CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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 its subsidiaries ( the Company ) as of March 31, 2017 and 2016, 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, 2017. 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, 2017 and 2016, and the results of their operations and their cash flows for each of the years in the three year period ended March 31, 2017, in conformity with International Financial Reporting Standards as issued by the 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, 2017, 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 June 02, 2017 expressed an unqualified opinion on the effectiveness of the Company s internal control over financial reporting. KPMG Bangalore, India June 02, 2017 266 Annual Report 2016-17

WIPRO LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (` in millions, except share and per share data, unless otherwise stated) As at March 31, Notes 2016 2017 2017 Convenience translation into U.S.$ in millions (Unaudited) Refer note 2(iii) ASSETS Goodwill... 5 101,991 125,796 1,940 Intangible assets... 5 15,841 15,922 246 Property, plant and equipment... 4 64,952 69,794 1,076 Derivative assets... 15 260 106 2 Investments... 7 4,907 7,103 110 Trade receivables... 8 1,362 3,998 62 Deferred tax assets... 17 4,286 3,098 48 Non-current tax assets... 11,751 12,008 185 Other non-current assets... 11 15,828 16,793 259 Total non-current assets... 221,178 254,618 3,928 Inventories... 9 5,390 3,915 60 Trade receivables... 8 99,614 94,846 1,463 Other current assets... 11 32,894 30,751 474 Unbilled revenues... 48,273 45,095 695 Investments... 7 204,244 292,030 4,503 Current tax assets... 7,812 9,804 151 Derivative assets... 15 5,549 9,747 150 Cash and cash equivalents... 10 99,049 52,710 813 Total current assets... 502,825 538,898 8,309 TOTAL ASSETS 724,003 793,516 12,237 EQUITY Share capital... 4,941 4,861 75 Share premium... 14,642 469 7 Retained earnings... 425,118 490,930 7,570 Share based payment reserve... 2,229 3,555 55 Other components of equity... 18,242 20,489 316 Equity attributable to the equity holders of the Company 465,172 520,304 8,023 Non-controlling interest... 2,212 2,391 37 Total equity... 467,384 522,695 8,060 LIABILITIES Long-term loans and borrowings... 12 17,361 19,611 302 Derivative liabilities... 15 119 2 Deferred tax liabilities... 17 5,108 6,614 102 Non-current tax liabilities... 8,231 9,547 147 Other non-current liabilities... 14 7,225 5,500 85 Provisions... 14 14 4 Total non-current liabilities... 38,058 41,278 636 Loans, borrowings and bank overdrafts... 12 107,860 122,801 1,894 Trade payables and accrued expenses... 13 68,187 65,486 1,010 Unearned revenues... 18,076 16,150 249 Current tax liabilities... 7,015 8,101 125 Derivative liabilities... 15 2,340 2,708 42 Other current liabilities... 14 13,821 13,027 201 Provisions... 14 1,262 1,270 20 Total current liabilities... 218,561 229,543 3,541 TOTAL LIABILITIES 256,619 270,821 4,177 TOTAL EQUITY AND LIABILITIES 724,003 793,516 12,237 The accompanying notes form an integral part of these consolidated financial statements. Wipro Limited 267

WIPRO LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (` in millions, except share and per share data, unless otherwise stated) Year ended March 31, Notes 2015 2016 2017 2017 Convenience translation into U.S.$ in millions (Unaudited) Refer note 2(iii) Revenues 20 469,545 512,440 550,402 8,487 Cost of revenues 21 (321,284) (356,724) (391,544) (6,038) Gross profit 148,261 155,716 158,858 2,449 Selling and marketing expenses 21 (30,625) (34,097) (40,817) (629) General and administrative expenses 21 (25,850) (28,626) (32,021) (493) Foreign exchange gains, net 3,637 3,867 3,777 58 Other operating income 22 4,082 63 Results from operating activities 95,423 96,860 93,879 1,448 Finance expenses 23 (3,599) (5,582) (5,183) (80) Finance and other income 24 19,859 23,655 21,660 334 Profit before tax 111,683 114,933 110,356 1,702 Income tax expense 17 (24,624) (25,366) (25,213) (389) Profit for the year 87,059 89,567 85,143 1,313 Profit attributable to: Equity holders of the Company 86,528 89,075 84,895 1,309 Non-controlling interest 531 492 248 4 Profit for the year 87,059 89,567 85,143 1,313 Earnings per equity share: 25 Attributable to equity holders of the Company Basic 35.25 36.26 34.96 0.54 Diluted 35.13 36.18 34.85 0.54 Weighted-average number of equity shares used in computing earnings per equity share: Basic 2,454,681,650 2,456,559,400 2,428,540,505 2,428,540,505 Diluted 2,462,579,161 2,461,689,908 2,435,673,569 2,435,673,569 The accompanying notes form an integral part of these consolidated financial statements. 268 Annual Report 2016-17

