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<SEC-DOCUMENT>0000891618-03-003859.txt : 20030724
<SEC-HEADER>0000891618-03-003859.hdr.sgml : 20030724
<ACCEPTANCE-DATETIME>20030724155839
ACCESSION NUMBER:		0000891618-03-003859
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20030630
FILED AS OF DATE:		20030724

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WIPRO LTD
		CENTRAL INDEX KEY:			0001123799
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16139
		FILM NUMBER:		03801030

	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>f91681e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Wipro Limited, Dated 6/30/2003</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">





<DIV align="center"><FONT size="4"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</FONT></DIV>


<DIV align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
</FONT></DIV>


<P align="center"><HR size="1" width="18%" noshade>


<DIV align="center"><FONT size="5"><B>Form&nbsp;6-K</B>
</FONT></DIV>


<P align="center"><FONT size="2"><B>Report of Foreign Issuer<BR>
Pursuant to Section&nbsp;13a-16 or 15d-16 of the Securities Exchange Act of 1934</B>
</FONT>


<P align="center"><FONT size="2"><B>For the quarter ended June&nbsp;30, 2003</B>
</FONT>


<P align="center"><FONT size="2"><B>Commission File Number 001-16139</B>
</FONT>


<P align="center"><FONT size="2">&nbsp;
</FONT>


<P align="center"><FONT size="6"><B>Wipro Limited
</B></FONT>


<DIV align="center"><FONT size="2">(<I>Exact name of Registrant as specified in its charter</I>)
</FONT></DIV>


<P align="center"><FONT size="2">&nbsp;
</FONT>


<P align="center"><FONT size="2"><B>Not Applicable</B><BR>
(<I>Translation of Registrant&#146;s name into English)</I>
</FONT>


<P align="center"><FONT size="2">&nbsp;
</FONT>


<P align="center"><FONT size="2"><B>Karnataka, India</B><BR>
(<I>Jurisdiction of incorporation or organization)</I>
</FONT>


<P align="center"><FONT size="2">&nbsp;
</FONT>


<P align="center"><FONT size="2"><B>Doddakannelli<BR>
Sarjapur Road<BR>
Bangalore, Karnataka 560035, India &#043;91-80-844-0011</B><BR>
(<I>Address of principal executive offices</I>)
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark registrant files or will file annual reports under cover Form&nbsp;20-F or Form&nbsp;40-F:
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;20-F <FONT face="Wingdings">&#120;</FONT> Form&nbsp;40-F <FONT face="Wingdings">&#111;</FONT>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;12g 3-2(b) under the
Securities Exchange Act of 1934.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#120;</FONT>
</FONT>


<P align="center"><FONT size="2"><B>If &#147;Yes&#148; is marked, indicate below the file number assigned to registrant in connection with Rule&nbsp;2g 3-2(b).<BR>
Not applicable.</B>
</FONT>


<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">




<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>






<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="f91681exv99w1.txt">EXHIBIT 99.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f91681exv99w2.txt">EXHIBIT 99.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="f91681exv99w3.txt">EXHIBIT 99.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="f91681exv99w4.txt">EXHIBIT 99.4</A></TD></TR>
<TR><TD colspan="9"><A HREF="f91681exv99w5.txt">EXHIBIT 99.5</A></TD></TR>
<TR><TD colspan="9"><A HREF="f91681exv99w6.txt">EXHIBIT 99.6</A></TD></TR>
<TR><TD colspan="9"><A HREF="f91681exv99w7.txt">EXHIBIT 99.7</A></TD></TR>
<TR><TD colspan="9"><A HREF="f91681exv99w8.txt">EXHIBIT 99.8</A></TD></TR>
<TR><TD colspan="9"><A HREF="f91681exv99w9.txt">EXHIBIT 99.9</A></TD></TR>
<TR><TD colspan="9"><A HREF="f91681exv99w10.txt">EXHIBIT 99.10</A></TD></TR>
<TR><TD colspan="9"><A HREF="f91681exv99w11.txt">EXHIBIT 99.11</A></TD></TR>
<TR><TD colspan="9"><A HREF="f91681exv99w12.txt">EXHIBIT 99.12</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link1 "DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left"><FONT size="2"><B>DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby furnish the Commission with copies of the following information
concerning our public disclosures regarding our results of operations for the
quarter ended June&nbsp;30, 2003. The following information shall not be deemed
&#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;), or incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such a filing.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;18, 2003, we announced our results of operations for the three
months ended June&nbsp;30, 2003. We issued press releases announcing its results
under U.S. Generally Accepted Accounting Principles (&#147;GAAP&#148;) and Indian GAAP,
copies of which are attached to this Form&nbsp;6-K as exhibits 99.1 and 99.2.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;18, 2003, we held a press conference to announce our results,
which was followed by a question-and-answer session with those attending the
press conference. The transcript of this press conference is attached to this
Form&nbsp;6-K as exhibit 99.3. On the same day, we also held two teleconferences
with investors and analysts to discuss our results. Transcripts of those two
teleconferences are attached to this Form&nbsp;6-K as exhibits 99.4 and 99.5.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our officers held a question-and-answer session with analysts from CNBC
India on July&nbsp;18, 2003. The transcript of this question-and-answer session is
attached to this Form&nbsp;6-K as exhibit 99.6.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our officers gave interviews with Bloomberg, NDTV, BBC Radio, Dow Jones
Newswires and BBC TV concerning our results. Copies of the transcripts of
these interviews are attached as Exhibits 99.7, 99.8, 99.9, 99.10 and 99.11,
respectively, to this Form&nbsp;6-K.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Last, we placed advertisements in certain Indian newspapers concerning our
results of operations for the three months ended June&nbsp;30, 2003 under Indian
GAAP. A copy of the form of this advertisement is attached to this Form&nbsp;6-K as
exhibit 99.12.
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly organized.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
WIPRO LIMITED</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
/s/Suresh C. Senapaty<BR>
<HR size="1" noshade>
Suresh C. Senapaty<BR>
<I>Executive Vice President, Finance</I></FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="left"><FONT size="2">Dated: July 24, 2003
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center"><FONT size="2"><B>INDEX TO EXHIBITS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibits</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
U.S. GAAP Press Release</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Indian GAAP Press Release</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Transcript of July&nbsp;18, 2003 Press Conference</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Transcript of July&nbsp;18, 2003 11:45&nbsp;a.m. Earnings Call</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Transcript of July&nbsp;18, 2003 6:45 p.m. Earnings Call</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Transcript of July&nbsp;18, 2003 CNBC India Question-and-Answer Session with Company&#146;s Officers</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Transcript of July&nbsp;18, 2003 Bloomberg Interview with Suresh
Senapaty, Executive Vice President, Finance of Wipro Limited</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Transcript of July&nbsp;18, 2003 NDTV Interview with Company&#146;s
Officers</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Transcript of July&nbsp;18, 2003 BBC Radio Interview with Suresh
Senapaty, Executive Vice President, Finance of Wipro Limited</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Transcript of July&nbsp;18, 2003 Dow Jones Newswire Interview with
Suresh Senapaty, Executive Vice President, Finance of Wipro Limited</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Transcript of July&nbsp;18, 2003 BBC TV Interview with Suresh
Senapaty, Executive Vice President, Finance of Wipro Limited</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Form of Advertisement Placed in Indian Newspapers</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center"><FONT size="2">&nbsp;</FONT>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>f91681exv99w1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.1

                                  (WIPRO LOGO)

                                                      CONTACT: SRIDHAR RAMASUBBU
                                                                   Wipro Limited
                                                                    408-557-4402

           Results for the Quarter Ended June 30, 2003 under US GAAP
                     WIPRO RECORDS 5% GROWTH IN NET INCOME

Bangalore, India and Mountain View, California - July 18, 2003-- Wipro Limited
(NYSE:WIT) today announced financial results under US GAAP for its first fiscal
quarter ended June 30, 2003.

HIGHLIGHTS:

      -     Net Income was Rs. 1.781 billion ($38.4 million), representing an
            increase of 5% over the same period last year.

      -     Revenue was Rs. 11.693 billion ($251.99 million), representing an
            increase of 28% year over year.

      -     Global IT Services Revenue & Products was Rs.9.223 billion ($198.77
            million), representing an increase of 45.4% over the same period
            last year.

      -     Global IT Services & Products Earnings Before Interest and Tax
            (EBIT) was Rs. 1.810 billion ($ 39.0 million), representing a
            decline of 11.5% over the same period last year.

      -     Rs. 1.895 billion ($ 40.8 million) cash generated from continuing
            operations.

      -     Global IT Services & Products added 38 new clients added in the
            quarter, including 2 in IT Enabled Services and 8 customers in Wipro
            Nervewire.

      -     Consistent with prior years, our shareholders approved a cash
            dividend of Rs.1 (2 cents) per equity share in our Annual General
            Meeting on July 17, 2003.

OUTLOOK FOR THE QUARTER ENDING SEPTEMBER 30, 2003

Azim Premji, Chairman of Wipro commenting on the results said "We see
convergence in the business models of our Global IT Services and Products and IT
Enabled Services segments from a customer standpoint. With our established track
record in Wipro Technologies and Wipro Spectramind, we are well positioned to
lead this convergence. The environment is one of volume growth coupled with an
appreciating Rupee. Looking ahead, for the quarter ending September 2003, we
currently expect our Revenue from our Global IT Services and Products segment,
which also includes revenue from our IT-enabled services business as of June 30,
2003, to be approximately $210 million."

Vivek Paul, Vice Chairman, said "During the quarter, we continued our success in
selling Business Process Outsourcing (BPO) and Energy & Utilities Consulting
Services to our existing clients. Our BPO business grew 19% over the prior
quarter. Our Enterprise business sustained its momentum with a 8.3% growth in
Revenues over the prior quarter. Going forward, this will be complemented well
with increased traction in our Technology business. "

Suresh Senapaty, Chief Financial Officer, said, "During the quarter, consistent
with our plan, our Energy & Utilities Consulting Practice stabilized and posted
profits. Effective for the quarter ending June 30, 2003, we have consolidated
the results of our IT Enabled Services segment with the results of our Global IT
Services and Products segment. We believe that this revised presentation
reflects our view that our IT-enabled Services business is essentially a
horizontal service that we are offering to existing and prospective clients of
our Global IT Services and Products business segment. In an effort to provide
greater transparency on our operational performance, we are also providing
information regarding the performance of our subsidiary Wipro Nervewire
separately."
<PAGE>
WIPRO LIMITED

Total Revenues for the quarter ended June 30, 2003 were Rs.11.693 billion
($251.99 million), representing a 28% increase over the corresponding period in
the previous year. Net Income was Rs. 1.781 billion ($38.4 million),
representing an increase of 5% over the same period last year. Earnings per
share from continuing operations were Rs. 7.70 ($0.17) for the quarter ended
June 30, 2003, representing a decline of 14.6% over the earnings per share of
Rs.9.02 for quarter ended June 30, 2002.

GLOBAL IT SERVICES AND PRODUCTS (79% OF REVENUES AND 88% OF OPERATING INCOME FOR
QUARTER ENDED JUNE 30, 2003)

Effective for the quarter ending June 30, 2003, the results of our IT Enabled
services business (Wipro Spectramind) are included in the results of Global IT
Services and Products business segment. After completion of acquisition in May
2003, the operations of Wipro Nervewire, which is a component of Global IT
Services and Products segment, are being reported separately in our financial
statements in accordance with the company's decision to evaluate all critical
acquisitions separately for a period of time ranging from two to four quarters.

Our Global IT Services and Products business segment (excluding Wipro Nervewire,
which is being reported separately) recorded Revenue(1) of Rs. 9.143 billion
($197.0 million) for the quarter ended June 30, 2003, representing an increase
of 39.5% over the same period last year. EBIT was Rs.1.92 billion ($ 41.4
million) for the quarter ended June 30, 2003, representing a decline of 6% over
the same period last year. Operating Margin to Revenue for the quarter ended
June 30, 2003 was 21%, representing a decline of 10.2% from the quarter ended
June 30, 2002. The decline was primarily due to lower price realization and
higher Selling, General and Administrative costs, which were partially offset by
increased utilization of professionals. EBIT includes acquisition related
charges of Rs. 70.9 million ($1.53 million) from the amortization of
intangibles.

We had 21,080 employees in this business segment as of June 30, 2003, which
includes 14,618 employees in our IT Services and Products business and 6,462
employees in our IT Enabled services business.

Wipro Nervewire recorded Revenue of Rs. 118.54 million ($2.55 million) and a
loss of Rs. 109.86 million ($2.37 million) for the quarter ended June 30, 2003.

INDIA AND ASIA-PAC IT SERVICES AND PRODUCTS (11% OF REVENUE AND 3% OF OPERATING
INCOME FOR QUARTER ENDED JUNE 30, 2003)

Our India and Asia-Pac Services and Products business segment (Wipro Infotech)
recorded Revenue of Rs. 1.329 billion ($28.6 million) for the quarter ended June
30, 2003, representing a decline of 24% over the quarter ended June 30, 2002.
EBIT for the quarter ended June 30, 2003, was Rs. 64 million ($1.4 million),
representing a decrease of 22% over the same period last year.

Operating Margin for the quarter ended June 30, 2003 was 4.8%, representing an
increase of 0.1% compared to the quarter ended June 30, 2002. Return on Capital
Employed (ROCE) was 21% for the quarter ended June 30, 2003, compared to 26% for
the quarter ended June 30, 2002.

CONSUMER CARE & LIGHTING (7% OF REVENUE AND 7% OF OPERATING INCOME FOR QUARTER
ENDED JUNE 30, 2003)

Our Consumer Care & Lighting business segment recorded Revenue of Rs. 781.5
million ($16.8 million) for the quarter ended June 30, 2003, representing a 9.2%
increase over Revenue of Rs. 715.9 million for the quarter ended June 30, 2002.
EBIT was Rs. 136.1 million ($2.9 million) for the quarter ended June 30, 2003,
representing a 9.6% increase over EBIT of Rs.124.2 million for the quarter ended
June 30, 2002.

- ----------
1     Global IT Services & Products segment Revenues were Rs. 9.255 billion for
      the quarter ended June 30, 2003 under Indian GAAP. The difference of Rs. 6
      million ($ 0.13 million) is attributable to different revenue recognition
      standards under Indian GAAP and US GAAP.
<PAGE>
ROCE was 89% for the quarter ended June 30,2003, compared to 73% for the quarter
ended June 30, 2002.

OUR RESULTS FOR THE QUARTER ENDED JUNE 30, 2003, COMPUTED UNDER THE INDIAN GAAP
AND THE US GAAP, ALONG WITH INDIVIDUAL BUSINESS SEGMENT REPORTS ARE AVAILABLE IN
THE INVESTOR RELATIONS SECTION OF OUR WEBSITE AT WWW.WIPRO.COM.

QUARTERLY CONFERENCE CALL

We will hold conference calls today at 11:45 AM Indian Standard Time (2:15 AM
Eastern Time) and at 6:45 PM Indian Standard Time (9:15 AM Eastern) to discuss
our performance for the quarter and answer questions sent to email ID:
Lakshminarayana.lan@wipro.com. 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
shortly after the live broadcast.

ABOUT WIPRO LIMITED

Wipro Limited is the first P CMM Level 5 and SEI CMM Level 5 certified IT
Services company globally. We provide comprehensive IT solutions and services,
including systems integration, information systems outsourcing, package
implementation, software application development and maintenance, and research
and development services to corporations globally.

In the Indian market, we are a leader in providing IT solutions and services for
the corporate segment in India offering system integration, network integration,
software solutions and IT services. We also have a profitable presence in niche
market segments of consumer products and lighting. In the Asia Pacific and
Middle East markets, Wipro provides IT solutions and services for global
corporations.

Our ADSs are listed on the New York Stock Exchange, and our 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.wipro.co.in

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 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 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. 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.
# # #

(Tables to follow)
<PAGE>
                                  WIPRO LIMITED
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                      (IN MILLIONS, EXCEPT PER SHARE DATA)

<TABLE>
<CAPTION>
                                                                  THREE MONTHS ENDED JUNE 30
                                                    ----------------------------------------------------
                                                       2002            2003                2003
                                                                                        Convenience
                                                                                    Translation into US$
                                                    (UNAUDITED)     (UNAUDITED)          (UNAUDITED)
<S>                                                 <C>             <C>             <C>
Revenues:
   Global IT Services and Products
      Services .................................     Rs. 6,309       RS. 9,187              $ 198
      Products .................................            35              36                  1
   India and AsiaPac IT Services and Products
      Services .................................           468             586                 13
      Products .................................         1,282             734                 16
   Consumer Care and Lighting ..................           716             781                 17
   Others ......................................           339             368                  8
                                                     ---------       ---------              -----
             Total .............................         9,149          11,692                252
                                                     ---------       ---------              -----
Cost of Revenues:
   Global IT Services and Products
      Services .................................         3,636           5,752                124
      Products .................................            32              20                 --
   India and AsiaPac IT Services and Products
      Services .................................           252             365                  8
      Products .................................         1,140             596                 13
   Consumer Care and Lighting ..................           475             495                 11
   Others ......................................           273             264                  6
                                                     ---------       ---------              -----
             Total .............................         5,808           7,492                161
                                                     ---------       ---------              -----
Gross profit ...................................         3,341           4,200                 91
Operating expenses:
                                                     ---------       ---------              -----
    Selling, general, and administrative exp ...        (1,256)         (2,099)               (45)
    Research and development expenses ..........           (39)            (58)                (1)
    Amortization of  intangible assets .........            --             (76)                (2)
    Foreign exchange gains, net ................           202              51                  1
    Others, net ................................            36              31                  1
                                                     ---------       ---------              -----
Operating Income ...............................         2,284           2,049                 44
Loss on direct issue of stock by subsidiary ....            --            (176)                (4)
Other income, net ..............................           260             166                  4
Equity in losses of affiliates .................          (206)            (54)                (1)
                                                     ---------       ---------              -----
Income before income taxes and minority interest         2,338           1,984                 43
Income taxes ...................................          (254)           (201)                (4)
Minority interest ..............................            --              (3)                --
                                                     ---------       ---------              -----
Income from continuing operations ..............         2,084           1,780                 38
Discontinued operations:
  Loss from operations of discontinued corporate
    Internet services division (including loss
    on disposal of Rs. 275 for the period ended
    June 30, 2002) .............................          (541)             --                 --
    Income tax benefit .........................           152              --                 --
                                                     ---------       ---------              -----
          Net income ...........................     Rs. 1,695       RS. 1,780              $  38
                                                     =========       =========              =====
Earnings per equity share: Basic
       Continuing Operations ...................          9.02            7.70               0.17
       Discontinued operations .................         (1.68)             --                 --
         Net  income ...........................          7.34            7.70               0.17
Earnings per equity share: Diluted
       Continuing operations ...................          9.00            7.68               0.17
       Discontinued Operations .................         (1.68)             --                 --
         Net Income ............................          7.32            7.68               0.17
                                                     =========       =========              =====
ADDITIONAL INFORMATION
Operating Income
Global IT Services  & Products
   IT Services & Products ......................     Rs. 2,046       RS. 1,921              $  41
   Wipro Nervewire .............................            --            (110)                (2)
   Total .......................................         2,046           1,811                 39
India & AsiaPac IT Services & Products .........            82              64                  1
Consumer Care & Lighting .......................           124             136                  3
Others .........................................            39              58                  1
Reconciling Item ...............................            (7)            (20)                --
                                                     ---------       ---------              -----
Total ..........................................     Rs. 2,284       RS. 2,049              $  44
                                                     =========       =========              =====
</TABLE>
<PAGE>
                                  WIPRO LIMITED
                           CONSOLIDATED BALANCE SHEETS
          (IN MILLIONS, EXCEPT SHARE DATA AND UNLESS STATED OTHERWISE)

