(xii) Provisions

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.

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,
considering 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.

(xiii) Revenue

The Company derives revenue primarily from software
development, maintenance of software/hardware
and related services, consulting services, business
process services and sale of IT products.

Revenues from customer contracts are considered
for recognition and measurement when the contract
has been approved by the parties to the contract, the
parties to contract are committed to perform their
respective obligations under the contract, and the
contract is legally enforceable. Revenue is recognized
upon transfer of control of promised products or
services to customers in an amount that reflects the
consideration the Company expects to receive (the
“Transaction Price”). Revenue towards satisfaction
of the performance obligation is measured at the
amount of the Transaction Price (net of variable
consideration on account of discounts and
allowances) allocated to that performance obligation.
To recognize revenues, the Company applies the
following five step approach: (1) identify the contract
with a customer, (2) identify the performance
obligations in the contract, (3) determine the
Transaction Price, (4) allocate the Transaction Price
to the performance obligations in the contract,
and (5) recognize revenues when a performance
obligation is satisfied. When there is uncertainty as to
collectability, revenue recognition is postponed until
such uncertainty is resolved.

At contract inception, the Company assesses its
promise to transfer products or services to a customer
to identify separate performance obligations. The
Company applies judgement to determine whether
each product or service promised to a customer
is capable of being distinct, and are distinct in the
context of the contract, if not, the promised products
or services are combined and accounted as a single
performance obligation. The Company allocates
the Transaction Price to separately identifiable
performance obligations based on their relative
stand-alone selling price or residual method. Stand¬
alone selling prices are determined based on sale
prices for the components when it is regularly sold
separately, in cases where the Company is unable to
determine the stand-alone selling price, the Company
uses third-party prices for similar deliverables or the
Company uses expected cost-plus margin approach in
estimating the stand-alone selling price.

For performance obligations where control is
transferred over time, revenues are recognized
by measuring progress towards completion of the
performance obligation. The selection of the method
to measure progress towards completion requires
judgment and is based on the nature of the promised
products or services to be provided.

The method for recognising revenues and costs
depends on the nature of contracts with customers as
given below:

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

i) Fixed-price development contracts

Revenues from fixed-price development
contracts, including software development, and
integration contracts, where the performance
obligations are satisfied over time, are recognized
using the “percentage-of-completion” method.
The performance obligations are satisfied as
and when the services are rendered since the
customer generally obtains control of the work
as it progresses. 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. 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, revenue recognized, profit and
timing of revenue for remaining performance
obligations are subject to revisions as the
contract progresses to completion. If the
Company is not able to reasonably measure the
progress of completion, revenue is recognized
only to the extent of costs 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 as an onerous
contract provision.

A contract asset is a right to consideration
that is conditional upon factors other than the
passage of time. Contract assets primarily
relate to unbilled amounts on fixed-price
development contracts and are classified as
non-financial asset as the contractual right to
consideration is dependent on completion of
contractual milestones.

A contract liability is an entity's obligation to
transfer goods or services to a customer for
which the entity has received consideration (or
the amount is due) from the customer.

ii) Maintenance contracts

Revenues related to fixed-price maintenance
contracts are recognized on a straight-line
basis when services are performed through
an indefinite number of repetitive acts over a

specified period or ratably using percentage of
completion method when the pattern of benefits
from the services rendered to the customers and
the cost to fulfil the contract is not even through
the period of contract because the services are
generally discrete in nature and not repetitive.

Revenue for contracts in which the invoicing
is representative of the value being delivered
is recognized based on our right to invoice.
If our invoicing is not consistent with value
delivered, revenues are recognized as the
service is performed using the percentage of
completion method.

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.

iii) Element or Volume based contracts

Revenues and costs are recognized as the related
services are rendered.

C. Products

Revenue on product sales are recognized when the

customer obtains control of the specified product.

