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Wipro Ltd Computers - Software - Large
BSE Code
507685
ISIN Demat
INE075A01022
Book Value
140.1990313
NSE Symbol
WIPRO
Div & Yield %
2.14
Market Cap (Rs Cr.)
138574.57
P/E
17.08
EPS
32.86
Face Value
2

1. Dear Shareholders,

On behalf of the Board of Directors, I am happy to present the 69th Report of the Board of Directors of your Company along with the Balance Sheet, Profit and Loss Account and Cash Flow Statement for the year ended March 31, 2015.

2. Financial Performance

Key highlights of consolidated financial performance for Wipro and its group companies and standalone financial results for Wipro Limited for the financial year 2014-15 are tabulated below:

( Rs in Millions)

fi

Standalone

Consolidated

fi 2014-15 2013-14 2014-15 2013-14
Sales and Other Income 437,088 403,684 494,007 453,457
Profit before Tax 105,570 96,082 112,241 101,143
Provision for tax 23,639 22,208 25,101 21,234
Minority interest - - -531 -438
Net profit for the year * 81,931 73,874 86,609 79,471
Appropriations fi fi
Interim Dividend 12,353 7,404 12,276 7,347
Proposed Dividend on
equity shares 17,283 12,332 17,179 12,248
Corporate tax on
distributed dividend 5,924 3,353 5,924 3,353
Transfer to General
Reserve 8,193 7,387 8,193 7,387
EPS
Basic 33.38 30.09 35.28 32.37
Diluted 33.28 30.01 35.18 32.29

*profit for the standalone results is after considering a gain of Rs fi390 Million (2014 :loss of Rs 2,607 million) relating to changes in fair value of forward contracts designated as hedges of net investment in non-integral foreign operations, translation of foreign currency borrowings and changes in fair value of related cross currency swaps together designated as hedges of net investment in non-integral foreign operations. In the Consolidated Accounts, these are considered as hedges of net investment in non-integral foreign operations and are recognized directly in shareholders’ fund.

3. Management’s Discussion and Analysis Report

The Management’s Discussion and Analysis Report on Company’s performance – industry trends and other material changes with respect to the Company and its subsidiaries, wherever applicable, are presented from pages 22 to 40 of this Annual Report.

4. State of Afiairs of the Company

The State of Afiairs of the Company is presented as part of Management Discussion and Analysis Report forming part of this Report at page no. 22.

5. Outlook

According to the National Association of Software and Service Companies (NASSCOM) Strategic Review Report 2015, Revenues for fiscal year 2015 for the IT-BPM industry based in India is estimated to be US$146 billion, which would represent growth of approximately 13% over fiscal year 2014. IT Export Revenues from India, including hardware, are expected to have grown at a year-on-year rate of 12% in fiscial year 2015, driven by greater demands for social, mobile, analytics and cloud based solutions. According to Gartner: forecast: Enterprise IT Spending by Vertical Industry Market, Worldwide, 2013-2019, Q1 2015 Update, worldwide IT Services spending in 2014 was $948 billion, a growth of 1.8% over the previous year.

6. Consolidated Results

Our Sales for the current year grew by 8.12% to Rs 469,510 million and our Profit for the year was Rs 86,609 million, recording an increase of 8.98% over the previous year.

7. Consolidated Financial Statements

The Consolidated Financial Statements of the Company for the financial year ended March 31, 2015, prepared in accordance with Indian GAAP as well as IFRS forms part of this Annual Report.

8. Transfer to Reserves

The appropriations to General Reserve for the Financial Year ended March 31, 2015 as per consolidated and standalone financial statements are:

Rs In Mn

Standalone Consolidated
Net profit for the year 81,931 86,609
Balance of Reserve at the 288,627 316,357
beginning of the year
Transfer to General Reserve 8,193 8,193
Balance of Reserve at the end 341,279 365,983
of the year

9. Subsidiary Companies

In accordance with Section 129(3) of the Companies Act, 2013, a statement containing salient features of the financial statements of the subsidiary companies in Form AOC1 is provided at page no. 208 of the Annual Report. In accordance with third proviso to Section 136(1) of the Companies Act, 2013, the Annual Report of your Company, containing therein its audited standalone and the consolidated financial statements has been placed on the website of the Company at www.wipro.com Further, audited financial statements together with related information and other reports of each of the subsidiary companies, have also been placed on the website of the Company at www.wipro.com.