<TABLE>
<CAPTION>
                                                                                AS OF JUNE 30,
                                                             ---------------------------------------------------
                                                                2002           2003                2003
                                                                ----           ----                ----
                                                                                                Convenience
                                                                                            translation into US$
                                                             (UNAUDITED)     (UNAUDITED)        (UNAUDITED)
<S>                                                          <C>             <C>           <C>
                          ASSETS
Current assets:
   Cash and cash equivalents ...........................      Rs. 5,503      RS.  2,382         $       51
   Investments in liquid and short term mutual funds ...          5,405          12,790                276
   Accounts receivable, net of allowances ..............          6,110           7,634                165
   Costs and earnings in excess of billings on contracts
    in progress ........................................          1,295           2,070                 45
   Inventories .........................................          1,429           1,778                 38
   Other investment securities .........................          4,190              48                  1
   Deferred income taxes ...............................            168             222                  5
   Property, plant and equipment held for sale .........             34              --                 --
   Other current assets ................................          2,220           3,028                 65
                                                             ----------      ----------         ----------
      Total current assets ..............................        26,354          29,952                646
                                                             ----------      ----------         ----------
   Other investment securities .........................            530              --                 --
   Property, plant and equipment, net ..................          6,014           7,668                165
   Investments in affiliates ...........................            683             480                 10
   Deferred income taxes ...............................            336             113                  2
   Intangible assets, net ..............................             --             463                 10
   Goodwill ............................................            657           5,522                119
   Other assets ........................................            725             658                 14
                                                             ----------      ----------         ----------
      Total assets .....................................     Rs. 35,299      RS. 44,856         $      967
                                                             ==========      ==========         ==========
           LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
    Borrowings from banks ..............................     Rs.    443      RS.    125         $        3
    Current portion of long term debt ..................             82              20                 --
    Accounts Payable ...................................          1,626           1,801                 39
    Accrued expenses ...................................          1,181           1,699                 37
    Accrued employee cost ..............................          1,017           1,719                 37
    Advances from customers ............................            933             929                 20
    Other current liabilities ..........................            757             857                 18
                                                             ----------      ----------         ----------
      Total current liabilities ........................          6,039           7,150                154
                                                             ----------      ----------         ----------
Long-term debt, excluding current portion ..............             29              90                  2
Other liabilities ......................................             86             128                  3
                                                             ----------      ----------         ----------
      Total liabilities ................................          6,154           7,368                159
                                                             ----------      ----------         ----------
Minority interest ......................................                            277                  6
Stockholders' equity
  Equity shares at Rs. 2 par value: 375,000,000 shares
   authorized; Issued and outstanding:  232,492,943 and
   232,566,482 shares as of June 30, 2002 and 2003 .....            465             465                 10
Additional paid-in capital .............................          6,847           6,949                150
 Deferred stock compensation ...........................            (76)            (35)                (1)
 Accumulated other comprehensive loss ..................             (3)            (32)                (1)
Retained earnings ......................................         21,912          29,864                644
Equity shares held by a controlled Trust: 1,321,460 and
    1,303,610 shares as of June 30, 2002 and 2003 ......              *               *                  *
                                                             ----------      ----------         ----------
      Total stockholders' equity .......................         29,145          7,211                 802
                                                             ----------      ----------         ----------
Total liabilities and stockholders' equity .............     Rs. 35,299      RS. 44,856         $      967
                                                             ==========      ==========         ==========
* Equity shares held by a controlled trust .............     Rs. 75,000      Rs. 75,000         Rs. 75,000
</TABLE>



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>f91681exv99w2.txt
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.2

                                  (WIPRO LOGO)

     Results for the Quarter ended June 2003 under Consolidated Indian GAAP
      WIPRO LTD. REVENUE FOR QUARTER ENDED JUNE 2003 GREW 29% YEAR ON YEAR.

BANGALORE, JULY 18 2003 - Wipro Limited today announced its audited results
approved by the Board of Directors for the quarter ended June 2003.

HIGHLIGHTS:

RESULTS FOR THE QUARTER ENDED JUNE 30, 2003

- -     Profit before extraordinary items grew 8%; Profit After Tax grew by 43% to
      Rs. 2.06 billion

- -     Revenue for the quarter was Rs. 11.989 billion, an increase of 29% year on
      year. Profit Before Interest & Tax (PBIT) from continuing operations grew
      by 1% year on year to Rs.2.204 billion.

- -     Global IT Services & Products Revenue increased 46% year on year, at Rs.
      9.255 billion.

- -     Global IT Services & Products Profit Before Interest and Tax (PBIT) was
      Rs. 1.92 billion, contributed by volume growth and increased utilization
      partially offset by pricing declines

- -     Consistent with prior years, our shareholders approved a cash dividend of
      Rs. 1 per equity share in our Annual General Meeting on July 17, 2003. The
      dividend will be paid on July 18, 2003.

OUTLOOK FOR THE QUARTER ENDING SEPTEMBER 2003

AZIM PREMJI, CHAIRMAN OF WIPRO COMMENTING ON THE RESULTS SAID "WE SEE
CONVERGENCE IN THE BUSINESS MODELS OF OUR GLOBAL IT SERVICES AND PRODUCTS AND IT
ENABLED SERVICES SEGMENTS FROM A CUSTOMER STANDPOINT. WITH OUR ESTABLISHED TRACK
RECORD IN WIPRO TECHNOLOGIES AND WIPRO SPECTRAMIND, WE ARE WELL POSITIONED TO
LEAD THIS CONVERGENCE. THE ENVIRONMENT IS ONE OF VOLUME GROWTH COUPLED WITH AN
APPRECIATING RUPEE. LOOKING AHEAD, FOR THE QUARTER ENDING SEPTEMBER 2003, WE
CURRENTLY EXPECT OUR REVENUE FROM OUR GLOBAL IT SERVICES AND PRODUCTS SEGMENT,
WHICH ALSO INCLUDES REVENUE FROM OUR IT-ENABLED SERVICES BUSINESS AS OF JUNE 30,
2003, TO BE APPROXIMATELY $210 MILLION."

VIVEK PAUL, VICE CHAIRMAN, SAID "DURING THE QUARTER, WE CONTINUED OUR SUCCESS IN
SELLING BUSINESS PROCESS OUTSOURCING (BPO) AND ENERGY & UTILITIES CONSULTING
SERVICES TO OUR EXISTING CLIENTS. OUR BPO BUSINESS GREW 19% OVER THE PRIOR
QUARTER. OUR ENTERPRISE BUSINESS SUSTAINED ITS MOMENTUM WITH A 8.3% GROWTH IN
REVENUES OVER THE PRIOR QUARTER. GOING FORWARD, THIS WILL BE COMPLEMENTED WELL
WITH INCREASED TRACTION IN OUR TECHNOLOGY BUSINESS."
<PAGE>
SURESH SENAPATY, CHIEF FINANCIAL OFFICER, SAID, "DURING THE QUARTER, CONSISTENT
WITH OUR PLAN, OUR ENERGY & UTILITIES CONSULTING PRACTICE STABILIZED AND POSTED
PROFITS. EFFECTIVE FOR THE QUARTER ENDING JUNE 30, 2003, WE HAVE CONSOLIDATED
THE RESULTS OF OUR IT ENABLED SERVICES SEGMENT WITH THE RESULTS OF OUR GLOBAL IT
SERVICES AND PRODUCTS SEGMENT. WE BELIEVE THAT THIS REVISED PRESENTATION
REFLECTS OUR VIEW THAT OUR IT-ENABLED SERVICES BUSINESS IS ESSENTIALLY A
HORIZONTAL SERVICE THAT WE ARE OFFERING TO EXISTING AND PROSPECTIVE CLIENTS OF
OUR GLOBAL IT SERVICES AND PRODUCTS BUSINESS SEGMENT. IN AN EFFORT TO PROVIDE
GREATER TRANSPARENCY ON OUR OPERATIONAL PERFORMANCE, WE ARE ALSO PROVIDING
INFORMATION REGARDING THE PERFORMANCE OF OUR SUBSIDIARY WIPRO NERVEWIRE
SEPARATELY."

WIPRO LIMITED

Revenues for the quarter ended June 30, 2003, were Rs.11.989 billion,
representing a 29% increase over the previous year. Profit after Tax was Rs.
2.06 billion, representing an increase of 43% over Profit after Tax for
quarter-ended June 30, 2002.

GLOBAL IT SERVICES AND PRODUCTS

Effective quarter ending June 30, 2003, the results of Wipro Spectramind, our IT
Enabled services are included in the results of Wipro Technologies. After
completion of acquisition in May 2003, the operations of Wipro Nervewire, which
is a component of Global IT Services and Products, are being reported separately
in our financial statements in accordance with the company's decision to
evaluate all critical acquisitions separately for a period of time ranging from
two to four quarters.

Global IT Services and Products accounted for 77% of the Revenue and 87% of the
PBIT for the quarter ended June 30, 2003.

Global IT Services & Products (excluding Wipro Nervewire, which has been
reported separately) grew its Revenue by 45% over Revenue for corresponding
quarter last year to Rs. 9.136 billion and PBIT increased by 4% to Rs. 2.025
billion. Operating Margin to Revenue was 22.2%, a decline of 8.7% year on year
and 2.3% sequentially. The decline was primarily due to lower price realization,
and higher Selling, General and Administrative costs, partially offset by
increased utilization of professionals. R&D Services contributed 32% of the
Revenue of Wipro Technologies. Enterprise Solutions contributed 59% of Revenues
with the balance 9% being contributed by IT Enabled services.

We had 21,080 employees as of June 30, 2003, which includes 14,618 employees in
IT Services business and 6,462 employees in IT Enabled services business. This
represents a net addition of 2,251 people comprising of 895 in IT Services and
1,356 people in IT Enabled services.

Wipro NerveWire recorded Revenue of Rs. 119 million and loss of Rs. 105 million
for the quarter.

We added 38 new customers comprising 15 customers in R&D services, 13 customers
in Enterprise services, 2 in IT Enabled services and 8 customers in Wipro
Nervewire.

WIPRO INFOTECH - OUR INDIA, MIDDLE EAST & ASIA PACIFIC IT SERVICES & PRODUCTS
BUSINESS

Wipro Infotech recorded Revenues of Rs 1.602 billion and Profit before Interest
and Tax of Rs 91 million for the quarter. Services business contributed to 37%
of the total Revenues this quarter.
<PAGE>
We won 23 new Infrastructure Management Services contracts, 21 System
Integration contracts, 20 IT Consulting projects, 21 Software projects
(including 7 projects in Middle East and Asia Pacific) and 6 e-procurement
contracts during the quarter.

Some of our notable Software wins include a Collaborative Manufacturing Enabler
solution at Petronas Penapisan (Melaka), Malaysia, core banking solution
integration at Oriental Bank of Commerce, SAP R3 implementation at BHEL and an
Executive Information System Solution at Yum, a foods company in Australia.
Consulting wins include IS provisioning at Qatar Vinyl Company Ltd, and
Application Consulting for Ambit Finance, India. Wipro bagged a SAN
implementation project at Whirlpool, India.

Wipro Infotech accounted for 13% of Revenue and 4% of the PBIT for the quarter
ended June 30, 2003.

WIPRO CONSUMER CARE & LIGHTING

Wipro Consumer Care and Lighting business recorded Revenue of Rs. 798 million
with PBIT of Rs.137 million contributing 7% of total Revenue and 6% of the
Profit before Interest and Taxes for the quarter. PBIT to Revenue was 17% for
the quarter.

WIPRO LIMITED

For the quarter ended June 30, 2003, the Return on Capital Employed in Global IT
Services was 41%, Wipro Infotech was 29%, Consumer Care and Lighting was 86%. At
the Company level, the Return on Capital Employed was 24%, lower due to
inclusion of cash and cash equivalents of Rs. 16 billion in Capital Employed
(42% of Capital Employed).

FOR WIPRO LIMITED, PROFIT AFTER TAX FROM CONTINUING OPERATIONS COMPUTED IN
ACCORDANCE WITH US GAAP FOR THE QUARTER ENDED JUNE 2003 WAS RS. 1.781 BILLION,
AN INCREASE OF 5% OVER THE PROFITS FOR THE CORRESPONDING QUARTER ENDED JUNE
2002. THE NET DIFFERENCE BETWEEN PROFITS COMPUTED IN ACCORDANCE WITH INDIAN GAAP
AND US GAAP IS PRIMARILY DUE TO DIFFERENT REVENUE RECOGNITION STANDARDS AND
ACCOUNTING FOR DEFERRED STOCK COMPENSATION EXPENSES.

Global IT Services & Products segment Revenues were Rs. 9.261 billion for the
quarter ended June 30, 2003, under US GAAP. The difference of Rs. 6 million
($0.13 million) is attributable to different Revenue recognition standards under
Indian GAAP and USGAAP.

QUARTERLY CONFERENCE CALL

Wipro will hold conference calls today at 11:45 AM Indian Standard Time (2:15 AM
Eastern Time) and at 6:45 PM Indian Standard Time (9:15 AM Eastern) to discuss
the company's performance for the quarter and answer questions sent to email ID:
lakshminarayana.lan@wipro.com 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 the company website at
www.wipro.com shortly after the live broadcast.
<PAGE>
US GAAP FINANCIALS ON WEBSITE

CONDENSED FINANCIAL STATEMENTS OF WIPRO LIMITED COMPUTED UNDER THE US GAAP ALONG
WITH INDIVIDUAL BUSINESS SEGMENT REPORTS ARE AVAILABLE IN THE INVESTOR RELATIONS
SECTION AT WWW.WIPRO.COM.

<TABLE>
<CAPTION>
CONTACT FOR INVESTOR RELATION                        CONTACT FOR MEDIA & PRESS
<S>                                                  <C>
K R Lakshminarayana                                  Sandhya Ranjit
Corporate Treasurer                                  Manager-Corporate Communications
Phone:  ++91-80-844-0079                             ++91-80-844-0056
Fax:      ++91-80-844-0051                           ++91-80-844-0350
lakshminarayana.lan@wipro.com                        sandhya.ranjit@wipro.com
</TABLE>

           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
<PAGE>
                          WIPRO LIMITED - CONSOLIDATED
      AUDITED SEGMENT WISE BUSINESS PERFORMANCE FOR THE THREE MONTHS PERIOD
                        ENDED JUNE 30, 2003 (RS. MILLION)


<TABLE>
<CAPTION>
                                                                              THREE MONTHS ENDED JUNE 30,             YEAR ENDED
                                                                              ---------------------------             ----------
                                                                        2003             2002           GROWTH %    MARCH 31, 2003
                                                                        ----             ----           --------    --------------
<S>                                                                   <C>              <C>              <C>         <C>
   SEGMENT REVENUE
   Global IT Services & Products
       IT Services & Products ................................          9,136            6,321               45%         30,487
       Wipro Nervewire .......................................            119               --               --              --
   Total .....................................................          9,255            6,321               46%         30,487
   India & AsiaPac IT Services & Products ....................          1,602            1,907              (16%)         8,395
   Consumer Care & Lighting ..................................            798              730                9%          2,991
   Others ....................................................            334              306                            1,468
                                                                      -------          -------          -------          ------
   CONTINUING OPERATIONS .....................................         11,989            9,264               29%         43,341
                                                                      -------          -------          -------          ------
   Discontinued ISP Business .................................             --               38                               42
                                                                      -------          -------          -------          ------
   TOTAL .....................................................         11,989            9,302               29%         43,383
                                                                      =======          =======          =======          ======
   PROFIT BEFORE INTEREST AND TAX (PBIT)
   Global IT Services & Products
       IT Services & Products ................................          2,025            1,955                4%          8,451
       Wipro Nervewire .......................................           (105)              --               --              --
   Total .....................................................          1,920            1,955               (2%)         8,451
   India & AsiaPac IT Services & Products ....................             91               87                5%            557
   Consumer Care & Lighting ..................................            137              129                6%            436
   Others ....................................................             56               17                              240
                                                                      -------          -------          -------          ------
   CONTINUING OPERATIONS .....................................          2,204            2,188                1%          9,684
                                                                      -------          -------          -------          ------
   Discontinued ISP Business .................................             --             (133)                            (182)
                                                                      -------          -------          -------          ------
             TOTAL ...........................................          2,204            2,055                7%          9,502
                                                                      =======          =======          =======          ======
   Interest income (net of interest expenses of Rs. 6 Mn) ....            146              142                              634
                                                                      -------          -------          -------          ------
   PROFIT BEFORE TAX .........................................          2,350            2,197                7%         10,136
                                                                      =======          =======          =======          ======
   Income Tax expense ........................................           (232)            (242)                          (1,276)
                                                                      -------          -------          -------          ------
   PROFIT BEFORE EXTRAORDINARY ITEMS .........................          2,118            1,955                8%          8,860
                                                                      =======          =======          =======          ======
   Discontinuance of ISP business ............................             --             (305)                            (263)
                                                                      -------          -------          -------          ------
   PROFIT BEFORE EQUITY IN EARNINGS / (LOSSES) OF
   AFFILIATES AND MINORITY INTEREST ..........................          2,118            1,650               28%          8,597
                                                                      =======          =======          =======          ======
   Equity in earnings of affiliates ..........................            (54)            (206)                            (355)
   Minority interest .........................................             (3)              (3)                             (37)
                                                                      -------          -------          -------          ------
   PROFIT AFTER TAX ..........................................          2,061            1,441               43%          8,205
                                                                      =======          =======          =======          ======
   OPERATING MARGIN
   Global IT Services & Products
       IT Services & Products ................................             22%              31%                              28%
   Total .....................................................             21%              31%                              28%
   India & AsiaPac IT Services & Products ....................              6%               5%                              7%
   Consumer Care & Lighting ..................................             17%              18%                              15%
                                                                      -------          -------          -------          ------
   CONTINUING OPERATIONS .....................................             18%              24%                              22%
                                                                      -------          -------          -------          ------
   TOTAL .....................................................             18%              22%                              22%
                                                                      =======          =======          =======          ======
   CAPITAL EMPLOYED
   Global IT Services & Products
       IT Services & Products ................................         18,605            8,652                           18,536
       Wipro Nervewire .......................................            754               --                               --
   Total .....................................................         19,359            8,652                           18,536
   India & AsiaPac IT Services & Products ....................          1,457            1,567                            1,075
   Consumer Care & Lighting ..................................            582              689                              682
   Others ....................................................         15,703           17,956                           15,082
                                                                      -------          -------          -------          ------
   CONTINUING OPERATIONS .....................................         37,101           28,864                           35,375
   Discontinued ISP Business .................................             --             (150)                              (7)
                                                                      -------          -------          -------          ------
   TOTAL .....................................................         37,101           28,714                           35,368
                                                                      =======          =======          =======          ======
   CAPITAL EMPLOYED COMPOSITION
   Global IT Services & Products
       IT Services & Products ................................             50%              30%                              52%
       Wipro Nervewire .......................................              2%              --                               --
   Total .....................................................             52%              30%                              52%
   India & AsiaPac IT Services & Products ....................              4%               5%                               3%
   Consumer Care & Lighting ..................................              2%               2%                               2%
   Others ....................................................             42%              63%                              43%
                                                                      -------          -------          -------          ------
   TOTAL .....................................................            100%             100%                             100%
                                                                      =======          =======          =======          ======
   RETURN ON AVERAGE CAPITAL EMPLOYED FROM CONTINUING BUSINESS
   Total Global IT Services & Products .......................             41%              90%                              62%
   India & AsiaPac IT Services & Products ....................             29%              27%                              54%
   Consumer Care & Lighting ..................................             86%              71%                              60%
                                                                      -------          -------          -------          ------
   CONTINUING OPERATIONS .....................................             24%              32%                              31%
                                                                      -------          -------          -------          ------
   TOTAL .....................................................             24%              30%                              31%
                                                                      =======          =======          =======          ======
</TABLE>
<PAGE>
NOTE TO SEGMENT REPORT:

1.    The segment report of Wipro Limited and its consolidated subsidiaries and
      associates has been prepared in accordance with the Accounting Standard 17
      "Segment Reporting" issued by the Institute of Chartered Accountants of
      India.

2.    The Company has three geographic segments; India, USA and Rest of the
      World. Significant portion of the segment assets are in India. Revenue
      from geographic segments based on domicile of the customers is outlined
      below:

<TABLE>
<CAPTION>
                                                                     (Rs. Mn)
            GEOGRAPHY            JUNE 30, 2003      %      JUNE 30, 2002    %
            ---------            -------------      -      -------------    -
<S>                              <C>             <C>       <C>             <C>

            India                        2,244    19%              2,758    30%
            USA                          6,508    54%              3,907    42%
            Rest of the World            3,237    27%              2,637    28%
                                        ------   ---               -----   ---
            Total                       11,989   100%              9,302   100%
                                        ------   ---               -----   ---
</TABLE>

3.    For the purpose of reporting, business segments are considered as primary
      segments and geographic segments are considered as secondary segment.

4.    In July 2002, the Company acquired Spectramind. The operations of Wipro
      Spectramind were initially organized as a separate business segment named
      IT Enabled Services. From April 2003, Wipro Spectramind is an integral
      component of Global IT Services and Products business segment.
      Consequently, from April 2003, Wipro Spectramind is included in the Global
      IT Services and Products segment.

      In April 2003, the Company restructured the HealthScience business
      segment. The HealthScience business which addresses the IT requirement of
      clients in healthcare and life sciences sector and Wipro Healthcare IT,
      the Company acquired in August 2002, which was earlier being reported as a
      separate segment is forming part of the Global IT Services and Products
      segment. Wipro Biomed, a business segment which was reported as part of
      the HealthScience segment has now been reported as part of `Others'.
      Segment data for previous periods has been reclassified on a comparable
      basis.

      With effect from April 2003, the Company will evaluate all critical
      acquisitions separately for a period of two to four quarters. Accordingly,
      Nervewire, the business acquired in May 2003, has been reported as a
      separate component of Global IT Services and Products segment.

5.    In accordance with Accounting Standard 21 "Consolidated Financial
      Statements" issued by the Institute of Chartered Accountants of India,
      the consolidated financial statements of Wipro Limited include the
      financial statements of all subsidiaries which are more than 50% owned and
      controlled.

6.    The company has a 49% equity interest in Wipro GE Medical Systems Limited
      (WGE), a joint venture with General Electric, USA. The joint venture
      agreement provides specific rights to the joint venture partners. The
      rights conferred to Wipro are primarily protective in nature. Therefore,
      in accordance with the guidance in Accounting Standard 27 "Financial
      Reporting of Investments in Joint Ventures" the investments in Wipro GE
      have been accounted for by equity method and not by proportionate
      consolidation method.

7.    In accordance with the guidance provided in Accounting Standard 23
      "Accounting for Investments in Associates in Consolidated Financial
      Statements" WeP Peripherals have been accounted for by equity method of
      accounting.

8.    In the earnings release made by the Company on July 19, 2002 announcing
      the results of operations for the three months ended June 30, 2002, the
      Company had recorded its share in the losses of Wipro GE based on
      information provided by Wipro GE. Subsequently, the Company received
      revised information from Wipro GE where the losses were higher than the
      results previously reported by Rs. 379,592. The Company recorded its share
      of losses of Rs. 186,000 and made a public announcement of the revised
      results. The figures for the three months ended June 30, 2002 is after
      considering the revised results of Wipro GE.

9.    Corresponding figures for previous periods presented have been regrouped,
      where necessary, to confirm to this period classification. Current period
      figures are not comparable with the previous period figures on account of
      acquisition of various business / subsidiaries in last one year i.e.,
      Wipro Spectramind services Limited (BPO business) with effect from July
      2002; AMS Global energy business with effect from November 2002 and Wipro
      Nervewire (IT security consulting business) with effect from May 2003.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>5
<FILENAME>f91681exv99w3.txt
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.3

PRESS CONFERENCE
AZIM PREMJI - CHAIRMAN, VIVEK PAUL - VICE CHAIRMAN, SURESH SENAPATY- CFO
(ALL WIPRO LIMITED)
RAMAN ROY-CHAIRMAN, WIPRO SPECTRAMIND, SURESH VASWANI - PRESIDENT, WIPRO
INFOTECH AND VINEET AGRAWAL, PRESIDENT- WIPRO CONSUMER CARE AND LIGHTING

SPEAKER: I extend a warm welcome to all of you to the Wipro Campus and to this
press conference. We will be starting the press conference with an address from
Mr. Premji, which will be taking off in about five minutes from now, followed by
the question and answers session. We are also recording the whole proceedings in
terms of questions and answers, so I would request you to speak into the mike
and do not ask the question unless you have the mike in your hand, and also
raise hands if you want to ask questions. We can go on with this question and
answer session up to 11:20 or so and after that we will break for high tea and I
would request you to join us for high tea. I would now request Mr. Premji to
deliver his statement. Thank you.

PREMJI: Good morning to all of you and I would like to welcome you to our
campus. I would also like to thank you for the efforts you have taken to come
here. Sometimes it is quite a ride with the way the Sarjapur Road has been
crowding up. So if anything you all can influence for the expansion of the
roads, which we would appreciate.

I am happy to share with you the results for the quarter ended June 30, 2003,
which are with you in the press docket. Therefore, let me share with you some of
our thoughts on how we see the environment.

Our strategy of becoming a comprehensive IT Solutions provider is beginning to
be reflected in our operations and in our operating results. Revenues from
Business Process Outsourcing, which was nil last year, is now about 9% of our
Services exports Revenues. Consequent to acquisitions and internal initiatives,
our Revenues from Consulting Services is now approximately 5% of our Revenues
for our Global IT business segment, up from an almost zero base a few quarters
ago. We have significantly enhanced our ability to serve various industry
sectors - the most recent example being the augmentation of our offerings in the
area of Financial Services through our acquisition of Nervewire. Meanwhile, we
continue to grow our traditional services including Infrastructure Management
and Package Implementation. We believe that we are moving in the strategic
direction that we desire.

Operationally, though, challenges in the near term continue. The recent
appreciation of the rupee against the U.S. dollar has added a new challenge
since the majority of our revenues are in dollars and a significant part of our
costs are in rupees. Although proactive hedging did help us in maintaining the
exchange rates in this quarter, we believe this will remain a difficult
challenge for us to manage effectively. Acquisitions pose challenges in terms of
successful integration and driving synergies, not to mention the short-term
dilution in margins. Our experience in this regard so far has been satisfactory
- - both Wipro Spectramind and our Energy & Utilities Consulting practice have
demonstrated synergies and turned in profits for the quarter ended June 2003.
The charge that resulted from our acquisition of Nervewire has been reflected in
this quarter's results.
<PAGE>
On the positive side, volume growth continues to be robust across verticals.
Customer interest in Offshore IT Services continues to be high. The market for
IT-Enabled Services continues to grow, and at a healthy pace and we believe
that, with our leadership and track record with Wipro Spectramind, we are well
positioned to lead this growth. We are also seeing increased traction in our
Product R&D Technology business. We believe that, unlike in 2002-03, we will not
experience a significant drag on our overall growth rate resulting from a
decline in our Product R&D Technology business.

Going forward, in our Global IT Services and Products business, we will continue
to pursue our strategy of becoming a comprehensive provider of IT Services. In
the same breath, we will continue to aggressively pursue growth in Revenues and
Profits.

For the quarter ending September 2003, we anticipate that we will continue to
see volume-led growth. We expect a slight recovery in Operating Margins for the
next quarter excluding the probable impact of appreciation of the Rupee. The
improvement would be driven by increased in Offshore Services, improved
utilization rates for our employees and prudent cost management.

Let me just introduce the people who are on the dais. On the extreme left is
Vineet Agarwal, he is President of our Consumer Care and Lighting Business. Next
to him is Suresh Senapathy, he is our Chief Financial Officer. Next to him is
Vivek Paul, he is our Vice Chairman and Chief Executive Officer of our Global IT
Services Business. Next to him is Suresh Vaswani who is President of Wipro
Infotech which is our IT business for India, Asia Pacific, and Middle East, and
towards me is Raman Roy who is Chairman of the Wipro Spectramind and our Chief
Executive of Wipro Spectramind.

SPEAKER: If you want to ask any question raise your hands so that we can get the
mike over to you and please speak into the mike so that it can help us record
it.

CORRESPONDENT: I was interested only in the sequential quarter point of view,
the growth shows that most of them are parameters in the negative, what could be
the reasons?

SURESH: If you look at the sequential from Wipro Limited's prospective, it is
not very much comparable to see a growth because we have Wipro Infotech the
domestic business which tends to peak in the fourth quarter. But if you look at
the business in terms of Wipro Technology, there has been a sequential growth.
The volume growth has been about 6.7%, and consistently for the last five
quarters we have had a compounded quarterly growth rate of about 6.5%. We have
done about $195 million if you look at the figures of Wipro Technologies, Wipro
Spectramind, which is the IT-enabled services business, and Wipro Nervewire the
acquisition that we did in May of 2003. A combination all these three have given
us about $195 million of revenue for the quarter ending June and the guidance
was about $188 million.

This is a positive growth over the Q4 revenue. If you look at the overall YOY in
terms of the net income growth, net income growth before any discontinued
business, etc. has been about 4%. Thereafter if you look at the income from
affiliates and income from discontinued operations, which was in the last
quarter of the previous year, last quarter of this year, then the growth comes
to be 43%. At a PBIT level we have posted a growth of 4%, PBIT growth for Wipro
Technologies has
<PAGE>
been 4%. If you look at the PBIT growth on a sequential basis it has been a
decline for Wipro Technologies because there has been a contraction in the
margins, and the margin contraction has been about 2.4% that is primarily due
to:

      a)    We had revenue from IP and product sale in Q4, which did not happen
            at that proportion in Q1 and that accounts for about 1.5% of our
            margin.

      b)    There has been a reduction in the realization: a) Price that we got
            from the customer, b) Over run in fixed-priced project and
            combination of all these factors which is about 1.6%.

But we have seen a recovery in utilization by about three percent in points of
utilization and therefore it has impacted operating margins favorably by 1.4%.
We have earlier been speaking that we will continue to spend on sales and
marketing expenses and it will be higher this quarter than last quarter and
therefore you have seen in SG&A an increase by 0.4%. So net-net, on all those
four to five accounts that I talked about, there has been a 2.4% decline in the
operating margin. So, as far as rupee dollar is concerned, we have proactively
done hedging and we have been doing it for the past several years now. So this
quarter, that is quarter ending June, we did not have any negative impact. In
fact there was a marginal positive impact. Does that explain, do I answer all
your questions on that?

VIVEK: Because of the fact that customer were viewing BPO as one more service in
the whole line up of services that Wipro Technologies could offer, from a
customer viewpoint it made sense to combine the two. So that was one question,
the second question in terms of pricing and outlook, if you look at the overall
sequential quarter pricing, our pricing fell by 1.4% on onsite and about 2.6%
sequentially on offshore.

If you look at the outlook for this, going forward, what we have is that we are
seeing a reduction in the pressure on pricing. So what we are seeing is that
there is more responsible behavior by our peers in the industry, they are
keeping pricing in check, we are also seeing that existing account pressure in
terms of re-negotiating at lower pricing is coming down, part of that is being
fed by the fact that most of the major companies have already cleared their
benches a while ago. Right now even the easily available manpower pool has
shrunk. So as a result, all of us have to work harder now to recruit the talent
that we need to fulfill our growth pipeline. That is an environment where you
see less pricing pressure. So, I think that as a result, our outlook on pricing
is cautiously optimistic, we do not want to call an end to pricing too quickly
but I do think that we are seeing some signs of stability.

In terms of your question about margins and our outlook on margins, again you
have to go back to the drivers for the margins. The reason why the margins fell
on a quarter-on-quarter basis was pricing, SG&A investments that we were making,
offset by higher utilization, AMS turning in a profit, which is the acquisition
made in January that in the first quarter had a loss but this quarter had a
profit, and also the fact that we had no foreign exchange impact. As we look
forward, we may see attenuation in the pricing that will add to pricing pressure
which is negative.

But we do believe that we can take a harder look at our SG&A cost and make sure
we focus on investments in a much sharper way and as a result, be able to
sustain or even grow our margins with absence of the rupee revaluation impact.
The rupee revaluation is anybody's guess, we have seen wide ranges of estimates,
so we are not going to try and make a guess as to how the rupee will play out,
but I think that holding that aside, we feel that margins should at least be
stable.
<PAGE>
CORRESPONDENT: If there has not been an impact of market sagging, why is it Mr.
Premji referred about prices thrice and also about the caution on the impact of
further rupee appreciation, how do you balance this?

VIVEK: Because this quarter was an aberration, the last two quarters have had a
rupee impact. This quarter we were able to get a very good advantage on our
hedging mechanisms, but as the rupee continues to rise, as it does, then it will
continue to have an impact.

CORRESPONDENT: In terms of overall portfolio considering the R&D and the
enterprise part, What is the big picture, is it just waiting for better days to
make a turn around on the technology and the R&D side or is there a conscious
attempt from the shareholder point of view to shuffle it more in favor of
enterprise, I mean what is the big picture on that?

VIVEK: If you look at the mix of enterprise to technology, once again this
quarter sequentially, we saw enterprise grow as a percentage of our total. It
means that we are being realistic about where the market place is and where we
see the growth is, where you know we are seeing the higher percentage of mix.
Even if you look at the last quarter, we had a 6.5% sequential volume growth and
in the R&D services, it was less than that. So R&D services continue to be a
drag in terms of our overall growth. But we are seeing signs of change in the
technologies, R&D services business as well. Our telecom business, which had
gone through quite a battering over the last two years, grew sequentially 10%
and on a year-on-year basis in the 35% range. So what we saw was that the
telecom business was coming back.

We saw continued pressure on the embedded and product engineering business as we
tended to have some of that growth go more towards the Indian Development
Centers than towards outsourcing providers like us, but we still grew at about a
5% sequential basis. On the telecom service provider side, we had issues of ramp
downs in terms of couple of our customers and actually had a de-growth in the
telecom service provider segment, but all in all if you look at the outlook for
R&D services we are beginning to see some bite or we are beginning to see some
traction in that area, and already the gap and growth rates between technology
and enterprise is now closing.

CORRESPONDENT: Mr. Paul, where is the price recovery you are talking about
coming from, can you throw some light on that? That is one part of the question.
You have not given a forecast or some kind of an outlook for the operating
margins, last question my colleague asked here. So if you can answer that one as
well; and the second part of the question from me is to Mr. Premji, did you
mention something about expanding the Sarjapur facility, what exactly did you
mean, we did not hear what you said sir if you can elaborate on that?

VIVEK: First of all in terms of pricing, I want to make sure that I do not
miscommunicate. I do not want to say that pricing is going to turn up, I am
saying it is not going to drop as much as it has in the past. So the sign again
is, it is a still negative in the short term, but smaller negatives, which in
turn lead to positive at some point in the future, but it is not in the positive
state yet. In terms of margin outlook, we do not really gave margin guidance, so
I cannot be specific in terms of margin guidance except to repeat what I said
earlier, which is absent in the impact of the exchange rate, we feel that the
margins should stabilized if not improve a little bit from here on.
<PAGE>
AZIM PREMJI: On Sarjapur, you know we were the pioneers in opening up this
entire area because we came here about six years back and our presence here
drove the setting up of the roads, drove the acceleration of the ring roads.
What we are finding is that the Sarjapur Road, this whole area of Sarjapur is
getting increasingly bottle necked. The government is just not investing money
to expand it. Power problems continue to be prevalent here. We get increasingly
dependent on generating our own power. So, we would just use this facility for
very marginal expansion of our training centers. We have no plans at this point
of time to use this facility for software development center. We just think this
area is not able to support the traffic requirement, the people requirement of a
software development center, or for that matter of a BPO center. I would urge
the press to be emphasizing this periodically to get the government moving on
this, because you are familiar with what had happened to Electronic City, when
the roads had not been built properly there and the software industry had to
take a morcha to get the government to kick-start some construction work. I
think we are heading for a similar situation at Sarjapur. Multiple accidents are
taking place on this road because of the way the traffic jams are taking place
and it is becoming quite a hazard.