D. Others

• Any change in scope or price is considered as a
contract modification. The Company accounts for
modifications to existing contracts by assessing
whether the services added are distinct and
whether the pricing is at the stand-alone selling
price. Services added that are not distinct are
accounted for on a cumulative catch up basis,
while those that are distinct are accounted for
prospectively, either as a separate contract if the
additional services are priced at the stand-alone
selling price, or as a termination of the existing
contract and creation of a new contract if not priced
at the stand-alone selling price.

• The Company accounts for variable considerations
like, volume discounts, rebates and pricing
incentives to customers and penalties as reduction
of revenue on a systematic and rational basis over

the period of the contract. The Company estimates
an amount of such variable consideration using
expected value method or the single most likely
amount in a range of possible consideration
depending on which method better predicts the
amount of consideration to which the Company
may be entitled and when it is probable that
a significant reversal of cumulative revenue
recognized will not occur when the uncertainty
associated with the variable consideration
is resolved.

• Revenues are shown net of allowances/returns,
sales tax, value added tax, goods and services tax
and applicable discounts.

• The Company may enter into arrangements with
third party suppliers to resell products or services.
In such cases, the Company evaluates whether the
Company is the principal (i.e. report revenues on
a gross basis) or agent (i.e. report revenues on a
net basis). In doing so, the Company first evaluates
whether the Company controls the good or service
before it is transferred to the customer. The
Company considers whether it has the primary
obligation to fulfill the contract, inventory risk,
pricing discretion and other factors to determine
whether it controls the goods or services and
therefore, is acting as a principal or an agent. If
the Company controls the good or service before it
is transferred to the customer, the Company is the
principal; if not, the Company is the agent.

• Estimates of the Transaction Price and total costs
or efforts are continuously monitored over the
term of the contract and are recognized in net
profit in the period when these estimates change
or when the estimates are revised. Revenues and
the estimated total costs or efforts are subject to
revision as the contract progresses.

• 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.

• Incremental costs that relate directly to a contract
and incurred in securing a contract with a customer
are recognized as an asset when the Company
expects to recover these costs.

• The Company recognizes contract fulfilment cost
as an asset if those costs specifically relate to a
contract or to an anticipated contract, the costs
generate or enhance resources that will be used in
satisfying performance obligations in future; and
the costs are expected to be recovered.

• Costs to obtain contract relating to upfront
payments to customers are amortised to revenue
and other costs to obtain contract and costs to
fulfill contract are amortised to cost of sales over
the respective contract life on a systematic basis
consistent with the transfer of goods or services to
customer to which the asset relates.

• The Company assesses the timing of the transfer
of goods or services to the customer as compared
to the timing of payments to determine whether
a significant financing component exists. As a
practical expedient, the Company does not assess
the existence of a significant financing component
when the difference between payment and transfer
of deliverables is twelve months or less. If the
difference in timing arises for reasons other than
the provision of finance to either the customer or
us, no financing component is deemed to exist.

• Unbilled receivables are classified as a financial
asset where the right to consideration is
unconditional and only the passage of time is
required before the payment is due.

(xiv) Finance costs

Finance costs comprises interest on borrowings,
interest on lease liabilities, interest on tax matters,
interest on net defined benefit liability, net loss
on translation or settlement of foreign currency
borrowings, changes in fair value of derivative
instruments and gains/(losses) of settlement of
borrowing related derivative instruments. Borrowing
costs that are not directly attributable to a qualifying
asset are recognized in the statement of profit and
loss using the effective interest method.

(xv) Finance and other income

Finance and other income comprises interest income
on deposits, dividend income, gains/(losses) on
disposal of investments, gains/(losses) on investments
classified as FVTPL, net gain on translation or
settlement of foreign currency borrowings, changes in
fair value and gains/(losses) on settlement of related

derivative instruments and net gains/(losses) on sale
of property, plant and equipment. Interest income
is recognized using the effective interest method.
Dividend income is recognized when the right to
receive payment is established.

