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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001012870-01-000168.txt : 20010123
<SEC-HEADER>0001012870-01-000168.hdr.sgml : 20010123
ACCESSION NUMBER:		0001012870-01-000168
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20001231
FILED AS OF DATE:		20010119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WIPRO LTD
		CENTRAL INDEX KEY:			0001123799
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		
		SEC FILE NUMBER:	001-16139
		FILM NUMBER:		1511335

	BUSINESS ADDRESS:	
		STREET 1:		SURVEY #76P & #80P DODDAKANAHALLI VILLAG
		STREET 2:		VARTHUR HOBLI SARJAPUR RD BANGALORE
		CITY:			INDIA 560035

	MAIL ADDRESS:	
		STREET 1:		SURVEY #76P & #80P DODDAKANAHALLI VILLAG
		STREET 2:		VARTHUR HOBLI SARJAPUR RD BANGALORE
		CITY:			INDIA 560035
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>FORM 6-K
<TEXT>

<PAGE>

- --------------------------------------------------------------------------------
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
- --------------------------------------------------------------------------------

                                    FORM 6-K

                            Report of Foreign Issuer
              Pursuant to Rule 13a-16 or 15d-16 of the Securities
                              Exchange Act of 1934

                               January 19, 2001
                                (Date of Report)

                                 WIPRO LIMITED
             (Exact name of Registrant as specified in its charter)

                                 Not Applicable
                (Translation of Registrant's name into English)

                                Karnataka, India
                (Jurisdiction of incorporation or organization)

                                 Doddakannelli
                                 Sarjapur Road
                      Bangalore, Karnataka 560 035, India
                                +91-80-844-0011
                    (Address of principal executive offices)

Indicate by check mark registrant files or will file annual reports under cover
Form 20-F or Form 40-F.

          Form 20-F  [X]             Form 40-F  [ ]

Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g 3-2(b) under the Securities Exchange Act of
1934.

          Yes  [ ]                   No  [X]

If "Yes" is marked, indicate below the file number assigned to registrant in
connection with Rule 12g 3-2(b).

          Not applicable.
<PAGE>

ITEM 5. Other Events.

          On January 18, 2001, Wipro Limited released its earnings for the
quarter ended December 31, 2000. Copies of the related press releases are
attached as Exhibits 99.1 and 99.2 and incorporated herein by reference.


ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits

(c) Exhibits: 99.1 Earnings press release dated January 18, 2001, under U.S.
                   GAAP.

              99.2 Earnings press release dated January 19, 2001, under Indian
                   GAAP.



                                      -2-
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of
1934, the registrant certifies that it meets all the requirements for filing on
Form 6-K and has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Dated: January 19, 2001              WIPRO LIMITED



                                     By: /s/ Suresh C. Senapaty
                                         -----------------------------
                                         Suresh C. Senapaty
                                         Executive Vice President, Finance

                                      -3-
<PAGE>

                                 EXHIBIT INDEX


Exhibit No.                     Description of Document
- -----------                     -----------------------

99.1                            Earnings press release dated January 18, 2001,
                                under U.S. GAPP.

99.2                            Earnings press release dated January 19, 2001,
                                under Indian GAPP.




                                      -4-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>EARNINGS PRESS RELEASE
<TEXT>

<PAGE>

FOR IMMEDIATE RELEASE
- ---------------------


                         Contact:   Sridhar Ramasubbu
                                    Wipro
                                    408-557-4402
                                     - or -
                                    James P. Prout
                                    Taylor Rafferty
                                    212-889-4350

WIPRO RECORDS 125% NET INCOME GROWTH FOR THIRD FISCAL QUARTER ENDED DECEMBER 31,
- --------------------------------------------------------------------------------
2000/1
- -----

Bangalore, India and Santa Clara, California -- January 18, 2001 -- Wipro
Limited (NYSE:WIT) today announced financial results under US GAAP for its
fiscal third quarter and the nine months ended December 31, 2000.

Highlights:
      .   Net Income for third quarter totaled Rs.1.8 billion ($39 million)
          representing an increase of 125% over corresponding period in last
          year.1

      .   Global IT Services revenue increased 80% for the quarter ended
          December 31, 2000, at Rs. 4.8 billion ($102 million) and EBIT growth
          of 105%.

      .   R&D Services contributed 50% of total revenue for the third fiscal
          quarter, representing an increase of 3% up from 47% during the
          corresponding period last year.

      .   64% of total revenue came from North America, 28% from Europe and 7%
          from Japan with the balance coming from the rest of the world.