CORRESPONDENT: Mr. Paul, are the new clients coming at above average rates and
if indeed they are, what are your average rates onsite and offshore?

VIVEK: While I answer the question, may be Suresh will dig those numbers out. I
mean, if you look at the new clients on offshore particularly, we have seen new
clients at last quarter had a higher billing rate than the overall average. So,
I think that we are seeing some improvement in that. In terms of the exact
numbers, we will go to Suresh.

SURESH: In case of offshore, they are better than the current rates. In case of
onsite, they are not. Primarily it is because, we have added these two
acquisitions of Wipro Nervewire as well as the one in the Utility Practice.
Therefore it has to be averaged out. So consequently whatever new business you
get, you are primarily in your traditional area, they will not be matching the
rates, which has gone up because of the averaging.

CORRESPONDENT: What are these average rates? Mr. Senapathy I mean we cannot get
an idea about these average unless you tell

SURESH: No, no. I will give you that. Price realization average for offshore was
$3900 and onsite was $9959. Onsite, $9959 USD per month.

CORRESPONDENT: In terms of competitive landscape, especially you know the
pressures from MNC vendors and the local vendors, and overall you know that
customers are rather loosening up their IT spend per se a little bit more, when
compared to the last two quarters. What is the overall scene over there?

VIVEK: Well as you know, let me just take a step back and actually tell you how
we described the quarter that went by because that has relevance to your
question. You know, the quarter that just went by saw steady quarters. We saw
sequential growth of 6.5% in volume. This was the six consecutive quarter in the
volume growth. So, we had talked about volume growth that has been the way into
the recovery and I think we saw that. We have talked about the fact that pricing
would be an issue and we have already discussed the numbers, so we did see
pricing being an issue. We
<PAGE>
had also talked about the fact that we would continue to see acquisitions as a
core driver for our future and also see our ability to continue and manage an
integrated acquisitions group. Wipro Spectramind has already been a success. In
addition we have also had AMS turn positive in terms of margins.

So, we actually had a profitable growth on the Energy and Utility consulting
business that we bought from them. Within that we saw that the R&D services
continued to be a holdback in terms of our growth, and still improving the gap
between that closing. So, I think all in all it was a steady quarter, pretty
much in line with what we expected. Given that, if you look at the comparative
behaviors, I think we are in line with people generally expecting this slow
recovery, first on the volume, then on the pricing, and then on the margins.

So, I think we saw substantial, major comparative actions in terms of moving
pricing in either direction, in terms of the global players coming to India. We
continue to see a lot of articulation of interest, we continue to see them now
competing in more and more offers than they were a quarter ago. I think that we
are beginning to see them compete more and more, competing primarily in their
existing accounts as a way for holding away the onslaught from the Indian IT
service providers. So, it is more focused on providing their offshore service to
their existing customers. I would say that the comparative landscape has not
changed significantly over the past quarter. You know we see the global guys
more often, and the mid-level and the smaller tier companies continue to be
under pressures. So, we see them less and less.

CORRESPONDENT: How about the moves for H1B visa, there is a lot of noise being
made about curtailing or terminating it. Do you see actually how many H1 visas
have been used by your company?

VIVEK: You know first and foremost I would like to remind everybody that United
States is a democracy and in any democracy you definitely hear many voices. If
people outside India listen to every politician speak in India, they might be
aghast and you cannot make out whether we are moving forward or moving
backwards. So, the reality is that in a democracy, many people will express
their opinion. The challenge really is how you make sure that there is no
regulatory action that affects your business, and I think as far as that is
concerned, NASSCOM has done a very good job of taking forward our stands with
the IT Associations in the United States and also with our customer industry
associations in the United States.

And this points out the fact that outsourcing to India helps save these
companies money, makes them more competitive, as a result increases their hiring
power in many areas, and I think that we are getting a fair hearing.
Nevertheless there is a lot of uncertainty right now in the United States as to
what the state of the economy is and I think in a weak economy there might be
some success in even getting a regulatory stopper. So, I think that my three
messages would be, first and foremost, do not worry too much about every
headline you read because it is a democracy. Number 2, that a lot will depend on
the state of the US economy as to whether any regulatory action will be taken or
not, and number 3, NASSCOM and all its member companies are doing all of their
best to make sure that we fore stall any regulatory action.

CORRESPONDENT: Due to the visa issues, do you feel that you will be hiring more
US workers rather than sending Indian workers from here?
<PAGE>
VIVEK: Well, you know as a result of our acquisitions we already have some
growing work force in the United States, in Europe, and I think that we will
continue to expect that to grow. You know our own sense is that just because of
the visa issue, we cannot just replace a US worker with Indian workers because
many of the times when we send people on visas, they are there to do knowledge
acquisition and capture, so that we can take the work offshore. So, sending
somebody else in who does the knowledge acquisition but is not going to come
back to India with the knowledge, it is not going to be meaningful.

So, I do not think there is a one for one replacement, but clearly it has been
our proclaimed goal for many quarters now that we do want to have a diverse
workforce and we will continue to work in that direction.

CORRESPONDENT: Mr. Paul, Is Nervewire profitable, and if not, when is it likely
to be profitable?

VIVEK: Nervewire is not profitable. We have consolidated their results since
May. So, we had a couple of months before the results and in the last quarter it
lost money. It lost money first and foremost because of the retention bonuses
that we pay as a part of any acquisition. We understand that services and
companies are about people and you know it is equally important to pay the
employees or the shareholders to make sure that the transaction goes through
smoothly. The second thing which was perhaps a little bit more disappointing
than our expectations was that Nervewire also had an operating loss and the
reason for that operating loss was that in the wake of the acquisition, a couple
of their customers pushed out some large projects that they were considering. As
a result the revenue did not come in at the level it was expected in the last
two months.

We are pushing pretty hard to get those revenues in the coming quarter or the
quarter after, but this Nervewire acquisition is too early into Wipro to give
you a very clear consistent view on that outlook. We are, however, recognizing
that it is a new piece and separate, we will be reporting it separately on a
segment wise basis quarter after quarter until perhaps next year when it becomes
stable and like we did with other acquisitions, we merge it into Wipro
Technologies segment.

SURESH: Just a supplement for the quarter ending June 2003, we had got an
operating loss of Rs. 105 million on account of Wipro Nervewire and the lost
expectation for the current quarter will be of a similar magnitude. So, we will
take few quarters to make it profitable and it will not be as quickly as that we
did vis-a-vis the Utility business acquisition where March ended quarter was a
loss and quarter ended June it has become profitable.

CORRESPONDENT: What is happening for margin numbers, how do you see it going
forward for the year, because the markets are really quite worried that the
operating margins of technology companies are going down. What is the clear view
as of now?

SURESH: Yeah. At the cost of repeating that, the operating margin has declined
sequentially by about 2.4% from March quarter to June quarter. Some of the
customers have lower rates than we agreed upon, there was in fixed price
projects overrun, and combination of various factors, we have lost about 1.6% in
realization from customers.
<PAGE>
But there is utilization improvement and that has impacted the margins favorably
by about 1.4%. Like we have stated before, SG&A, sales and marketing expenses,
we are continuing to spend on increased head count in the overseas market, brand
promotions and so on. That has increased about 0.4% from Q4 to Q1.

So considering all these four or five factors that I talked about on a
neck-to-neck, there was a decline of about 2.4%. In the quarter ending June, we
had a favorable impact, marginally favorable impact on the rupee exchange versus
dollar. But as you know it has generally been impacting unfavorably to many. We
have had that impact quarter ending March and before, and going forward
expecting the rupee dollar exchange would be adverse. So, as Vivek had mentioned
earlier, the going forward outlook is but for the rupee dollar correction which
is not under our control, we would expect stability, if not improvement in the
operating margin in the IT services, but the same thing equally holds good for
our BPO services too.

CORRESPONDENT: Can you comment on the salary increment as a result of these
acquisitions, since most of these people are coming in at very senior levels?

VIVEK: I think that in terms of the salary increments for the people that we
have obtained through acquisition, we haven't seen any particular unusual salary
increments for them. So, when they come in, you know, if they were on a normal
salary cycle of certain months, may be it got delayed by three months, but they
didn't see any acceleration. So, we were not doling out incremental salary
increases to the people that we were getting through acquisition. In terms of
the Wipro Technologies work force themselves, I think that, you know, we have a
salary increment that we are planning that will probably kick into place on
October 1, but that is something that we are still working through.

CORRESPONDENT: Can we have the expenses figure and the breakups for this
quarter?

SURESH: Well, it is there on the website, we have put the whole Indian and the
US GAAP on the website. I have it here, but why take everybody's time. I think
it is there available and off line we can get you the number.

CORRESPONDENT: You expect us to go to the website and see rather than getting it
here? At least the overall picture? Broadly you can give the figure. I have no
access to website like you have. It takes a whole lot of time to download.

SURESH: I can give you a copy of the accounts if you want. Unless you can
specifically ask any particular area you want, for example, we have Wipro
Limited as a whole in terms of expenditure, Wipro consolidated, Indian GAAP, US
GAAP, and then we have the segment report of Wipro Technologies, Wipro Infotech,
and so on.

CORRESPONDENT: No, if you could say how much you made provision for depreciation
and say the taxation, then we get how much the net income would have made.

SURESH: I guess that is given in the Balance sheet, in the press release, if you
see the last few sheets, last two pages has got the accounts at a broad level
with the notes as well.
<PAGE>
CORRESPONDENT: So, how far has your hedging gone? Actually how much are you
proactively involved in that? What is the forward premium you are taking to
protect against the rupee appreciation? Could you share that?

SURESH: We have today almost about $150 million of dollars hedged forward. It is
not practical for us to be granular on this issue. Also, even if I were to tell
you the rates, it is a function of the forward premiums; forward that I have
taken is up to September, up to December, up to March. So it is not possible for
you to make the comparison versus somebody else's. So unless I give you data on
a fully granular basis it is not meaningful and it is impractical for us to give
you data on a fully granular basis.

CORRESPONDENT: But you are betting on a strong rupee?

SURESH: No, we don't bet on a strong rupee or we don't bet on a weak rupee. We
bet on the fact that we do business and we must assure that the profits we
anticipated from that business are booked to us. So, we don't speculate in
deciding whether the rupee is going to be firm or the rupee is going to be weak.
Whatever hedge instruments are available as per the law, whatever forward
booking is available as per the law, we try to optimize it from the point of
view of risk mitigation. We are not a foreign exchange dealer.

Hedging is not necessarily meaning we are indulging into any speculation,
because any point of time there are dollar exposures, we have specific dollar
exposure, because,

      a.    We have cut out invoices and we are expecting realization of those
            invoices to have taken place.

      b.    We also take contrast for which we will be spending dollars and some
            money would come in the form of dollars, and therefore you need to
            hedge them to make sure that your protection is there to the extent
            possible on mitigating this. So, it is not speculative.

AZIM PREMJI: Can we get on to some other questions now. I think we have talked
enough about foreign exchange. Can we have some more questions?

CORRESPONDENT: Mr. Senapathy, you are looking at more offshore work, does it
mean that your tax incidence will come down?

SENAPATHY: If it is more onsite?

CORRESPONDENT: Offshore, offshore work.

SENAPATHY: Yes, if it is more offshore, of course tax incidence would come down.

CORRESPONDENT: So, could you quantify the kind of tax range possibly you could
have in the coming quarters perhaps?

SENAPATHY: That would mean, I have to give you an estimate of what exactly is
happening line by line, so let's get more specific

CORRESPONDENT: What is your outlook for the onsite offshore mix?
<PAGE>
SENAPATHY: What we are saying is that currently the onsite offshore mix for the
quarter ending June has been almost similar to the quarter ending March. Our
endeavor is to bring it down, enhance the component of offshore. We are working
on it and I think we should be able to see some results in the next few
quarters.

CORRESPONDENT: On the health care vertical of yours, how is it doing in terms of
moving ahead, A) Have you broken even, if you have broken even and going ahead,
how does a particular segment look?

VIVEK: I think it is going through a restructuring. So, sequentially it declined
quarter on quarter in terms of overall revenue. In terms of overall margin, it
is too small to measure just that individual operating margin because there are
too many allocations for it to be meaningful. But, our view on the health care
business is that it represents a big opportunity for us. We continue to invest
in it and we continue to open new accounts, in the last quarter one of the
accounts we opened was to set up a CD image rendering lab for one of the major
hospitals in the United States.

CORRESPONDENT: I think you said that the AMS acquisition had gone off quite
well. Can you spell that out?

VIVEK: May be I can ask Sudip Banerjee who runs our Enterprise Solutions
Business to perhaps just take the mike and talk a little bit about what is going
on in the AMS acquisition. Sudip is our President for Enterprise Solutions
Business.

SUDIP BANERJEE: As you are aware we bought the global energy practice of AMS in
January of this year. The first quarter as was reported, was going through the
integration process and we had the value proposition rolled out in terms of both
the consulting and the listing utilities business. The quarter which has just
gone by, has been a very good quarter for us from the AMS business point of
view. We have grown sequentially significantly above our own expectations in
that part of the business. We have added on new clients both for existing
consulting services which have been offered to our customers who were there in
the E&U business, as well as selling consulting services and offshore services
to other customers which were there, and that came in from the acquisition. In
terms of all the employees, they are fully integrated into the company.

As you are aware, the person who now runs the Energy and Utilities vertical is
from the acquired piece. There are other management changes within and we have
transferred people from our existing Energy and Utilities business in to that
part of the business. Similarly, from the acquired business, we have transferred
some senior people in to other parts of the Wipro Enterprise Organization.

CORRESPONDENT: You talked very strongly about the lack of infrastructure, so
what do you propose to do?

AZIM PREMJI: I will build a base for it, we will do the morcha. You know
otherwise nobody will do anything here.

CORRESPONDENT: No, actually this is a serious issue. You talked about roads and
bottlenecks
<PAGE>
AZIM PREMJI: It is a serious issue. You have come here, so you have realized it.
Haven't you?

CORRESPONDENT: Yeah, it is quite bumpy. But, have you not yet taken up with the
civic authorities, and has there not been any response?

AZIM PREMJI: We have taken it up, without question we have taken it up. And the
way the land is being converted for commercial use and for residential use, I
think traffic will come to a halt here in the next one year or one and a half
year. I mean every nook and corner of the land is being converted and it is
completely choking this area.

CORRESPONDENT:  What is the average power cut that you have, for our details?

AZIM PREMJI: We have frequent power cuts, which is an irritation. So, we have a
lot of senior customers who visit here and in a meeting, which lasts for one
hour you, will you have four power cuts. It is a major embarrassment. At one
stage we show them world class facilities, world class quality, world-class
delivery, and in one-hour meeting you have four times that the power goes off. I
am sure you all experience it at home also.

CORRESPONDENT: So, you feel there have been an unchecked commercial growth and
this is leading to congestion?

AZIM PREMJI:And the systems have not got the capacity to take it.

CORRESPONDENT: Mr. Premji isn't it true that your employees also add to the
traffic?

AZIM PREMJI: Please note that we don't have any software facilities here. So, it
encourages our senior management here to spend more time at our development
centers, which in a way is good.

CORRESPONDENT: Mr. Premji isn't it true that most of the space that has been
taken up by Wipro employees.

AZIM PREMJI: No sir. You know, the fact here is that people like to live closer
to where they work. The total number of employees we have in this facility is
below 400. The total number of employees we have in Electronic City is probably
today above 6500-7000. So, this is a very small part of our operation in terms
of employee density, very small part. Then I wouldn't think that more than 20%
of those 400 employees would be living in this area. So, that is about 80
families.

Thank you very much.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>6
<FILENAME>f91681exv99w4.txt
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.4


                               WIPRO TECHNOLOGIES
                             MORNING CONFERENCE CALL
                                  JULY 18, 2003

MODERATOR:  Good afternoon ladies and gentleman.  I am Prathibha the
moderator for this conference.  Welcome to the Wipro Q1 results conference
call.  For the duration of the presentation, all participants' lines will be
in the listen-only mode.  I will be standing by for the question and answer
session.  I would like to hand over to the Wipro Management.  Thank you and
over to Wipro.

LAKSHMINARAYANA: Good morning ladies and gentleman, first of all we sincerely
apologize for the delay. There has been a problem in the exchange in Koramangala
in Bangalore, so consequently all lines in this area were down. We are doing
this call from our mobile phones, so there could be problems in the quality of
the audio and we regret the same. We would request you to co-operate with us,
and we would request you to speak a little louder into the phone when you are
talking so that we could hear it properly, and bear with us if our audio quality
is also not very good.

It is with great pleasure that we welcome you to Wipro's teleconference post our
result for the first quarter of the fiscal 03-04. We have with us Mr. Azim
Premji, Chairman and Managing Director, Mr. Suresh Senapaty, Chief Financial
Officer, who will comment on the results of Wipro for quarter ended June 30,
2003. We are joined by Mr. Vivek Paul, Vice Chairman, Mr. Suresh Vasvani,
President Wipro Infotech, Mr. Vineet Aggarwal, President Wipro Consumer and
Lighting, Mr. Raman Roy, Chairman Wipro Spectramind, and members of the
company's senior management who will answer the question that you may have. The
conference call will be archived and a transcript will be available on our
website www.wipro.com. Before Mr. Premji starts his address, let me draw your
attention that during the call we might make certain forward-looking statements
within the meaning of the Private Securities Litigation Reforms Act, 1995. These
statements are based on our current expectations and are associated with
uncertainty and risks, which could cause the actual results to differ materially
from those expected. These uncertainties and risk factors have been explained in
detail in our filings with the SEC. We do not undertake any obligation to update
forward-looking statements to reflect events or circumstances after the date of
filing thereof. Ladies and gentlemen, Mr. Azim Premji, Chairman, Wipro.

