based Ownership Scheme SPV
(RF) (PTY) LTD’ incorporated in South Africa.
(A) Step Subsidiary details of Wipro Information Technogoty Austria GmbH, Wipro Europe Limited, Wipro Portugal S.A, Wipro Promax
Holdings Pty Ltd and Wipro Technologies Canada Limited are as follows:
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15 Subsidiaries
Subsidiaries
Wipro Information Technogoty
Austria GmbH
(Formerly Wipro Holdings
Austria GmbH)
Wipro Europe Limited
(Formerly SAIC Europe Limited)
Wipro Portugal S.A.
Wipro Promax Holdings Pty Ltd
(Formerly Promax Holdings Pty Ltd)
Wipro Technologies Canada Limited
The list of controlled trusts are:
Name of entity
Wipro Equity Reward Trust
Wipro Inc Benefit Trust*
Wipro Technologies Austria GmbH
New Logic Technologies SARL
Wipro UK Limited
Wipro Europe SARL
SAS Wipro France
Wipro Retail UK Limited
Wipro do Brasil Technologia Ltda
Wipro Technologies Gmbh
Wipro Do Brasil Sistemetas De Informatica Ltd
Wipro Promax IP Pty Ltd (Formerly PAG IP Pty Ltd)
Wipro Solutions Canada Limited (Formerly ATCO I-Tek Inc.)
Country of
Incorporation
Austria
Austria
France
U.K.
U.K.
France
Portugal
France
U.K.
Brazil
Germany
Brazil
Australia
Australia
Canada
Canada
Nature
Trust
Trust
Country of Incorporation
India
India
* Pursuant to the announcement issued as part of the press release on October 22, 2014, Wipro Inc. Benefit Trust sold 1.8 million
shares of Wipro Limited and the same is reflected in the consolidated financial statements for the year ended March 31, 2015.
The other related parties are:
Name of entity
Nature
% of holding Country of
Wipro GE Healthcare Private Limited
Wipro Kawasaki Precision Components Pvt Ltd
Associate (Up to March 31, 2013)
Associate (Up to March 31, 2013)
49 %
26 %
Incorporation
India
India
The other related parties are:
Name of other related parties
Azim Premji Foundation
Azim Premji Trust
Hasham Traders (partnership firm)
Prazim Traders (partnership firm)
Zash Traders (partnership firm)
Regal Investment & Trading Company Private Limited
Vidya Investment & Trading Company Private Limited
Napean Trading & Investment Company Private Limited
Wipro Enterprises Limited
Nature
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
253
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Consolidated Financial Statements Under IFRSWipro Limited
Name of other related parties
Wipro Enterprises Cyprus Limited
Wipro Singapore Pte Limited
Wipro Unza Holdings Limited
Wipro Infrastructure Engineering AB
Yardley of London Limited
Wipro Enterprises Netherlands BV
Key management personnel
- Azim H Premji
- Suresh C. Senapaty
- T K Kurien
- Dr. Ashok Ganguly
- Narayanan Vaghul
- Dr. Jagdish N Sheth
- B. C. Prabhakar
- William Arthur Owens
- Dr. Henning Kagermann
- Shyam Saran
- M.K. Sharma
- Vyomesh Joshi
- Ireena Vittal
- Rishad Azim Premji
- Jatin Pravinchandra Dalal
(1) Up to March 31, 2015.
(2) Up to July 23, 2014.
(3) Up to June 30, 2014.
(4) Effective May 1, 2015.
(5) Effective April 1, 2015.
(6) Effective October 1, 2012.
(7) Effective October 1, 2013.