      .   Growth in Services-based income in the Indian Services and Products
          business segment drove EBIT from 6% to 11% for the third fiscal
          quarter ended December 31, 2000.

      .   Rs. 3.6 billion ($78 million) cash generated from operations for the
          nine-month period ended December 31, 2000.

Total revenues for the quarter ended December 31, 2000 were Rs. 7.5 billion
($160 million), up 25% over the quarter ended December 31, 1999.  Net income for
the quarter ended December 31, 2000 was Rs. 1.8 billion ($39 million),
representing an increase of 125% over the same quarter last year.1  Earnings per
share was Rs. 7.96 ($0.17) for the quarter, representing an increase of 122%
over the quarter ended December 31, 1999.



- -------------------
1/ Excluding a one-time gain of Rs.412 million ($ 9 million) resulting from the
issuance of stock by affiliate Wipro Net Ltd. to a minority shareholder.  This
one-time gain is comprised of an increase in the carrying value of
investments in Wipro Net Ltd. of  Rs.266 million ($ 6 million), and partial sale
of our stake in Wipro Net Ltd. resulting in a gain of Rs. 146 million
($3 million) pursuant to a joint venture agreement.



                                    -more-
<PAGE>

                                      -2-


Total revenues for the nine months ended December 31, 2000 were Rs. 21.5 billion
($460 million), representing a 34% increase over the corresponding period in the
last year.  Net income was Rs. 4.35 billion ($93 million) representing an
increase of 136% over net income for the same period last year.1  Earnings per
share was Rs. 19.02 ($0.41) for the nine months ended December 31, 2000,
representing an increase of 135% over the earnings per share of Rs. 8.10 for the
corresponding period last year./1

Azim Premji, Chairman of Wipro, commented on the results: "We are closely
watching the growing global concerns about an economic slowdown in the US.  Our
outlook on the demand for R&D and IT Services has not changed in the last
quarter.  We see the slowdown in the US economy as an opportunity for Indian
Service Providers to convert outsourcing by US Companies into offshore sourcing.
This should benefit the ultimate consumer.  Our established base in Europe and
Japan will help us leverage the growth in these markets."

Global IT Services (64% of Revenues and 83% of Operating Income)

Wipro's Global IT Services business segment recorded revenue of Rs. 4.8 billion
($102 million) for the quarter ended December 31, 2000, representing an increase
of 80% over the revenue for the quarter ended December 31, 1999.  Earnings
before Interest and Tax (EBIT) was Rs. 1.6 billion ($35 million) for the
quarter, corresponding to an increase of 105% over EBIT for the same quarter
last year.

EBIT increased from 30% for the quarter ended December 31, 1999 to 34% for the
quarter ended December 31, 2000.  This growth resulted from a higher proportion
of revenues coming from R&D Services, which increased from 47% to 50%, and an
increase in billing rates per professional by 17%, which was partially offset by
lower utilization of professionals by 2% and increase in compensation costs.

Clients with annualized billings in excess of one million dollars increased from
65 for the quarter ended September 30, 2000 to 67 for the quarter ended December
31, 2000.  Our largest customer, top 5 and top 10 customers accounted for 8%,
29% and 44% of our total revenue for the quarter ended December 31, 2000,
respectively.  Twenty-six new clients were added in the quarter ended December
31, 2000, and 82 in the nine-month period ended December 31, 2000.  New clients
contributed 10% of total revenues in the quarter.

North America, Europe and Japan contributed 64%, 28% and 7% of total revenue in
the quarter, respectively, with the balance coming from the rest of the world.

We had 9490 employees as of December 31, 2000.  We added 912 employees in the
quarter and 2843 professionals in the nine-month period ended December 31,
2000.

Indian IT Services and Products (21% of Revenue and 9% of Operating Income)

Wipro's Indian IT Services and Products business segment (Wipro Infotech)
recorded revenue of Rs. 1.6 billion ($34 million) for the quarter ended December
31, 2000.  EBIT increased to Rs. 172 million ($4 million) in the quarter, up
from Rs.118 million in the same quarter last year.




                                    -more-
<PAGE>

                                      -3-

The services component of Wipro's Indian IT Services and Products business
segment was the driver of EBIT growth in the quarter.  Revenue from the services
component increased to 23% of total revenues for the Indian IT Services and
Products business segment, representing an increase of 5% from 18% in the
corresponding period last year.  Return on Capital Employed (ROCE) annualized
was 90% for the nine months ended December 31, 2000.