10. Investments in direct subsidiaries and minority stake

During the year under review, your Company had invested an aggregate of Rs 4,127 Million as equity in its direct subsidiaries and in minority shareholding as part of its acquisition strategy. Apart from this, your Company had funded its subsidiaries, from time to time, as per the fund requirements, through loans, guarantees and other means to meet working capital requirements.

In August 2014, the Company acquired ATCO I-Tek Inc., the provider of IT services to ATCO Group, a leading Canadian global utilities and logistics company, which allows the Company to further strengthen its positions in these industries. Your Company also makes strategic minority investments in companies that operate in high-end and niche technology areas including cloud, opensource, artificial intelligence, advanced analytics and internet of things. During the year ended March 31, 2015, certain additional investments were made in Opera Solutions LLC, a leading global big data science company headquartered in Jersey City, New Jersey. In March 2015, your Company entered into a strategic partnership and acquired a minority stake with Drivestream Inc., a leading Oracle cloud application systems integrator.

11. Number of meetings of the Board

The Board met four times in financial year 2014 viz., on, April 16-17, 2014, July 24, 2014, October 22, 2014 and January 16, 2015. The maximum interval between any two meetings did not exceed 120 days.

12. Board independence

Definition of ‘Independence’ of Directors is derived from Clause 49 of the Listing Agreement with Stock Exchanges, NYSE Listed Company Manual and Section 149(6) of the Companies Act, 2013. Based on the confirmation / disclosures received from the Directors under section 149(7) of the Companies Act 2013 and on evaluation of the relationships disclosed, the following Non-Executive Directors are considered as Independent Directors:-

a) Mr. N Vaghul

b) Mr. M. K. Sharma

c) Dr. Ashok S Ganguly

d) Dr. Jagdish N Sheth

e) Ms. Ireena Vittal

f) Mr. William Arthur Owens

g) Mr. Vyomesh Joshi

13. Directors and Key Managerial Personnel:

Mr. B C Prabhakar and Mr. Shyam Saran, did not desire for re-election at the last Annual General Meeting of the Company held on July 23, 2014 and ceased to be directors of the Company. Dr. Henning Kagermann resigned as Director of the Company with efiect from June 30, 2014. During the year, Mr. Suresh C Senapaty, CFO and Executive Director retired from the services of the Company on attaining his superannuation efiective close of business hours of March 31, 2015. Mr. V Ramachandran, resigned as Company Secretary of the Company with efiect from close of business hours of April 22, 2015.

Your Directors place on record their sincere appreciation of the valuable contribution made by the aforesaid Directors and Company Secretary to the Company.

At the last Annual General Meeting of the Company held on July 23, 2014, Mr. N Vaghul, Dr. Ashok S Ganguly, Ms. Ireena Vittal, Mr. M K Sharma, Mr. Vyomesh Joshi, Mr. William Arthur Owens and Dr. Jagdish N Sheth were appointed as Independent Directors, for a specific tenure in accordance with Section 149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement.

Mr. Azim H Premji is the Chairman and Managing Director (designated as "Chairman) of the Company and Mr. T

K Kurien is the Chief Executive Officer and Executive Director. Mr. Jatin P Dalal has been appointed as the Chief Financial Officer of the Company with effect from April 1, 2015 and Mr. M Sanaulla Khan was appointed as the Company Secretary of the Company with efiect from June 3, 2015. Pursuant to the recommendation of the Board Governance, Nomination and Compensation Committee, Mr. Azim H Premji was reappointed by the Board of Directors, subject to the approval of the shareholders, as the Executive Chairman and Managing Director of the Company (designated as "Executive Chairman") on April 21, 2015 for a further period of two years with efiect from July 31, 2015 to July 30, 2017.

