Wipro Announces Results for the Quarter-Ended December 31, 2023

Business Wire India

• IT services segment revenue near top-end of guidance
• Delivers IT services operating margin at 16%, EPS increases 2.0% QoQ
• $3.8 billion order booking with 14 large deal wins

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter-ended December 31, 2023.

Highlights of the Results

Results for the Quarter ended December 31, 2023:

1. Gross revenue reached Rs 222.1 billion ($2.7 billion¹), a decrease of 1.4% QoQ.
2. IT services segment revenue was at $2,656.1 million, a decrease of 2.1% QoQ.
3. Non-GAAP² constant currency IT Services segment revenue decreased 1.7% QoQ.
4. Total bookings³ was at $3.8 billion, up by 0.2% QoQ and large deal bookings⁴ was at $0.9 billion.
5. IT services segment EBIT for the quarter was Rs 35.4 billion ($425.8 million¹), a decrease of 1.8% QoQ.
6. IT services operating margin⁵ for the quarter was at 16.0%, down by 11 bps QoQ.
7. Net income for the quarter was at Rs 26.9 billion ($323.9 million¹), an increase of 1.8% QoQ.
8. Earnings per share for the quarter was at Rs 5.16 ($0.06¹), an increase of 2.0% QoQ.
9. Operating cash flows at 177.3% of Net Income for the quarter was at Rs 47.9 billion ($575.7 million¹).
10. Voluntary attrition⁶ has continued to moderate QoQ, coming in at 10-quarter low of 12.3% in Q3’24.
11. Interim dividend declared of Rs 1 ($0.012¹) per equity share/ADS.

Outlook for the Quarter ending March 31, 2024

We expect revenue from our IT Services business segment to be in the range of $2,615 million to $2,669 million*. This translates to sequential guidance of -1.5% to +0.5% in constant currency terms.

* Outlook for the Quarter ending March 31, 2024, is based on the following exchange rates: GBP/USD at 1.24, Euro/USD at 1.08, AUD/USD at 0.65, USD/INR at 83.54 and CAD/USD at 0.72

Performance for the Quarter ended December 31, 2023

“Our investments in people, processes, and business operations are continuing to pay off,” said Thierry Delaporte, CEO and Managing Director. “In a seasonally soft quarter, deal booking momentum remained strong. Our large deals recorded a 20 percent year-to-date growth. Further, we are starting to see early signs of a return to growth in Consulting, as demonstrated by the double-digit growth in order bookings in our Capco business.

“Under our ai360 strategy, AI is now embedded across most of our existing solutions and client offerings. We’re deploying AI internally across all business and functional areas as well, with the goals of efficiency, productivity, and scale. We are confident that these investments will allow us to capitalize on emerging opportunities, as the macro environment improves.”

Aparna C. Iyer, Chief Financial Officer, said, “I am pleased with our rigor of execution across all financial metrics - revenue, margin, EPS, and cash flow. We are building a more resilient, agile, and efficient organization which has helped us sustain our margins at 16%, a 63 basis point improvement on a year-to-date basis despite revenue headwinds and absorbing the impact of the investments we are making for growth and people.”

IT Products

1. IT Products segment revenue for the quarter was Rs 0.8 billion ($9.7 million¹)
2. IT Products segment results for the quarter was a gain of Rs 0.11 billion ($1.37 million¹)

Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 83.19, as published by the Federal Reserve Board of Governors on December 31, 2023. However, the realized exchange rate in our IT Services business segment for the quarter ended December 31, 2023, was US$1= Rs 83.40.
2. Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.
3. Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2.
4. Large deal bookings consist of deals greater than or equal to $30 million in total contract value.
5. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.
6. Voluntary attrition is in IT Services computed on a quarterly annualised basis and excludes DOP.
7. Effective April 1, 2023, we merged our ISRE segment with our IT Services segment. The YoY growth rates for the quarter ended December 31, 2023, were computed by rebase lining Q3’23 numbers.