Wipro Infotech won the Golden Peacock Innovative Service Award for Effective
Service Delivery using state-of-the-art technology.  The award will be presented
in the inaugural session of the World Congress on Total Quality 2001 on January
20, 2001.  The Golden Peacock Service Award is designed to reward dissemination
of leading-edge concepts and international expertise to redefine quality and the
role of innovation to meet the challenges of the 21st century.

Consumer Care & Lighting (11% of Revenue and 5% of Operating Income)

Wipro's Consumer Care & Lighting business segment recorded revenue of Rs. 852
million ($18 million) for the quarter ended December 31, 2000, representing an
increase of Rs.12 million ($0.25 million) over revenue in the same quarter last
year.  Earnings Before Interest and Tax (EBIT) was Rs. 109 million ($2.3
million) for the quarter ended December 31, 2000.  Return on Capital Employed
(ROCE) was 44% for the nine months ended December 31, 2000.

The Board of Directors of Wipro Limited accepted the early retirement of Mr.
Arun Thiagarajan, Vice Chairman, from the Board of Directors of Wipro and
commended the contribution made by him.

Wipro Limited results computed under the Indian GAAP, along with individual
business segment reports, are available in the Investor Relations section at

www.wipro.com.
- -------------

About Wipro Limited:

Wipro Limited is the first SEI CMM Level 5 certified IT Services company
globally.  Wipro provides Research and Development services to Telecom and
Electronic product companies and software solutions to global corporate
enterprises.

In the Indian market, Wipro is a leader in providing IT solutions and services
for the corporate segment in India offering system integration, network
integration and IT services.  Wipro also has profitable presence in niche market
segments of consumer products and lighting.

Wipro's ADSs are listed on the New York Stock Exchange, and its equity shares
are listed in India on the Stock Exchange - Mumbai, and the National Stock
Exchange, among others.

For more information, please visit our websites at www.wipro.com and
                                                   -------------
www.wiproindia.com.
- ------------------


                                    -more-
<PAGE>

                                      -4-

Forward-looking and cautionary statements

Certain statements in this release concerning our future growth prospects are
forward-looking statements which involve a number of risks and uncertainties
that could cause actual results to differ materially from those in such forward-
looking statements.  The risks and uncertainties relating to these statements
include, but are not limited to, risks and uncertainties regarding fluctuations
in earnings, our ability to manage growth, intense competition in IT services
including those factors which may affect 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 Wipro has made strategic investments,
withdrawal of fiscal governmental incentives, political instability, legal
restrictions on raising capital or acquiring companies outside India,
unauthorized use of our intellectual property and general economic conditions
affecting our 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. These filings are available at www.sec.gov.
                                                                   -----------
Wipro 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. Wipro does
not undertake to update any forward-looking statement that may be made from time
to time by or on behalf of the company.

                                     # # #

                               (tables to follow)