(xvi)Income tax

Income tax comprises current and deferred tax.
Income tax expense is recognized in the statement
of profit and loss except to the extent it relates to a
business combination, or items directly recognized in
equity or in other comprehensive income.

a) Current income tax

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 amounts are
those that are enacted or substantively enacted as
at the reporting date and applicable for the period.
While determining the tax provisions, the Company
assesses whether each uncertain tax position is to be
considered separately or together with one or more
uncertain tax positions depending upon the nature
and circumstances of each uncertain tax position. 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 realise 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 these standalone 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 that is expected
to reverse within the tax holiday period, 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 realised 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 a
right and an intention to settle the current tax
liabilities and assets on a net basis or their tax
assets and liabilities will be realised simultaneously.

(xvii) 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
using the weighted-average number of equity and
dilutive equivalent shares outstanding during the
period, using the treasury stock method for options,
except where the results would be anti-dilutive.

The number of equity shares and potentially dilutive
equity shares are adjusted retrospectively for all
periods presented for any splits and bonus shares
issues including for change effected prior to the

approval of the standalone financial statements by
the Board of Directors.

(xviii) Statement of cash flows

Cash flows are reported using the indirect method,
whereby profit for the period is adjusted for the
effects of transactions of a non-cash nature, any
deferrals or accruals of past or future operating
cash receipts or payments and item of income or
expenses associated with investing or financing
cash flows. The cash generated from/(used in)
operating, investing and financing activities of the
Company are segregated.

New Accounting standards, amendments
and interpretations adopted by the Company
effective from April 1, 2024:

Amendment to Ind AS 116 - Leases

On September 9, 2024, the Ministry of Corporate
Affairs notified the Companies (Indian Accounting
Standards) Second Amendment Rules, 2024.
The amendments to Ind AS 116 clarifies the
requirements that a seller-lessee uses in measuring
the lease liability arising in a sale and leaseback
transaction, to ensure the seller-lessee does not
recognize any amount of the gain or loss that relates
to the right of use it retains. The amendment is
intended to improve the requirements for sale and
leaseback transactions in Ind AS 116 and will not
change the accounting for leases unrelated to sale
and leaseback transactions. These amendments
are effective for annual reporting periods beginning
on or after April 1, 2024, and are to be applied
retrospectively, with earlier application permitted.
The adoption of these amendments to Ind AS 116
did not have any material impact on the standalone
financial statements.

New Accounting standards, amendments
and interpretations not yet adopted by the
Company:

Ministry of Corporate Affairs (“MCA”) notifies
new standards or amendments to the existing
standards under Companies (Indian Accounting
Standards) Rules as issued from time to time.
For the year ended March 31, 2025, MCA has not
notified any new standards or amendments to the
existing standards applicable to the Company.

short-term needs. As at March 31, 2025, the Company has unutilized lines of credit aggregating H 26,435 and U.S.$ 102
million. 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 loans,
renewable on a periodic basis.

Borrowings from banks bear floating rates of interest, referenced to country specific official benchmark interest rates and
a spread, determined based on market conditions.

Refer to Note 26 for interest expense on borrowings.

The fair value of cash and cash equivalents, trade receivables, unbilled receivables, short-term borrowings, lease
liabilities, trade payables, other current financial assets and liabilities approximate their carrying amount largely due
to the short-term nature of these instruments. Finance lease receivables are periodically evaluated based on individual
credit worthiness of customers. Based on this evaluation, the Company records allowance for estimated credit losses
on these receivables. As at March 31, 2025, and 2024 the carrying value of such financial assets, net of allowances, and
liabilities approximates the fair value.

Investments in short-term mutual funds and fixed maturity plan mutual funds, which are classified as FVTPL are
measured using net asset values at the reporting date multiplied by the quantity held. Fair value of investments in non¬
convertible debentures, government securities, commercial papers and bonds classified as FVTOCI is determined based
on the indicative quotes of price and yields prevailing in the market at the reporting date. Fair value of investments in
equity instruments classified as FVTOCI or FVTPL is determined using market approach primarily based on market
multiples method.

The fair value of derivative financial instruments is determined based on observable market inputs including currency
spot and forward rates, yield curves and currency volatility.

Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been
defined as follows:

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).

There were no transfers between Level 1, 2 and 3 during the years ended March 31, 2025 and 2024.

