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Celebrates 100 Consecutive Years of Dividend Distributions

Therma-Tru Wins 7^th Consecutive Sustainable Brand Leader Title and 2025 Sustainable Product of the Year

MAUMEE, Ohio–(BUSINESS WIRE)–
Therma-Tru, a leader in entry and patio door manufacturing for over 60 years, has been recognized by Green Builder Media with two prestigious awards: Sustainable Brand Leader in the door category and Sustainable Product of the Year for the Therma-Tru Veris Collection. Both distinctions highlight Therma-Tru’s commitment to sustainable innovation and exceptional quality in the building materials market.

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This is the seventh year in a row Therma-Tru has topped the Sustainable Brand Leader list, reflecting Therma-Tru’s industry influence, consistent sustainability efforts and its trusted reputation among professionals and consumers alike.

The Sustainable Product of the Year Award spotlights cutting-edge solutions that enhance energy efficiency, resilience and sustainability in homes. The Therma-Tru Veris Collection excels in all these areas with its sleek, glass-forward aluminum door systems, offering versatility in pivot, hinged, folding and sliding configurations. Designed with high-quality, durable materials and advanced thermal technology, the Veris Collection minimizes energy loss, promoting eco-friendly living with style.

“We are honored to receive these two accolades from the Green Builder team, which validates Therma-Tru as a sustainable leader in the industry,” said Eric Dotson, general manager for Therma-Tru. “It also perfectly resonates with our commitment to ‘perform, protect and preserve,’ engineering on-trend, energy-efficient, durable doors that positively impact our customers, communities and planet.”

Green Builder Media evaluated brands based on extensive data, including COGNITION Smart Data metrics and its Readers’ Choice Survey. Therma-Tru’s recognition cements its position as a top choice for professionals and homeowners seeking sustainable building solutions.

“The 2025 Sustainable Products of the Year exemplify the forward-thinking innovation and environmental responsibility required to drive meaningful change in the built environment,” says Green Builder Media CEO Sara Gutterman. “We are proud to recognize these exceptional solutions and the companies behind them, whose leadership is not only driving market transformation, but also helping to ensure a healthier, more resilient world for generations to come.”

Therma-Tru also leads with its Therma-Tru Thrive commitment, focusing on creating safe, sustainable products while supporting communities worldwide. The company partners with organizations such as Habitat for Humanity and Yellowstone Forever to enhance environmental stewardship and build a better world.

In addition, Therma-Tru has exterior door options to meet ENERGY STAR requirements in all 50 states, and 99.8% of its products are NFRC-certified.

Together, these independent certifications and awards help homeowners and building professionals make informed decisions on buying products that save on energy costs and help protect the environment. To learn more, visit www.thermatru.com.

The Green Builder Media Sustainable Brand Leader and Product of the Year awards were officially announced in the March/April issue of Green Builder Magazine. For more information, visit www.greenbuilder.com.

About Therma-Tru

Therma-Tru is the leading entry door brand most preferred by building professionals. Founded in 1962, Therma-Tru pioneered the fiberglass entry door industry, and today offers a complete portfolio of entry door system solutions proven to outlast and outperform wood and steel. Therma-Tru is part of Fortune Brands Innovations, Inc. (NYSE: FBIN). Learn more at www.thermatru.com.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc. (NYSE: FBIN), headquartered in Deerfield, Ill., is a brand, innovation and channel leader focused on exciting, supercharged categories in the home products, security and commercial building markets. The Company’s growing portfolio of brands includes Moen, House of Rohl, Aqualisa, Emtek, Therma-Tru, Larson, Fiberon, Master Lock, SentrySafe, Yale residential and August. To learn more about FBIN, its brands and environmental, social and governance (ESG) commitments, visit www.FBIN.com.

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Amy Evans

317-873-8100

[email protected]

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Other Manufacturing Environment Commercial Building & Real Estate Construction & Property Engineering Sustainability Building Systems Manufacturing Architecture Residential Building & Real Estate

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Designed with high-quality, durable materials and advanced thermal technology, the Veris Collection minimizes energy loss, promoting eco-friendly living with style.