AZIM PREMJI: Good morning ladies and gentlemen. Your board of directors in the
meeting held this morning approved the accounts for the quarter ended June 2003.
Our results have been mailed to those registered with us and are also available
on the website. Let me share with you some of our thoughts on how we see the
environment. Our strategy of becoming a comprehensive IT solutions provider is
beginning to be reflected in our operations and in our operating results.
Revenues from business process outsourcing, which was nil last year, is now
about 9% of our services exports revenues. Consequence to acquisition and
internal initiatives our revenue from consulting services is now approximately
5% of our revenues for our global IT business segment, up from
<PAGE>
almost zero base a few quarters ago. We have significantly enhanced our ability
to serve various industry sectors, the most recent example being the
augmentation of our offerings in the area of financial services through our
acquisition of Nervewire. Meanwhile, we continue to grow our traditional
services, including infrastructure management and package implementation. In
sum, we believe that we are moving in the strategic direction that we desire.
Operationally though challenges in the near term continue. During the earnings
call for our last quarter results, we spoke of the pressures in pricing
environment. We saw that that manifested in price drops in work performed
offshore as well as onsite in the quarter ended June 30, 2003. Additionally, the
recent appreciation of the rupee against the US dollar has added a new challenge
since the majority of our revenues are in dollars, and a significant part of our
cost are in rupees. Although proactive hedging did help us in maintaining the
exchange rates in this quarter, we believe this will remain a difficult
challenge for us to manage effectively. Acquisitions post challenges in terms of
successful integration and driving synergies, not to mention the short-term
dilution in margins. Our experience in this regard so far has been satisfactory,
both Wipro Spectramind and in our Energy and Utilities consulting practice have
demonstrated synergies and turned in profits for the quarter ended June 2003.
The charge that resulted from our acquisition of Nervewire has been reflected in
this quarter's results. On the positive side, volume growth continues to be
robust across verticals. Customer interest in offshore IT services continues to
be high. The market for IT enabled services continues to grow and at a healthy
pace, and we believe that with our leadership and track record of Wipro
Spectramind, we are well positioned to lead this growth. We are also seeing
increased traction in our product R&D technology business. We believe that
unlike in 2002-2003 we will not experience a significant drag on our overall
growth rates resulting from a decline in our product R&D technology business.

Going forward in our global IT services and products business, we will continue
to pursue a strategy of becoming a comprehensive provider of IT services. In the
same breath we will continue to aggressively pursue growth in revenues and in
profits. I would now request Mr. Suresh Senapaty our CFO to comment on the
result before we take questions.

SURESH SENAPATY: Good morning ladies and gentlemen, during the quarter we
completed our acquisition of Nervewire in May 2003. We are reporting the
financial results from this business separately within our global IT services
and product business segment. During the quarter ended 30th June we had a
sequential revenue growth of 6.2% in our global IT services and product segment,
which was comprised of 5.1% revenue growth in our services component of our
global IT business and 19.3% growth in our IT enabled services business. We are
consolidating our IT enabled services business segment base into our global IT
services and products business segment as of this quarter and I will touch on
this in greater detail in a moment. A 5.1% growth in the services component of
our global IT services segment was driven by 6.4% growth in the volume of the
business, which was partially offset by a 1.4% decline in our realization rate
for work performed offshore and a 2.6% decline in our realization rates for work
performed onsite at our client offices. The growth in our IT enabled services
business was are primarily due to growth in volume of business that was
primarily offset by lower price realization of 0.5%
<PAGE>
and 2% lower utilization resulting from the net addition of over 1350 team
members. For the quarter ending September 2003, we anticipate that we will
continue to see volume lead growth with soft pricing. We expect a slight
recovery in operating margins for the next quarter excluding the probable impact
of appreciation of the rupee. The improvement will be driven by increased in
offshore services, improved utilization rates for our employees, and prudent
cost management. Effective as of the quarter ended June 30, 2003, we have merged
our IT enabled services segment into our global IT services and product business
segment and consolidated the result for the purpose of our financial reporting.
We believe that this revised presentation reflects our view that our IT enabled
services and business process outsourcing business is essentially a horizontal
service that we are offering to existing and prospective clients of our global
IT services and product business segment. In an effort to provide greater
transparency of our operation performance we are also providing information
regarding the performance of our subsidiary Wipro Nervewire Inc. separately. We
will now be glad to take questions from here.

MODERATOR: Thank you very much sir, we will now begin the Q&A interactive
session. Participants who wish to ask questions please press *1 on your
touchtone enabled telephone keypad. On pressing *1 participants will get a
chance to present their questions on a first-in-line basis. To ask a question
please press *1 now. First in line we have Mr. Dange from CLSA.

ANIRUDH DANGE:  This is Anirudh Dange, are you able to hear me?

LAKSHMINARAYANA:  Yes Dange. Please go ahead with your question.

ANIRUDH DANGE: I had a question on your acquisition strategy because what
appears to happen is that while your revenues have definitely grown over the
past six or eight quarters because of acquisition as well as co-growth, it has
hit your EBIDTA margin, so what I wanted to understand is that what is the view
on future acquisitions and how would you rate I mean you had a internal bench
mark of IRR on your acquisitions, how have the three acquisitions rated on
those?

VIVEK: First of all Anirudh, let me just walk you through our experiences with
the three acquisitions we have made. As far as Wipro Spectramind is concerned we
had an annual operating plan and it met every parameter of that annual operating
plan, so it was within both our IRR and our ongoing profit and loss estimates.
If you look at the American Management Systems it continues to be within our IRR
calculation, it had a loss in the fourth quarter of last financial year, which
was the first quarter of our acquisition, and this quarter it swung into a
profit, so I think that what we are seeing is it is still on track in terms of
giving us both an IRR benefit as well as a P&L benefit although it is still
dilutive to our margins. We expect that this will continue to improve and over
time I think we will continue to get the benefits of that. As far as Nervewire
is concerned, as we have had with the other acquisition we had an initial cost
up front of a retention bonus that we have typically paid out, as a way for us
to recognize that retaining people is part of the acquisition cost that
retention bonus hit us in the last quarter. Some piece of that would
<PAGE>
hit us in the next quarter. In addition, on a ongoing P&L basis in the last
quarter, Nervewire came in lower than what we were anticipating it to be,
primarily driven by a couple of customers that delayed some big project signing
until the uncertainty created through the acquisition settling down. Going
forward, the way that we look at acquisitions is that there are two different
parameters one is they have to meet IRR requirements, the second is they have to
be able to meet our P&L requirements. In other words IRR returns that creates a
huge negative in the first two or three quarters is a big problem. I think we
have tried to work our way to ensure that we do not have that but we do have
retention bonuses, and our expectation is that as we make acquisition in the
future they will be there.

ANIRUDH DANGE: More on that. Basically if I look at it your Nervewire was
targeted towards the BFSI segment and AMS towards energy. Do you see any places
where there are lacunas where you need to add through inorganic growth or do you
think that right now you are comfortable and you would stay for may be two or
three quarters before you take a new acquisition strategy.

VIVEK: I think what we do is we continue to look at acquisitions based on the
desirability of the acquisition on an opportunistic basis. So we have not slowed
down our efforts to do an acquisition and by the same token you know I cannot
say that we will do that unless we felt it met the requirements. So I wish I
could say that we target that this particular quarter we will make this kind of
acquisition. That is just not practical. What is practical is that properties
come up, you assess them, and if they are good and good value, you go for it.

ANIRUDH DANGE: Okay, just one small final question on Spectramind margins. If
you could give either the EBIT or EBITDA margins on Spectramind it would help,
because a lot of reclassification has created some doubts.

SENAPATY: Last quarter ending June, the apple to apple operating margin that
delivered was about 23% so there is a little bit of dip because of let us say
increased head count which they have hired which is mostly on the training and
the billing value of that has not flown through and we expect that to happen in
this particular quarter and therefore we would expect some improvement in that
in the current quarter.

ANIRUDH DANGE:  Okay thank you.

MODERATOR:  Thank you very much sir.  Our next question comes from Mr. Chetan
Shah of Quantum Securities.

CHETAN SHAH: Yeah, this was in connection with the stock options that were given
to Spectramind which has resulted in some kind of a loss, whether this charge
are going to repeat in remaining three quarters?

SENAPATY: Yeah, you know actually this happens in US GAAP, what happens is when
we acquired the company and there were some un-vested options. Now post vesting
of
<PAGE>
these, the employees exercised them and pursuant to which what happens is that
on the Indian GAAP there are no issues, but on the US GAAP it typically gets a
treatment like sale of the shares and therefore the price that were realized on
the basis of the exercise price that was determined was lower than the carrying
value because there was an element of goodwill too when we did the buying.
Therefore this happened, and it is a big chunk. I suppose there will be another
big chunk that will happen after a year, there may be happening something small
later on, but a bigger chunk would happen again in the next year. But another
good thing is that we have call option as well as the employees has a put
option, post expiry of 180 days from the date of exercise, so therefore
eventually it would perhaps get bought over.

CHETAN SHAH: Okay, and regarding the equity and losses of affiliates like Wipro
GE and Peripherals; in case of Peripherals already it has come into profits,
what about the target for Wipro GE Medical.

SENAPATY:  Yes, like we stated before our objective is to make sure that in
the financial years 2003-2004 we will exit with the profitability.

CHETAN SHAH:  Okay and if you can give some kind of intimation on the
consumer care that acquisition of I think Chandramukhi brand.

SENAPATY:  We are not after any Chandramukhi brand; I think the indication of
yours is with respect to Chandrika.

CHETAN SHAH:  Oh! Sorry yeah.

SENAPATY: Yeah, now so far as that Chandrika brand is concerned we have got into
a marketing arrangement with the Chandrika family to distribute that product in
specified state on an exclusive basis for a finite time, that is the arrangement
with stands today and we will continue to be valid till such time the contract
expires.

CHETAN SHAH:  Okay, thanks a lot.

MODERATOR:  Thank you very much sir.  We have our next question from Mr. Amit
of Birla Sunlife.

AMIT:  Hello, can you hear me?

SENAPATY:  Yes Amit go ahead.

AMIT: Okay, first question, Vivek, if you could give us the sense of if you
observed any change in the sentiments at the client level given the fact that we
are getting a feeling that the US second half is going to be better off. Is
there a sense among the clients to take decision faster and is it fair to relate
this to your expectation of stabilized billing rates going forward?
<PAGE>

VIVEK: Yeah, I think you know if you look at the clients, they continue to be
very interested in offshore, they continue to want to scale up, I think what we
are seeing is many of the uncertainties over the past in terms of travel, etc.
are gone, you know we are getting the same number of client visits. So I would
say overall a general, you know not a huge but a general; I would say
acceleration in terms of interest. So we continue to see this kind of a you know
we saw what we thought was a steady quarter and we continued to see that kind of
steady growth going out. As part of that what we are also seeing is that we are
seeing both a more limited customer expectation of price reductions as well as
more balanced behavior by competitors on pricing, particularly since not only
have all the benches cleared but the easy availability of talent in the Indian
market is also subdued and so now we actually have to work towards hiring good
people. So I think that combination of more supply limitations coming up and as
well as the increasing demand helps us saying that the pricing situation is
beginning to stabilize. I would still not call it as saying that we are going to
see pricing begin to go up but I think that we would not see the quantum of
declines that we saw in the past going into the future.

AMIT: Okay, I got a second question. There are some retention bonuses to be paid
out to the Nervewire team, now could you quantify that what was it that was paid
out and well is it a payout that it is completely done or there could be a
replication in the subsequent quarters?

SENAPATY: Yeah, actually like we have these concepts, which is at 100 days bonus
and one year and end of two years kind of thing. So in this quarter ending June
we had posted a loss of Rs. 105 million, which is in line what we had taken into
account while doing the acquisition. So far as Q2 is concerned that is month of
September, we will perhaps have a loss of the similar proportion because yes it
will continue to have a component of bonus and also it will take some more time
to be able to get this synergies into play. Unlike in AMS acquisition, the
utility acquisition where in the quarter ending March we had posted a loss and
in the quarter ending June we have made it profitable. Our own expectation is so
far as this entity is concerned it will take fewer more quarters.

AMIT:  Okay, all right, thank you.

MODERATOR:  Thank you very much sir.  Coming up next is a question from Mr.
Rahul Dhruv of SmithBarney.

SENAPATY:  Yes Rahul.

MODERATOR:  Hello Mr. Dhruv, are you with us sir? Our next question comes
from Mr. Sandeep Dhingra of JB Morgan.

SANDEEP DHINGRA:  Yeah, hi, good morning.  Two questions; one is, could you
walk us through how the exchange rate has impacted your number in this
quarter.

SENAPATY: Yeah, so far as the quarter ending June is concerned, we have not seen
much of the impact of rupee exchange rate, in fact it has done little bit of
favorable impact, but
<PAGE>
we would see impact of that in the next quarter, we had seen the impact of that
in the March quarter, which is like you know we have for several years had been
engaged in hedging of our currency dollars based on the kind of exposure that we
have had but the impact of that will be felt in the next quarter.

SANDEEP DHINGRA:  And on the margins is at 60 bases points, 70 bases points.

SENAPATY:  Yeah like we said for every 1% change in the exchange there will
be a 40 to 50 bases points of impact on the margins.

SANDEEP DHINGRA: And what is the difference between US GAAP and Indian GAAP, you
know up to the EBIT level, because there seems to be a substantially difference
in the profit amount.

SENAPATY: Yeah you know because what happened was in case of Wipro Spectramind
when we acquired the company there were some un-vested option and some of that
got vested in the month of June and because of that exercise the 100% owning got
diluted to about 95%. Now, we have a call and the employees had a put option on
the company post expiry of 180 days from the date of exercise. The way it is
treated in the US GAAP is like it is treated as a sale of shares and therefore
though the exercise price was at a much earlier level because our acquisition
price included a component of goodwill, the sale price tended to be lower than
the price at which we were carrying in the books, and therefore it is treated as
a loss, which is routed through the P&L account, but the moment any particular
purchase transaction takes place, which is after 180 days, it will come back
through the results.

SANDEEP DHINGRA:  No Mr. Senapaty I think I was referring to the number
before this, if you look at the operating profit, that is your EBIT, even at
that level there is a you know 15 Crores difference between US GAAP and
Indian GAAP.

SENAPATY: Yes. There are basically two components; one is this amortization of
intangibles arising on account of acquisition, which gets done in US GAAP but
not under Indian GAAP. You know, in the Indian GAAP, the entire thing is
classified as goodwill and is submitted on the impairment just like it is in US
GAAP, but in US GAAP, a portion of it is classified as intangible, which gets
amortized.

SANDEEP DHINGRA:  Right.

SENAPATY: So, that is one and the other one is this compensation cost, staff
compensation, and the third one is the SAB 101, which means some our revenue in
Wipro Infotech, which is in the domestic business, wherever you have some kind
of payment terms linked to instillation, there is a deferment of that revenue
that takes place, and therefore the profit arising out of that does not get
recognized in the US GAAP unlike it is in Indian GAAP.
<PAGE>

SANDEEP DHINGRA:  Right.  Just one final question on a strategy level.  If
you measure the business performance in return on invested capital, fourth
quarter of 2002 we were at 101% on you know on Global IT services.  Now we
are at 41%, so we are down 60% in the space of five quarters.

SENAPATY: Right. You know, you have to appreciate the reclassification in the
sense that when you are talking about March 2002, the acquisition of Wipro
Spectramind was not there and it came in later, so all these acquisition now has
been tucked into Global IT services and therefore the goodwill is also sitting
on the balance sheet. So eventually what happens is apart from whatever you are
doing organically whenever you resort to the inorganic growth, you tend to pay a
higher price but you do get a quick ramp up and eventually over a medium to long
term it should taper off.

SANDEEP DHINGRA: But just, my question is where would steady state be? I mean
because you know fundamentally cost of capital is still much lower, so should it
converge lower or should it stabilize at some level, I mean, how does the
management see this, the trend?

VIVEK: You know, for example if you look at the, you know, our key driver is
primarily operating margin and generally operating margin flows through in terms
of net income and it flows through in terms of return on capital employed except
in case of acquisition. So, but would we not do an acquisition just because
return on capital employed stands depressed, as long as we think that it is a
growth driver and also we think that in the short term to medium term, it will
turn around in operating margins and therefore operating margin will not be
dilutive, we would continue to pursue acquisition.

SANDEEP DHINGRA:  Okay.  Thank you.

MODERATOR:  Thank you very much sir.  Next question comes from Girish Pai of
SSKI Securities.

GIRISH: Yeah. Hi. I just wanted address the gross margin decline that you seen
on a sequential basis from the fourth quarter, I think it has been approximately
about 400 basis points in the Global IT services and products business,
including IT enabled services. Can you just walk us through what is the reason
why you seen a 400 basis point, what are the components that resulted in this
400 basis point drop.

VIVEK: Let me, look at, sequentially if you keep the Nervewire component out,
which we have disclosed separately, the Global IT including the IT enabled,
there is operating margin EBIT for the quarter ending March was 24.6%, which is
down to 22.2% for the quarter ended June, which means a delta of 2.4% adverse.
If you look at the component, a. we had a lower realization from our customers
including overrun in the FPPs etc., which impacted for about 1.6%. There is
upside in the margins, utilization, because we increase the utilization by
3-percentage point and therefore the overall operating margin went up by 1.4%.
Like we have stated before, the SG&A we continue to spend and that had a adverse
impact of 0.4%, and the final big ticker is on the product and the IT sales
<PAGE>
and some amount we collected in the form of a termination fees in March quarter,
and these are in a manner of speaking one time or do not happen on a repeated
basis quarter after quarter in a similar proportionate. So, on an incremental
basis, we had lesser of product sales and IT sales, and therefore impact about
1.5% from quarter 4 to quarter 1 adversely. So combination of all these account
for about 240 basis points and therefore the operating margin of 22.2%.

GIRISH:  Okay.  In terms of salary increases, have you increased salaries in
the June quarter or do you see this coming through in the September or the
subsequent quarters.

VIVEK:  Yeah.  There is not any across the board salary increases that has
been given in the June quarter, and it will be reviewed subsequently in terms
of to be given in the future quarter.  In Wipro Spectramind, we should give a
salary increase effective April 1.

GIRISH:  Okay.  Just one last question on technology services.  Can you just
comment on how things are turning out there?

VIVEK: For technology services what we are seeing is that generally our
technology customers beginning to feel that they have hit bottom, they are
beginning to see their way out, wanting to reinvest in their product roadmap. As
a result there is a heightened interest in doing R&D in the offshore, so I think
that continues to also be a good trend. What we are seeing is that telecom
equipment providers are being more reluctant to invest in their own centers
versus the other parts of the R&D services customers, and as a result we are
getting more growth and more share of their India spend in that segment, so our
R&D services business itself found that telecom business grew at a sequential
rate on 10%, the embedded and product engineering side it only grew at 5%, and a
share of that offshoring growth would be Indian development centres of those
customers.