​
Highlights of Strategic Deal Wins

In the third quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:

1. Wipro was selected by a US-based member-governed health insurance non-profit to deploy an integrated Business Platform as a Service to deliver end-to-end plan administration services. Leveraging its proprietary Individual & Family Health Insurance Exchange platform, Wipro will help streamline the enrollment, billing and claims process for the client. The platform will also use AI to reconcile premiums with subsidies offered by the government to minimize costs for members. The client will benefit from increased satisfaction amongst providers, clinics and pharmacies and improved compliance with evolving regulations.
2. A global technology leader has chosen Wipro to develop capabilities for their AI-driven orchestration platform. Wipro will collaborate closely with the client to integrate various systems involved in the process lifecycle, simplifying navigation, and streamlining workflows for end-users. This will improve overall productivity and accuracy, enabling tasks to be completed more efficiently. Additionally, this partnership will allow the client to expand the market reach of their solution.
3. An American Retail Bank has chosen Wipro as the end-to-end product development partner for the client’s Payments & Digital Platform groups. Capco, Designit, and Wipro teams will provide fully-staffed, cross-functional working groups to deliver on key initiatives across the bank – including cloud migration, marketing analytics, and relationship management modernization. The combined teams will bring architecture, design, and tech delivery capacity, alongside banking domain expertise, and will be underpinned by an offshore delivery model. The resulting effort will deliver immediate efficiencies and power the maturity of the client’s Digital platforms.
4. A Middle Eastern financial regulatory body has selected Wipro as a technology partner to strengthen its IT applications and infrastructure. Wipro will create a unique solution to support the client’s business applications, infrastructure technology, service desk, and IT operating model. Wipro will also provide a host of value-added components, including dedicated consulting services from Capco which is aimed at business and IT strategic transformation including data, supervisory tech, and AI. The resulting increased efficiency and productivity will help the client attract both domestic and foreign investments to the region.
5. One of the world’s largest wind turbine manufacturers has selected Wipro to transform its Enterprise Resource Planning landscape to harmonize the Finance, Manufacturing, Sales, Supply Chain and Customer service processes. Wipro will deliver a tailored solution that unifies the client’s regional platforms, while matching the individual needs of the business units. This will empower each unit with data-driven decision-making while improving the speed-to-market, as well as supporting the rapid addition of new product lines. Leveraging its Controlled Global Template and Industrialized Rollout Framework, Wipro will ensure shorter and smoother global rollouts with increased business user satisfaction for the client.
6. A leading automotive manufacturer’s financial services organization selected Wipro to consolidate their IT services, with the goal of harmonizing their IT processes across the entire enterprise, creating new synergies across functions, and a consolidation of current supplier landscape. The project involves the transformation towards a managed service operation model and providing services for the client’s core infrastructure, central platform services, and end-user computing services. The solutions delivered by the Wipro team will help the client realize its business transformation goals and support their evolution to a mobility services provider.
7. An international banking institution has selected Wipro to transform its business applications portfolio. The Wipro team will create a bespoke, automation-based solution to assess, transform, and manage the client’s applications estate. The project will lead to increased operational efficiency, cost reduction, and increased cloud adoption.
8. Wipro was selected by one of the world’s largest airlines to deliver omni-channel customer services support across its e-commerce and loyalty program. Through this engagement, Wipro will streamline the customer service process for agents, provide automated visualization for performance management, and track quality through enhanced reporting and analysis. The agents will be trained through gamified learning modules, which will quickly lead to improved processes, reduced wait times and better end-customer experience.
9. A US-based technology services company has selected Wipro to augment its navigation assistance offering. For the client’s end users, the Wipro team will improve navigation and create new map features, enhancing the search functionality of 2D and 3D mapping, as well as improving transit, indoor and business listings. For the client’s B2B customers, Wipro will assist in building customized features targeting Autonomous Driving & Simulation (ADAS) technology for the transportation, hospitality, and automotive sectors. The client can expect to see enhanced data and product quality, as well as monetization of their offering.
10. An integrated healthcare network has selected Wipro to deliver end-to-end managed services to transform their IT environment and digital infrastructure. As part of this project, the Wipro team will leverage hyper-automation to help the client improve customer service and overall efficiency, increase speed and scalability, as well as achieve cost optimization.
11. A US-based education assistance agency has selected Wipro to deliver digitally enabled customer care services. The Wipro team will build a custom solution to transform the client’s end-user journey. The solution will also ensure better contract compliance, more profitable service delivery, improved customer satisfaction, and enhance the client’s overall industry ranking.
12. A North American banking group has selected Wipro to test and improve their overall technology efficiency. The Wipro team will improve the testing automation efficiency of their legacy technology stack. This will enable the business to onboard new applications within its infrastructure while improving year-on-year automation efficiency across the client’s portfolio.
13. A Swiss multinational corporation has selected Wipro to be its Global Network systems integrator to refresh & transform their 600+ sites to be cloud native. The Wipro team will build a completely customized solution that will allow for flexibility and speed of execution in a time-bound manner using Wipro accelerators. This integration project will align with the client’s overall cloud strategy, increase their speed to market, and will produce cost savings of up to 20 percent.