WIPRO LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (` in millions, except share and per share data, unless otherwise stated) Year ended March 31, Notes 2015 2016 2017 2017 Convenience translation into U.S.$ in millions (Unaudited) Refer note 2(iii) Profit for the year... 87,059 89,567 85,143 1,313 Other comprehensive income Items that will not be reclassified to profit or loss: Defined benefit plan actuarial (losses)/gains... (64) (788) 169 3 Net change in fair value of financial instruments through OCI... 17 (168) (3) (64) (771) 1 Items that may be reclassified subsequently to profit or loss: Foreign currency translation differences... Translation difference relating to foreign operations 16 799 5,766 (3,354) (52) Net change in fair value of hedges of net investment in foreign operations... 16 390 (813) 276 5 Net change in time value of option contracts designated as cash flow hedges... 15,17 9 Net change in intrinsic value of option contracts designated as cash flow hedges... 15,17 77 1 Net change in fair value of forward contracts designated as cash flow hedges... 15,17 3,051 (1,640) 3,910 60 Net change in fair value of financial instruments through OCI... 7,17 856 363 1,179 18 5,096 3,676 2,097 32 Total other comprehensive income, net of taxes... 5,032 2,905 2,098 32 Total comprehensive income for the year 92,091 92,472 87,241 1,345 Attributable to: Equity holders of the Company... 91,510 91,894 87,062 1,342 Non-controlling interest... 581 578 179 3 92,091 92,472 87,241 1,345 The accompanying notes form an integral part of these consolidated financial statements. Wipro Limited 269

WIPRO LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (` in millions, except share and per share data, unless otherwise stated) Other components of equity No. of shares* Share capital Share premium Retained earnings Share based payment reserve Foreign currency translation reserve Cash flow hedging reserve Other reserves Shares held by controlled Trust Equity attributable to the equity holders of the Company Noncontrolling interest Total equity As at April 1, 2014... 2,466,317,273 4,932 12,664 314,952 1,021 10,060 499 (87) (542) 343,499 1,387 344,886 Total comprehensive income for the year Profit for the year... 86,528 86,528 531 87,059 Other comprehensive income... 1,189 3,051 742 4,982 50 5,032 Total comprehensive income for the year 86,528 1,189 3,051 742 91,510 581 92,091 Transaction with owners of the Company, recognized directly in equity Contributions by and distributions to owners of the Company Cash dividend paid (including dividend tax thereon)... (29,168) (29,168) (322) (29,490) Issue of equity shares on exercise of options... 2,725,765 5 909 (909) 5 5 Compensation cost related to employee share based payment... (64) 1,200 1,136 1,136 Sale of treasury shares, gain... 458 542 1,000 1,000 Total transactions with owners of the Company 2,725,765 5 1,367 (29,232) 291 542 (27,027) (322) (27,349) As at March 31, 2015... 2,469,043,038 4,937 14,031 372,248 1,312 11,249 3,550 655 407,982 1,646 409,628 The accompanying notes form an integral part of these consolidated financial statements. 270 Annual Report 2016-17

WIPRO LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (` in millions, except share and per share data, unless otherwise stated) No. of shares* Share capital Share premium Retained earnings Share based payment reserve Other components of equity Foreign currency translation reserve Cash flow hedging reserve Other reserves Equity attributable to the equity holders of the Company Noncontrolling interest As at April 1, 2015... 2,469,043,038 4,937 14,031 372,248 1,312 11,249 3,550 655 407,982 1,646 409,628 Adjustment on adoption of IFRS 9 (net of tax)... (770) (31) (801) (12) (813) Adjusted balances as at April 1, 2015... 2,469,043,038 4,937 14,031 371,478 1,312 11,249 3,550 624 407,181 1,634 408,815 Total comprehensive income for the year Profit for the year... 89,075 89,075 492 89,567 Other comprehensive income... 4,867 (1,640) (408) 2,819 86 2,905 Total comprehensive income for the year 89,075 4,867 (1,640) (408) 91,894 578 92,472 Transaction with owners of the Company, recognized directly in equity Contributions by and distributions to owners of the Company Cash dividend paid (including dividend tax thereon) (35,494) (35,494) (35,494) Issue of equity shares on exercise of options... 1,670,252 4 611 (611) 4 4 Compensation cost related to employee share based payment... 59 1,528 1,587 1,587 Total transactions with owners of the Company... 1,670,252 4 611 (35,435) 917 (33,903) (33,903) As at March 31, 2016... 2,470,713,290 4,941 14,642 425,118 2,229 16,116 1,910 216 465,172 2,212 467,384 Total equity The accompanying notes form an integral part of these consolidated financial statements. Wipro Limited 271