GIRISH:  Just a followup question, do you see any kind of vendor
diversification strategy being followed by technology R&D services customers.

VIVEK: I think that in most of our cases, already we are in a multivendor
situation, so virtually every one of our large customers is in a multivendor
situation. On the IT enabled side, similarly it is already happened that we have
multivendor situation, so I guess, you know, we are used to multivendor
situations and it is changing the game for us.

GIRISH:  Thank you.

MODERATOR:  Thank you very much sir.  Next in line, we have Mr. Sanjeev
Kapoor from Way2Wealth Securities.

SANJEEV:  Hello.

VIVEK:  Yes.  Please go ahead Sanjeev.
<PAGE>

SANJEEV. I just wanted to clarify one point, the difference in sales, if you
look at the Indian GAAP as well as a US GAAP, is it because of a deferment of
some revenue under Wipro Infotech.

VIVEK:  That is right.

SANJEEV:  That is because of that.

VIVEK:  That is right.

SANJEEV:  Okay.  Thanks a lot.

VIVEK:  Thank you.

MODERATOR:  Thank you very much sir.  Next we have Ms. Priya Rohilla from
Birla Sunlife.

PRIYA:  Yeah.  Good morning sir.  First question is with respect to the
increased traction you have seen in the offshore from the customers, if you
could highlight particularly from the point of view of your top 10 clients
rather?

VIVEK: I think that if you look at the accounts that we have in top 10, six have
actually grown in terms of quarter on quarter basis, and four have actually come
down. We are seeing generally growth in some and decline in some.

PRIYA: Okay, and if you could give some outlook on the onsite and offshore mix
given that it has been same as what you have seen in the fourth quarter and how
do you anticipate it in the coming quarters.

VIVEK: I think we will see some slight improvement in terms of offshore ratios,
but if you think about the reasons for our onsite ratios being higher in each
practice line, in each vertical, we do actually see more offshore revenue, but
our mix of business is tending towards more onsite centric businesses. Out
package implementation business continue to be our fastest growing segment. That
has more onsite business. In addition, as a result of the acquisitions, our
consulting business is more onsite centric, and that has really grown as a
percentage of total. So outlook is I would say mild improvement in the offshore
ratio.

PRIYA:  And, if you could comment on the outlook on the utility segment.

VIVEK: I will have Sudip Banerjee talk about that, he is president of our
enterprise solutions business and utilities vertical falls into that.

SUDIP: Yes, on the utility segment, we have had the integration completed from
the erstwhile AMS, and that part of the business has shown significant growth
beyond our expectations, and we have turned around a profit in this quarter on
the consulting side of
<PAGE>
the business. The good news is that both in the existing utilities business and
the acquired piece, we have added on clients this quarter. We have also
diversified our client's base. We have had more client additions in US, and we
have also had client additions in the parts of continental Europe. So overall,
we have had growth in all segments of the utilities consulting practice, and
clients have come in with different types of services. We have also been able to
cross sell services, so which means existing clients have got consulting
services sold into those account, and offshore development services have been
sold in the erstwhile clients of the acquired piece.

PRIYA:  Okay.  Thank you very much.

MODERATOR:  Thank you very much madam.  Coming up next, there is a question
from Mr. Sujeet of UBS.

SUJEET: Hi. Just two brief questions. One was, see your volume growth in the
core business is around 6% sequential. You are saying things are looking to be
slightly improving overall, so going forward, do we expect you to breakout of
this range and may be post higher sequential volume growth, so what is the
outlook there; and the second one is on pricing. You again mentioned, Vivek,
that pricing seems to be slightly you know getting more stable. In that contest
wanted to check with you that we are still hearing that the new customers are
looking at fairly low rates, may be in the between 15-20 dollar range for
slightly high scale contracts, so is that changing or how are you factoring that
into your sense. Thanks.

VIVEK: Okay, let me first start with in terms of the volume, we have guidance
for the next quarter. We do not really give guidance for the full year, so I
cannot add anymore than the guidance we have already given. In terms of the
pricing, you are absolutely right, many customers are demanding very low price,
but what we are seeing is that there is a rationality that is emerging both in
terms of the providers of services as well as these customers. So, you know
there are a few large deal kind of situations where you have big RFPs, but you
know where pricing can be keen, but frankly I think that even there we are
beginning to see some more semblance of stability. So, I would say that you know
again it is too early to call it a complete victory, too early to say the thing
has turned around, but certainly the negatives are beginning to get mitigated.

SUJEET: Okay, and on the volume side, I mean the point of was not really for the
full year, but sequentially speaking are you expecting this trend of 5% to 6% to
growth improve or still going to be in that range.

VIVEK:  I think that all I can say there really is the guidance is given you
know I cannot give you any more numbers than that.

SUJEET:  Okay, what is the guidance incline for the quarter?

VIVEK:  We have given $210 million for the next quarter.
<PAGE>

SUJEET:  Okay, thanks gentlemen.

MODERATOR:  Thank you very much sir.  Next in line we have Mr. Anantha
Narayan from Morgan Stanley.

ANANTHA NARAYAN: Hi, good afternoon everyone. We did followup on the technology
business in the sense you have mentioned that the traction of there is
improving. Is it uniform across all aspects of their business or are they some
portions that are growing and the others are not.

VIVEK: I would say that within our business frame what we are seeing is that the
telecom service provider has been down for us that related more accounts
specific than industry wise I think that we continue to get industry wins there,
and on a sequential basis that has gone up. If you look at telecom and Internet,
the telecom equipment manufactures, we have seen good growth there on a
sequential basis, 10% volume growth, and on the embedded and product-engineering
side it has been about 5%.

ANANTHA NARAYAN: Okay and my last question was on Wipro's financial performance
relative to its peers. While we appreciate that some of the initiatives that you
are taking and addressing new business segments is distinguishing you all, but
the relative financial performance is still hurting, and what is your assessment
of when these initiatives will help you post better performance you know is it
over the next three-four quarter or should we be looking at longer time frame
than that.

VIVEK: Well I think, it is difficult to comment on you know how we do relative
to everybody else in the industry because not all the results are in, but
ultimately this is a race against ourselves and we have to make sure that we
stay on course to build the global top 10 services provider, we continue to make
progress everyday. I think that as far as the financial results are concerned,
we have taken the acquisition steps only recently. The Wipro Spectramind has
come in and already contributed, the AMS business and the Nervewire businesses
are recent. I cannot say that we have had many years of experience in terms of
doing acquisitions in this space, so you know it is on this particular day
things will turned around, but what we do know is that there are some
transitional costs, for example, the retention bonuses, but over the long run
building and consulting business, building that end-to-end provider will help
us. I am sorry, I cannot give you very specific number of that.

ANANTHA NARAYAN: Sure, just on the operating profit margins excluding the
possible impact of the exchange rate, would it be safe to assume that we
probably seen the bottom at least for the next three or four quarters.

VIVEK: Well, you know I think that this market is still quite turbulent, so we
do not want to call you know quarter after quarter after quarter so we do not
want to four quarters out, but what we do see is that at least in the immediate
term that holding aside the rupee impact that we should be able to offset a
lower price drop with a better SG&A cost and utilization improvement.
<PAGE>

ANANTHA NARAYAN: Thanks Vivek and all the best for the future.

VIVEK:  Thank you.

MODERATOR:  Thank you very much sir.  We have our next question from Mr.
Mahesh of Refco Securities.

MAHESH:  Yeah.  Hi.  If one compares you with your peers in terms of EBIDTA
margins, then among Infosys, Wipro, and Satyam, Wipro currently has still
lowest EBIDTA margins.  Prima facie the prognosis would seem the revenue
growth incidentally has lagged Infosys in the recent past, it would seem that
despite sacrificing on profitability, the revenues are not really coming in.
I would appreciate your comment on this.

VIVEK:  I think that you know if you look at the EBIDTA margins, are you
talking about an aggregate including Wipro Spectramind including everything
basis.

MAHESH:  No.  No if one strips that out, the EBIDTA margins would be
something like let us say in the range of 25, I would not have the exact
figure because the details are a bit sketchy, 25, 26 or so, where as in care
of Infosys it is 30+, in case of Satyam it will be about 29 or so.

VIVEK:  Yeah.  I think that you know it is really over the past two quarters
we have been hit by the acquisition cost and I think that has been unusual,
also I think that we had the pricing reduction, which has hurt our margins,
so I would say that you know it is clearly if you look at the volume so that
is on the margin side, if you look at the volume growth side, the fundamental
big driver is the tech businesses, if you look at our technology businesses,
they were a drag a few quarters ago in terms of you know declining versus
growing, now they are growing, but they are growing at a slower rate than on
the IT side, and I think that our split of businesses between technology and
information technology has held back our overall growth rate.

MAHESH:  Okay.  Secondly there have been rumors of some domestic acquisition
by Wipro.  Well, I do not expect a comment on specific entities.  Does Wipro
strategically is considering domestic organizations at all for acquisition.

VIVEK: Well, we consider everything. So, we have looked at domestic
organizations in the past. We have looked at domestic organizations for Wipro
Technology, for Wipro Infotech, for Consumer Care, so I think that you know we
have taken a look at all the different place, but relating to the Wipro
Technology space, we have not seriously looked at consolidation place, in other
words, we have looked more for market for print expansion than consolidation
place.

MAHESH:  One last question.  Your attrition rate has gone into double digits
in this quarter.  Is it concerning or is it just something under complete
control.
<PAGE>

VIVEK: Well, the question really is what is your normal levels. You know the
fact that it has gone up is indeed concerning and we are taking a look at what
we need to do to be able to retain our employees including being able to part
through a salary increase effective October for the Wipro Technologies people,
for Wipro Spectramind we have already done that effective April, so I think that
we are taking the necessary steps, but we do view the situation with concern, so
we are trying to do what we can to protect it, but at 10.5% it is not disruptive
to business.

MAHESH:  Thanks a lot.

MODERATOR:  Thank you very much sir.  Our next question comes from Mr.
Bhuvnesh Singh of CSFB.

BHUVNESH: Hi sir, thanks for the chance to ask the question. On employee front
are we seeing that there is a some tightening of supply situation or are we
still seeing that number of laterals are available for us to hire.

VIVEK:  We are definitely seeing a tightening situation.

BHUVNESH:  And do we think that situation would lead us to somewhat better
pricing environment as such.

VIVEK:  I think that is a natural corollary that if supply beings to shrink,
you know, the pricing tends to move.

BHUVNESH:  Okay.  So, are we seeing that there is some sort of a greater
restrains amongst our competitors and then they bid for the contract as such.

VIVEK:  Yes.  I think that what we are seeing is not as you know not as
aggressive price discounting as we were seeing before.

BHUVNESH:  My second question is basically on our domestic IT business.  In
that we have seen suddenly the product business has contracted significantly
in this quarter.  Any particular reason behind that?

VIVEK: This last year and last quarter, we had some of the large networking
deal, which and also so far as this quarter ending June is concerned we had some
orders, but we did not execute by the 30th of June and therefore we had some
amount of spill over into this quarter, but as you know the focus in the
domestic IT services and product business is service, and from a service
prospective we have grown 25% year-on-year and similarly even on the
profitability.

BHUVNESH:  Thanks a lot sir.

MODERATOR:  Thank you very much sir.  Coming up next is a question from Mr.
Anupam of HSBC.
<PAGE>

ANUPAM:  Yeah.  Hello, can you hear me?

VIVEK:  Yeah.

ANUPAM:  Yeah, thank you very much for the question.  One quick house
keeping, does the guidance for the next quarter include Nervewire.

VIVEK:  That is right.  The $210 million includes for Nervewire.

ANUPAM: Alright, thank you. I think the next question is, Vivek, you mentioned
that there is a price stability I mean there can be a bit of utilization
improvement next quarter, there can be a movement at onsite offshore rate, so on
a quarterly basis we can see a non-unidirectional play in terms of variables.
But if you look at a little longer term on a structural basis, clients are
asking for volume discounts. You guys are coming at probably lower than average
cost. There is more onsite centric work. The new services per se are in a
direction of a lower margin business. So, if you remove the noise of or if you
remove the unidirectional behavior of small variable, is it fair to say that
there is a slope which might be lesser than what it was earlier, but definitely
we are leading to a little lower margins then before.

VIVEK: I think that you know in percentage terms margins have already come down.
So, I think that you know even if they stayed at the same lever over the next
couple of years, it will be lower than before. I think that overall though you
know we are just going to be able to manage that mix. I do think though that
ultimately the gain will continued to be volume increases as offshore becomes
more and more competitive, volume increases as the range of services that
companies like Wipro provide, and a margin stability that allows us volume
increases to be able to drop to the bottom line.

ANUPAM:  Right.  Okay.  On competition, I am talking about competition from
MNCs in India.  Now I think it is fair to say that whilst they are not
ramping up the way some people meant it out to be, but competition sometime
does not have to be successful to be disruptive.  What is your take on the
evolving landscape in terms of competitions form MNCs in the country?

VIVEK: I think that you know we are seeing MNCs continue to get more and more
aggressive. They were more aggressive in the last quarter than they were under a
quarter before. So, we do continue to see them do that. We do continue to see
them particularly aggressive in their existing customer base. So I think that we
do have a situation where we are looking at more and more competition, however,
customers are quite discerning and so when a competitor says well you know I am
willing to hold on to you, but I like to do you offshore work. They ask show us
how you are going to do it and so for example in one instance we had a
multinational competitor, tell them they going to send a team from their local
office for knowledge acquisition at their normal rates and then the team that
would actually execute from India would be a different team and the customer
kind of looked at them you know with their mouth open saying obviously you do
not
<PAGE>
understand how the global delivery thing works. So, I think that what we have is
you know customers are being discerning, they are saying look until you can
demonstrate that you have that capability we are not going to go there and as a
result I cannot say we have lost out of business to them but they are certainly
out there, and you are right they can be disruptive and as long as we educate
our customers so that they don't take them at face value I think we are in good
shape.

ANUPAM:  Right.  Thanks Vivek.  Just one final suggestion to the management,
I think, if you can continue to report the ITES separately, I am sure there
are reasons for the management which you have articulated are valid, but at
the same time we are going through a phase of too many acquisitions, we are
going through a transitionary phase, and at this stage if we can get some
separate numbers, I believe, personally, that will help.  Thanks a lot.

VIVEK: You know that is a fair suggestion, but you know the way we operate in
terms of our own planning process also is that the IT enabled services' target
is built into the various verticals under which we operate in Wipro
Technologies. So, it is a multiple target matrix organization how we operate.
So, therefore we though this is the most appropriate. However, whenever
required, we will be able to share with you whatever information you need so as
to give you as much comfort.

ANUPAM:  Alright.  Thanks a lot and best of luck for the future.

VIVEK:  Thank you.

MODERATOR:  Thank you very much sir.  Next in line, we have Ms. Mitali Ghosh
from DSP Merrill Lynch.

MITALI GHOSH: Yes, hi, good morning. I wanted to check firstly on the pricing
environment. While you did mention that there is some rationality in pricing
today, what are you seeing in, I mean, can one interpret that to mean that
essentially incrementally prices are somewhat more stable, and secondly are the
existing customers, you know, coming back for re-negotiations and what
proportion of your existing customers would have re-negotiated?

VIVEK: Mitali, yes in terms of pricing I would say that the good news is not
that good that we expect the prices to stay flat or go up yet. I think what we
are expecting is that the declines will attenuate, so I think that is one thing.
The second with regard to existing accounts, you know, we have continuous
negotiations through the year, but what we are seeing is that at least in the
negotiations we held through the past quarter, the situation was not as bad as
it had been in the past.

MITALI GHOSH:  Right, and also the BPO, if you could mention on what the
outlook is on pricing?

VIVEK:  Let Raman talk about that.
<PAGE>

RAMAN: Hi, Mitali. The pricing environment continues to be challenging on the
BPO side. They have continued to be people in the market place quoting prices
that in our opinions are not commercially viable. As Vivek said, the customer
continues to be discerning. The customer will choose the partner they want to go
with, but these prices that they utilize to negotiate are the people that they
may not want to do business, but they have given them prices that are used for
negotiation. So, we are seeing certain amount of responsibility coming in
particularly in the last six to eight weeks, but it is too soon to say whether
the behavior will be any different.

MITALI GHOSH: Sir, overall in terms of pricing then even in just IT services, is
it fair to assume that on a weighted average basis, we should continue to see
those declines over the next few quarters?

VIVEK:  I think we can expect to see a decline in this coming quarter.  I
won't look out more than that, but it will be less than before.

MITALI GHOSH: Again I was, you know, I think in the opening remark Mr. Senapaty
mentioned that you are looking at improved margin in the next quarter, but given
that utilization is possibly at a peak and you know pricing is likely to decline
at least in a weighted average basis, and you also spoke of the tightening
employee situation, I mean, what is really the reason for that confidence?

SENAPATY: Mitali, when I said that I said that but for the rupee exchange
difference, our endeavor would be to put up with a sustainable operating margin
or better if not better, and the way to go about it is like Vivek said that we
will look forward to some kind of improvement in the offshore, yes utilization
has already improved but there is scope and therefore we will work on that.
There will be some optimization of the general administration expenses, which we
would think about, and similarly on the promotional and the travel expenses. So,
there are various areas we have identified and we will be working on to, you
know, achieve our aim.

MITALI GHOSH:  Are we to think that utilization would be somewhere near a
peak?

SENAPATY:  It is, therefore as and when you are already close to a peak, the
situation becomes tougher to achieve anything better, but we are still
working on it to improve it further.

MITALI GHOSH: And one final question on your pipeline, if Vivek could talk about
the pipeline and compare it versus April in terms of total value of RFPs, also
what you are seeing in terms of services demand, that will be very useful.

VIVEK: I think that we continue to see a healthy kind of increase in that. I
don't think that we are seeing any step function change, but we continue to see
a healthy increase, that is the healthy improvement.
<PAGE>
SHEKAR: Onsite people has gone up quite dramatically during the quarter as
compared to the previous quarter while the total number of person, man months
billed onsite or man months available onsite hasn't increased that much. So, can
you just explain what is the main reason behind it?

VIVEK:  Could you repeat the question please?  We missed the beginning.

SHEKAR: The people located outside India, that has gone up as a percentage of
total employees from 23% in Q4 of 03 to 28% in Q1 of 04, while the number of
person months available onsite has gone up by just something like 9%, while so
many people have been located outside India?