The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:

Derivative assets and liabilities:

The Company is exposed to currency fluctuations on foreign currency assets/liabilities, forecasted cash flows
denominated in foreign currency and net investment in foreign operations. The company is also exposed to interest
rate fluctuations on investments in floating rate financial assets and floating rate borrowings. The Company follows
established risk management policies, including the use of derivatives to hedge foreign currency assets/liabilities,
interest rates, foreign currency forecasted cash flows and net investment in foreign operations. The counter parties
in these derivative instruments are primarily banks and the Company considers the risks of non-performance by the
counterparty as immaterial.

The following table presents the aggregate contracted principal amounts of the Company's derivative contracts
outstanding:

If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains
unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting
either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio
used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in the statement of profit
and loss at the time of the hedge relationship rebalancing.

The following table summarises activity in the cash flow hedging reserve within equity related to all derivative
instruments classified as cash flow hedges:
⁽¹⁾ Includes net (gain)/loss reclassified to revenue of H 394 and H 898 for the years ended March 31,2025 and 2024, respectively; net (gain)/loss
reclassified to employee benefits expense of H (51) and H 221 for the years ended March 31, 2025 and 2024, respectively and net (gain)/loss
reclassified to other income of H 73 and H 64 for the years ended March 31,2025 and 2024, respectively.

The related hedge transactions for balance in cash flow hedging reserves as at March 31, 2025 are expected to occur and
be reclassified to the statement of profit and loss over a period of 17 months.

As at March 31, 2025 and 2024, there were no 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 receivables,
net investment in finance lease receivables (financial assets) to banks. Under the terms of the arrangements, the
Company either substantially transfers its risks and rewards or surrenders control over the financial assets and transfer is
without recourse. Accordingly, on such transfers the financial assets are derecognized and considered as sale of financial
assets. Gains and losses on sale of financial assets without recourse are recorded in finance costs, at the time of sale
based on the carrying value of the financial assets and fair value of servicing liability. The incremental impact of such
transactions on our cash flow and liquidity for the years ended March 31, 2025 and 2024 is not material.

Financial risk management

Market Risk

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 our senior management and Audit, Risk
and Compliance 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. Dollars, Pound
Sterling, Euro, Australian Dollars and Canadian Dollars, while a large portion of costs are in Indian Rupees. The exchange
rate between the Indian Rupee and these currencies has fluctuated significantly in recent years and may continue to
fluctuate in the future. Appreciation of the Indian 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.

As at March 31, 2025, a H 1 increase in the spot exchange rate of the Indian Rupee with the U.S. Dollar would result in
an approximately H 2,115 (including statement of profit and loss of H 537 and other comprehensive income of H 1,578)
decrease in the fair value, and a H 1 decrease would result in an approximately H 2,134 (including statement of profit
and loss of H 537 and other comprehensive income of H 1,597) increase in the fair value of foreign currency dollar
denominated derivative instruments (forward and option contracts).

The below table presents foreign currency risk from non-derivative financial assets/(liabilities) as of March 31, 2025
and 2024:

As at March 31, 2025 and 2024, respectively, every 1% increase/decrease in the respective foreign currencies compared
to functional currency of the Company would increase/decrease our profit before taxes by approximately H 670 and
H 776, respectively.

Interest rate risk

Interest rate risk primarily arises from floating rate borrowings, 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.

If interest rates were to increase by 100 bps as on March 31, 2025 additional net annual interest expense on floating rate
borrowing would amount to approximately H 505. Certain borrowings are also transacted at fixed interest rates.

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 credit rating and financial reliability of customers, considering the
financial condition, current economic trends, forward-looking macroeconomic information, analysis of historical bad
debts and ageing of accounts receivable. No single customer accounted for more than 10% of the accounts receivable as at
March 31,2025 and 2024, and revenues for the years ended March 31, 2025 and 2024. There is no significant concentration
of credit risk.

Trade receivables and unbilled receivables are written off where there is no reasonable expectation of recovery. Indicators
that there is no reasonable expectation of recovery include, amongst others, the failure of a customer to engage in a
repayment plan with the Company. Refer to Note 9 for changes in allowance for lifetime expected credit loss.