Pursuant to the recommendation of the Board Governance, Nomination and Compensation Committee, Mr. Rishad Azim Premji was appointed as Whole Time Director of the Company by the Board of Directors with efiect from May 1, 2015 for a period of five years, subject to the approval of the shareholders.

14. Committees of the Board

The Company’s Board has the following Committees:

1. Audit/Risk and Compliance Committee

2. Board Governance, Nomination and Compensation Committee

3. Strategy Committee

4. Administrative and Shareholders/Investors Grievance

Committee (Stakeholders’ Relationship Committee)

The details of the membership and attendance of the meetings of the above Committees of the board are provided in the Corporate Governance report on page no. 96 of the annual report.

15. Remuneration Policy

The Board Governance, Nomination & Compensation Committee framed a policy for selection and appointment of Directors including determining qualifications independence of a Director, Key Managerial Personnel, Senior Management Personnel and their remuneration as part of its charter and other matters provided under Section 178(3) of the Companies Act, 2013. An extract of the policy covering these requirements is provided in the Corporate Governance report at page no. 94.

16. Directors’ responsibility Statement

Your Directors hereby confirm that;

(a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of afiairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;

(c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) The Directors have prepared the annual accounts on a going concern basis; and (e) The Directors, have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating efiectively

(f) As required under Section 134(5)(f) of the Companies Act, 2013, and according to the information and explanations presented to us, based on the review done by the Audit/Risk and Compliance Committee and as recommended by it, we, the Board of Directors, hereby, state that adequate systems and processes, commensurate with the size of the Company and the nature of its business, have been put in place by the Company, to ensure compliance with the provisions of all applicable laws as per the Company’s Global Statutory Compliance Policy and that such systems and processes are operating efiectively.

17. Statutory Auditors

The Company’s auditors M/s BSR and Co. LLP, (Regd. No.101248W/W-100022) Chartered Accountants, Bangalore who retire at the ensuing Annual General Meeting, have confirmed their eligibility and willingness to accept ofice, if re-appointed. The proposal for their re-appointment is included in the notice for Annual General Meeting sent herewith.

18. Auditors’ report

There are no qualifications, reservations or adverse remarks made by M/s BSR & Co. LLP, Statutory Auditors in their report for the Financial Year ended March 31, 2015.

The Statutory Auditors have not reported any incident of fraud to the Audit Committee of the Company in the year under review.

19. Particulars of loans, guarantees or investments under Section 186 of the Companies Act, 2013

Disclosure on particulars relating to Loans, guarantees or investments under Section 186 of the Companies Act 2013 is provided in page no. 163 to 168 as part of financial statements.

20. Particulars of contracts or arrangements with related parties referred to in sub-section (1) of Section 188 in the prescribed form

The particulars of contracts or arrangements with related parties referred to in Section 188(1), as prescribed in Form AOC-2 of the rules prescribed under Chapter IX relating to Accounts of Companies under the Companies Act, 2013 is provided at page no. 63 of the Annual Report.

21. Particulars of loans, advances, investments outstanding during the financial year

Disclosure on particulars relating to loans, advances and investments outstanding during the financial year under Clause 32 of the Listing Agreement is provided on page no. 233 as part of financial statements.

22. Material changes and commitments affecting the financial position of the Company

There have been no material changes and commitments, afiecting the financial position of the Company which occurred during between the end of the financial year to which the financial statements relate and the date of this report.

23. Details of significant and material orders passed by the regulators/ courts/ tribunals impacting the going concern status and the Company’s operations in future

There are no significant material orders passed by the Regulators/ Courts which would impact the going concern status of the Company and its future operations.

24. Dividend

Your Directors recommend a final Dividend of Rs 7 /- per equity share of Rs 2/- each to be appropriated from the profits of the Company for the year 2014-15, subject to the approval of the shareholders at the ensuing Annual General Meeting. Pursuant to the approval of Board of Directors on January 16, 2015, your Company had distributed an Interim Dividend of Rs 5/- per share, of face value of Rs 2/- each, to shareholders, who were on the Register of Members of the Company as on closing hours of January 23, 2015, being the record date fixed by the Board of Directors for this purpose. The total dividend for the year ended March 31, 2015 would accordingly be Rs 12 /- per equity share of Rs 2/- each. During the year 2014-15, unclaimed Dividend of

Rs fi4,921,287/- was transferred to the Investor Education and Protection Fund, as required under the Investor Education and Protection Fund (Awareness and Protection of Investor) Rules, 2001.