LAKSHMINARAYANA: Yeah, see what we given the matrix is the snapshot picture as
in the close of the quarter and that primarily increased also because the
acquisitions we have had. So, the man months and this may not necessarily
correlate.

VIVEK:  Did you get the answer please?

SHEKAR:  Yeah, we got the answer.  Thanks a lot.

VIVEK:  Great.

MODERATOR:  Thank you very much sir.  Our next question comes from Ms.
Kamakshi Rao of Capital International.

KAMAKSHI RAO: The question is on your sales and marketing infrastructure for IT
services and IT enabled services. What is the size of this infrastructure today
and what are your plans for the future?

VIVEK: If you look at the total number of sales employees we have, we have a 147
+ 18, 165 people, and in terms of the outlook, our expectation is that this will
go up a little bit but a lot of the focus will be more on marketing events than
head count increases.

KAMAKSHI RAO: When you decide, you seem to, so you are suggesting that this
level is adequate for the growth that you expect this year. How do you estimate
the value of the sales and marketing person or the value of this infrastructure,
and how do you take the decision on dedicating more to it?

VIVEK: I think that what we have to take a look at is how much we can improve
our sales per sales person as well as take a look at what we can do in terms of
getting a broader range of services out there. So, typically what we have done
is over the past year or so we have cut back in terms of our investments in pure
sales people and are increasing investments in account managers and strategic
account managers to try and break that scalability barrier in terms of growing
existing accounts.
<PAGE>

KAMAKSHI RAO:  Okay.  And this 147 + 18, is that 147 for IT services and 18
for IT enabled, or what are the two categories?

VIVEK:  That is correct.

SENAPATY: While that is true Kamakshi, 18 is dedicated IT enabled, but the 147
would also do IT enabled because of the account management and because they are
the traditional accounts of Wipro Technologies to which this BPO services are
being sold. So the go to marketwise, all this team is available for BPO services
and 147 only IT services.

KAMAKSHI RAO: The process by which you pruned down the sales people and
increased the account managers, has that been a change in the people or has that
been a change in job responsibilities?

VIVEK:  I say about half and half.  We have given that opportunity to about
half of our people to go into account managers and half the time we have
brought in new people.

KAMAKSHI RAO:  And just a last question on this point.  What would the 147
and 18 have been a year ago?

SENAPATY:  Eighteen was not there because we acquired the Wipro Spectramind,
so far as 147 is concerned, it was 111.

KAMAKSHI RAO:  Okay, thanks a lot.

SENAPATY:  Thank you.

MODERATOR:  Thank you very much madam.  We have our next question from Mr.
Rahul Dhruv of SmithBarney.

RAHUL DHRUV:  Yeah, hi.  You know, my question was on SG&A, it has gone up
from, you know, the low teens to 16% and,
   A) We have not seen that much increase in the head count as we just
      discussed, and
   B) That has not really resulted in the company actually moving into that
      trajectory of growth which couple of your other competitors are in.

So when do you really see the benefit of this additional 400 and odd basis
points that you have invested in the last four quarters?

VIVEK: I think that if you look at the sales and marketing investments, there
has been an increase in the head count. We just talked about it going from 111
to 147. So, I think, that you know you had said that there was no increased head
count there. There has in fact been there. I think in terms of the overall SG&A
investment, I think that what we have to take a look at is how much of that is
relating to what we had in this quarter as an unusual kind of delayed receivable
collection, which created a provision for doubtful debts, which in fact got
rolled into the SG&A, but ultimately I think the challenge really
<PAGE>
is how quickly we can get our technology sectors to pick up so that we can not
have that growth disadvantage and most recently in this quarter we felt that we
did not get the scalability in the banking and financial services sector that
perhaps put us further behind. So, I think the next challenge is that can we get
Nervewire to also address that gap.

RAHUL DHRUV: Okay. You know your margins, PBIT margins that are around 20% odd
from back of the envelop calculations for this quarter, and that puts you on a
huge difference with the other players as discussed earlier in this call. Now,
what do you really expect to happen is that your competitors will come down or
you will go up or you will pull the convergent somewhere in between?

VIVEK: The good thing about our job is we don't have to spend as much time
thinking about what the other guys are going to do. So, I think I will leave
that to you in terms of what they are going to do. I think our intention is
exactly what we laid out earlier which is we will improve our margins absent
rupee changes for this quarter coming up.

RAHUL DHRUV:  So you don't really see that your margins can go up from here?

VIVEK:  No, I said that we will improve margins, you know, relative to,
excluding the impact of rupee appreciation, relative to where we are today.

RAHUL DHRUV:  Okay.  One last thing on BPO, the number of active customers in
Spectramind has remained at 15 while there has been a consistent increase in
the client addition.  So, is it that there is a huge pipeline of business out
there, which is waiting to unfold, or what exactly does this mean?

RAMAN: Effectively, we have increased the number of processes that we handle for
the customers. At this point of time, we run more than 50 processes for the
customers, that count was 41 at the end of last quarter. So, the number of
processes or the number of people per process has gone up substantially.

RAHUL DHRUV:  Right.  My question, Raman, was on the number of active
customers.

RAMAN:  Yeah, the number of active customers remains at 15.

RAHUL DHRUV:  But the client addition has consistently increased.  So, I am
just trying to see what we really have in store.

RAMAN: There were two small customers that we had where in terms of total
revenue that they contributed was not to a large proportion. Two of those
customers have had a change in thinking of what they want to do out of India and
what products they want to handle out of here. And those customers have
discontinued their business with us and we have added some more customers. So,
the net figure remains at 15.
<PAGE>

RAHUL DHRUV:  Okay.  And, you know, Mr. Senapaty mentioned in the call
earlier that there is an IRR for all these acquisitions.  Can you tell us
what this IRR is and what period?

VIVEK:  We operate, we have a set IRR which we keep evaluating every year in
terms of if at all it requires any change.  We haven't over the last two
years.  And we operate on a seven years DCF methodology.

RAHUL DHRUV:  Right.  So anything could be like initially dilutive for nearly
three or four years or three years or whatever and then can....

VIVEK: Well, we don't look at to be initially dilutive for three to four years
because we definitely focus then by which quarter it will become positive in
terms of the balance sheet not to be dilutive.

RAHUL DHRUV:  Right.  Okay, thank you very much.

VIVEK:  Thank you.

MODERATOR:  Thank you very much sir.  Our next question comes from Mr. Pramod
Gupta of ABN AMRO.

SAURAV: Yeah, hi. This is Saurav here. Couple of questions, one is that, you
know, in your top client Transco, we see the proportion coming down quite
substantially I guess from 9% to 6% this quarter. Could you just give the reason
and what is the view forward.

VIVEK:  I am sorry, could you repeat the question please?

SAURAV: Your top client Transco revenue fell from 9% as a proportion of your
sale to 6% this quarter, from last quarter to this quarter. Reasons for the ramp
down and out look forward?

SUDEEP: Yeah, hi. On Transco as you probably remember that Transco got merged
with National Grid about 8-9 months ago and after the completion of the merger,
there is a complete new management team that took over. So, they went and in the
subsequent action there after the new CIO moved in was to take a look at all the
projects, find out which were appropriate in the new business scenario and then
they had to make some decisions on what projects to close and where they would
make their new investments. So, that has what affected the volume growth in
April-May-June for Transco. But that is now over and the new CIO has settled in
and we have projections for them, a better outlook for them. So, going forward,
we would have a better outlook to report in the subsequent quarters. The
important point that I would like to mention here is that after the merger
between Transco and National Grid, we have just signed a new contract which has
just started now, and that includes National Grid, both UK and US. So, we have,
in fact, just started engaging with National Grid, US. So, that is also going to
add to the
<PAGE>
volumes that we expect going forward from this account. I would say last quarter
was really a temporary blip.

SAURAV: Yeah, my second question is that, you know, you have given the volume
and pricing in your data sheet. Is it including Nervewire that is the revenue
which you have taken and calculated these things?

SENAPATY:  No, that doesn't include Nervewire.

SAURAV:  Okay.  So, the pricing for, in terms of onsite business is excluding
Nervewire.

SENAPATY: That is right. This quarter since Nervewire was there only for a
couple of months and we will include them in the matrix once they have a
completed quarter. So, all the matrix that has been shared are excluding
Nervewire.

SAURAV:  Okay.  Thanks

VIVEK:  Thank you.

PRAMOD:  Hi, I am Pramod here.  Just one question I had.  Hello?

VIVEK:  Yes please.  Please go ahead.

PRAMOD:  I was wanting to, what exactly has been taken the guidance for
Spectramind for the next quarter.  What is the growth outlook on that?  If
you could just differentiate on Spectramind and IT services separately in the
$210 million.

VIVEK: You know, for example, if the last quarter if you look at, we had about
$195 million and Spectramind contributed about $17.1 million which was about 8%
of our total revenue and you would expect percentage component higher share in
the $210 million.

PRAMOD:  But you are not giving any specifics on that?

VIVEK:  Sorry?

PRAMOD:  No specific outlook on Spectramind or ITES....

VIVEK: Because 210 includes that and I would say that we would expect it to grow
faster than the overall growth that we have given as guidance for the next
quarter.

PRAMOD: Another thing that I wanted to understand is that, you know, Wipro
probably has a very specific skill sets and probably all the resources are not
fungible across the company because surely resources in R&D services having very
different skill sets than what is required probably in the enterprise side. So,
are the utilization levels still very different in both the sides or they are
near to convergence or, how is the scenario now?
<PAGE>

SENAPATY:  No, Pramod.  Across the tech and enterprise business utilizations
are comparable.

VIVEK: Comparable plus so far as the fungibility you talked about, I don't think
it is any longer holds good that they are not fungible because we have
situations where the technology business did not grow and we had the enterprise
business growing faster, we were able to move many people from the telecom
practice into enterprise and the vise-versa. So, that fungibility, though it is
not on a large scale like it could be within the enterprise segment to a
particular extent, we have been able to be doing it successfully.

PRAMOD: Okay.  Thanks a lot.

VIVEK:  Thank you.

MODERATOR:  Thank you very much sir.  We have our next question from Mr.
Trideep Bhattacharya of UBS Warburg.

TRIDEEP BHATTACHARYA: Yeah, hi. I had, my both the questions are got to do with
the ramp up. I wanted to understand how is the ramp up on Lehman by this deal
which you signed sometime back kind of looking up right now and secondly in the
last conference call you said that, like you know, some of the customer ramp up,
existing customer ramp ups are not progressing well on track. Are you now
satisfied with the ramp ups that you are currently seeing may not be in this
particular quarter but at least going forward?

VIVEK: I think that on specifically Lehman, we can't really comment because we
don't comment on individual customers. But in terms of overall, I don't think we
are still satisfied with the ramp ups in, particularly in our accounts that we
won in the business international services space over the last six months and
the opportunity that we have there relative to what we really got.

TRIDEEP BHATTACHARYA: I see. And, I mean, most of the annual price
re-negotiations with respect to your existing customers kind of broadly behind
us, is that a fair assumption to make, I guess?

VIVEK: No, I think that we have customer negotiations coming up through the
year. All I am saying is that the reason why we are feeling a little bit more
confident than we were in the past is that over the last quarter things haven't
been as tough as they used to be.

TRIDEEP BHATTACHARYA:  Fair enough.  Is it possible to get the integration
bonus component, like you know as a percentage or whatever from the Nervewire
overall loss that we made?

LAKSHMINARAYANA:  Trideep, we don't give that as a separate line item
primarily, but then you do see what the impact of Nervewire is overall and
that is something we are giving, we started....
<PAGE>

SENAPATY: But Trideep one thing we mentioned was that last quarter after having
acquired in May, we have posted Rs. 105 million of loss which includes a
component of bonus plus the normal loss, and we would expect a similar amount to
be coming forth as a loss in the current quarter too because we would, I mean,
we expect this to turn around little later than we have done with respect to the
utility division of AMS that we acquired.

TRIDEEP BHATTACHARYA:  Fair enough.  Thanks.

SENAPATY:  Thank you.

MODERATOR:  Thank you very much sir.  Coming up next is a question from Mr.
Aman of Taib Securities.

AMAN:  Yeah, I just wanted to know whether the new clients which you have
acquired this quarter, how are with the pricing been for them?

VIVEK:  As far as offshore pricing is concerned, our new account revenue was
at a price higher than our total average.  On onsite it is was actually a
little bit lower than the overall average.

SENAPATY: That is because the overall average has got up because of the
acquisition which are primarily onsite-centric and the consulting business that
has grown. Therefore while we are talking about new acquisition in the
traditional business, the onsite current average rates are higher because of
those acquisitions and the consulting component.

AMAN:  Fine.  And the other question was on the salary part.  We mentioned
that we have given salary hike for Spectramind.  I was wondering when are we
considering similar thing for Wipro Technologies?

VIVEK:  October.

AMAN: And what will be the criteria as to how much margin hit we can take, we
benchmarked it through the market or what would be the constraint about this,
the quantum of the hike?

VIVEK:  Well, we will know it by this current quarter, but I don't if we give
that in detail.

SENAPATY: Well, we will perhaps try and give some indication of that in the next
quarter because as you have seen that it is going to impact quarter starting
October.

AMAN:  Fine.  Sure, thank you.

VIVEK:  Thank you.
<PAGE>

MODERATOR:  Thank you very much sir.  Our next question comes form Mr. Manoj
Singla of JP Morgan.

MANOJ Singla: Yeah, hi sir, good morning. My first question relates to the
foreign exchange. You said you made a profit this quarter. I just want to
understand as to how much have we hedged as of now in terms of forward contracts
and what is the rate at which we hedged it at?

VIVEK: It is about $150 million. I am not sharing the rates because I don't
think it will make any comparison difference because the rates are a function of
the hedging has been how forward, is it what three days forward, one month
forward, six months forward, or one year forward, so unless you have a
granularity of detail there is comparison is not possible, but one thing we
could mention is that about $150 million is the hedging we have.

MANOJ SINGLA: And any idea or could you give us any sense of like what is the
duration for most of it, of course you have said that there will be a variable
duration, but most of it is at three months, six months?

SENAPATY:  Well, it will be from 30 days to 365 days.

MANOJ SINGLA:  Okay.  Secondly, I just wanted to understand on the BPO side,
is attrition a major problem for the industry as of now, because we have seen
some of the peers stating that the attrition is the major problem on the BPO
side.

RAMAN: Attrition is one of our biggest challenges, because as in industry rather
than growing the employee base and training people to the global sourcing
resources, the industry is focussed on swiping people from each other, and that
is causing a bit of an issue here.

MANOJ SINGLA:  And what is the current attrition that we have in Spectramind?

RAMAN:  We have given that in the data sheet, it is at 13%.

MANOJ SINGLA:  And that is annualized?

RAMAN:  No that was for the quarter.

MANOJ SINGLA: Okay. And just lastly, one more question on the IT services side,
if you look at our SG&A cost, of course they have increased quite significantly
over the past two quarters once you did the acquisitions. I just want to
understand would we expect them to remain at the current levels, around 17-18%
of revenues, or would it go down as efficiencies start coming in?

VIVEK:  I think we expect them to go down.
<PAGE>

MANOJ SINGLA:  And any idea as to how much?

VIVEK:  Can't give that specific a guidance line item by line item.

MANOJ SINGLA:  Sure, thanks a lot Vivek.

VIVEK:  Thank you, can we have the last two questions please.

MODERATOR:  Sure sir.  Our next question comes from Mr. Ajay Sharma of Citi
Group.

AJAY SHARMA:  Yeah hi, just a clarification on Nervewire.

SENAPATY:  Ajay, it is Wipro Nervewire.

AJAY SHARMA:  Yeah, did you accrue the bonus sort of 45 days or for a higher
period?

SENAPATY:  We have something called 100 days bonus, then one year, and then
second year end.  Did I answer the question.  Ajay?

AJAY SHARMA:......100 day period, what I wanted to know was did you accrue the
half of that amount or the full amount this quarter?

SENAPATY:  That is right, because it goes on a proportionate accrual basis.

MODERATOR:  Hello Mr. Sharma?

AJAY SHARMA:......implies that you are looking at a lower operating loss.  Is
that correct?

SENAPATY:  See we have posted a loss of about Rs. 105 million last quarter
and we would expect a similar sum in the current quarter also, and that will
consist of operating loss as well as the bonus.

AJAY SHARMA:  No but last quarter you sort of consolidated for only half the
period right?

SENAPATY:  That is right.

AJAY SHARMA:  Where as this quarter you have the full, so there has been the
reduction in operating loss, that is what I am trying to understand.

SENAPATY:  Well, we will take some time to sort of restructure it and get the
synergy value of it.  We would expect that to take a little longer than what
we have experienced in the utility acquisition.  Ajay, have we answered your
question?  Hello.

MODERATOR:  Hello Mr. Sharma?
<PAGE>

SENAPATY:  Can we have the last question operator?

MODERATOR:  Sure sir.  Our next question comes from Mr. Alroy Lobo of Kotak.

LOBO:  Yeah, I just had two questions,
   1. In terms of your telecom service provider practice, it appears that you
      had a pretty good head start in this business, but with respect to
      competitors you know this business seems to be lagging behind, I just
      wanted reasons for the same.

   2. You did mention that you know in financial services the ramp ups have not
      been as satisfactory. I wanted to know whether it is basically specific to
      clients or it is something internal within the company?

SURESH VASWANI: Answering for the telecom service provider business, you know I
think there is one order which has sort of vitiated the comparisons which is the
186K order from which the revenues have now completely declined to zero, but if
you exclude that, we are seeing good growth in terms of our offshore customers
in the telecom service provider side, we are seeing actually pretty good growth
in that side, plus we have acquired three more customers this quarter. So,
basically what I am saying is if you look at and remove the lumpy order of 186K,
the telecom service provider business so far is seeing good traction, and we are
seeing a lot of customers also coming in from the telecom service providers into
India.

VIVEK: And if I can just add to that, you know our early success in the telecom
service provider has been focussing on the system integration space, and what we
are finding is that the build out since the telecom service provider is not
there at all, so we have had a re-start almost in terms of going back to selling
normal ADM services rather than focussing on the system integration. So, that
re-start has passed us. The second is that with regards to the financial
services, I mean new accounts scaling, I think really the problem has been more
internal than external, I think the customers when they turned up, do you want
to do more, I think for whatever reason we just did not risen to that challenge,
which we would like to now.

LOBO:  Thank you.

MODERATOR:  Thank you very much sir.  At this moment I would like to hand
over back to the Wipro management for final remarks.

