We have audited the accompanying Standalone Financial
Statements of Wipro Limited (the “Company”), which
comprise the Balance Sheet as at March 31, 2025,
and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows and for the year
ended on that date, and notes to the financial statements,
including a summary of material accounting policies and
other explanatory information (herein after referred to as
“the Standalone Financial Statements”).
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone Financial Statements give the information
required by the Companies Act, 2013 (the “Act”) in the
manner so required and give a true and fair view in
conformity with the accounting principles generally
accepted in India, including Ind AS specified under section
133 of the Act, of the state of affairs of the Company as at
March 31, 2025, and its profit, total comprehensive income,
the changes in equity and cash flows for the year ended on
that date.
BASIS FOR OPINION
We conducted our audit of the Standalone Financial
Statements in accordance with the Standards on
Auditing (“SA”s) specified under section 143(10) of the
Act. Our responsibilities under those Standards are
further described in the Auditor's Responsibility for the
Audit of the Standalone Financial Statements section
of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India (“ICAI”) together with
the ethical requirements that are relevant to our audit of
the Standalone Financial Statements under the provisions
of the Act and the Rules made thereunder, and we have
fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI's Code of Ethics. We
believe that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our audit opinion on
the Standalone Financial Statements.
KEY AUDIT MATTER
Key audit matter is a matter that, in our professional
judgment, is of most significance in our audit of the
Standalone Financial Statements of the current period.
This matter was addressed in the context of our audit of
the Standalone Financial Statements as a whole, and
in forming our opinion thereon, and we do not provide a
separate opinion on this matter. We have determined the
matter described below to be the key audit matter to be
communicated in our report.
Revenue from fixed-price contracts using the
percentage-of-completion method - Refer Notes 2 (iii)
(a), 3(xiii)B(i) and 22 to the financial statements.
Key Audit Matter Description
Revenue from fixed-price contracts, including software
development, and integration contracts, where the
performance obligations are satisfied over time, is
recognized using the percentage-of-completion method.
Use of the percentage-of-completion method requires
the Company to determine the project costs incurred to
date as a percentage of total estimated project costs at
completion. The estimation of total project costs involves
significant judgement and is assessed throughout the
period of the contract to reflect any changes based on
the latest available information. In addition, provisions
for estimated losses, if any, on uncompleted contracts
are recorded in the period in which such losses become
probable based on the total estimated project costs.
We identified the revenue recognition for fixed-price
contracts where the percentage-of-completion method
is used as a key audit matter because of the significant
judgement involved in estimating the efforts to complete
such contracts.
This estimate has a high inherent uncertainty and requires
consideration of progress of the contract, efforts incurred
to-date and estimates of efforts required to complete the
remaining performance obligations.
This required a high degree of auditor judgment in
evaluating the audit evidence supporting estimated efforts
to complete and a higher extent of audit effort to evaluate
the reasonableness of the total estimated efforts used to
recognize revenue from fixed-price contracts.
How the Key Audit Matter Was Addressed in the Audit
Our audit procedures related to estimates of efforts to
complete for fixed-price contracts accounted using the
percentage-of-completion method included the following,
among others:
• We tested the effectiveness of controls relating to (1)
recording of efforts incurred and estimation of efforts
required to complete the remaining performance
obligations, and (2) access and application controls
pertaining to time recording and allocation systems,
which prevents unauthorised changes to recording of
efforts incurred.
• We selected a sample of fixed-price contracts with
customers accounted using percentage-of-completion
method and performed the following:
• Read the contract and based on the terms and
conditions evaluated whether recognizing revenue
over time using percentage-of-completion method
was appropriate, and the contract was included in
management's calculation of revenue over time.
• Evaluated the appropriateness of and consistency
in the application of management's policies and
methodologies to estimate progress towards
satisfying the performance obligation.
• Compared efforts incurred to date with Company's
estimate of efforts incurred to date to identify
significant variations and evaluate whether those
variations have been considered appropriately
in estimating the remaining efforts to complete
the contract.
• Tested the estimate for consistency with the status
of delivery of milestones, customer acceptances and
other related information to identify possible delays
in achieving milestones, which require changes
in estimated efforts to complete the remaining
performance obligations.
INFORMATION OTHER THAN THE FINANCIAL
STATEMENTS AND AUDITOR’S REPORT
THEREON
• The Company's Board of Directors is responsible for the
other information. The other information comprises the
information included in the Management Discussion and
Analysis, Board's Report including Annexures to Board's
report, Business Responsibility and Sustainability
Report and Corporate Governance Report, but does
not include the Consolidated Financial Statements,
Standalone Financial Statements and our auditor's
report thereon.
• Our opinion on the Standalone Financial Statements
does not cover the other information and we do not
express any form of assurance conclusion thereon.
• In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other
information and, in doing so, consider whether the
other information is materially inconsistent with the
Standalone Financial Statements or our knowledge
obtained during the course of our audit or otherwise
appears to be materially misstated.
• If, based on the work we have performed, we conclude
that there is a material misstatement of this other
information, we are required to report that fact. We have
nothing to report in this regard.