The Company has the following related party transactions:
Transaction/ Balances
Associate
2013
` —
—
—
—
—
—
—
—
—
—
2014
—
—
—
—
—
—
—
—
—
—
2015
—
—
—
—
—
—
—
—
—
—
Sale of goods and services
Purchase of assets
Interest expense
Interest income
Rental income
Rent paid
Dividend
Others
Key management personnel#
Remuneration and short-
term benefits
Other benefits
254
Nature
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Entity controlled by Director
Chairman and Managing Director
Chief Financial Officer and Executive Director(1)
Chief Executive Officer and Executive Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Non-Executive Director(2)
Non-Executive Director
Non-Executive Director(3)
Non-Executive Director(2)
Non-Executive Director
Non-Executive Director(6)
Non-Executive Director(7)
Chief Strategy Officer and Executive Director(4)
Chief Financial Officer(5)
Entities controlled by
Directors
2014
` 186
66
40
18
39
—
13,733
3
2013
` 2
—
—
—
—
—
10,995
—
2015
` 154
207
—
—
55
63
17,166
2
Key Management Personnel
2013
` —
—
—
—
—
—
573##
8
2014
—
—
—
—
—
—
765##
3
2015
—
—
—
—
—
4
958##
3
—
—
—
—
—
—
152
30
221
174
32
56
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
Transaction/ Balances
Associate
2013
—
2014
—
2015
—
Entities controlled by
Directors
2014
—
2013
—
2015
—
Key Management Personnel
2013
8
2014
11
2015
17
Remuneration to relative of
key management personnel
Balances as on March 31,
Receivables
Payables
—
—
—
—
—
—
1,111
4,548
617
1,000
193
340
—
60
—
109
—
66
# Post employment benefit comprising gratuity, and compensated absences are not disclosed as these are determined for the
Company as a whole.
## Including relative of key management personnel.
30. Commitments and contingencies
Operating leases: The Company has taken office, residential
facilities and IT equipment under cancellable and non-
cancellable operating lease agreements that are renewable on
a periodic basis at the option of both the lessor and the lessee.
The operating lease agreements extend up to a maximum of
fifteen years from their respective dates of inception and some
of these lease agreements have price escalation clause. Rental
payments under such leases were ` 4,177, ` 4,583 and ` 4,727
for the year ended March 31, 2013, 2014 and 2015, respectively
in respect of continuing operations.
Details of contractual payments under non-cancelable leases
are given below:
Not later than one year
Later than one year but not later
than five years
Later than five years
As at March 31,
2014
2015
` 2,584 ` 3,351
5,413
2,881
6,385
2,206
` 10,878 ` 11,942
Capital commitments: As at March 31, 2014 and 2015, the
Company had committed to spend approximately ` 778 and `
1,262 respectively, under agreements to purchase property and
equipment. These amounts are net of capital advances paid in
respect of these purchases.
Guarantees: As at March 31, 2014 and 2015, performance
and financial guarantees provided by banks on behalf of the
Company to the Indian Government, customers and certain
other agencies amount to approximately ` 22,864 and ` 21,234
respectively, as part of the bank line of credit.
Contingencies and lawsuits: In March 2004, the Company received
a tax demand for year ended March 31, 2001 arising primarily on
account of denial of deduction under section 10A of the Income
Tax Act, 1961 (Act) in respect of profit earned by the Company’s
undertaking in Software Technology Park at Bangalore. The same
issue was repeated in the successive assessments for the years
ended March 31, 2002 to March 31, 2010 and the aggregate
demand is ` 46,515 (including interest of ` 13,673). The appeals
filed against the said demand before the Appellate authorities
have been allowed in favor of the Company by the second
appellate authority for the years up to March 31, 2007. Further
appeals have been filed by the Income tax authorities before
the Honorable High Court. The Honorable High Court has heard
and disposed-off the appeals up to years ended March 31, 2004.
Order of the Honorable High Court is not yet received.
On similar issues for years prior to years ended March 2001, the
Honorable High Court in Karnataka has upheld the claim of the
Company under section 10A of the Act. For the years ended
March 31, 2008 and March 31, 2009, the appeals are pending
before Income Tax Appellate Tribunal (Tribunal). For year ended
March 31, 2010, the Dispute Resolution Panel (DRP) allowed the
claim of the Company under section 10A of the Act. The Income
tax authorities have filed an appeal before the Tribunal.
For year ended March 2011, the Company received the draft
assessment order in March 2015, on similar grounds as that of
earlier years, with a demand of ` 7,852 (including interest of `
2,547) for the year ended March 31, 2011.
Considering the facts and nature of disallowance and the order
of the appellate authority/ Honorable Karnataka High Court
upholding the claims of the Company for earlier years, the
Company believes that the final outcome of the above disputes
should be in favor of the Company and there should not be any
material adverse impact on the financial statements.