Counterparty risk

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 minimised by only buying securities in India which
are at least AA rated by 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.

Cash and cash equivalents include demand deposits of H 24,763 and bank balances of H 12,693 held with four banks
having high credit ratings, which are individually in excess of 10% or more of the Company's total cash and cash
equivalents as at March 31,2025.

Investments include term deposits of H 30,108 and non-convertible debentures of H 24,399 held with a bank having high
credit rating, which is in excess of 10% or more of the Company's total investments, excluding investments in equity
instruments and redeemable preference shares of subsidiaries as at March 31, 2025.

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 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 based on the expected cash flows.
As at March 31, 2025, cash and cash equivalents are held with major banks and financial institutions.

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting
date. The amounts include estimated interest payments and exclude the impact of netting agreements, if any.

Deferred taxes on unrealised foreign exchange gain/loss relating to cash flow hedges, fair value movements in
investments and remeasurements of the defined benefit plans are recognized in other comprehensive income and
presented within equity. Other than these, the change in deferred tax assets and liabilities is primarily recorded in the
statement of profit and loss.

In assessing the readability of deferred tax assets, the Company considers the extent to which it is probable that the
deferred tax asset will be realised. The ultimate realisation 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 realise the benefits of these deductible differences. The amount of deferred tax asset considered
realisable, however, could be reduced in the near term if the estimates of future taxable income during the carry¬
forward period are reduced.

The Company has recognized deferred tax assets of H 112 and H 766 as at March 31, 2025 and 2024 primarily in respect
of capital loss incurred on account of liquidation of an investment. Management's projections of future taxable capital
gain support the assumption that it is probable that sufficient taxable income will be available to utilize this deferred
tax asset.

We have calculated our domestic tax liability under normal provisions. Accordingly, no deferred tax asset has been
recognized towards MAT in the balance sheet for the years ended March 31, 2025 and 2024. The effective MAT rate is
17.47%. The excess tax paid under MAT provisions over and above normal tax liability can be carried forward for a period
of fifteen years and set-off against future tax liabilities computed under normal tax provisions.

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 units established under 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. 50% tax deduction is available for a further five
years subject to the unit meeting certain defined conditions. Profits from certain other undertakings are also eligible for
preferential tax treatment. New SEZ units set up on or after April 1, 2021 are not eligible for aforesaid deduction. The tax
holiday period being currently available to the Company expires in various years through fiscal 2034-35. The impact of tax
holidays has resulted in a decrease of current tax expense of H 11,798 and H 14,308 for the years ended March 31, 2025
and 2024, respectively, compared to the effective tax amounts that we estimate the Company would have been required
to pay if these incentives had not been available. The per equity share effect of these tax incentives for the years ended
March 31, 2025 and 2024 is H 1.13 and H 1.35, respectively. Previous year per equity share effect have been proportionately
adjusted for the bonus issue in ratio of 1:1. Refer to Note 29.

Deferred income tax liabilities are recognized for all taxable temporary differences except in respect of taxable temporary
differences associated with U.S. branch profit tax 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 branch profit tax at 15% of the U.S. branch profits have not been recognized. Further,
it is not practicable to estimate the amount of the unrecognized deferred tax liabilities for these undistributed earnings.

C. Remaining performance obligations

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been
recognized, which includes contract liabilities and amounts that will be invoiced and recognized as revenue
in future periods. Applying the practical expedient, the Company has not disclosed its right to consideration
from customers in an amount that corresponds directly with the value to the customer of the Company's
performance completed to date, which are contracts invoiced on time and material basis and volume based.

As at March 31, 2025 and 2024, the aggregate amount of the Transaction Price allocated to remaining
performance obligations, other than those meeting the exclusion criteria above, were H 223,220 and H 185,504,
respectively, of which approximately 66% and 73%, respectively, is expected to be recognized as revenues
within two years, and the remainder thereafter. This includes contracts, with a substantive enforceable
termination penalty if the contract is terminated without cause by the customer, based on an overall assessment
of the contract carried out at the time of inception. Historically, customers have not terminated contracts
without cause.