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Winmark Corporation Announces Increase in Cash Dividend

MINNEAPOLIS–(BUSINESS WIRE)–
Winmark Corporation (Nasdaq: WINA) announced today that its Board of Directors has approved an increase in its regular quarterly cash dividend to shareholders. The quarterly dividend of $0.96 per share represents an increase of $0.06 from its previous dividend rate. The cash dividend will be paid June 2, 2025 to shareholders of record on the close of business on May 14, 2025. Future dividends will be subject to Board approval.

Winmark – the Resale Company®, is a nationally recognized franchising business focused on sustainability and small business formation. We champion and guide entrepreneurs interested in operating one of our award winning resale franchises: Plato’s Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore® and Music Go Round®. At March 29, 2025, there were 1,363 franchises in operation and over 2,800 available territories. An additional 79 franchises have been awarded but are not open.

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Anthony D. Ishaug

763/520-8500

KEYWORDS: United States North America Minnesota

INDUSTRY KEYWORDS: Fashion Professional Services Retail Small Business Other Retail Other Professional Services

MEDIA:

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Winmark Corporation Announces First Quarter Results

MINNEAPOLIS–(BUSINESS WIRE)–
Winmark Corporation (Nasdaq: WINA) announced today net income for the quarter ended March 29, 2025 of $9,956,400 or $2.71 per share diluted compared to net income of $8,819,000 or $2.41 per share diluted in 2024. First quarter results included $2.2 million of leasing income due to the settlement of outstanding customer litigation.

“The run-off of our leasing portfolio announced in May of 2021 is substantially complete,” commented Brett D. Heffes, Chair and Chief Executive Officer.

Winmark – the Resale Company®, is a nationally recognized franchisor focused on sustainability and small business formation. We champion and guide entrepreneurs interested in operating one of our award winning resale franchises: Plato’s Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore® and Music Go Round®. At March 29, 2025, there were 1,363 franchises in operation and over 2,800 available territories. An additional 79 franchises have been awarded but are not open.

This press release contains forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), relating to future events or the future financial performance of the Company. Such forward-looking statements are only predictions or statements of intention subject to risks and uncertainties and actual events or results could differ materially from those anticipated. Because actual result may differ, shareholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements.

WINMARK CORPORATION
CONDENSED BALANCE SHEETS
(Unaudited)
		March 29, 2025				December 28, 2024
ASSETS
Current Assets:
Cash and cash equivalents		$	21,828,800			$	12,189,800
Restricted cash			140,000				140,000
Receivables, net			2,586,400				1,336,400
Income tax receivable			—				96,400
Inventories			338,200				397,600
Prepaid expenses			881,600				1,205,400
Total current assets			25,775,000				15,365,600
Property and equipment, net			1,373,400				1,419,400
Operating lease right of use asset			2,026,600				2,108,700
Intangible assets, net			2,551,800				2,640,300
Goodwill			607,500				607,500
Other assets			516,400				491,200
Deferred income taxes			4,211,800				4,211,800
		$	37,062,500			$	26,844,500
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current Liabilities:
Accounts payable		$	1,544,100			$	1,562,000
Income tax payable			2,883,600				—
Accrued liabilities			3,597,900				1,866,200
Deferred revenue			1,666,800				1,659,700
Total current liabilities			9,692,400				5,087,900
Long-Term Liabilities:
Line of credit/Term loan			30,000,000				30,000,000
Notes payable, net			29,947,400				29,942,800
Deferred revenue			8,249,800				8,027,600
Operating lease liabilities			2,929,500				3,092,800
Other liabilities			2,184,700				1,739,500
Total long-term liabilities			73,311,400				72,802,700
Shareholders’ Equity (Deficit):
Common stock, no par, 10,000,000 shares authorized, 3,532,571 and 3,539,744 shares issued and outstanding			13,124,900				14,790,500
Retained earnings (accumulated deficit)			(59,066,200	)			(65,836,600	)
Total shareholders’ equity (deficit)			(45,941,300	)			(51,046,100	)
		$	37,062,500			$	26,844,500