The Company is subject to legal proceedings and claims which
have arisen in the ordinary course of its business. The resolution
of these legal proceedings is not likely to have a material and
adverse effect on the results of operations or the financial
position of the Company.
The Contingent liability in respect of disputed demands for
excise duty, custom duty, sales tax and other matters amounts to
` 2,560 and ` 2,338 as of March 31, 2015 and 2014, respectively.
31. Segment Information
Following the demerger of the Diversified Business (the
“Demerger”), the Company is organized by the following
operating segments: IT Services and IT Products.
IT Services: The IT Services segment primarily consists of IT
Service offerings to customers organized by industry verticals
as follows: Banking, Financial Services and Insurance (BFSI),
255
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Consolidated Financial Statements Under IFRSWipro Limited
Healthcare and Life Sciences (HLS), Retail, Consumer, Transport
and Government (RCTG), Energy, Natural Resources and Utilities
(ENU), Manufacturing and High-Tech (MFG), Global Media and
Telecom (GMT). For the year ended March 31, 2015, it also
includes Others which comprises dividend income and gains or
losses (net) relating to strategic investments, which are presented
within “Finance and other income” in the statement of Income.
Key service offering to customers includes software application
development and maintenance, research and development
services for hardware and software design, business application
services, analytics, consulting, infrastructure outsourcing
services and business process services.
Following the Demerger, to align with industry trends, the
Company has reported IT Services revenue and results by
industry verticals beginning with the year ended March 31, 2014.
The IT Services segment information for the comparative period
(year ended March 31, 2013) by industry class of customers is
not restated to reflect the above change since the meaningful
segregation of the data is impracticable. However, as required
under IFRS 8, the Company has presented segment information
for the years ended March 31, 2014 and 2015 on both the old
basis and new basis of segmentation.
IT Products: The IT Products segment sells a range of Wipro
personal desktop computers, Wipro servers and Wipro
notebooks. The Company is also 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. During FY 2013-14, the Company
ceased the manufacturing of ‘Wipro branded desktops, laptops
and servers’. Revenue relating to the above items is reported as
revenue from the sale of IT Products.
The Chairman of the Company has been identified as the
Chief Operating Decision Maker (CODM) as defined by IFRS 8,
“Operating Segments.” The Chairman of the Company evaluates
the segments based on their revenue growth and operating
income.
Assets and liabilities used in the Company’s business are not
identified to any of the operating segments, as these are used
interchangeably between segments. Management believes that
it is currently not practicable to provide segment disclosures
relating to total assets and liabilities since a meaningful
segregation of the available data is onerous.
Information on operating segment on the new basis of segmentation for the year ended March 31, 2014 is as follows:
BFSI
HLS
RCTG
ENU
MFG
GMT Others
Total
IT Services
106,035
24,153
41,130
7,637
58,893
13,012
63,923
17,418
74,423
17,348
55,105
11,569
—
—
399,509
91,137
(804)
90,333
Revenue
Segment Result
Unallocated
Segment Result Total
Finance expense
Finance and other income
Profit before tax
Income tax expense
Profit for the period
Depreciation and
amortisation
IT
Products
38,785
310
—
310
Reconciling
Items
(666)
(1,289)
—
(1,289)
Information on operating segment on the new basis of segmentation for the year ended March 31, 2015 is as follows:
BFSI
HLS
RCTG
ENU
MFG
GMT Others
Total
IT Services
115,505
27,378
49,884 62,209 71,229 80,303 61,050