                                    -more-
<PAGE>

                                      -5-

                                 WIPRO LIMITED
                       CONSOLIDATED STATEMENTS OF INCOME
                    (in Rs. millions, except per share data)
<TABLE>
<CAPTION>
                                                                 Three Months Ended       Nine Months Ended      Year ended
                                                                    December 31,             December 31,         March 31
                                                             ------------------------   --------------------   -------------
<S>                                                            <C>     <C>     <C>     <C>      <C>      <C>     <C>
                                                                1999    2000    2000     1999     2000    2000         2000
                                                                ----    ----    ----     ----     ----    ----         ----
                                                                     (unaudited)               (unaudited)
Revenues :
          Global IT Services..............................     2,652   4,777   $ 102    7,245   12,531   $ 268       10,206
          Indian IT Services and products.................
          Indian IT Services..............................       377     361       8    1,029    1,213      26        1,423
          Indian  IT Products.............................     1,750   1,224      26    4,575    4,521      97        6,758
          Consumer Care and Lighting......................       841     852      18    2,361    2,424      52        3,223
          Others..........................................       356     279       6      787      814      17        1,381
                                                             -------   -----     ---   ------    -----     ----       -----
                  Total...................................     5,976   7,493   $ 160   15,997   21,503   $ 460       22,991
Cost of revenues :
          Global IT Services..............................     1,316   2,466      53    4,482    6,605     141        6,174
          Indian IT Services and Products.................
          Indian IT Services..............................       165     120       3      443      463      10          609
         Indian IT Products...............................     1,548     888      19    3,788    3,569      76        5,574
         Consumer Care and Lighting.......................       528     580      12    1,688    1,680      36        2,251
         Others...........................................       217     157       3      579      557      12        1,070
                                                             -------   -----     ---   ------    -----     ----       -----
                  Total...................................     3,774   4,211      90   10,980   12,874     275       15,678
                                                             -------   -----     ---   ------    -----     ----       -----
Gross profit                                                   2,202   3,282      70    5,017    8,630     185        7,313
Operating expenses :
Selling, general, and administrative
expenses..................................................     1,242   1,375      29    2,846    3,915      84        3,821
                                                             -------   -----     ---   ------    -----     ----       -----
Operating Income..........................................       960   1,907      41    2,171    4,715     101        3,492
                                                             -------   -----     ---   ------    -----     ----       -----
Gain/(loss)on sale of stock of affiliates,
Including direct issue of stock by affiliate..............       412                      412                           412
Other income/(expense), net...............................       (16)    208       4      (76)     237       5         (155)
Income taxes..............................................      (186)   (299)     (6)    (335)    (627)    (13)        (525)
                                                             -------   -----     ---   ------    -----     ----       -----
Income before share of equity in earnings
of affiliates and minority interest.......................     1,170   1,816      39    2,172    4,325      93        3,224
                                                             -------   -----     ---   ------    -----     ----       -----
Equity in earnings of affiliates..........................        58      18               88       27       -          113
Minority interest.........................................         -       -               (4)       -                   (4)
                                                             -------   -----     ---   ------    -----     ----       -----
Income from continuing operations                              1,228   1,835      39    2,256    4,352      93        3,333
 Income tax benefit on sale of 50% interest in
  discontinued operations.................................       219                      219                           219
                                                             -------   -----     ---   ------    -----    ----        -----
          Net income......................................     1,447   1,835   $  39    2,475    4,352   $  93        3,552
                                                             =======   =====   =====   ======    =====   =====       ======
Earnings per equity share: Basic
       Continuing Operations..............................      5.39    7.96    0.17     9.91    19.02    0.41        14.63
       Discontinued operations............................      0.96                     0.96                          0.96
       Net  income........................................      6.35    7.96    0.17    10.87    19.02    0.41        15.59
Earnings per equity share: Diluted
       Continuing operations..............................      5.39    7.89    0.17     9.90    18.87    0.41        14.58
       Discontinued Operations............................      0.96                     0.96                          0.96
       Net Income.........................................      6.35    7.89    0.17    10.86    18.87    0.41        15.54


===========================================================================================================================


Additional Information
Operating Income
- -------------------------------------------------------------

Global IT Services........................................       800   1,637      35    1,896    4,155      89        2,894
Indian IT Services & Products.............................       118     172       4      265      416       9          435
Consumer Care & Lighting..................................       110     109       2      316      266       6          479
Others....................................................       (29)     66       1     (112)      14                  (36)
Reconciling Item..........................................       (39)    (77)     (1)    (194)    (136)     (3)        (280)
                                                             -------   -----     ---   ------    -----    ----        -----
Total.....................................................       960   1,907      41    2,171    4,715     101        3,492
                                                             -------   -----     ---   ------    -----    ----        -----

===========================================================================================================================

</TABLE>
<PAGE>

                                      -6-

                         WIPRO LIMITED
CONSOLIDATED BALANCE SHEETS
- ---------------------------
        (in Rs. Millions, except share data and unless stated otherwise)
<TABLE>
<CAPTION>

