Value Creation for Stakeholders Statutory Reports and Financial Statements

Standalone Financial Statement under Ind AS

Balance Sheet
(C in millions, except share and per share data, unless otherwise stated)

As at As at
Notes
March 31, 2023 March 31, 2022
ASSETS
Non-current assets
Property, plant and equipment 4 73,803 65,167
Right-of-Use assets 5 8,535 8,699
Capital work-in-progress 6 6,038 15,845
Goodwill 7 4,604 4,604
Other intangible assets 7 1,305 1,907
Financial assets
Investments 8 193,728 165,572
Derivative assets 20 3 6
Other financial assets 11 3,819 3,188
Deferred tax assets (net) 21 668 533
Non-current tax assets (net) 11,487 9,747
Other non-current assets 13 9,308 10,838
Total non-current assets 313,298 286,106
Current assets
Inventories 12 913 875
Financial assets
Investments 8 297,126 240,737
Derivative assets 20 1,596 2,995
Trade receivables 9 99,617 92,954
Unbilled receivables 33,115 35,127
Loans to subsidiaries 12,326 19,130
Cash and cash equivalents 10 45,270 48,981
Other financial assets 11 6,049 39,431
Current tax assets (net) 2,096 529
Contract assets 16,366 13,979
Other current assets 13 25,304 22,984
Total current assets 539,778 517,722
TOTAL ASSETS 853,076 803,828
EQUITY AND LIABILITIES
EQUITY
Equity share capital 14 10,976 10,964
Other equity 616,647 532,543
TOTAL EQUITY 627,623 543,507
LIABILITIES
Non-current liabilities
Financial liabilities
Borrowings 15 - 57
Lease liabilities 5, 15 7,758 6,939
Derivative liabilities 20 68 48
Other financial liabilities 17 - 2

Integrated Annual Report 2022-23 159

 Reporting Context Our Capabilities Governance and Leadership Performance Overview

Standalone Financial Statement under Ind AS

Balance Sheet
(C in millions, except share and per share data, unless otherwise stated)

As at As at
Notes
March 31, 2023 March 31, 2022
Provisions 18 549 641
Deferred tax liabilities (net) 21 2,531 -
Non-current tax liabilities (net) 19,740 16,052
Other non-current liabilities 19 6,379 4,845
Total non-current liabilities 37,025 28,584
Current liabilities
Financial liabilities
Borrowings 15 51,807 76,734
Lease liabilities 5, 15 4,029 4,311
Derivative liabilities 20 2,823 585
Trade payables
(a) Total outstanding dues of micro enterprises and small enterprises 16 1,145 1,117
(b) Total outstanding dues of creditors other than micro enterprises and small
enterprises 16 51,857 45,734
Other financial liabilities 17 21,820 51,171
Contract liabilities 19,032 21,095
Other current liabilities 19 8,776 8,969
Provisions 18 13,580 13,683
Current tax liabilities (net) 13,559 8,338
Total current liabilities 188,428 231,737
TOTAL LIABILITIES 225,453 260,321
TOTAL EQUITY AND LIABILITIES 853,076 803,828

The accompanying notes form an integral part of these standalone financial statements

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

for Deloitte Haskins & Sells LLP Rishad A. Premji Deepak M. Satwalekar Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer
Firm’s Registration No.: 117366W/W - 100018 (DIN: 02983899) (DIN: 00009627) and Managing Director
(DIN: 08107242)

Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan

Partner Chief Financial Officer Company Secretary
Membership No.: 110815

Bengaluru
May 24, 2023

160 Ambitions Realized.

Value Creation for Stakeholders Statutory Reports and Financial Statements

Standalone Financial Statement under Ind AS

Statement of Profit and Loss

(C in millions, except share and per share data, unless otherwise stated)

Year ended Year ended

Notes
March 31, 2023 March 31, 2022
INCOME
Revenue from operations 22 677,534 595,744
Other income 23 23,542 47,061
Total Income 701,076 642,805

EXPENSES
Purchases of stock-in-trade 3,782 4,888
Changes in inventories of finished goods and stock-in-trade 24 (35) (64)
Employee benefits expense 25 372,016 315,424
Finance costs 26 6,289 3,674
Depreciation, amortisation and impairment expense 15,921 14,857
Sub-contracting and technical fees 120,407 109,777
Facility expenses 38 8,737 7,298
Software license expense for internal use 38 15,059 10,241
Travel 11,522 5,976
Communication 3,723 3,729
Legal and professional charges 38 7,456 9,836
Marketing and brand building 2,495 1,624
Other expenses 27, 38 11,015 2,903
Total expenses 578,387 490,163

Profit before tax 122,689 152,642

Tax expense
Current tax 21 27,405 31,941
Deferred tax 21 3,517 (652)
Total tax expense 30,922 31,289
Profit for the year 91,767 121,353

Other comprehensive income (OCI), net of taxes

Items that will not be reclassified to profit or loss:

Re-measurements of the defined benefit plans, net 25 (90) (12)
Net change in fair value of investment in equity instruments measured at fair value
through OCI 20 (10) (4)
Income tax relating to items that will not be reclassified to profit or loss 21 19 1

Integrated Annual Report 2022-23 161

 Reporting Context Our Capabilities Governance and Leadership Performance Overview

Standalone Financial Statement under Ind AS

Statement of Profit and Loss

(C in millions, except share and per share data, unless otherwise stated)

Year ended Year ended

Notes
March 31, 2023 March 31, 2022
Items that will be reclassified to profit or loss:
Net change in time value of option contracts designated as cash flow hedges 20 (235) 183
Net change in intrinsic value of option contracts designated as cash flow hedges 20 (273) (120)
Net change in fair value of forward contracts designated as cash flow hedges 20 (3,198) (303)
Net change in fair value of investment in debt instruments measured at fair value
through OCI (3,411) (1,944)
Income tax relating to items that will be reclassified to profit or loss 21 1,100 712

Total other comprehensive income / (loss) for the year, net of taxes (6,098) (1,487)

Total comprehensive income for the year 85,669 119,866

Earnings per equity share 28

(Equity shares of par value C2 each)
Basic 16.75 22.20
Diluted 16.72 22.14

Weighted average number of equity shares used in computing earnings

per equity share
Basic 5,477,466,573 5,466,705,840
Diluted 5,488,991,175 5,482,083,438

The accompanying notes form an integral part of these standalone financial statements

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

for Deloitte Haskins & Sells LLP Rishad A. Premji Deepak M. Satwalekar Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer
Firm’s Registration No.: 117366W/W - 100018 (DIN: 02983899) (DIN: 00009627) and Managing Director
(DIN: 08107242)

Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan

Partner Chief Financial Officer Company Secretary
Membership No.: 110815

Bengaluru
May 24, 2023

162 Ambitions Realized.

Value Creation for Stakeholders Statutory Reports and Financial Statements

Consolidated Financial Statement under IFRS

Consolidated Statement of Financial Position

(C in millions, except share and per share data, unless otherwise stated)

As at
March 31, 2023
Convenience
As at As at translation
Notes
March 31, 2022 March 31, 2023 into US dollar
in millions
(unaudited) Refer
to Note 2(iii)
ASSETS
Goodwill 6 246,989 307,970 3,747
Intangible assets 6 43,555 43,045 524
Property, plant and equipment 4 90,898 88,659 1,079
Right-of-Use assets 5 18,870 18,702 228
Financial assets
Derivative assets 19 6 29 ^
Investments 8 19,109 20,720 252
Trade receivables 9 4,765 863 11
Other financial assets 12 6,084 6,330 77
Investments accounted for using the equity method 8 774 780 9
Deferred tax assets 21 2,298 2,100 26
Non-current tax assets 10,256 11,922 145
Other non-current assets 13 14,826 13,606 166
Total non-current assets 458,430 514,726 6,264
Inventories 10 1,334 1,188 14
Financial assets
Derivative assets 19 3,032 1,844 22
Investments 8 241,655 309,232 3,762
Cash and cash equivalents 11 103,836 91,880 1,118
Trade receivables 9 115,219 126,350 1,537
Unbilled receivables 60,809 60,515 736
Other financial assets 12 42,914 9,096 111
Contract assets 20,647 23,001 280
Current tax assets 2,373 5,091 62
Other current assets 13 28,933 32,899 400
Total current assets 620,752 661,096 8,042

TOTAL ASSETS 1,079,182 1,175,822 14,306

EQUITY
Share capital 10,964 10,976 134
Share premium 1,566 3,689 45
Retained earnings 551,252 660,964 8,042
Share-based payment reserve 5,258 5,632 69
Special Economic Zone Re-investment reserve 47,061 46,803 569
Other components of equity 42,057 53,100 646
Equity attributable to the equity holders of the Company 658,158 781,164 9,505
Non-controlling interests 515 589 7
TOTAL EQUITY 658,673 781,753 9,512

Integrated Annual Report 2022-23 339

 Reporting Context Our Capabilities Governance and Leadership Performance Overview

Consolidated Financial Statement under IFRS

Consolidated Statement of Financial Position

(C in millions, except share and per share data, unless otherwise stated)

As at
March 31, 2023
Convenience
As at As at translation
Notes
March 31, 2022 March 31, 2023 into US dollar
in millions
(unaudited) Refer
to Note 2(iii)