WINMARK CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended
		March 29, 2025				March 30, 2024
Revenue:
Royalties		$	17,774,700			$	17,268,700
Leasing income			2,307,800				836,800
Merchandise sales			941,300				1,110,500
Franchise fees			332,100				364,500
Other			563,800				529,000
Total revenue			21,919,700				20,109,500
Cost of merchandise sold			888,300				1,038,900
Leasing expense			—				36,600
Provision for credit losses			—				(1,500	)
Selling, general and administrative expenses			7,434,800				6,817,300
Income from operations			13,596,600				12,218,200
Interest expense			(613,900	)			(737,700	)
Interest and other income			149,900				187,900
Income before income taxes			13,132,600				11,668,400
Provision for income taxes			(3,176,200	)			(2,849,400	)
Net income		$	9,956,400			$	8,819,000
Earnings per share – basic		$	2.81			$	2.52
Earnings per share – diluted		$	2.71			$	2.41
Weighted average shares outstanding – basic			3,538,647				3,497,261
Weighted average shares outstanding – diluted			3,672,943				3,661,367

WINMARK CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
		Three Months Ended
		March 29, 2025				March 30, 2024
OPERATING ACTIVITIES:
Net income		$	9,956,400			$	8,819,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment			97,200				108,300
Amortization of intangible assets			88,500				88,500
Provision for credit losses			—				(1,500	)
Compensation expense related to stock options			536,600				485,900
Operating lease right of use asset amortization			82,200				74,200
Change in operating assets and liabilities:
Receivables			(1,250,000	)			(213,300	)
Principal collections on lease receivables			—				62,300
Income tax receivable/payable			2,980,000				2,500,400
Inventories			59,400				(34,800	)
Prepaid expenses			323,700				126,500
Other assets			(25,200	)			(16,600	)
Accounts payable			(18,000	)			(423,100	)
Accrued and other liabilities			2,018,300				1,729,800
Rents received in advance and security deposits			—				(19,700	)
Deferred revenue			229,300				78,100
Net cash provided by operating activities			15,078,400				13,364,000
INVESTING ACTIVITIES:
Purchase of property and equipment			(51,200	)			(87,900	)
Net cash used for investing activities			(51,200	)			(87,900	)
FINANCING ACTIVITIES:
Payments on notes payable			—				(1,062,500	)
Repurchases of common stock			(2,249,900	)			—
Proceeds from exercises of stock options			47,700				70,000
Dividends paid			(3,186,000	)			(2,797,900	)
Net cash used for financing activities			(5,388,200	)			(3,790,400	)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			9,639,000				9,485,700
Cash, cash equivalents and restricted cash, beginning of period			12,329,800				13,386,500
Cash, cash equivalents and restricted cash, end of period		$	21,968,800			$	22,872,200
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest		$	604,000			$	725,700
Cash paid for income taxes		$	196,200			$	349,100
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Balance Sheets to the total of the same amounts shown above:
		Year Ended
		December 28, 2024				December 30, 2023
Cash and cash equivalents		$	21,828,800			$	22,872,200
Restricted cash			140,000				—
Total cash, cash equivalents and restricted cash		$	21,968,800			$	22,872,200

 

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Anthony D. Ishaug

763/520-8500

KEYWORDS: United States North America Minnesota

INDUSTRY KEYWORDS: Department Stores Sports General Sports Baby/Maternity Specialty Professional Services Small Business Fashion Consumer Retail

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Wipro Announces Results for the Quarter and Year Ended March 31, 2025

Net income grew 6.4% QoQ in Q4’25 and grew 18.9% YoY for FY’25

FY’25 margin at 17.1%, expands 0.9%, Q4 margin at 17.5%, expands 1.1% YoY

Large deal booking grew 48.5% YoY in Q4’25 and grew 17.5% YoY for FY’25

Operating cash flow at 104.4% of net income for Q4’25 and 128.2% for FY’25

EAST BRUNSWICK, N.J. & BANGALORE, India–(BUSINESS WIRE)–
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2025.

Highlights of the Results

Results for the Quarter ended March 31, 2025:

1. Gross revenue at Rs 225.0 billion ($2,634.2 million¹), an increase of 0.8% QoQ and 1.3% YoY.
2. IT services segment revenue was at $2,596.5 million, decrease of 1.2% QoQ and 2.3% YoY.
3. Non-GAAP² constant currency IT Services segment revenue decreased 0.8% QoQ and 1.2% YoY.
4. Total bookings³ was at $3,955 million, up by 13.4% QoQ in constant currency². Large deal bookings⁴ was at $1,763 million, an increase of 48.5% YoY in constant currency².
5. IT services operating margin⁵ for Q4’25 was at 17.5%, flat QoQ and expansion of 1.1% YoY.
6. Net income for the quarter was at Rs 35.7 billion ($417.8 million¹), an increase of 6.4% QoQ and 25.9% YoY.
7. Earnings per share for the quarter at Rs 3.4 ($0.04¹), an increase of 6.2% QoQ and 25.8% YoY.
8. Operating cash flows of Rs 37.5 billion ($438.5 million¹), decrease of 28.2% YoY and at 104.4% of Net Income for the quarter.
9. Voluntary attrition was at 15.0% on a trailing 12-month basis.