                                                            Nine Months Ended December 31,    As of March 31,
                                                            ------------------------------    ---------------
<S>                                                        <C>      <C>          <C>          <C>
                                                             1999         2000         2000              2000
                                                             ----         ----         ----              ----
                                                                    (unaudited)
ASSETS
Current assets:
     Cash and cash equivalents.....................           522        5,761        $ 123               784
     Accounts receivable, net of allowances........         4,074        5,383          115             4,431
     Inventories...................................         1,512        1,170           25             1,215
     Deferred income taxes.........................            44          224            5                12
     Other current assets..........................           967        1,752           38               981
                                                         --------     --------       ------          --------
          Total current  assets....................         7,119       14,290          306             7,423
                                                         --------     --------       ------          --------
Investment securities..............................           379        1,324           28               297
Property, plant and equipment, net.................         3,463        5,383          115             3,604
Investments in affiliates..........................           681          645           14               705
Deferred income taxes..............................           374           70            2               256
Intangible assets, net.............................            20          985           21                11
Other assets.......................................           277          532           11               382
                                                         --------     --------       ------          --------
          Total assets                                     12,313       23,229          497            12,678
                                                         ========     ========       ======          ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
     Borrowings from banks.........................         1,167            8            -                93
     Current portion of long term debt.............           242        1,362           29             1,250
     Accounts Payable..............................         1,870        1,435           31             1,388
     Accrued expenses..............................         1,108        1,867           40             1,490
     Advances from customers.......................           524          715           15               755
     Other current liabilities.....................           563          760           16               435
     Redeemable preferred stock....................           269                                         250
                                                         --------     --------       ------          --------
          Total current liabilities................         5,743        6,147          131             5,661
                                                         --------     --------       ------          --------
Long-term debt, excluding current portion..........          1343          120            3               211
Deferred income taxes..............................            74            9            -                18
Other liabilities..................................            42           44            1               102
                                                         --------     --------       ------          --------
          Total liabilities                                 7,202        6,320          135             5,992
                                                         --------     --------       ------          --------
Stockholders' equity
Equity shares at Rs. 2 par value:  235,000,000 shares
 authorized as of December 31, 1999 and March 31, 2000
 and 375,000,000 shares authorized as of December 31,
 2000; Issued and outstanding : 229,156,350 shares
 as of March 31, 2000 and December 31, 1999 and
 232,391,814shares as of December 31, 2000.........           458          465           10               458
Additional paid-in capital.........................           394        6,665          143               800
Deferred stock compensation........................          (302)        (133)          (3)             (209)
Accumulated other comprehensive income.............             2            1                              2
Retained earnings..................................         4,559        9,911          212             5,635
Equity shares held by a controlled Trust:, 1,216,460,
 1,263,510 and  1,272,785 shares as of March 31,2000,
 December 31,1999 and December 31, 2000............             *            *            *                 *
                                                         --------     --------       ------          --------
          Total stockholders' equity                        5,111       16,909          362             6,686
                                                         --------     --------       ------          --------
Total liabilities and stockholders' equity                 12,313       23,229          497            12,678
                                                         ========     ========       ======          ========
* Equity shares held by a controlled trust             Rs. 69,500   Rs. 74,900                     Rs. 74,900
</TABLE>
                                     # # #
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>0003.txt
<DESCRIPTION>EARNINGS PRESS RELEASE
<TEXT>

<PAGE>

                                [LOGO OF WIPRO]

Wipro's PAT for nine-month period ended December 2000 grows by 121% year on year
     Wipro Technologies revenue grows 82% with margin expansion of 7% yoy


Bangalore, January 19, 2001 -Wipro Limited, India's largest IT Company today
announced its audited results approved by the Board of Directors for the nine-
month period ended December 2000.  Revenue for the nine-month period grew by 39%
year on year to Rs.21.5 billion and the Profit after Tax grew by 121% to Rs. 4.5
billion.

Wipro Technologies, the Global IT Services business, accounted for 58% of the
revenue and 85% of the Profit before Interest and Tax. Wipro Technologies grew
its revenue by 82% for the nine-month period to Rs.12.5 billion and Profit
before Interest and Tax by 129% to Rs.4.2 billion.  Operating Margin to Sales
increased by 7% to 34% for the nine-month period ended December 2000 from 27%
for the nine-month period ended December 1999. Operating Margin to Sales was 33%
for the half-year ended September 30, 2000.

Wipro's Technology Solutions (R&D Services) contributed 50% of the Software
revenue while Enterprise Solutions contributed 45% and the remaining 5%, was
contributed by Global Support for the third quarter. For the third quarter, R&D
Services comprised of Telecom and Inter-networking practice contributing 30% of
the revenue, Embedded Systems and Internet Access practice contributing 17%, the
balance 3% was from the newly constituted (effective October 2000) Telecom &
Internet Service Provider practice. In the Enterprise Solutions, Electronic
Commerce accounted for 16% of the revenue, ERP 2%, and the balance 27% coming
from application development and maintenance in Client Server and mainframe.

Wipro Infotech, the Indian IT Services and Products business accounted for 26%
of the revenue and 9% of the Profit before Interest and Tax. Wipro Infotech grew
its Profit before Interest and Tax by 141% to Rs.423million. Increase in the
proportion of Solutions and Services segment revenue at 23% to the total revenue
and spin-off of its peripherals business in September 2000, resulted in the
Operating Margin expanding from 3.2% in 1999 to 7.4% for the nine-month period
ended December 2000. For the quarter ended December 2000, the Operating Margin
was 10.8%.
<PAGE>

Wipro Consumer Care and Lighting business recorded revenue of Rs.2.5 billion
with Profit before Interest and Tax of Rs. 347million, 12% of revenue for the
nine-month period.  Growth in revenue of Lighting Products was 25% and toilet
soaps (Santoor, Milk and Roses, Wipro Active, Wipro Shikakai and Wipro Baby
Soft) was 20% over the nine-month period ended December 1999 being significantly
higher than the industry average.