D. Disaggregation of revenue

The tables below present disaggregated revenue from contracts with customers by business segment and
nature of contract. The Company believes that the below disaggregation best depicts the nature, amount,
timing and uncertainty of revenue and cash flows from economic factors.

The expected benefits are based on the same assumptions used to measure the Company's benefit obligations
as at March 31, 2025.

Sensitivity for significant actuarial assumptions is computed to show the movement in defined benefit
obligation by 1 percentage.

As at March 31, 2025, every 1 percentage point increase/(decrease) in discount rate will result in (decrease)/
increase of defined benefit obligation by approximately H (912) and H 1,013, respectively (March 31, 2024: H (853)
and H 954, respectively).

As at March 31, 2025 every 1 percentage point increase/(decrease) in expected rate of salary will result in
increase/(decrease) of defined benefit obligation by approximately H 989 and H (934), respectively (March 31,
2024: H 926 and H (868), respectively).

The sensitivity analysis to significant actuarial assumptions may not be representative of the actual change
in the defined benefit obligations as the change in assumptions may not occur in isolation since some of
the assumptions may be correlated. Furthermore, in presenting the sensitivity analysis, the present value
of the defined benefit obligations has been calculated using the projected unit credit method at the end of
the reporting period, which is the same as that applied in calculating the defined benefit obligation liability
recognized in the balance sheet.

For the years ended March 31, 2025 and 2024, 1,294,623 and 128,916 options respectively, were excluded from diluted
weighted-average number of equity shares calculation because their effect would have been anti-dilutive.

Earnings per share and number of shares outstanding for the year ended March 31, 2024, have been proportionately
adjusted for the bonus issue in the ratio of 1:1 i.e. 1 (one) bonus equity share of I 2 each for every 1 (one) fully paid-up
equity shares held (including ADS holders). Refer to Note 29.

29. DIVIDENDS, BONUS ISSUE AND BUYBACK OF EQUITY SHARES

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 H 6 and H 1, during the years ended March 31, 2025 and 2024, respectively.

During the year ended March 31, 2025, the Company concluded bonus issue in the ratio of 1:1 i.e.1 (one) bonus equity share
of H 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders) was approved by the shareholders
of the Company on November 21, 2024. Subsequently, on December 4, 2024, the Company allotted 5,232,094,402 equity
shares (including ADS) to shareholders who held equity shares as on the record date of December 3, 2024. The Company
also allotted 1:1 bonus equity share on 1,274,805 equity shares (including ADS) under allotment as on the record date.

Consequently, H 10,467 (representing par value of H 2 per share) was transferred from capital redemption reserve,
securities premium and retained earnings to the share capital.

During the year ended March 31, 2024, the Company concluded the buyback of 269,662,921 equity shares (at a price of
H 445 per equity share) as approved by the Board of Directors on April 27, 2023. This has resulted in a total cash outflow
of H 145,173 (including tax on buyback of H 24,783 and transaction costs related to buyback of H 390). In line with the
requirement of the Companies Act, 2013, an amount of H 3,768 and H 141,405 has been utilized from securities premium
and retained earnings respectively. Further, capital redemption reserve of H 539 (representing the nominal value of the
shares bought back) has been created as an apportionment from retained earnings. Consequent to such buyback, the
paid-up equity share capital has reduced by H 539.

30. 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 Company's focus is on keeping a 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 amount of future dividends/buyback of equity shares will be balanced with efforts to
continue to maintain an adequate liquidity status.

31. EMPLOYEE STOCK INCENTIVE PLANS

The stock compensation expense recognized for employee services received during the years ended March 31, 2025 and
2024, were H 4,728 and H 4,744, respectively.

Wipro Equity Reward Trust (“WERT”)

In 1984, the Company established a controlled trust called WERT. In the earlier years, WERT purchased shares of
the Company out of funds borrowed from the Company. The Company's Nomination and Remuneration Committee
recommends to WERT certain officers and key employees, to whom WERT issues shares from its holdings at nominal
price subject to vesting conditions.