Results for the Year ended March 31, 2025:

1. Gross revenue reached Rs 890.9 billion ($10.4 billion¹), a decrease of 0.7% YoY.
2. IT services segment revenue was at $10,511.5 million, a decrease of 2.7% YoY.
3. Non-GAAP² constant currency IT Services segment revenue decreased 2.3% YoY.
4. Large deal bookings⁴ was at $5.4 billion, up by 17.5% YoY. Total bookings³ was at $14.3 billion, decrease of 3.8% YoY.
5. IT services operating margin⁵ for the year was at 17.1%, up by 0.9% YoY.
6. Net income for the year was at Rs 131.4 billion ($1,537.0 million¹), an increase of 18.9% YoY.
7. Earnings per share for the year was at Rs 12.6 ($0.15¹), an increase of 20.3% YoY.
8. Operating cash flows of 169.4 billion ($1,983.0 million¹), decrease of 3.9% YoY and at 128.2% of Net Income for the year.

Outlook for the Quarter ending June 30, 2025

We expect revenue from our IT Services business segment to be in the range of $2,505 million to $2,557 million*. This translates to sequential guidance of (-)3.5% to (-)1.5% in constant currency terms.

*Outlook for the Quarter ending June 30, 2025, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.05, AUD/USD at 0.63, USD/INR at 86.60 and CAD/USD at 0.70

Performance for the Quarter and Year ended March 31, 2025

Srini Pallia, CEO and Managing Director, said, “We closed FY25 with two mega deal wins, an increase in large deal bookings, and growth in our top accounts. Client satisfaction scores improved, reflecting strong execution and engagement. We also continued to invest in our global talent and in strengthening our consulting and AI capabilities. As clients remain cautious in the face of macroeconomic uncertainty, we’re focused on partnering closely with them while staying committed to consistent and profitable growth.”

Aparna Iyer, Chief Financial Officer, said, “For Q4 operating margins expanded 110 basis points year on year and for the full financial year margin expanded by 90 basis points. Our focus on execution rigour has ensured that our margins have steadily expanded even in a softening revenue environment. Our endeavor will be to maintain the margin in a narrow band in the coming quarters. Our net income grew 6.4% sequentially in Q4 and 18.9% for the full financial year. Cash flow continued to be robust in Q4 resulting in net operating cash flow generation of almost $ 2 Bn for FY’25, which is 128.2% of our net income.”

Capital Allocation:

The interim dividend of Rs 6 declared by the Board at its meeting held on January 17^th, 2025, shall be considered as final dividend for the financial year 2024-25.

1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 85.43, as published by the Federal Reserve Board of Governors on March 31, 2025. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2025, was US$1= Rs 86.44
2. Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.
3. Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2.
4. Large deal bookings consist of deals greater than or equal to $30 million in total contract value.
5. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.

Highlights of Strategic Deal Wins

In the fourth quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:

1. Phoenix Group, the UK’s largest long-term savings and retirement business, has selected Wipro to deliver life and pension business administration for their ReAssure business and accelerate the Group’s operational transformation. Under the terms of the 10-year deal, Wipro’s FCA-regulated entity, Wipro Financial Services Outsourcing Limited (WFOSL), will deliver comprehensive life and pension administration services that will encompass Policy Administration, Claims Processing, Customer Service Support, Data Management and Reporting, and Compliance and Regulatory Support. As part of the engagement, Wipro will also assume management of the client’s core policy administration ALPHA platform, modernizing it with AI, Automation, Cloud, and digital transformation technologies. This engagement aligns with our strategic big bet of setting up an Insurance Third Party Administration (TPA) business that will open doors for us to target large, multi-year platform, deals encompassing operations and technology.
2. A prominent North America-based financial institution has selected Wipro to enhance its technology infrastructure, delivery and operations. The Wipro team will consolidate the client’s existing technology vendors, thereby providing improved visibility into their technological delivery. Wipro will implement a global delivery model across the client’s entire business to streamline processes, optimize resource allocation, and significantly boost efficiency. This comprehensive approach will enable the client to achieve substantial cost savings, heightened productivity, and superior service delivery.
3. A manufacturer of premium household appliances headquartered in Europe has selected Wipro to manage and transform its IT landscape. The Wipro team will future-proof the client’s IT infrastructure by harnessing its AI-driven Smart-Operations Solution that includes conversational virtual service desk AI agents providing seamless support in multiple languages. Wipro will consolidate all business applications, infrastructure, and cyber security tracks onto a unified monitoring platform to provide better visibility into the client’s technology ecosystem. From this project, the client can expect to see enhanced operational efficiency and robust cyber-risk management.
4. One of the largest health insurers in the U.S has extended its engagement with Wipro to automate and streamline its financial and membership reconciliation. Wipro will deploy its industry leading Medicare platform, “Payer-in-a-box”, to support the client’s growing business. The SaaS based solution will provide the client with increased flexibility to handle membership growth, optimized financial control, and assured compliance with Centre for Medicare & Medicaid Services regulations. Additionally, the solution will also ensure data security, platform stability, and seamless business continuity for the client.
5. A Fortune 100 global healthcare payer, experiencing significant business growth, has entrusted Wipro to manage its increased operational demands. Wipro will leverage its deep expertise and AI tools to scale the client’s Medicare, Medicaid, and ACA operations. This will enable the client to focus on their core strategic priorities, optimize operational costs, and significantly improve efficiency in member services. Wipro will support the client in improving user experience and driving exceptional business outcomes.
6. A US-based payment card services company has expanded its relationship with Wipro to modernize and maintain its business applications portfolio. The Wipro team will undertake a transformation and optimization program across the client’s payment ecosystem. From this project, the client will see significantly improved transaction security for their end-customers, as well as enhanced scalability and cost efficiency.
7. A leading American multinational energy corporation has extended their relationship with Wipro to provide Application Management Services across their entire Oil & Gas value chain. Leveraging Wipro’s AI-powered NextGen AMS solution, the team will modernize and manage an expanded scope of business applications that power critical functions across the client’s end-to-end business value chain. Through this engagement, the client will see a significant increase in AI-enabled operational efficiency, improved resilience in automation, enhanced service levels, as well as stronger alignment with their competitive performance goals.
8. A North American parcel delivery company has extended its relationship with Wipro to provide private Cloud solutions, which comprise Cloud Server, Storage, Network, Security, and Scheduling services. Leveraging AI-Ops tools, the Wipro team will help the client achieve improved ticket resolution and reduction in planned outages. Further, the client will realize enhanced business agility and scalability, as well as cost predictability, data sovereignty, and resiliency.
9. A Europe-based international food wholesaler has extended its partnership with Wipro to provide comprehensive business application management, cloud, and IT support services. In the initial phase of the partnership, Wipro assisted the customer in accelerating their cloud strategy by migrating 80% of their on-premises infrastructure to the cloud and contributing to the modernization of their store infrastructure.
   
   The second phase will focus on enhancing cloud security through modernization and optimization of the client’s cloud environment. The Wipro team will also continue to manage and modernize the client’s business applications, utilizing GenAI-powered solutions to swiftly detect and resolve incidents, ensuring uninterrupted operations.
   
   Additionally, Wipro will leverage data-driven business insights to improve strategic decision-making, leading to enhanced operational efficiency and greater visibility into the client’s business segments.
10. A large Australian engineering and construction company has strengthened its strategic, long-standing partnership with Wipro by expanding into a Managed Services contract. Wipro will leverage automation and AI ops to improve user experience, deliver faster and higher quality issue resolution, as well as to optimize IT costs, and streamline operations. Wipro will also transform the client’s IT service delivery across multiple business units to create a modern, secure, and sustainable environment.
11. A multinational engineering corporation has selected Wipro to implement AI-powered comprehensive managed infosec services solution to enhance their network, endpoint, cloud, and identity security. Integrating AI solutions from the WeGA studio, Wipro will automate processes, efficiently resolve alerts, and provide contextual resolutions for the client. Wipro will enhance agent productivity by 15-20%, resulting in significant efficiency gains and improved overall performance.
12. Wipro has partnered with a US-based utility company to set up a GenAI Center of Excellence to spearhead AI innovation. Through the CoE, Wipro will create a comprehensive GenAI strategy for the client’s AI and data lifecycle. Wipro is developing an end-to-end resource planning platform for logistics, power management, and asset health monitoring, to streamline operations. The AI & data CoE will facilitate better risk governance, accelerated adoption and measurable ROI. The client will also see enhanced decision-making, regulatory alignment, as well as reusable and faster deployment of AI models.