Profit after Tax computed in accordance with US GAAP for the nine-month period
ended December 2000 was Rs.4.35 billion a growth of 93% over the profits for the
corresponding nine-month period ended December 1999. Excluding the one time
gain of Rs.412 m resulting from  the issuance of stock by affiliate Wipro Net in
1999, the growth in Profit after Tax was 136% for the nine month period over the
corresponding period in 1999.

The net difference between profits computed in accordance with Indian GAAP and
US GAAP is primarily due to accounting for deferred stock compensation expenses,
equity accounting for results of investments in associate companies - Wipro GE
Medical Systems, Wipro Net Ltd and Netkracker Limited and interest provision on
differential treatment for sale of investment by Wipro in 1999-2000.

For the nine month period ended December 2000, the annualized return on capital
employed in Wipro Technologies was 121%, Wipro Infotech was 89%, Consumer Care
and Lighting was 72%. At the Company level the return was 54%.

Wipro Infotech won the Golden Peacock Innovative Service Award for Effective
Service Delivery using state of art technology. The award will be presented in
the inaugural session of the World Congress on Total Quality 2001 on January 20,
2001. Golden Peacock Service Award is designed to reward dissemination of
leading edge concepts and international expertise to redefine quality and the
role of innovation to meet the challenges of the 21st century.

The board of directors of Wipro Limited accepted the early retirement of
Mr. Arun Thiagarajan, Vice Chairman, from the board of Wipro and commended the
contribution made by him.
<PAGE>

Performance details of Wipro Technologies for the quarter ended December 2000

Wipro Technologies, which represents Wipro's Global IT Services business,
increased the number of customers with annualized run rate of over $1 million
from 65 in the previous quarter to 67 in the current quarter. Customers with
annualized run rate in excess of $5 million increased to 19 in the current from
15 in the previous quarter, and customers with annualized run rates of between
$3-5 million grew from 11 to 14. Revenue from companies with "dot com" business
models were 1.5% and technology products start up companies contributed 3.5% of
the revenue for the quarter.

26 new accounts were added in the quarter. New customers added in 2000-01
contributed 10.25% of the revenue for the quarter.

Revenue from America was 64%, Europe 28% and Japan 7% with the balance from the
rest of the world. The mix for financial year 2000 was America 70%, Europe 24%
and Japan 5% with the balance from the rest of the world.

Wipro Technologies' largest customer accounted for 8% of the revenue in the
quarter, compared to 15% in the year ended March 2000. Top 5 and Top 10
customers accounted for 29% and 44% for the quarter respectively. For the year
ended March 2000 they accounted for 39% and 53% respectively.

Off shore projects as a percentage of revenue was 48% for the quarter, up from
45% in the quarter ended December 1999. Off shore revenue was 49% in the quarter
ended September 2000. Fixed price projects were at 17% of the revenue for the
current quarter up from 11% for the quarter ended December 1999 and 13% for the
quarter ended September 2000.

For the current quarter, 912 employees were recruited bringing the total number
of employees in Wipro Technologies as of December to 9490. This compares with
472 employees recruited in the quarter ended December 1999.

Wipro Limited results computed under the US GAAP along with individual business
segment reports are available in the Investor Relations section at
www.wipro.com.
- -------------

Contact for Investor Relation           Contact for media & Press
J Shankar                               Renee SB Jhala
Corporate Treasurer                     Head, Corporate Communications
Phone:091-80-844-0079                   091-80-844-0076
Fax:091-80-844-0051                     091-80-844-0056
Shankar.jaganathan@wipro.com            Renee.jhala@wipro.com
- ----------------------------            ---------------------
<PAGE>

Forward looking and cautionary statements

Certain statements in this release concerning our future growth prospects are
forward looking statements which involve a number of risks and uncertainties
that could cause actual results to differ materially from those in such forward
looking statements. The risks and uncertainties relating to these statements
include, but are not limited to, risks and uncertainties regarding fluctuations
in earnings, our ability to manage growth, intense competition in IT services
including those factors which may affect 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 Wipro has made strategic investments,
withdrawal of fiscal governmental incentives, political instability, legal
restrictions on raising capital or acquiring companies outside India,
unauthorized use of our intellectual property and general economic conditions
affecting our 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. These filings are available at www.sec.gov.
                                                                   -----------
Wipro 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.  Wipro does
not undertake to update any forward looking statement that may be made from time
to time by or on behalf of the company.
<PAGE>