WIPRO LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (` in millions, except share and per share data, unless otherwise stated) No. of shares* Share capital Share premium Retained earnings Share based payment reserve Other components of equity Foreign currency translation reserve Cash flow hedging reserve Other reserves Equity attributable to the equity holders of the Company Noncontrolling interest As at April 1, 2016... 2,470,713,290 4,941 14,642 425,735 2,229 16,116 1,910 505 466,078 2,224 468,302 Adjustment on adoption of IFRS 9 (net of tax)... (617) (289) (906) (12) (918) Adjusted balance as at April 1, 2016... 2,470,713,290 4,941 14,642 425,118 2,229 16,116 1,910 216 465,172 2,212 467,384 Total comprehensive income for the year Profit for the year... 84,895 84,895 248 85,143 Other comprehensive income... (3,009) 3,996 1,180 2,167 (69) 2,098 Total comprehensive income for the year... 84,895 (3,009) 3,996 1,180 87,062 179 87,241 Transaction with owners of the Company, recognized directly in equity Contributions by and distributions to owners of the Company Cash dividend paid (including dividend tax thereon)... (8,734) (8,734) (8,734) Issue of equity shares on exercise of options... 187,275 ^ 81 (81) Issue of shares by controlled trust on exercise of options*... 384 (384) Buyback of equity shares #... (40,000,000) (80) (14,254) (10,746) 80 (25,000) (25,000) Compensation cost related to employee share based payment... 13 1,791 1,804 1,804 Total transactions with owners of the Company (39,812,725) (80) (14,173) (19,083) 1,326 80 (31,930) (31,930) As at March 31, 2017... 2,430,900,565 4,861 469 490,930 3,555 13,107 5,906 1,476 520,304 2,391 522,695 Convenience translation into U.S.$ in million (Unaudited) Refer note 2 (iii)... 75 7 7,570 55 202 91 23 8,023 37 8,060 Total equity * Includes 14,829,824, 14,829,824 and 13,728,607 treasury shares held as of March 31, 2015, 2016 and 2017 respectively by a controlled trust. 1,101,217 shares have been transferred by the controlled trust to eligible employees on exercise of options during the year ended March 31, 2017 # refer note 18 ^ Value is less than `1 The accompanying notes form an integral part of these consolidated financial statements 272 Annual Report 2016-17