Analyst Recognition

1. Wipro was positioned as a Horizon 3 – Market Leader in the HFS Horizons: Generative Enterprise Services, 2025 report
2. Wipro was ranked as a Leader in Avasant’s Life Sciences Digital Services 2025 RadarView™
3. Wipro was positioned as a Leader in Everest Group’s Managed Detection and Response (MDR) Services PEAK Matrix® Assessment 2025
4. Wipro was positioned as a Leader in ISG Provider Lens™ – Power & Utilities Industry Services and Solutions 2024 – North America & Europe (multiple quadrants)
5. Wipro was rated as a Leader in ISG Provider Lens™ – Oil and Gas Industry Services and Solutions 2024 – North America (all quadrants)
6. Wipro was recognized as a Leader in ISG Provider Lens™ – Telecom, Media and Entertainment Industry Services 2024 – North America (multiple quadrants)
7. Wipro was featured as a Leader in ISG Provider Lens™ – Advanced Analytics and AI Services 2024 – US (all quadrants)
8. Wipro was recognized as a Leader in ISG Provider Lens™ – Healthcare Digital Services 2024 – US (all quadrants)
9. Wipro was recognized as a Leader and Star Performer in Everest Group’s SAP Business Application Services PEAK Matrix® Assessment 2025
10. Wipro was positioned as a Leader in ISG Provider Lens™ – Oracle Cloud and Technology Ecosystem 2024 – US & Europe (all quadrants)
11. Wipro was rated as a Leader in ISG Provider Lens™ – Sustainability and ESG 2024 – US & Europe (all quadrants)
12. Wipro was positioned as a Leader in the 2025 Gartner® Magic Quadrant™ for Outsourced Digital Workplace Services
13. Wipro was recognized as a Leader in Everest Group’s Application Management Services PEAK Matrix® Assessment 2025

Source & Disclaimer: *Gartner, “Magic Quadrant for Outsourced Digital Workplace Services”, Karl Rosander, et al, 24 March 2025.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner’s research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. (“Gartner”), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this press release, and the opinions expressed in the Gartner Content are subject to change without notice.

IT Products

1. IT Products segment revenue for the quarter was Rs 0.8 billion ($9.5 million¹)
2. IT Products segment results for the quarter were Rs 0.03 billion ($0.3million¹)
3. IT Products segment revenue for the year was Rs 2.7 billion ($31.5 million¹)
4. IT Products segment results for the year were (Rs (-)0.2 billion) ($(-)2.0 million¹)

Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

About Key Metrics and Non-GAAP Financial Measures

This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The table at the end provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.

Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.

Results for the Quarter and Year ended March 31, 2025, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/

Quarterly Conference Call

We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (8:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP160425

An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, the benefits its customers experience and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.

Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Rs in millions, except share and per share data, unless otherwise stated)
			As at March 31, 2024		As at March 31, 2025
							Convenience translation into US dollar in millions (unaudited)
ASSETS
Goodwill			316,002		325,014		3,804
Intangible assets			32,748		27,450		321
Property, plant and equipment			81,608		80,684		944
Right-of-Use assets			17,955		25,598		300
Financial assets
Derivative assets			25		^		^
Investments			21,629		26,458		310
Trade receivables			4,045		299		3
Other financial assets			5,550		4,664		54
Investments accounted for using the equity method			1,044		1,327		16
Deferred tax assets			1,817		2,561		30
Non-current tax assets			9,043		7,230		85
Other non-current assets			10,331		7,460		87
Total non-current assets			501,797		508,745		5,954
Inventories			907		694		8
Financial assets
Derivative assets			1,333		1,820		21
Investments			311,171		411,474		4,817
Cash and cash equivalents			96,953		121,974		1,428
Trade receivables			115,477		117,745		1,378
Unbilled receivables			58,345		64,280		753
Other financial assets			10,536		8,448		99
Contract assets			19,854		15,795		185
Current tax assets		6,484			6,417		75
Other current assets			29,602		29,128		341
Total current assets			650,662		777,775		9,105
TOTAL ASSETS			1,152,459		1,286,520		15,059
EQUITY
Share capital			10,450		20,944		245
Share premium			3,291		2,628		31
Retained earnings			630,936		716,477		8,387
Share-based payment reserve			6,384		6,985		82
Special Economic Zone re-investment reserve			42,129		27,778		325
Other components of equity			56,693		53,497		626
Equity attributable to the equity holders of the Company			749,883		828,309		9,696
Non-controlling interests			1,340		2,138		25
TOTAL EQUITY			751,223		830,447		9,721
LIABILITIES
Financial liabilities
Loans and borrowings			62,300		63,954		749
Lease liabilities			13,962		22,193		260
Derivative liabilities			4		–		–
Other financial liabilities			4,985		7,793		91
Deferred tax liabilities			17,467		16,443		192
Non-current tax liabilities			37,090		42,024		492
Other non-current liabilities			12,970		17,119		200
Provisions			–		294		3
Total non-current liabilities			148,778		169,820		1,987
Financial liabilities
Loans, borrowings and bank overdrafts			79,166		97,863		1,146
Lease liabilities			9,221		8,025		94
Derivative liabilities			558		968		11
Trade payables and accrued expenses			88,566		88,252		1,033
Other financial liabilities			2,272		3,878		45
Contract liabilities			17,653		20,063		235
Current tax liabilities			21,756		34,481		404
Other current liabilities			31,295		31,086		364
Provisions			1,971		1,637		19
Total current liabilities			252,458		286,253		3,351
TOTAL LIABILITIES			401,236		456,073		5,338
TOTAL EQUITY AND LIABILITIES			1,152,459		1,286,520		15,059
^ Value is less than 0.5

WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Rs in millions, except share and per share data, unless otherwise stated)
			Three months ended March 31,												Year ended March 31,
			2024			2025					2025				2024				2025				2025
											Convenience translation into US dollar in millions (unaudited)												Convenience translation into US dollar in millions (unaudited)
Revenues			222,083			225,042					2,634				897,603				890,884				10,428
Cost of revenues			(157,219)			(155,525)					(1,820)				(631,497)				(617,802)				(7,231)
Gross profit			64,864			69,517					814				266,106				273,082				3,197
Selling and marketing expenses			(15,443)			(15,065)					(176)				(69,972)				(64,378)				(753)
General and administrative expenses			(13,920)			(15,589)					(183)				(60,375)				(57,465)				(673)
Foreign exchange gains/(losses), net			(128)			224					3				340				32				^
Results from operating activities			35,373			39,087					458				136,099				151,271				1,771
Finance expenses			(3,308)			(3,767)					(44)				(12,552)				(14,770)				(173)
Finance and other income			6,759			11,819					138				23,896				38,202				447
Share of net profit/ (loss) of associate and joint venture accounted for using the equity method			(202)			291					3				(233)				254				3
Profit before tax			38,622			47,430					555				147,210				174,957				2,048
Income tax expense			(10,040)			(11,549)					(135)				(36,089)				(42,777)				(501)
Profit for the period			28,582			35,881					420				111,121				132,180				1,547
Profit attributable to:
Equity holders of the Company			28,346			35,696					418				110,452				131,354				1,537
Non-controlling interests			236			185					2				669				826				10
Profit for the period			28,582			35,881					420				111,121				132,180				1,547
Earnings per equity share:
Attributable to equity holders of the Company
Basic			2.71			3.41					0.04				10.44				12.56				0.15
Diluted			2.70			3.39					0.04				10.41				12.52				0.14
Weighted average number of equity shares used in computing earnings per equity share
Basic			10,444,700,646			10,462,328,534					10,462,328,534				10,576,571,110				10,456,741,552				10,456,741,552
Diluted			10,470,351,422			10,490,716,219					10,490,716,219				10,611,424,628				10,488,939,392				10,488,939,392
^ Value is less than 0.5