LIABILITIES
Financial liabilities
Loans and borrowings 14 56,463 61,272 745
Lease liabilities 5, 14 15,177 15,953 194
Derivative liabilities 19 48 179 2
Other financial liabilities 16 2,961 2,649 32
Deferred tax liabilities 21 12,141 15,153 184
Non-current tax liabilities 17,818 21,777 265
Other non-current liabilities 17 7,571 9,333 114
Provisions 18 1 ^ ^
Total non-current liabilities 112,180 126,316 1,536
Financial liabilities
Loans, borrowings and bank overdrafts 14 95,233 88,821 1,081
Lease liabilities 5, 14 9,056 8,620 105
Derivative liabilities 19 585 2,825 34
Trade payables and accrued expenses 15 94,477 89,054 1,084
Other financial liabilities 16 33,110 4,141 50
Contract liabilities 27,915 22,682 276
Current tax liabilities 13,231 18,846 229
Other current liabilities 17 31,951 30,215 368
Provisions 18 2,771 2,549 31
Total current liabilities 308,329 267,753 3,258

TOTAL LIABILITIES 420,509 394,069 4,794

TOTAL EQUITY AND LIABILITIES 1,079,182 1,175,822 14,306

^ Value is less than 1

The accompanying notes form an integral part of these consolidated financial statements.

340 Ambitions Realized.

Value Creation for Stakeholders Statutory Reports and Financial Statements

Consolidated Financial Statement under IFRS

Consolidated Statement of Financial Position

(C in millions, except share and per share data, unless otherwise stated)

Year ended
March 31, 2023
Convenience
Year ended March Year ended March Year ended translation
Notes
31, 2021 31, 2022 March 31, 2023 into US dollar
in millions
(unaudited) Refer
to Note 2(iii)
Revenues 24 619,430 790,934 904,876 11,011
Cost of revenues 25 (423,205) (555,872) (645,446) (7,853)
Gross profit 196,225 235,062 259,430 3,158

Selling and marketing expenses 25 (41,400) (54,935) (65,157) (793)

General and administrative expenses 25 (34,686) (46,382) (59,139) (720)
Foreign exchange gains/(losses), net 28 2,995 4,355 4,472 54
Other operating income/(loss), net 26 (81) 2,186 - -
Results from operating activities 123,053 140,286 139,606 1,699

Finance expenses 27 (5,088) (5,325) (10,077) (123)

Finance and other income 28 20,912 16,257 18,185 222
Share of net profit/(loss) of associates
accounted for using the equity method 8 130 57 (57) (1)
Profit before tax 139,007 151,275 147,657 1,797
Income tax expense 21 (30,345) (28,946) (33,992) (414)
Profit for the year 108,662 122,329 113,665 1,383

Profit attributable to:

Equity holders of the Company 107,946 122,191 113,500 1,381
Non-controlling interests 716 138 165 2
Profit for the year 108,662 122,329 113,665 1,383

Earnings per equity share: 29

Attributable to equity holders of the Company
Basic 19.11 22.35 20.73 0.25
Diluted 19.07 22.29 20.68 0.25

Weighted average number of equity shares used

in computing earnings per equity share

Basic 5,649,265,885 5,466,705,840 5,477,466,573 5,477,466,573

Diluted 5,661,657,822 5,482,083,438 5,488,991,175 5,488,991,175

The accompanying notes form an integral part of these consolidated financial statements.

Integrated Annual Report 2022-23 341

 Reporting Context Our Capabilities Governance and Leadership Performance Overview

Consolidated Financial Statement under IFRS

Consolidated Statement of Financial Position

(C in millions, except share and per share data, unless otherwise stated)

Year ended
March 31, 2023
Convenience
Year ended Year ended Year ended translation
Notes
March 31, 2021 March 31, 2022 March 31, 2023 into US dollar
in millions
(unaudited)
Refer to Note 2(iii)

Profit for the year 108,662 122,329 113,665 1,383

Other comprehensive income (OCI)

Items that will not be reclassified to profit or loss
in subsequent periods
Remeasurements of the defined benefit plans, 31
net 223 399 (50) (1)
Net change in fair value of investment in equity 19
instruments measured at fair value through OCI 1,216 8,710 705 9
1,439 9,109 655 8
Items that will be reclassified to profit or loss in
subsequent periods
Foreign currency translation differences (656) 4,121 16,590 202
Reclassification of foreign currency translation 20
differences on sale of investment in associates
and liquidation of subsidiaries to statement of
income - (158) (133) (2)
Net change in time value of option contracts 19, 21
designated as cash flow hedges 52 139 (180) (2)
Net change in intrinsic value of option contracts 19, 21
designated as cash flow hedges 958 (100) (212) (3)
Net change in fair value of forward contracts 19, 21
designated as cash flow hedges 3,035 (292) (2,488) (30)
Net change in fair value of investment in debt
instruments measured at fair value through OCI 1,851 (1,219) (3,137) (38)
5,240 2,491 10,440 127

Total other comprehensive income, net of taxes 6,679 11,600 11,095 135

Total comprehensive income for the year 115,341 133,929 124,760 1,518

Total comprehensive income attributable to:

Equity holders of the Company 114,678 133,742 124,543 1,515
Non-controlling interests 663 187 217 3
115,341 133,929 124,760 1,518

The accompanying notes form an integral part of these consolidated financial statements.

342 Ambitions Realized.