Analyst Recognition

1. Wipro was positioned as a Leader in Avasant's Data Management and Advanced Analytics Services RadarView™ 2023
2. Wipro was rated as a Leader in ISG Provider Lens™ – Future of Work Services and Solutions 2023 - Germany (multiple quadrants)
3. Wipro was recognized as a Leader in IDC MarketScape: Worldwide Managed Public Cloud Services 2023 Vendor Assessment (Doc # US49116023 Nov 2023)
4. Wipro was featured as a Horizon 3 - Leader in HFS Horizons: Generative Enterprise™ Services, 2023
5. Wipro was ranked as a Leader in Avasant's Digital Talent Capability RadarView™ 2023 – 2024
6. Wipro was positioned a Leader in Everest Group's Cloud Security Services PEAK Matrix® Assessment 2023
7. Wipro was designated a Leader in Everest Group's Cloud Services in Insurance PEAK Matrix® Assessment 2023
8. Wipro was named a Leader in IDC MarketScape: Worldwide Supply Chain All Other Ecosystems Services 2023 Vendor Assessment (Doc # US51314123 Nov 2023)
9. Wipro was recognized as a Leader in ISG Provider Lens™ – Oil and Gas Industry Services and Solutions 2023 (all quadrants)
10. Wipro was positioned as a Leader in ISG Provider Lens™ – AWS Ecosystem Partners 2023 - Germany (all quadrants)
11. Wipro was positioned as a Horizon 3 - Leader in HFS Horizons: Retail and CPG Service Providers, 2023
12. Wipro was positioned as a Leader in the 2023 Gartner® Magic Quadrant™ for Managed Network Services

About Key Metrics and Non-GAAP Financial Measures

This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The table at the end provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.

Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated. 

Results for the Quarter ended December 31, 2023, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/

Quarterly Conference Call

We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (9:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link-
https://links.ccwebcast.com/?EventId=WIP12012024

An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With nearly 240,000 employees and business partners across 65 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, the benefits its customers’ experience and its plans, expectations, and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.

Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Rs in millions, except share and per share data, unless otherwise stated)
			As at March 31, 2023		As at December 31, 2023
							Convenience translation into US dollar in millions (Refer footnote)
ASSETS
Goodwill			307,970		311,251		3,741
Intangible assets			43,045		34,341		413
Property, plant and equipment			88,659		81,406		979
Right-of-Use assets			18,702		17,473		210
Financial assets
Derivative assets			29		21		^
Investments			20,720		22,666		272
Trade receivables			863		4,328		52
Other financial assets			6,330		5,653		68
Investments accounted for using the equity method			780		759		9
Deferred tax assets			2,100		1,785		21
Non-current tax assets			11,922		9,582		115
Other non-current assets			13,606		10,544		127
Total non-current assets			514,726		499,809		6,007
Inventories			1,188		1,066		13
Financial assets
Derivative assets			1,844		1,350		16
Investments			309,232		292,170		3,512
Cash and cash equivalents			91,880		91,113		1,095
Trade receivables			126,350		120,871		1,454
Unbilled receivables			60,515		57,225		688
Other financial assets			9,096		8,120		98
Contract assets			23,001		19,559		235
Current tax assets			5,091		5,465		66
Other current assets			32,899		28,369		341
Total current assets			661,096		625,308		7,518
TOTAL ASSETS			1,175,822		1,125,117		13,525
EQUITY
Share capital			10,976		10,448		126
Share premium			3,689		2,837		34
Retained earnings			660,964		606,952		7,296
Share-based payment reserve			5,632		5,804		70
Special Economic Zone re-investment reserve			46,803		42,726		514
Other components of equity			53,100		61,496		739
Equity attributable to the equity holders of the Company			781,164		730,263		8,779
Non-controlling interests			589		698		8
TOTAL EQUITY			781,753		730,961		8,787
LIABILITIES
Financial liabilities
Loans and borrowings			61,272		62,126		747
Lease liabilities			15,953		15,092		181
Derivative liabilities			179		48		1
Other financial liabilities			2,649		1,504		18
Deferred tax liabilities			15,153		14,307		172
Non-current tax liabilities			21,777		31,641		380
Other non-current liabilities			9,333		12,050		145
Provisions			^		-		-
Total non-current liabilities			126,316		136,768		1,644
Financial liabilities
Loans, borrowings and bank overdrafts			88,821		93,621		1,125
Lease liabilities			8,620		8,297		100
Derivative liabilities			2,825		1,348		16
Trade payables and accrued expenses			89,054		81,571		981
Other financial liabilities			4,141		2,082		25
Contract liabilities			22,682		18,905		227
Current tax liabilities			18,846		20,138		242
Other current liabilities			30,215		29,009		349
Provisions			2,549		2,417		29
Total current liabilities			267,753		257,388		3,094
TOTAL LIABILITIES			394,069		394,156		4,738
TOTAL EQUITY AND LIABILITIES			1,175,822		1,125,117		13,525
^ Value is less than 1

WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Rs in millions, except share and per share data, unless otherwise stated)
			Three months ended December 31,						Nine months ended December 31,
			2022		2023		2023		2022		2023		2023
							Convenience translation into US dollar in millions (Refer footnote)						Convenience translation into US dollar in millions (Refer footnote)
Revenues			232,290		222,051		2,669		672,973		675,520		8,120
Cost of revenues			(163,273)		(153,826)		(1,849)		(482,708)		(474,278)		(5,701)
Gross profit			69,017		68,225		820		190,265		201,242		2,419
Selling and marketing expenses			(17,752)		(19,178)		(231)		(48,251)		(54,529)		(655)
General and administrative expenses			(15,020)		(16,444)		(198)		(43,467)		(46,455)		(558)
Foreign exchange gains/(losses), net			1,391		262		3		3,482		468		6
Results from operating activities			37,636		32,865		394		102,029		100,726		1,212
Finance expenses			(2,902)		(3,125)		(38)		(7,217)		(9,244)		(111)
Finance and other income			4,992		5,785		70		12,722		17,137		205
Share of net profit/ (loss) of associates accounted for using the equity method			26		(4)		^		(61)		(31)		^
Profit before tax			39,752		35,521		426		107,473		108,588		1,306
Income tax expense			(9,102)		(8,515)		(102)		(24,743)		(26,049)		(313)
Profit for the period			30,650		27,006		324		82,730		82,539		993
Profit attributable to:
Equity holders of the Company			30,529		26,942		323		82,755		82,106		988
Non-controlling interests			121		64		1		(25)		433		5
Profit for the period			30,650		27,006		324		82,730		82,539		993
Earnings per equity share:
Attributable to equity holders of the Company
Basic			5.57		5.16		0.06		15.12		15.46		0.19
Diluted			5.56		5.15		0.06		15.08		15.42		0.19
Weighted average number of equity shares used in computing earnings per equity share
Basic			5,480,138,169		5,218,470,886		5,218,470,886		5,475,982,068		5,310,985,603		5,310,985,603
Diluted			5,486,025,875		5,230,916,313		5,230,916,313		5,487,483,177		5,326,825,104		5,326,825,104
^ Value is less than 1