Information on reportable segments for the three months ended March 31, 2025, December 31, 2024, March 31, 2024, and year ended March 31, 2025 and March 31, 2024 are as follows:

Particulars	Three months ended			Year ended
	March 31, 2025	December 31, 2024	March 31, 2024	March 31, 2025	March 31, 2024
	Audited	Audited	Audited	Audited	Audited
Segment revenue
IT Services
Americas 1	73,721	72,010	67,229	281,824	268,230
Americas 2	68,582	68,120	67,724	271,972	269,482
Europe	58,552	59,282	61,344	240,077	253,927
APMEA	23,598	23,439	24,499	94,351	102,177
Total of IT Services	224,453	222,851	220,796	888,224	893,816
IT Products	813	747	1,159	2,692	4,127
Total segment revenue	225,266	223,598	221,955	890,916	897,943
Segment result
IT Services
Americas 1	16,195	14,966	14,081	58,186	59,364
Americas 2	15,513	15,275	15,791	61,326	59,163
Europe	8,140	7,600	7,933	29,434	33,354
APMEA	3,672	3,667	3,401	12,850	12,619
Unallocated	(4,250)	(2,518)	(5,011)	(10,157)	(20,304)
Total of IT Services	39,270	38,990	36,195	151,639	144,196
IT Products	28	29	143	(173)	(371)
Reconciling Items	(211)	(53)	(965)	(195)	(7,726)
Total segment result	39,087	38,966	35,373	151,271	136,099
Finance expenses	(3,767)	(4,146)	(3,308)	(14,770)	(12,552)
Finance and other income	11,819	9,708	6,759	38,202	23,896
Share of net profit/ (loss) of associate and joint venture accounted for using the equity method	291	5	(202)	254	(233)
Profit before tax	47,430	44,533	38,622	174,957	147,210

Additional Information:

The Company is organized into the following operating segments: IT Services and IT Products.

IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) – Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: Communications, media and information services, Software and gaming, New age technology, Consumer goods, medical devices and life sciences, Healthcare, and Technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: Banking and financial services, Energy, Manufacturing and resources, Capital markets and insurance, and Hi-tech.

Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Northern Europe and Southern Europe.

APMEA consists of Australia and New Zealand, India, Middle East, South-East Asia, Japan and Africa.

Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.

IT Products: The Company is a value-added reseller of security, packaged and SaaS software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to these items is reported as revenue from the sale of IT Products.

Reconciliation of selected GAAP measures to Non-GAAP measures

1. Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)

Three Months ended March 31, 2025
IT Services Revenue as per IFRS	$2,596.5
Effect of Foreign currency exchange movement	$11.4
Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates	$2,607.9
Three Months ended March 31, 2025
IT Services Revenue as per IFRS	$2,596.5
Effect of Foreign currency exchange movement	$29.8
Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year	$2,626.3

Year ended March 31, 2025
IT Services Revenue as per IFRS	$10,511.5
Effect of Foreign currency exchange movement	$45.0
Non-GAAP Constant Currency IT Services Revenue based on previous year exchange rates	$10,556.6

2. Reconciliation of Free Cash Flow for three months and twelve months ended March 31, 2025

	Amount in INR Mn
	Three months ended March 31, 2025	Twelve months ended March 31, 2025
Net Income for the period [A]	35,881	132,180
Computation of Free Cash Flow
Net cash generated from operating activities [B]	37,465	169,426
Add/ (deduct) cash inflow/ (outflow)on:
Purchase of property, plant and equipment	(6,875)	(14,737)
Proceeds from sale of property, plant and equipment	306	1,822
Free Cash Flow [C]	30,896	156,511
Operating Cash Flow as percentage of Net Income [B/A]	104.4%	128.2%
Free Cash Flow as percentage of Net Income [C/A]	86.1%	118.4%

 

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Contact for Investor Relations

Dipak Kumar Bohra

Phone: +91-80-6142 7201

[email protected]

Abhishek Jain

Phone: +91-80-6142 6143

[email protected]

Contact for Media & Press

Dinesh Joshi

Phone: +91 92052-64001

[email protected]

KEYWORDS: United States India North America Asia Pacific New Jersey

INDUSTRY KEYWORDS: Professional Services Data Management Technology Software Consulting Networks

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