WIPRO LIMITED

SEGMENT WISE  BUSINESS PERFORMANCE FOR THE NINE MONTH PERIOD ENDED DECEMBER 31,
2000

<TABLE>
<CAPTION>
                                                                In Rupees Million
- ----------------------------------------------------------------------------------------------------------
                                      Global IT           Indian IT      Consumer Care    Others    Wipro
                                       Services          Services &        & Lighting              Limited
                                                           Products
- ----------------------------------------------------------------------------------------------------------
<S>                                <C>               <C>                 <C>             <C>       <C>
Revenue
External sales & services                   12,519               5,705           2,479      831     21,534
Internal sales
 Total revenue                              12,519               5,705           2,479      831     21,534
% of total revenue                              58                  26              12        4        100
Growth                                          82%                  5%              4%      (1%)       39%
Profit before depreciation                   4,689                 487             390       65      5,631
 Interest and tax
% of total PBDIT                                83                   9               7        1        100
Growth                                         116%                128%              2%       -         98%
Profit before interest and tax               4,227                 423             347      (30)     4,967
% of total PBIT                                 85                   9               7       (1)       100
Growth                                         129%                141%              5%       -        109%
Operating margin                                34%                  7%             14%                 23%
Interest (income) / expense                                                                           (134)
Profit before tax                                                                                    5,101
Growth                                                                                                 131%
Income tax                                                                                             596
Profit after tax                                                                                     4,505
Growth                                                                                                 121%
- ----------------------------------------------------------------------------------------------------------
Other Information

Net fixed assets ( at cost)                  3,134                 244             474      959      4,811
Trade receivables                            3,393               1,352             169      391      5,305
Cash balances / investments                    717                 113              87    8,121      9,038
Other assets                                   816                 935             563      727      3,041
Current liabilities                         (1,637)             (2,063)           (465)    (871)    (5,036)
Capital employed                             6,423                 581             828    9,327     17,159
% of total capital employed                     37                   3               5       55        100
Capital expenditure                          1,822                  69               9      209      2,109
Depreciation                                   462                  64              43       96        665
Return on average capital
 employed                                      121%                 89%             72%                 54%
- ----------------------------------------------------------------------------------------------------------
</TABLE>

1. In compliance with exposure draft on Segment reporting issued by the
   Institute of Chartered Accountants of India, corresponding figures of
   Revenues, Profit before Depreciation, Interest and taxes and Profit before
   Interest and Taxes, for Nine month period ended December 31, 1999,
<PAGE>

   have been restated to exclude interest income earned on inter segment lending
   and other investments.

2. Profit before Interest and taxes in Indian IT services and products includes
   losses of Rs 43 mn of our Internet portal 01 markets.com. Operating margin
   and growth in Profit before interest and taxes without considering this loss
   is 8% and 165% respectively.

3. Effective September 1, 2000 Peripherals Services Division, engaged in the
   business of manufacture, sales and trading in Computer Peripherals, was spun
   off into a new legal entity Wipro e-Peripherals. Indian IT services and
   products includes financials of Peripherals Services Division for the five
   month period in the current year and for the entire period in the previous
   year

4. Others represents Wipro Fluid Power, Wipro Biomed, and corporate services
   including spends on  Wipro Brand identity and Six Sigma initiative.
<PAGE>

WIPRO LIMITED

SEGMENT WISE  BUSINESS PERFORMANCE FOR THE THREE MONTH PERIOD ENDED DECEMBER 31,
2000

<TABLE>
<CAPTION>
                                                                In Rupees Million
- ----------------------------------------------------------------------------------------------------------
                                      Global IT      Indian IT           Consumer Care   Others     Wipro
                                       Services     Services &              & Lighting             Limited
                                                      Products
- ----------------------------------------------------------------------------------------------------------
<S>                                <C>               <C>                  <C>             <C>      <C>
Revenue
External sales & services                    4,800               1,762              900      312     7,774
Internal sales                                   -                   -                -        -         -
 Total revenue                               4,800               1,762              900      312     7,774
% of total revenue                              62                  23               12        4       100
Growth                                          88%                 (9%)              7%       8%       38%
Profit before depreciation                   1,842                 213              153      107     2,315
Interest and tax
% of total PBDIT                                80                   9                7        5       100
Growth                                         110%                122%              11%               104%
Profit before interest and tax               1,665                 191              139       60     2,054
% of total PBIT                                 81                   9                7        3       100
Growth                                         117%                136%              15%               109%
Operating margin                                35%              10.84%              15%                26%
Interest (income) / expense                                                                           (114)
Profit before tax                                                                                    2,168
Growth                                                                                                 126%
Income tax                                                                                             280
Profit after tax                                                                                     1,888
Growth                                                                                                 120%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