25. Particulars regarding Conservation of Energy

Your Company has taken several steps to conserve energy through its "Sustainability" initiatives as disclosed separately as part of this Annual Report. The information of Conservation of Energy as required under Section 134(3)(m) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 is not applicable to the business segments which your Company operates. However, as part of Business Responsibility Report on page no. 106 to this Annual Report, your Company had provided details of steps taken in the areas of Energy Conservation and other Sustainability Initiatives.

26. Particulars regarding Research and Development, Technology Absorption

Your Company’s Research and Development (R&D) initiatives continue to focus on incubating and strengthening its portfolio of IT services across multiple new and emerging technology areas as well as in the intersection of these technologies. The R&D and technology innovation agenda focuses on investing in developing solutions and services around defined Advanced Technology Themes (Next Gen Automation, Smart Devices, AI and Cognitive Systems, Next Generation Architecture, Human Machine Interfaces and Software Defined Everything), co-innovating with customers, building Wipro patent portfolio, shaping innovation culture within the organization and Wipro’s startup and ecosystem connects.

Your Company has invested significantly in next gen automation across IT and business process archetypes and have built IP assets in auto/self-healing process performance and governance automation, rule based task automation, intelligent robotics platforms, API automation and basic tax engineering and automation. More than 400 people are engaged in R&D in these areas. Some of the trademarks in these areas include Fixomatic, SeviceNXT, Cloud CLM, InsightiX, PRESM etc. Your Company have also filed certain patents in these areas. Your Company have also developed an open source Artificial Intelligence platform code named Wipro HOLMES. This is a generic cognitive computing platform that enables development of AI applications such as digital virtual agents, predictive systems, cognitive process automation, visual computing applications, knowledge virtualisation, robotics and drones. Your Company is building a Human Machine Interfaces ("HMI") platform which would enable humans to converse with the system in natural language on the specific domains.

The platform also helps in generating multi-modal reactions to human emotions. The Wipro ngGenie, myAdvisor provides next generation experiences by enabling Voice and Conversation based advice based on deep domain knowledge. Wipro Retail Sense helps enable virtual experiences with a compelling experience of touch & feel through next generation human computer interactions that combine virtual reality, holographic and haptic technologies to provide multi modal digital experience & feedback. Your Company has created solutions at the intersection of cutting edge technologies using Computer Vision, Robotics & Machine Learning technologies that solve key business problems in Retail, Consumer Goods and Banking domains. Wipro Sight, a comprehensive in-store analytics solution for the Retail and Consumer Good industry combines the power of human sight with the speed of computer vision, and enables processing and analysis of surveillance data to empower retailers with a near real-time situational awareness, enabling them to respond speedily to waiting customers, long queues, unanticipated stock-outs and similar situations. The solution was showcased at National Retail Federation-January 2015 at New York and was recognized as one of the top 5 Innovations by the Retail Week magazine.

The innovation incubation center, Technovation Center continues to play a key role in helping customers design and conceptualise "change the business" portfolio by leveraging future of technologies, industry processes and consumer behavior. The Technovation Center has evolved into a platform to ideate, experiment, develop and create disruptive solutions that shape future of business at the intersection of technologies.

Your Company’s research and development expenses for the years ended March 31, 2014 and 2015 were Rs 2,660 Mn and Rs 2,513 Mn respectively for our continuing operations.

27. Risk Management Policy

Disclosure indicating development and implementation of a Risk Management Policy is provided in the Management Discussion and Analysis Report forming part of this Report.