10,565 13,190 17,561 17,127 13,574
583
— 440,180
99,978
(2,329)
97,649
IT
Products
34,006
374
—
374
Reconciling
Items
(1,004)
(2,600)
—
(2,600)
Revenue
Segment Result
Unallocated
Segment Result Total
Finance expense
Finance and other income
Profit before tax
Income tax expense
Profit for the period
Depreciation and
amortization
256
Entity
total
437,628
90,158
(804)
89,354
(2,891)
14,542
101,005
(22,600)
78,405
11,106
Entity
total
473,182
97,752
(2,329)
95,423
(3,599)
19,859
111,683
(24,624)
87,059
12,823
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
Information on operating segments on the old basis of segmentation is as follows:
Total
IT Services and Products
IT
IT
Products
Service
39,238
338,431
(35,362)
(225,493)
(1,458)
(22,335)
(1,428)
(20,670)
990
69,933
377,669
(260,855)
(23,793)
(22,098)
70,923
Year ended March 31, 2013
Consumer Care
and Lighting
(Discontinued)
40,594
(22,232)
(11,851)
(1,499)
5,012
14,785
(13,460)
(537)
(498)
290
560
(1,177)
(452)
(10)
(1,079)
Others
(Discontinued)
Reconciling
Items
Entity Total
Revenues
Cost of revenues
Selling and marketing expenses
General and administrative expenses
Operating income of segment
Finance expense
Finance and other income
Share of profits of equity accounted
investees
Profit before tax
Income tax expense
Profit for the year
Depreciation and amortization
expense
Total assets
Total liabilities
Opening capital employed
Closing capital employed
Average capital employed
Return on capital employed
Additions to:
Goodwill
Intangible assets
Property, plant and equipment
Revenues
Cost of revenues
Selling and marketing expenses
General and administrative expenses
Operating income of segment
Finance expense
Finance and other income
Share of profits of equity accounted
investees
Profit before tax
Income tax expense
Profit for the year
Depreciation and amortization expense
Total assets
Total liabilities
Opening capital employed#
Closing capital employed
Average capital employed
Return on capital employed
Additions to:
Goodwill
Intangible assets
Property, plant and equipment
Total
IT Services and Products
IT
IT
Products*
Services
38,785
399,509
(35,659)
(259,807)
(1,335)
(27,338)
(1,481)
(22,031)
310
90,333
438,294
(295,466)
(28,673)
(23,512)
90,643
433,608
(297,724)
(36,633)
(24,105)
75,146
(2,822)
12,828
(107)
85,045
(18,349)
66,696
10,835
439,730
154,747
345,121
414,866
379,993
20 %
1,669
1,160
7,686
437,628
(295,488)
(29,248)
(23,538)
89,354
(2,891)
14,542
—
101,005
(22,600)
78,405
11,106
502,304
157,418
348,799
396,479
372,639
24 %
—
—
10
3,095
577
12,347
257
9,426
235,852
77,595
152,757
161,456
157,107
45 %
1,615
619
6,324
471
428
510
—
—
22,669
24,198
23,434
21 %
54
541
647
—
—
11,875
10,774
11,325
3 %
—
—
701
203,878
77,152
157,820
218,438
188,128
—
—
14
Year ended March 31, 2014
Consumer
Care and Lighting
(Discontinued)
Others
(Discontinued)
Reconciling
Items
Entity
Total*
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(666)
(22)
(575)
(26)
(1,289)
516
195,334
53,202
187,343
186,703
187,022
—
—
—
—
—
—
—
—
—
—
10,590
306,970
104,216
161,456
209,777
185,617
49 %
3,095
577
12,337
* Refer note below for cessation of manufacturing of ‘Wipro branded desktops, laptops and servers’.
# Opening capital employed is represented net off adjustment of capital employed relating to diversified business.
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Consolidated Financial Statements Under IFRSWipro Limited
Note:
The operating income of IT Products segment and the Company for the year ended March 31, 2014, includes non-recurring expense
of ` 209, respectively, incurred due to cessation of manufacturing of ‘Wipro branded desktops, laptops and servers’. Operating
income of the IT Products segment and the Company excluding the above non-recurring expense is ` 519 and ` 89,563 for the year
ended March 31, 2014, respectively and profit after tax of the Company excluding the above non-recurring expense is ` 78,567 for
the year ended March 31, 2014.