Additional Information:

Particulars	Three months ended			Nine months ended		Year ended
	December 31, 2023	September 30, 2023	December 31, 2022	December 31, 2023	December 31, 2022	March 31, 2023
	Audited	Audited	Audited	Audited	Audited	Audited
Segment revenue
IT Services
Americas 1	68,581	66,813	67,788	201,001	194,840	261,270
Americas 2	66,541	66,914	71,168	201,758	207,811	278,374
Europe	61,473	63,976	66,323	192,583	189,283	256,845
APMEA	24,913	26,255	26,681	77,678	79,605	106,812
Total of IT Services	221,508	223,958	231,960	673,020	671,539	903,301
IT Products	805	1,469	1,721	2,968	4,916	6,047
Total segment revenue	222,313	225,427	233,681	675,988	676,455	909,348
Segment result
IT Services
Americas 1	16,459	15,287	13,586	45,283	38,110	51,555
Americas 2	15,180	14,023	15,567	43,372	43,750	59,689
Europe	7,906	7,547	10,203	25,421	26,643	37,667
APMEA	3,433	2,985	2,912	9,218	7,651	10,681
Unallocated	(7,552)	(3,784)	(4,662)	(15,293)	(12,596)	(18,368)
Total of IT Services	35,426	36,058	37,606	108,001	103,558	141,224
IT Products	114	(467)	41	(514)	(117)	(176)
Reconciling Items	(2,675)	(2,246)	(11)	(6,761)	(1,412)	(1,442)
Total segment result	32,865	33,345	37,636	100,726	102,029	139,606
Finance expenses	(3,125)	(3,033)	(2,902)	(9,244)	(7,217)	(10,077)
Finance and other income	5,785	4,810	4,992	17,137	12,722	18,185
Share of net profit/ (loss) of associates accounted for using the equity method	(4)	(30)	26	(31)	(61)	(57)
Profit before tax	35,521	35,092	39,752	108,588	107,473	147,657

Effective April 1, 2023, we merged our India State Run Enterprise segment (“ISRE”) with our IT Services segment. Currently, the Company is organized into the following operating segments: IT Services and IT Products.

IT Services: As announced on November 12, 2020, effective January 1, 2021, we re-organized our IT Services segment into four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”).

Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America (“LATAM"). Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada. Europe consists of United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

IT Products: The Company is a value-added reseller of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to the above items is reported as revenue from the sale of IT Products.

Reconciliation of selected GAAP measures to Non-GAAP measures

Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)

Three Months ended December 31, 2023
IT Services Revenue as per IFRS		$    2,656.1
Effect of Foreign currency exchange movement		$         12.5
Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates		$    2,668.6

Three Months ended December 31, 2023
IT Services Revenue as per IFRS		$   2,656.1
Effect of Foreign currency exchange movement		$    (29.9)
Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year		$   2,626.2

Reconciliation of Free Cash Flow for three months and nine months ended December 31, 2023

	Amount in INR Mn
	Three months ended December 31, 2023	Nine months ended December 31, 2023
Net Income for the period [A]	27,006	82,539
Computation of Free Cash Flow
Net cash generated from operating activities [B]	47,891	124,037
Add/ (deduct) cash inflow/ (outflow)on:
Purchase of property, plant and equipment	(2,078)	(6,262)
Proceeds from sale of property, plant and equipment	(320)	3,903
Free Cash Flow [C]	45,493	121,678
Operating Cash Flow as percentage of Net Income [B/A]	177.3%	150.3%
Free Cash Flow as percentage of Net Income [C/A]	168.5%	147.4%