⁽¹⁾ The maximum contractual term of these RSUs option plans is perpetual until the options are available for grant under the plan.

⁽²⁾ The number of options reserved under the plan are adjusted to reflect the bonus issue in the proportion of 1:1, which was approved by the
shareholders on November 21, 2024.

⁽³⁾ The number of options reserved under the plan are adjusted to reflect migration of 23,000,000 shares from WSRUP 2005 plan and
32,000,000 shares from WSRUP 2007 plan to WARSUP 2004 plan. This was approved by the shareholders on March 30, 2025.

⁽⁴⁾ The Company adopted the Wipro 2024 Scheme pursuant to approval of shareholders vide special resolution at the Annual General Meeting
held on July 18, 2024.

Employees covered under restricted stock unit (the “RSUs”) options 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 one to three years from the date of grant. Upon vesting, the employees can acquire one
equity share for every option and can exercise within a period of twelve months from the vesting date of last tranche
under the grant.

The Company controls ‘Wipro SA Broad Based Ownership Scheme Trust' and ‘Wipro SA Broad Based Ownership Scheme
SPV (RF) (PTY) LTD' incorporated in South Africa and ‘Wipro Foundation in India'. All the above direct subsidiaries are 100%
held by the Company except as mentioned in footnote (2) and (3) below.

⁽²⁾ Wipro IT Services UK Societas holds 66.67% of the equity securities of Wipro Arabia Limited. Wipro Arabia Limited acquired 45% of the equity
securities of Women’s Business Park Technologies Limited on March 24, 2025 in addition to 55% of the equity securities held at the beginning of
financial year 2025.

⁽³⁾ The Company holds 60% of the equity securities of Aggne Global IT Services Private Limited and Wipro IT Services, LLC holds 60% of the equity
securities of Aggne Global Inc.

⁽⁴⁾ Capco Consulting Middle East FZE has been incorporated with effect from December 17, 2024 which is 100% held by Grove Holdings 2 S.a.r.l.

⁽⁵⁾ Wipro Information Technology Netherlands BV. has acquired 100% of the equity securities of Applied Value Technologies B.V.

⁽⁶⁾ Wipro Networks Pte Limited has acquired 100% of the equity securities of Applied Value Technologies Pte Limited.

⁽⁷⁾ Wipro IT Services, LLC has acquired 100% of the equity securities of Applied Value Technologies, Inc.

⁽⁸⁾ Wipro, Inc. has been incorporated as a wholly-owned subsidiary of the Company with effect from September 30, 2024.

⁽⁹⁾ Wipro Life Science Solutions, LLC has been incorporated as a wholly-owned subsidiary of Wipro, Inc. with effect from October 10, 2024.

⁽¹⁾Step Subsidiary details of Cardinal US Holdings, Inc., HealthPlan Services, Inc., International TechneGroup Incorporated, Wipro NextGen
Enterprise Inc., Rizing Intermediate Holdings, Inc., The Capital Markets Company BV, Wipro Ampion Holdings Pty Ltd, Wipro Appirio, Inc., Wipro
Designit Services, Inc., Wipro do Brasil Technologia Ltda and Wipro Portugal S.A. are as follows:

⁽¹⁾ Increase in debt- equity ratio is due to incremental short term borrowings availed during the year ended March 31,2025 and higher lease
liability as at March 31,2025 as compared to March 31,2024.

⁽²⁾ Debt consists of borrowings and lease liabilities.

⁽³⁾ Profit for the year, adjusted for non cash operating expenses, finance costs and other expenses such as provision for diminution in value of
investments in subsidiaries and loss on sale of property, plant and equipment.

⁽⁴⁾ Debt service consists of gross repayment of borrowings, lease liabilities and interest and finance costs paid.

⁽⁵⁾ Capital employed consists of tangible net worth, borrowings, lease liabilities and deferred tax liabilities.