Year ended March 31, 2015
Consumer
Care and Lighting
(Discontinued)
Others
(Discontinued)
Reconciling
Items
Entity
Total
Total
IT Services and Products
IT
IT
Services
Products
440,180
583
(290,056)
(28,060)
(24,998)
97,649
34,006
—
(31,233)
(1,280)
(1,119)
374
474,186
583
(321,289)
(29,340)
(26,117)
98,023
Revenues
Others
Cost of revenues
Selling and marketing expenses
General and administrative expenses
Operating income of segment
Finance expense
Finance and other income
Share of profits of equity accounted
investees
Profit before tax
Income tax expense
Profit for the year
Depreciation and amortization expense
Total assets
Total liabilities
Opening capital employed
Closing capital employed
Average capital employed
Return on capital employed
Additions to:
Goodwill
Intangible assets
Property, plant and equipment
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,004)
(583)
(1,285)
267
(2,600)
473,182
—
5 (321,284)
(30,625)
(25,850)
95,423
(3,599)
19,859
—
111,683
(24,624)
87,059
12,823
600,033
190,405
396,480
488,538
442,509
22%
1,253
266,566
57,303
186,703
268,011
227,357
—
—
6
3,558
8,228
14,414
11,570
333,467
133,102
209,777
220,527
215,152
46%
3,558
8,228
14,408
Reconciliation of the operating segment revenue and profit
before tax:
Revenues:
Revenue as per segment reporting
Less: Foreign exchange (gains) / losses, net
included in segment revenue
Less: Revenues for discontinued
operations (Note 4)
Inter-group transactions
Revenues for continuing operations
Profit before tax:
Profit before tax as per segment reporting
Less: Profit before tax for discontinued
operations
Profit before tax for continuing operations
For the Year ended
March 31, 2013
` 433,608
(2,654)
(56,706)
8
` 374,256
` 85,045
(6,449)
` 78,596
258
Management believes that it is currently not practicable to
provide disclosure of assets by segment, as they are not identified
to any of the operating segments and meaningful segregation
of the available information is onerous.
The Company has four geographic segments: India, Americas,
Europe and Rest of the world. The Americas refer to North and
South America. Revenues from the geographic segments based
on domicile of the customer for continuing operations are as
follows:
India
Americas
Europe
Rest of the world
2014
Year ended March 31,
2013
` 48,472
172,461
99,639
56,310
` 376,882
2015
` 46,235 ` 45,814
227,328
124,523
75,517
` 437,628 ` 473,182
200,343
120,868
70,182
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Consolidated Financial Statements Under IFRSAnnual Report 2014-15
No client individually accounted for more than 10% of the
revenues during the year ended March 31, 2013, 2014 and 2015.
Management believes that it is currently not practicable to
provide disclosure of assets by geographical location, as
meaningful segregation of the available information is onerous.
Notes:
a)
b)
c)
d)
e)
f )
“Reconciling items” includes elimination of inter-segment
transactions, dividend income/ gains/ losses relating to
strategic investments and other corporate activities.
Segment result represents operating profits of the
segments and dividend income and gains or losses (net)
relating to strategic investments, which are presented
within “Finance and other income” in the statement of
Income.
Revenues include excise duty of ` 79 and ` 2 for the year
ended March 31, 2014 and 2015, respectively. For the
purpose of segment reporting, the segment revenues are
net of excise duty. Excise duty is reported in reconciling
items.
Revenue from sale of traded cloud based licenses is
reported as part of IT Services revenues.
For the purpose of segment reporting, the Company has
included the impact of “foreign exchange gains / (losses),
net” in revenues (which is reported as a part of operating
profit in the statement of income).
For evaluating performance of the individual operating
segments, stock compensation expense is allocated on
the basis of straight line amortization. The differential
g)
h)
impact of accelerated amortization of stock compensation
expense over stock compensation expense allocated to the
individual operating segments is reported in reconciling
items.
For evaluating the performance of the individual operating
segments, amortization of customer and marketing related
intangibles acquired through business combinations are
reported in reconciling items.
The Company generally offers multi-year payment terms
in certain total outsourcing contracts. These payment
terms primarily relate to IT hardware, software and certain
transformation services in outsourcing contracts. Corporate
treasury provides internal financing to the business units
offering multi-year payments terms. The finance income
on deferred consideration earned under these contracts
is included in the revenue of the respective segment and
is eliminated under reconciling items.