RESPONSIBILITIES OF MANAGEMENT AND
BOARD OF DIRECTORS FOR THE STANDALONE
FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these standalone financial statements
that give a true and fair view of the financial position,
financial performance including other comprehensive
income, cash flows and changes in equity of the Company
in accordance with the accounting principles generally
accepted in India, including Ind AS specified under section
133 of the Act. This responsibility also includes maintenance
of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant
to the preparation and presentation of the financial
statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements,
management and Board of Directors is responsible for
assessing the Company's ability to continue as a going
concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting
unless the Board of Directors either intend to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.
The Company's Board of Directors is also responsible for
overseeing the Company's financial reporting process.
AUDITOR’S RESPONSIBILITY FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable assurance about
whether the Standalone Financial Statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of these Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement
of the Standalone Financial Statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.
• Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
section 143(3)0) of the Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls with reference
to Standalone Financial Statements in place and the
operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the management.
• Conclude on the appropriateness of management's use
of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions
that may cast significant doubt on the Company's
ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related
disclosures in the Standalone Financial Statements
or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However,
future events or conditions may cause the Company to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content
of the Standalone Financial Statements, including the
disclosures, and whether the Standalone Financial
Statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually
or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
Standalone Financial Statements may be influenced.
We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the Standalone
Financial Statements.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal financial controls
that we identify during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regardingindependence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the Standalone Financial
Statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor's
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated
in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS
1. As required by Section 143(3) of the Act, based on our
audit we report that:
a) We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion, proper books of account as
required by law have been kept by the Company
so far as it appears from our examination of
those books.
c) The Balance Sheet, the Statement of Profit
and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the
Statement of Cash Flows dealt with by this Report
are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified
under Section 133 of the Act.
e) On the basis of the written representations
received from the directors as on March 31,2025
taken on record by the Board of Directors, none of
the directors is disqualified as on March 31, 2025
from being appointed as a director in terms of
Section 164(2) of the Act.
f) With respect to the adequacy of the internal
financial controls with reference to Standalone
Financial Statements of the Company and the
operating effectiveness of such controls, refer
to our separate Report in “Annexure A”. Our
report expresses an unmodified opinion on
the adequacy and operating effectiveness of
the Company's internal financial controls with
reference to Standalone Financial Statements.
g) With respect to the other matters to be included
in the Auditor's Report in accordance with the
requirements of section 197(16) of the Act, as
amended, in our opinion and to the best of our
information and according to the explanations
given to us, the remuneration paid by the
Company to its directors during the year is in
accordance with the provisions of section 197 of
the Act.
h) With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,
as amended in our opinion and to the best of our
information and according to the explanations
given to us:
i. The Company has disclosed the impact of
pending litigations on its financial position
in its Standalone Financial Statements
- Refer Note 34 to the Standalone
Financial Statements;
ii. The Company has made provision, as
required under the applicable law or
accounting standards, for material
foreseeable losses, if any, on long-term
contracts including derivative contracts
- Refer Note 18 to the Standalone
Financial Statements;
iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company
iv. (a) The Management has represented
that, to the best of its knowledge and
belief, no funds (which are material
either individually or in aggregate) have
been advanced or loaned or invested
(either from borrowed funds or share
premium or any other sources or kind
of funds) by the Company to or in any
other person or entity, including foreign
entities (“Intermediaries”), with the
understanding, whether recorded
in writing or otherwise, that the
Intermediary shall, directly or indirectly
lend or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Company
(“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
(b) The Management has represented,
that, to the best of its knowledge and
belief, no funds (which are material
either individually or in aggregate) have
been received by the Company from
any person or entity, including foreign
entities (“Funding Parties”), with the
understanding, whether recorded in
writing or otherwise, that the Company
shall, directly or indirectly, lend or
invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
(c) Based on the audit procedures
performed that have been considered
reasonable and appropriate in the
circumstances, nothing has come
to our notice that has caused us to
believe that the representations under
sub-clause (i) and (ii) of Rule 11(e),
as provided under (a) and (b) above,
contain any material misstatement.
v. The interim dividend declared and paid
by the Company during the year is in
accordance with section 123 of the Act,
as applicable.
vi. Based on our examination, which
included test checks, the Company has
used accounting software systems for
maintaining its books of account for the
financial year ended March 31, 2025 which
have the feature of recording audit trail
(edit log) facility and the same has operated
throughout the year for all relevant
transactions recorded in the software
systems. Further, during the course of our
audit we did not come across any instance
of the audit trail feature being tampered
with and the audit trail has been preserved
by the Company as per the statutory
requirements for record retention.
2. As required by the Companies (Auditor's Report) Order,
2020 (“the Order”) issued by the Central Government
in terms of Section 143(11) of the Act, we give in
“Annexure B” a statement on the matters specified in
paragraphs 3 and 4 of the Order.
For Deloitte Haskins & Sells LLP
Chartered Accountants
Firm’s Registration No.: 117366W/W - 100018
Anand Subramanian
Partner
Bengaluru Membership No.: 110815
May 22, 2025 UDIN: 25110815BMOEXJ2209
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