34. COMMITMENTS AND CONTINGENCIES

Capital commitments: As at March 31, 2025 and 2024, the Company had committed to spend approximately H 8,211
and H 7,837, respectively, under agreements to purchase/construct property and equipment. These amounts are net of
capital advances paid in respect of these purchases. Refer to Note 8 for uncalled capital commitments on investment in
equity instruments.

Contingencies and lawsuits:

The Company is subject to legal proceedings and claims resulting from tax assessment orders/penalty notices issued
under the Income Tax Act, 1961, which have arisen in the ordinary course of its business. Some of the claims involve
complex issues and it is not possible to make a reasonable estimate of the expected financial effect, if any, that will result
from ultimate resolution of such proceedings. However, 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 Company's assessments in India are completed for the years up to March 31, 2019 and for the year ended
March 31,2021. The Company has received demands on multiple tax issues. These claims are primarily arising out of denial
of deduction under section 10A of the Income Tax Act, 1961 in respect of profit earned by the Company's undertaking
in Software Technology Park in Bengaluru, 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, 2008 which
either has been or may be contested by the Income tax authorities before the Hon'ble Supreme Court of India. Other
claims relate to disallowance of tax benefits on profits earned from Software Technology Park and Special Economic
Zone units, capitalisation of research and development expenses, transfer pricing adjustments on intercompany/inter
unit transactions and other issues.

Income tax claims against the Company amounting to I 98,424 and H 95,390 are not acknowledged as debt as at
March 31, 2025 and 2024, respectively. These matters are pending before various Appellate authorities and the
management expects its position will likely be upheld on ultimate resolution and will not have a material adverse effect on
the Company's financial position and results of operations.

The contingent liability in respect of disputed demands for excise duty, custom duty, sales tax and other matters
amounting to H 19,292 and H 18,799 as of March 31, 2025 and 2024, respectively. However, the resolution of these disputed
demands is not likely to have a material and adverse effect on the results of operations or the financial position of
the Company.

During the years ended March 31, 2025 and 2024, the Company contributed I 387 and H 280 respectively, to Wipro
Foundation a trust controlled by the Company.

There is no shortfall out of the amount required to be spent by the Company during the years ended March 31, 2025
and 2024.

The nature of corporate social responsibility activities undertaken by the Company for the years ended March 31, 2025
and 2024 includes systemic reforms in education, access to education for the under privileged as well as children with
disabilities, sustainability education, higher education skill building, sustainability initiatives and healthcare.

37. SEGMENT INFORMATION

The Company publishes these standalone financial statements along with the consolidated financial statements. In
accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the consolidated
financial statements.

38. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the
Company towards Provident Fund and Gratuity. The Ministry of Labor and Employment has released draft rules for the
Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stake holders which are under
active consideration by the Ministry. Based on an initial assessment by the Company, the additional impact on Provident
Fund contributions by the Company is not expected to be material, whereas, the likely additional impact on Gratuity
liability/contributions by the Company could be material. The Company will complete their evaluation once the subject
rules are notified and will give appropriate impact in the financial statements in the period in which, the Code becomes
effective and the related rules to determine the financial impact are published.

39. The Board of Directors of the Company at its meeting held over October 17-18, 2023, have approved a scheme of
amalgamation for merger of Wipro HR services India Private Limited, Wipro Overseas IT Service Private Limited, Wipro
Technology Product Services Private Limited, Wipro Trademarks Holding Limited and Wipro VLSI Design Services India
Private Limited (wholly-owned subsidiaries), with and into Wipro Limited. The Scheme is subject to necessary statutory
and regulatory approvals under applicable laws.

As per our report of even date attached For and on behalf of the Board of Directors

for Deloitte Haskins & Sells LLP Rishad A. Premji Deepak M. Satwalekar Srinivas Pallia

Chartered Accountants Chairman Director Chief Executive Officer

Firm’s Registration No.: 117366W/W - 100018 (DIN: 02983899) (DIN: 00009627) and Managing Director

(DIN: 10574442)

Anand Subramanian Aparna C. Iyer M. Sanaulla Khan

Partner Chief Financial Officer Company Secretary

Membership No.: 110815 Membership No.: F4129

Bengaluru
May 22, 2025