i)
Operating income of segments is after recognition of stock
compensation expense arising from the grant of options:
Segments
IT Services
IT Products
Consumer Care and Lighting
(Discontinued)
Others (Discontinued)
Reconciling items
Total
Year ended March 31,
2013
` 762
45
2014
` 478
19
2015
` 1,247
(10)
94
36
(294)
` 643
—
—
16
` 513
—
—
(99)
` 1,138
259
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Consolidated Financial Statements Under IFRSWipro Limited Glossary
A&D
ADM
ADR
Aerospace &Defence
Application Development & Maintenance
American Depository Receipt
APAC
Asia Pacific
ASEAN
Association of Southeast Asian Nations
BFSI
BPO
BPS
Banking & Financial Services
Business Process Outsourcing
Basis Point
IAS
IASB
IFRIC
IFRS
IP
International Accounting Standard
International Accounting Standards Board
IFRS Interpretations Committee
International Financial Reporting Standards
Intellectual Property
IT-BPM
Information Technology- Business Process Management
ITES
LAN
Information Technology Enabled Services
Local Area Network
C(S)PCB
Central(State) Pollution Control Board
LATAM
Latin America
CAGR
Compounded Annual Growth Rate
CEM
CGU
CII
Client Engagement Manager
Cash Generating Units
Confederation of Indian Industry
CMSP
Communication & Service Provider
LED
LEED
Light Emitting Diode
Leadership in Energy and Environmental Designs
LIBOR
London Inter Bank Offered Rate
M2M
MCA
Machine to Machine
Ministry of Corporate Affairs
COBCE
Code of Business Conduct and Ethics
NASSCOM National Association of Software and Services Companies
COSO
Company of Sponsoring Trade way Organisation
NUI
Natural User Interface
CSAT
Customer Satisfaction
NVGs
National Voluntary Guidelines
Corporate Social Responsibility
Computer Telephony Interface
Environmental, Social and Governance
Foreign Currency Translation Reserve
OEM
RSU
SEBI
WAN
Original Equipment Manufacturer
Restricted Stock Unit
Securities and Exchange Board of India
Wide Area Network
Federation of Indian Chambers of Commerce and Industry
WBPO
Wipro BPO
Financial Institutional Investor
WCCLG
Wipro Consumer Care & Lighting
Fixed Price Projects
Global Reporting Initiative
WIN
WT
Wipro Infrastructure Engineering
Wipro Technologies
CSR
CTI
ESG
FCTR
FICCI
FII
FPP
GRI
260
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Annual Report 2014-15 NOTES
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NOTES
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NOTES
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NOTES
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13mm Spine
CORPORATE INFORMATION
Board of Directors
Azim H. Premji - Chairman
T.K. Kurien
Rishad Premji
Dr. Ashok S. Ganguly
Dr. Jagdish N. Sheth
M. K. Sharma
Narayanan Vaghul
Ireena Vittal
Vyomesh Joshi
William Arthur Owens
Chief Financial Officer
Jatin Pravinchandra Dalal
Statutory Auditors
BSR & Co. LLP Chartered
Accountants
Auditors - IFRS
KPMG
Company Secretary
M. Sanaulla Khan
Depository for American
Depository Shares
J.P. Morgan Chase Bank N.A.
Registrar and Share Transfer
Agents
Karvy Computershare Private Ltd.
Registered & Corporate Office
Doddakannelli, Sarjapur Road
Bengaluru – 560 035, India
Ph: +91 (80) 28440011
Fax: +91 (80) 28440256
Website: http://www.wipro.com
INSIDE
Wipro in Brief
Sense Forward and Respond Today
Financial Highlights
Key Metrics
Chairman's Letter to the Stakeholders
CEO's Letter to the Stakeholders
Board of Directors
Sustainability Highlights 2014-15
2
4
8
9
10
12
14
16
Management Discussion & Analysis
Directors Report
Corporate Governance Report
Business Responsibility Report
Standalone Financial Statements
Consolidated Financial Statements
Consolidated Financial Statements under IFRS
Glossary
24
41
55
85
106
147
183
231
Certain statements in this annual report concerning our future growth prospects are forward-looking statements, which involve a
number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements 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. 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.
This Annual Report is printed on 100%
recycled paper as certified by the UK-based
National Association of Paper Merchants
(NAPM) and France - based Association des
Producteurs et des Utilisateurs des papiers et
cartons Recycles (APUR).
13mm Spine
Sense Forward and Respond Today
DODDAKANNELLI, SARJAPUR ROAD, BENGALURU - 560035, INDIA
CIN number : L32102KA1945PLC020800 | Email: info@wipro.com
WWW.WIPRO.COM