                                    WIPRO LIMITED
    Audited Financial Statements for the Nine months ended December 31, 2000
<TABLE>
<CAPTION>
                                                                                                       In rupees million
                                                Nine months ended December 31,   Three months ended December 31,     Year ended
                                                          2000             1999             2000             1999  March 31, 2000
<S>                                             <C>              <C>             <C>               <C>             <C>
Sales & services                                        21,327           15,345            7,738            5,496          22,859
Other income                                               234              149               63              120             198
Total revenues                                          21,561           15,494            7,801            5,616          23,057
Purchase of finished goods for sale                      3,050            2,760              947              623           4,076
Consumption of raw materials                             2,620            2,817              891            1,672           4,419
Staff cost                                               3,045            1,848            1,111              647           2,567
Travelling and allowances                                4,393            2,914            1,592            1,083           4,187
Other expenditure                                        2,821            2,310              942              449           3,387
Total expenses                                          15,929           12,649            5,483            4,474          18,636
Operating profits                                        5,632            2,845            2,318            1,142           4,421
Interest expense / ( income )                             (134)             172             (114)              22             215
Depreciation                                               665              462              264              159             699
Profit before taxation and                               5,101            2,211            2,168              961           3,507
 non-recurring/extraordinary items
Provision for taxation                                     596              170              280              102             501
Profit after taxation but before                         4,505            2,041            1,888              859           3,006
 non-recurring/extraordinary items (refer
 note 3 & 4)
Extraordinary/non-recurring items                           --              415                -              415             523
Profit for the year / period                             4,505            1,626            1,888              444           2,483
- ---------------------------------------------------------------------------------------------------------------------------------
Paid-up equity share capital                               465              458              465              458             458
Reserve excluding revaluation reserves                  16,193            5,082           16,193            5,082           5,834
Dividend
- --------
Equity shares                                                -                -                -                -              69
Preference shares                                           18                -               18                -              26

Dividend per share (in Rs.)
- ---------------------------
Equity                                                       -                -                -                -            0.30
Preference                                                   8                -                8                -           10.25

Earnings per share ( on Profit before
- -------------------------------------
 non-recurring / extraordinary items )(in Rs.)
- ----------------------------------------------
Basic                                                    19.61             8.91             8.16             3.75           10.84
Diluted                                                  19.45             8.90             8.09             3.75           10.80
</TABLE>

Notes:
1.   The above financial results were approved by the Board of Directors of the
     Company at its meeting held on January 19, 2001.

2.   Pursuant to the scheme of amalgamation of Wipro Computers Limited (WCL)
     with the Company approved by the Honourable High Court of Karnataka on
     February 16, 2000, the entire undertaking including all assets and
     liabilities of WCL were transferred to the Company with effect from April
     1, 1999. Figures for the Nine month period ended December 31, 1999 include
     results of operations of Wipro Acer Limited.

3.   In fiscal 2000, the company had sold 4,694,795 shares of Wipro Net Limited
     (WNL) resulting in an extraordinary income of Rs.1,095 mn. Consequent to
     this sale, holding in WNL has dropped to 47%. Of the total shares sold, on
     1,791,385 shares, the buyer has a put option and the Company has a call
     option for a specific period, within a price band of Rs.555 to Rs.700 per
     share.


4.     a.  In fiscal 2000, the Company had carried out a comprehensive review of
           the financial position of Wipro Finance Limited. On the basis of its
           review, the Company had infused an additional equity of Rs.450 mn,
           convertible preference shares of Rs.200 mn and redeemable preference
           shares of Rs.300 mn, to discharge all its obligations.

       b.  To focus on its core business, the Company divested significant
           portion of its holding in Wipro Finance Limited, resulting in an
           extraordinary loss of Rs.810 mn. Following the divestment, Wipro
           Finance Limited ceased to be a subsidiary of the Company. Further,
           based on its review of the financial position of Wipro
<PAGE>

           Finance Limited, the company estimated the value of remaining
           investments to be negligible and had therefore provided for
           diminution in the value of such investments aggregating to Rs.701mn.

       c.  In fiscal 2000, the Company had also made an extraordinary provision
           of Rs.108 mn for diminution in value of investment in Wipro Inc. a
           subsidiary incorporated in USA on account of diminution of Wipro
           Inc's investment in Enthink Inc a wholly owned subsidiary of Wipro
           Inc, incorporated in USA.

5.   For computing diluted EPS, treasury stock method has been used in respect
     of employee stock option outstanding.


Place : Bangalore                               By order of the board
Date  : January 19, 2001


                                                  Azim H Premji
                                                  Chairman and Managing Director
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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