WIPRO LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (` in millions, except share and per share data, unless otherwise stated) Year ended March 31, 2015 2016 2017 2017 Convenience translation into U.S.$ in millions (Unaudited) Refer note 2(iii) Cash flows from operating activities: Profit for the year... 87,059 89,567 85,143 1,313 Adjustments to reconcile profit for the year to net cash generated from operating activities: (Gain)/loss on sale of property, plant and equipment and intangible assets, net... 6 (55) 117 2 Depreciation, amortization and impairment... 12,823 14,965 23,107 356 Unrealized exchange loss, net... 3,946 2,664 3,945 61 Gain on sale of investments, net... (3,948) (2,646) (3,486) (54) Share based compensation expense... 1,138 1,534 1,742 27 Income tax expense... 24,624 25,366 25,213 389 Dividend and interest income, net... (15,143) (19,599) (16,259) (251) Gain from sale of EcoEnergy division... (4,082) (63) Other non-cash items... (1,732) (27) Changes in operating assets and liabilities; net of effects from acquisition:... Trade receivables (5,929) (5,317) 3,346 52 Unbilled revenues... (3,004) (5,329) 3,813 59 Inventories... (2,556) (541) 1,475 23 Other assets... (3,742) (766) 4,054 63 Trade payables, accrued expenses, other liabilities and provisions... 3,469 4,683 (5,202) (80) Unearned revenues... 3,784 1,282 (2,945) (45) Cash generated from operating activities before taxes... 102,527 105,808 118,249 1,825 Income taxes paid, net... (24,265) (26,935) (25,476) (393) Net cash generated from operating activities... 78,262 78,873 92,773 1,432 Cash flows from investing activities: Purchase of property, plant and equipment... (12,661) (13,951) (20,853) (322) Proceeds from sale of property, plant and equipment... 1,389 779 1,207 19 Proceeds from sale of EcoEnergy division, net of related expenses... 4,372 67 Purchase of investments... (590,482) (934,958) (813,439) (12,544) Proceeds from sale of investments... 575,082 830,647 729,755 11,254 Impact of investment hedging activities, net... 266 (226) (3) Payment for business acquisitions including deposit in escrow, net of cash acquired... (11,331) (39,373) (33,608) (518) Interest received... 12,206 18,368 17,069 263 Dividend received... 224 66 311 5 Income taxes paid on sale of EcoEnergy division... (871) (13) Net cash (used) in investing activities... (25,573) (138,156) (116,283) (1,792) Cash flows from financing activities: Proceeds from issuance of equity shares... 5 4 ^ ^ Repayment of loans and borrowings... (98,419) (137,298) (112,803) (1,740) Proceeds from loans and borrowings... 119,300 172,549 125,922 1,942 Payments for deferred/contingent consideration in respect of business combinations... (243) (138) (2) Payment for buy back of shares... (25,000) (386) Proceeds from sale of treasury shares... 1,000 Interest paid on loans and borrowings... (919) (1,348) (1,999) (31) Payment of cash dividend (including dividend tax thereon)... (29,490) (35,494) (8,734) (135) Net cash (used) in financing activities... (8,766) (1,587) (22,752) (352) Net increase/(decrease) in cash and cash equivalents during the year 43,923 (60,870) (46,262) (712) Effect of exchange rate changes on cash and cash equivalents... 589 549 (1,412) (22) Cash and cash equivalents at the beginning of the year... 114,201 158,713 98,392 1,517 Cash and cash equivalents at the end of the year (note 10) 158,713 98,392 50,718 783 Total taxes paid amounted to `24,265, `26,935 and `26,347 for the year ended March 31, 2015, 2016 and 2017 respectively. ^ value is less than one million. The accompanying notes form an integral part of these consolidated financial statements Wipro Limited 273

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 global information technology (IT), consulting and business process services (BPS) company. 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 June 2, 2017. 2. Basis of preparation of consolidated 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 ). The Company has elected to early adopt IFRS 9, Financial Instruments effective April 1, 2016 with retrospective application from April 1, 2015. All other accounting policies have been applied consistently to all periods presented in these consolidated 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 (` 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. Financial instruments classified as fair value through other comprehensive income or fair value through profit or loss; c. The defined benefit asset/(liability) is recognised as the present value of defined benefit obligation less fair value of plan assets; and d. Contingent consideration. (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, 2017, have been translated into United States dollars at the certified foreign exchange rate of US$1 = `64.85 as published by Federal Reserve Board of Governors on March 31, 2017. 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. Due to rounding off, the translated numbers presented throughout the document may not add up precisely to the totals. (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 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. Volume discounts are recorded as a reduction of revenue. When the amount of discount varies with the levels of revenue, volume discount is recorded based on estimate of future revenue from the customer. 274 Annual Report 2016-17

b) Impairment testing: Goodwill and intangible assets recognised on business combination are tested for impairment at least annually and when events occur or changes in circumstances indicate that the recoverable amount of the asset or the cash generating unit to which these pertain is less than the carrying value. The recoverable amount of the asset or the cash generating units is higher of value-in-use and fair value less cost of disposal. The calculation of value in use of a cash generating unit 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 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. e) Business combination: In accounting for business 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 (including useful life estimates) and liability acquired, 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) Defined benefit plans and compensated absences: The cost of the defined benefit plans, compensated absences and the present value of the defined benefit obligations are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. g) Expected credit losses on financial assets: On application of IFRS 9, the impairment provisions of financial assets are based on assumptions about risk of default and expected timing of collection. The Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on the Company s past history of collections, customer s creditworthiness, existing market conditions as well as forward looking estimates at the end of each reporting period. h) Measurement of fair value of non-marketable equity investments: These instruments 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. i) Other estimates: The share based compensation expense is determined based on the Company s estimate of equity instruments that will eventually vest. Fair valuation of derivative hedging instruments designated as cash flow hedges involves significant estimates relating to the occurrence of forecast transaction. 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. 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 Wipro Limited 275