28. Corporate Social Responsibility

As per the Companies Act, 2013, companies having net worth of Rs 500 crore or more, or turnover of Rs 1000 crore or more or net profit of Rs 5 crore or more during any financial year are required to constitute a Corporate Social Responsibility (CSR) Committee of the Board of Directors comprising three or more directors, at least one of whom should be an independent director and such company shall spend at least 2% of the average net profits of the company’s three immediately preceding financial years. Accordingly, your Company spent Rs 1,327 Mn towards CSR activities in fiscal 2015. The contents of the CSR policy and initiatives taken by the Company on Corporate Social Responsibility during the year 2014-15 is attached as Annexure F to this Report and contents of the CSR policy is available on our website at www.wipro.com The terms of reference of the Corporate Social Responsibility (CSR) broadly comprises and forms part of Board Governance, Nomination and Compensation Committee and these terms of reference are in accordance with Section 135 of the Companies Act, 2013. The Committee comprises of Dr. Ashok Ganguly, Mr. N Vaghul and Mr. William Arthur Owens.

29. Share Capital

The paid up equity share capital of the Company as on March 31, 2015 was Rs 4,938,086,076. During the year under review, the Company has not issued shares with difierential voting rights and sweat equity shares.

30. Wipro Employee Stock Option Plans (WESOP) / Restricted Stock Unit Plans

Details of the shares issued under Employee Stock Option Plan (ESOP), and also the disclosures in compliance with Section 62 of the Companies Act, 2013 and Rule 12 of Companies (Share Capital and Debentures) Rules, 2014 and Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and the Securities and Exchange Board of India (Employee Stock Option Scheme and Employees Stock purchase Scheme) Guidelines, 1999 are set out in the Annexure to this report.

No employee was issued Stock Option, during the year equal to or exceeding 1% of the issued capital of the Company at the time of grant.

31. Foreign Exchange Earnings and Outgoings

During the year, your Company has earned Foreign Exchange of Rs 367,665 million and the outgoings in Foreign Exchange were Rs 194,308 million.

32. Group

The names of the Promoters and entities comprising "group" (and their shareholding) as defined under the Competition Act 2002 for the purposes of Section 3(1)(e) (i) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 include the following:

Sl. No. Name of the shareholder No. of Shares as on March 31, 2015
1 Azim H Premji 93,405,100
2 Yasmeen A Premji 10,62,666
3 Rishad Azim Premji 6,86,666
4 Tariq Azim Premji 2,65,000
5 Mr. Azim Hasham Premji Partner Representing Hasham Traders 370,956,000
6 Mr. Azim Hasham Premji Partner Representing Prazim Traders 45,290,6791
7 Mr. Azim Hasham Premji Partner Representing Zash Traders 451,619,790
8 Regal Investments & Trading Company Pvt Ltd 1,87,666
9 Vidya Investment & Trading Company Pvt Ltd 1,87,666
10 Napean Trading & Investment Company Pvt Ltd 1,87,666
11 Azim Premji Foundation (I) Pvt. Ltd 10,843,333
12 Azim Premji Trust (Held by Trustees of the Trust) 429,714,120
13 Azim Premji Trustee Company Private Limited NIL
14 Azim Premji Foundation for Development NIL
15 Azim Premji Foundation NIL
16 Azim Premji Trust Services Private Limited Nil
17 Azim Premji Safe Deposits Private Limited Nil
18 Azim Premji Custodial and Management Private Limited Nil
19 Hasham Premji Private Limited Nil
Total 1,812,022,464

33. Board Evaluation

Pursuant to the provisions of the Companies Act, 2013, Clause 49 of the Listing Agreement and in line with our corporate governance guidelines, peer evaluation of all Board members, annual performance evaluation of its own performance, as well as the evaluation of the working of its Committees of the Board. This evaluation is led by the Chairman of the Board Governance, Nomination and Compensation Committee with specific focus on the performance and efiective functioning of the Board. The evaluation process also considers the time spent by each of the Board members, core competencies, personal characteristics, accomplishment of specific responsibilities and expertise.

34. Internal Control System and their adequacy

Your Company has an Internal Control System commensurate with the size of the Company and nature of its business and the complexities of its operations. Your Company has adopted required COSO Framework (Committee of Sponsoring Organizations of the Treadway Commission) for evaluating internal controls. This Framework provides five integrated components of internal controls, namely, Control Environment, Risk Assessment, Control Activity, Information and Communication and Monitoring. Information Technology controls were document, assessed and tested under the COBIT framework. The evaluation of internal controls was carried out Enterprise Risk Management function of your Company.