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 noncontrolling interest is the amount of those interests 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 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 hedges and qualifying net investment hedges. Gains/(losses) relating to translation or settlement of borrowings denominated in foreign currency are reported within finance expense. Nonmonetary 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 at the reporting date, such as equities classified as financial instruments measured at fair value through other comprehensive income 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 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, except to the extent that the translation difference is allocated to non-controlling interest. 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 of, 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 Accounting policies applied prior to April 1, 2015 A) Non-derivative financial instruments Non derivative financial instruments consist of: 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; term loans and borrowings, bank overdrafts, trade payables, eligible current and non-current liabilities. Non derivative financial instruments are recognized initially at fair value. 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 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 276 Annual Report 2016-17

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 and certain debt securities (primarily certificate of deposits with banks) as availablefor-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 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. B) Derivative financial instruments 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. 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 foreign currency denominated borrowings 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. c. Others 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, 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. Accounting policies applied from April 1, 2015 The Company has elected to early adopt IFRS 9, Financial Instruments effective April 1, 2016 with retrospective application from April 1, 2015. Below are the accounting policies for financial instruments consequent to adoption of IFRS 9: A) Non-derivative financial instruments: Non derivative financial instruments consist of: 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; Wipro Limited 277

term loans and borrowings, bank overdrafts, trade payables, eligible current and non-current liabilities. Non derivative financial instruments are recognized initially at fair value. 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 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. Investments Financial instruments measured at amortised cost: Debt instruments that meet the following criteria are measured at amortized cost (except for debt instruments that are designated at fair value through Profit or Loss (FVTPL) on initial recognition): objective is to hold assets in order to collect contractual cash flows; and specified dates to cash flows that are solely payment of principal and interest on the principal amount outstanding. Financial instruments measured at fair value through other comprehensive income (FVTOCI): Debt instruments that meet the following criteria are measured at fair value through other comprehensive income (FVTOCI) (except for debt instruments that are designated at fair value through Profit or Loss (FVTPL) on initial recognition): objective is achieved both by collecting contractual cash flows and selling the financial asset; and specified dates to cash flows that are solely payment of principal and interest on the principal amount outstanding. Interest income is recognized in the statement of income for FVTOCI debt instruments. Other changes in fair value of FVTOCI financial assets are recognized in other comprehensive income. When the investment is disposed of, the cumulative gain or loss previously accumulated in reserves is transferred to the consolidated statement of income. Financial instruments measured at fair value through profit or loss (FVTPL): Instruments that do not meet the amortised cost or FVTOCI criteria are measured at FVTPL. Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains or losses arising on remeasurement recognized in statement of income. The gain or loss on disposal is recognized in the consolidated statement of income. Interest income is recognized in the consolidated statement of income for FVTPL debt instruments. Dividend on financial assets at FVTPL is recognized when the Group s right to receive dividend is established. Investments in equity instruments designated to be classified as FVTOCI: The Company carries certain equity instruments which are not held for trading. The Company has elected the FVTOCI irrevocable option for these instruments. Movements in fair value of these investments are recognized in other comprehensive income and the gain or loss is not transferred to statement of income on disposal of these investments. Dividends from these investments are recognized in the consolidated statement of income when the Company s right to receive dividends is established. c. Other financial assets: Other financial assets 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. These are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less any impairment losses. These comprise trade receivables, unbilled revenues 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. B) Derivative financial instruments 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. 278 Annual Report 2016-17

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 foreign currency denominated borrowing 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. c. Others 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, 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. C) Derecognition of financial instruments The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under IFRS 9. If the Company retains substantially all the risks and rewards of a transferred financial asset, the Company continues to recognise the financial asset and also recognizes a borrowing for the proceeds received. A financial liability (or a part of a financial liability) is derecognized from the group s balance sheet when the obligation specified in the contract is discharged or cancelled or expires. (v) Equity and share capital a) Share capital and share premium The authorized share capital of the Company as of March 31, 2016 and 2017 is `6,100 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. b) Shares held by controlled trust (Treasury shares) 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 14,829,824, 14,829,824 and 13,728,607 treasury shares as of March 31, 2015, 2016 and 2017, 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 and restricted stock unit options by employees. e) Foreign currency translation reserve The exchange differences arising from the translation of financial statements of foreign subsidiaries, differences arising from translation of long-term inter-company receivables or payables relating to foreign operations settlement of which is neither planned nor likely in the foreseeable future, 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. Wipro Limited 279