35. Vigil Mechanism

The Company has adopted an Ombuds process which is a channel for receiving and redressing of employees’ complaints. Under this policy, we encourage our employees to report any reporting of fraudulent financial or other information to the stakeholders, any conduct that results in violation of the Company’s Code of Business Conduct, to management (on an anonymous basis, if employees so desire).

Likewise, under this policy, we have prohibited discrimination, retaliation or harassment of any kind against any employees who, based on the employee’s reasonable belief that such conduct or practice have occurred or are occurring, reports that information or participates in the said investigation. No individual in the Company has been denied access to the Audit/ Risk and Compliance Committee or its Chairman.

Mechanism followed under Ombudsmen process is appropriately communicated within the Company across all levels and has been displayed on Wipro’s intranet and on Wipro’s website at www.wipro.com The Audit/Risk and Compliance Committee periodically reviews the functioning of this mechanism.

This meets the requirement under Section 177(9) and (10) of the Companies Act, 2013 and Clause 49 of the Listing Agreement. No personnel of the Company were denied access to the Audit/Risk & Compliance Committee.

36. Information required under sexual harassment of women at workplace (prevention, prohibition & redressal) Act, 2014 Please refer page no. 108 of the Business Responsibility Report.

37. Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. V Sreedharan, Partner, M/s V Sreedharan & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit in Form MR 3 for the Financial Year ended March 31, 2015 is annexed as Annexure G to the Report. There are no qualifications, reservations or adverse remarks made by Secretarial Auditor in his report.

38. Corporate Governance

As per Clause 49 of the Listing Agreement with the Stock Exchanges, a separate section on corporate governance practices followed by your Company, together with a certificate from V. Sreedharan & Associates, Company Secretaries on compliance with Clause 49 of the Listing Agreement with Indian Stock Exchanges. This certificate is given in Page no. 105.

39. Business Responsibility Reporting

As per Clause 55 of the Listing Agreement with the Stock Exchanges, a separate section on Business Responsibility Reporting forms an integral part of this Report.

40. Particulars of Employees

The information required pursuant to Section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided as Annexure H1 to this Report. A statement containing names of employees employed throughout the financial year and in receipt of remuneration of Rs 60 lacs or more, employees employed for part of the year and in receipt of Rs 5 lac or more per month, pursuant to Rule 5(2) The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided as Annexure H2 to this Report.

41. Deposits

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on public deposits was outstanding as on the date of the balance sheet.

42. Extract of Annual Return

The extract of the Annual Return of your Company as on March 31, 2015 as provided under sub-section (3) of Section 92 in the Form MGT 9 is enclosed at page no. 48 as a part of the Directors’ Report.

43. Green Initiatives

Electronic copies ofthe Annual Report 2014-15 and Notice of the 69th Annual General Meeting are sent to all members whose email addresses are registered with the Company/ Depository participant(s). For members who have not registered their email addresses, physical copies of the Annual Report 2014-15 and the Notice of the 69th Annual General Meeting under Section 101 of the Companies Act, 2013 are sent in the permitted mode. Members requiring physical copies can send a request to the Company.

Your Company provides e-voting facility to all its members to enable them to cast their votes electronically on all resolutions set forth in the Notice. This is pursuant to the Section 108 of the Companies Act 2013 and Rule 20 of the Companies (Management and Administration) Amendment Rules, 2015.

44. Acknowledgements and Appreciation

Your Directors take this opportunity to thank the customers, shareholders, suppliers, bankers, business partners/associates, financial institutions and Central and State Governments for their consistent support and encouragement to the Company. I am sure you will join our Directors in conveying our sincere appreciation to all employees of the Company and its subsidiaries and associates for their hard work and commitment. Their dedication and competence has ensured that the Company continues to be a significant and leading player in the IT Services industry.

For and on behalf of the Board of Directors

Azim H Premji

Chairman

Bangalore, June 3, 2015