LAKSHMINARAYANA: Thank you ladies and gentlemen for participating in this call.
We once again apologize for the delayed start as also for the quality of the
audio at the beginning of the call. We had a problem with the BSNL exchange
here, and thanks to our technical team and CyberBazaar who were able to sort it
out and get through with the call though a bit delayed. Should you have missed
anything in the call, the audio archives of the call will be available on our
website and we will also put up a transcript of this very soon, and of course if
you need any other information, the investor relations team consisting of Anjan,
Sridhar, and I would be delighted to talk to you. We look forward to you talking
to again next quarter, and have a nice day.





</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>7
<FILENAME>f91681exv99w5.txt
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<PAGE>
                                                                    Exhibit 99.5

                                      WIPRO
                             EVENING CONFERENCE CALL
                                  JULY 18, 2003

MODERATOR: Ladies and gentlemen thank you for standing by. Welcome to the
Wipro's earning call for the quarter ending June 30, 2003. At this time, all
participants' are in a listen-only mode. Later we will conduct a question and
answer session, instructions will be given at that time. If you should require
assistance during the call, please press * then 0. As a reminder, this
conference is being recorded. I would now like to turn the conference over to
Mr. Sridhar Ramasubbu of Wipro, please go ahead.

SRIDHAR: Good morning ladies and gentlemen, and good evening to the participants
across the globe. I am Sridhar Ramasubbu, and along with Lan and Anjan we handle
the investor relations for Wipro. We extend a warm welcome to all the
participants from US, UK, and elsewhere to Wipro's first quarter results and the
earnings call for the period ending June 30, 2003. We have with us today, Mr.
Azim Premji, Chairman and Managing Director, Mr. Suresh Senapathy, Chief
Financial Officer, who will comment on the US GAAP results for the quarter ended
June 30, 2003. They are joined by Mr. Vivek Paul, Vice Chairman, Mr. Suresh
Vaswani, President of Wipro Infotech, Mr. Raman Roy, and other senior members of
the management team who will be happy to answer the questions you have. Before
we go ahead with the call, let me draw your attention that during the call we
might make certain forward-looking statements within the meaning of the Private
Securities Litigation Reforms Act, 1995. These statements are based on
management's current expectations and are associated with uncertainty and risks,
which could cause the actual results to differ materially from those expected.
These uncertainties and risk factors have been explained in detail in our
filings with Securities Exchange Commission in the USA. Wipro does not undertake
any obligation to update forward-looking statements to reflect events or
circumstances after the date of filing thereof. The call is scheduled for one
hour; the presentation of the first quarter results will be followed by a
question answer session. The operator will walk you through the procedure for
asking questions. The entire earnings call proceedings are being archived and
transcripts will be made available after the call at www.wipro.com. Ladies and
gentlemen, over to Mr. Azim Premji, Chairman and Managing Director, Wipro.

AZIM PREMJI: Good morning to you. Your board of directors in the meeting held
this morning approved the accounts for the quarter ended June 2003. Our results
have been mailed to those registered with us and are also on our website. Let me
share with you some of our thoughts no how we see the environment. Our strategy
of becoming a comprehensive IT solutions provider is beginning to be reflected
in our operations and in our operating results. Revenues from business process
outsourcing, which was nil last year, is now about 9% of our services exports
revenues. Consequent to the acquisition and internal initiatives our revenue
from consulting services is now approximately 5% of our revenues for our global
IT business segment, up from almost zero base a few quarters
<PAGE>
ago. We have significantly enhanced our ability to serve various industry
sectors, the most recent example being the augmentation of our offerings in the
area of financial services through our acquisition of Nervewire. Meanwhile, we
continue to grow our traditional services lines, including infrastructure
management and package implementation. In sum, we believe that we are moving in
the strategic direction that we desire. Operationally though challenges in the
near term continue. During the earnings call for our last quarter results, we
spoke of the pressures in the pricing environment. We saw that that manifested
in price drops in work performed offshore as well as onsite in the quarter ended
June 30, 2003. Additionally, the recent appreciation of the rupee against the US
dollar has added a new challenge since the majority of our revenues are in
dollars, and a significant part of our cost are in rupees. Although proactive
hedging did help us in maintaining the exchange rates in this quarter, we
believe this will remain a difficult challenge for us to manage effectively.
Acquisitions pose challenges in terms of successful integration and driving
synergies, not to mention the short-term dilution in margins. Our experience in
this regard so far has been satisfactory. Both Wipro Spectramind and our energy
and utilities consulting practice have demonstrated synergies and turned in
profits for the quarter ended June 2003. The charge that resulted from our
acquisition of Nervewire has been reflected in this quarter's results. On the
positive side, volume growth continues to be robust across verticals. Customer
interest in offshore IT services continues to be high. The market for IT enabled
services continues to grow and at a healthy pace, and we believe that with our
leadership and track record of Wipro Spectramind, we are well positioned to lead
this growth. We are also seeing increased traction in our product R&D technology
business. We believe that unlike in 2002-2003, we will not experience a
significant drag on our overall growth rates resulting from a decline in our
product R&D technology business.

Going forward in our global IT services and products business, we will continue
to pursue a strategy of becoming a comprehensive provider of IT services. In the
same breath we will continue to aggressively pursue growth in revenues and in
profits. I would now request Mr. Suresh Senapaty our CFO to comment on the
result before we take questions.

SURESH SENAPATY: Good morning ladies and gentlemen in US and good evening to
ladies and gentlemen in India. During the quarter we completed our acquisition
of Nervewire in May 2003. We are reporting the financial results from this
business separately within our global IT services and product business segment.
During the quarter ended 30th June 2003, we had a sequential revenue growth of
6.2% in our global IT services and product segment, which was comprised of 5.1%
revenue growth in our services component of our global IT business and 19.3%
growth in our IT enabled services business. We are consolidating our IT enabled
services business segment base and into our global IT services and products
business segment as of this quarter and I will touch on this in greater detail
in a moment. A 5.1% growth in the services component of our global IT services
segment was driven by 6.4% growth in the volume of the business, which was
partially offset by 1.4% decline in our realization rate for work performed
offshore and a 2.6% decline in our realization rates for work performed onsite
at our client offices. The growth in our IT enabled services business was
primarily due to growth in volume of
<PAGE>
business that was primarily offset by lower price realization of 0.5% and 2%
lower utilization resulting from the net addition of over 1350 team members. For
the quarter ending September 2003, we anticipate that we will continue to see
volume led growth with soft pricing. We expect a slight recovery in operating
margins for the next quarter excluding the probable impact of appreciation of
the rupee. The improvement will be driven by increase in offshore services,
improved utilization rates for our employees, and prudent cost management.
Effective as of the quarter ended June 30, 2003, we have merged our IT enabled
services segment into our global IT services and product business segment and
consolidated the result for the purpose of our financial reporting. We believe
at this revised presentation reflects our view that our IT enabled services and
business process outsourcing business is essentially a horizontal service that
we are offering to existing and prospective clients of our global IT services
and product business segment. In an effort to provide greater transparency of
our operation performance we are also providing information regarding the
performance of our subsidiary Wipro Nervewire Inc. separately. We will now be
glad to take questions from here.

MOSHE KATRI: With respect to the ongoing re-negotiations with your existing
legacy client base, maybe you can give us an update on where you are in this
process in terms of re-pricing engagements, that is number 1. Number two, you
did mention an impact or a loss from Nervewire that was reflected in your
number, was there also a loss or continuing losses from the AMS acquisition, and
then is there any way to quantify those losses in terms of the impact on margins
and it seems that if you add back the losses from Nervewire and the charge that
you took, it seems that your EPS number was pretty much in line with consensus.
Can you comment on any of these things?

VIVEK: I think that, let me take this one at a time, as far as AMS is concerned,
it turned a profit for the quarter, so it is not at our normal operating margin,
but it was in the black. In terms of pricing with existing customers, those
contracts come up through the whole year, we don't have a big bang in any
particular quarter, and what we are seeing is that we are able to get some, I
should say, a better price performance than we have had in the past in terms of
price discounts. So I think things appear to be improving again, not reaching
the positive yet, but not as sharply negative as they used to be. In terms of
the Nervewire loss, that did include both an operating as well as a one-time
retention loss, retention payment, and the reason for the operating loss was
because revenue came in lower than what we were expecting driven by couple of
client push outs.

SENAPATY: We had in fact, the reported figure for this June 2003 is about 105
million rupee, which is about 2.2 million dollars, and next quarter because,
like, there are three components on the bonus, one is a 100-day integration
bonus, and then followed by one year and second year payment, and that gets
accrued on a regular basis. So, we will see a similar kind of a loss figure in
the current quarter too going forward. So, like Vivek mentioned about the
utility practice where last few quarters we had posted a loss of about 100
million rupees, and in the current quarter, that is the quarter ending June, it
has turned out to be decently profitable. This particular acquisition of Wipro,
Nervewire, I think would perhaps take few more extra quarters for it to show a
profit. And therefore, we thought it will be relevant for us to show that
separately in a very transparent way.
<PAGE>

MOSHE:  Okay sir.  We should expect further impact on profits from Nervewire,
you said, for the next few quarters.

SENAPATY:  That is right.  In the coming quarter, it will be there, and
perhaps, you know, it will take perhaps another one or two quarters for
posting profits.

MOSHE:  Okay.  And then finally, the tax rate seemed a bit lower during the
quarter, can you comment on that and can you provide any guidance for the
effective tax rate for the remainder of fiscal 04.

SENAPATY: Yeah, the tax rate is a little lower compared to last year because, if
you know in India there was a tax for one particular year, that was last year,
10% of the offshore profits were taxed, which is now no longer valid, and
therefore the effect of that has come down in the effective tax rate.

MOSHE:  Okay.  Thank you.

MODERATOR:  And our next question will come from the line of Ashish Thadani,
with Brean Murray, please go ahead.

ASHISH: Good evening. Just to followup on that last question, could you break
out for us a little more specifically total SG&A or anything that could be
characterized as acquisition related integration and transition cost in this
quarter? Your SG&A was 45 million dollars, excluding non-recurring items, what
might that have been?

LAKSHMINARAYANA: Ashish, this is Lan. We typically do not differentiate between
what is the one-time charge in that and what is the recurring expense on that,
so I am afraid we would not be able to provide that breakup.

ASHISH: Okay, just to ask the question a little differently. SG&A as a
percentage of revenue was about 18% and historically it has been 14 to 15%
perhaps in that area. Can you talk a little bit about, you know, what we can
expect going forward, you know, in terms of time frame just to understand some
of the reasons and sustainability of this number.

BALKI:  This is Balki here.  We expect the number to slightly come down in
the current quarter.

ASHISH:  Okay.  That is helpful.  And, what would be an optimal sized
contract in terms of profitability.  It seems that as they become larger,
there is pressure in terms of volume discounts and the like.  At what stage
do you see conversations taking that route?

VIVEK: Unfortunately, every customer is having that conversation. As I said, the
lower frequency and less intensity over the last quarter, but regardless of
size, you know, even if the customers are small, they hold out promise of great
things to come.
<PAGE>

ASHISH:  Okay.  Thank you.

MODERATOR:  Our next question will come from the line of Girish Pai with SSKI
Securities.  Please go ahead.

GIRISH: Hi. Mr. Premji in the letter that you wrote to stake holders in the
annual report, you mentioned that you would want to see Wipro transformed into a
global systems integrator/consulting firm within the next three years. Should
one assume that Wipro would be in an investment phase in the next three years,
and one should not be expecting any great kind of profit growth over the next
three years? Is there any specific time frame in mind where you think you are
going to continue to invest in acquisitions and sale and marketing, and after
that we should see profit growth come through.

AZIM PREMJI: I think, we have broadly reached an optimal level as a percentage
of sales of our investment in sales and marketing. If you have noticed,
particularly over the past two quarters, we have reached a plateau in our
investment in sales as a percentage of revenues, and what incremental investment
you have really seen is brand building, and public relations events in terms of
building a stronger loyalty with the customers. So, I think you will see
stability in our investment in sales and marketing as a percentage of sales
going forward. If anything in this quarter, you will see it becoming a little
tighter because we are prioritizing certain expenses, which we can prioritize.
And with growing sales, we will not be growing our sales and marketing in
proportion to those sales. In terms of acquisitions, we have followed an
approach of a string of pearls approach. We are doing medium to small size
acquisitions, refining the specific strategic requirements they are fitting in
terms of building in strong domain skills, strong customer set, or strong
consultancy skills, which we can use for full proof business. Our experience in
what we have done in AMS, if we are able to repeat in Nervewire, which we are
confident we will, and if we are able to repeat in subsequent acquisitions,
which we do, which will be the criteria for those acquisitions, you should see
the absolute value of the depression of our operating margins as a result of our
acquisition not terribly significant, maybe 1 to 2% a quarter. That investment
we will continue to make, but we will see into it as a cumulative effects of it
is not more significant than 1 to 2% per quarter, maybe 3% a quarter at maximum.

GIRISH:  Yeah, and just continuing with....

AZIM PREMJI:  Objective in our base business is to be working on improving
our operating margin, which is what Suresh Senapathy, our CFO, has a made a
comment on.

GIRISH: Yes, just continuing on that, is there any specific time frame within
which you would want to fill the gaps in vertical expertise as well as any skill
sets that you would want to acquire, or is this acquisitive mode going to
continue for a longer period of time, say more than two years, or is it, you
have a time frame in mind within in which you want to complete the, you know,
fill the gaps.
<PAGE>

VIVEK: I think that, you know, we have been looking at acquisitions from the day
that we listed our ADRs. We did not move till this year because we did not see
value for money until then. I think that that continues to be our approach. The
properties come up opportunistically and we have a pretty disciplined approach
to assessing them. So, I would say that, you know, I don't think that our
intention is that we are going to make several acquisitions over the next six
months and then stop. I think that we have to be open to making none in the next
six months if there is no property available at a good price, or that, you know,
we should have, you know, continue on till the next year, two years, if
properties make sense. What we do know is that we have a specific charter in
mind when we are making acquisitions, which is to increase our footprint in
terms of customers and the kind of skills and services we offer, and therefore
it is unlikely that we would make multiple acquisitions in the same vertical. I
think once we make an acquisition in one vertical, will likely to be done with
that, but you know there are more verticals to serve and we are constantly
looking. So I don't think we have prescribed ourselves either a time boundary or
a specific thing. Now, we would like for all acquisitions to be similar to our
experience with Wipro Spectramind and American Management Systems, managing
utility consulting business, which is that they take about a quarter to get into
the black, but sometimes with acquisitions it is impossible to call with such
precision upfront, and sometimes you trade off a lower purchase price for
perhaps taking a longer P&L hit. So, we have to take a look at the overall
economic cost.

GIRISH:  Yeah.  Just one last question on Nervewire.  I heard the annual
revenue run rate for Nervewire was somewhere in the region of 20 million when
you acquired, but now it seems to be somewhere in the region of 10 million,
has something changed in the company.

VIVEK:  We actually have consolidated for two months this quarter.  So, you
see two months impact.

GIRISH:  Okay, thank you.

MODERATOR:  We have a question from the line of Mitali Ghosh with Merrill
Lynch.  Please go ahead.

MITALI:  Hi.  I actually wanted to understand the volume environment a little
better.  You know, the volume outlook would you say that it is better today
than it was in April, and what would be the reasons for that other than that
fact that, you know, Iraq and SARS is obviously behind us.

VIVEK: Actually we didn't really quite have a big impact of Iraq and SARS, so I
can't say that that was either dampener or a plus, frankly, but I think that in
terms of the volume outlook, I think it is slowly improving. I mean, we are not
seeing any significant cliff change last quarter to this quarter. We are just
seeing it as being a steady continuous increase in customers wanting to go
offshore, wanting to work with companies like Wipro, scaling projects, etc. So,
we are seeing steady growth, not any quantum shifts.
<PAGE>

MITALI:  Right.  And, you know, would this in your sense be because customers
possibly say it is a better business environment for themselves, and also are
you seeing a demand from maybe some of the newer services areas as in, you
know, maybe infrastructure management or systems integration etc.

VIVEK: I think that if you look at our, you know, range of services, I think
package implementation continues to be growing faster than the overall average.
Consulting is certainly growing, particularly as we made acquisitions. But if
you look at the clients themselves, I think that clearly there is an expectation
that business investment has returned, and with that return of business
investment there is more investment in strategic kind of projects that customers
want to do, I mean, if I just look at, you know, we opened 38 new accounts this
year, and if I look at the kinds of works that we are doing, we are doing online
marketing, disaster recovery programs, portals, web provisioning. So, really,
customers, you know, coming back and investing in the kinds of things that they
feel will give them competitive advantage. So, yes, I do agree that growth is
linked to that increase in business investment.

MITALI:  Right.  And, you are saying that you are seeing an improvement in
development, spending on development work as well.

VIVEK: That is right. And the other thing that I pointed out is on the
technology services where what we are seeing is the interest in getting R&D work
done out of India is really growing, and as a result we saw in the telecom
equipment business a 10% sequential growth, and in the embedded and product
engineering business about a 5% sequential growth linked to the fact that in the
telecom business, the telecom companies are not growing their Indian development
centers as fast, and so we are getting a bigger slice of that, of their effort
to India versus the other industry factors where they are scaling their own
India centers faster.

SENAPATY: For the sake of record and for Ashish's question, let me take this
opportunity of clarifying one point that Ashish raised saying, the SG&A has gone
up from 15% to 18% in the quarter ending March to June. Yes, that is true so far
as Wipro corporation as a whole is concerned, but if you look at the global IT
services per se, the SG&A has gone up from 15.1% to 15.6%, and the point that we
talked about in terms of indication is that next quarter we expect it to be
lower so far as global IT is concerned. And so far as Wipro Corporation is
concerned, why it has gone up, because typically in quarter four, you know, that
the Indian IT products and services business peaks in the fourth quarter. So,
the first quarter is the worst quarter in the four quarters. So, therefore if
you look at the Indian and Asia Pacific IT services products and business is
concerned, the SG&A has gone up from 13.2% in the quarter ending March to 24% in
the quarter ending June. So, that tends to taper off going forward, and
therefore that is the play of the mix that there is a three-percentage point
increase in the SG&A for Wipro corporation as a whole. Thank you, you can go to
the next question please.

MODERATOR:  Our next question comes from the line of Ed Caso of Wachovia
Securities.  Please go head.
<PAGE>

ED CASO: Good morning. Thank you for taking my call. I just wanted to get some
clarification on pricing trends, may be on a sequential basis, and may be if you
could describe how pricing and discounts are working at your various level of
service offerings, high and low and BPO, etc. Thank you.

VIVEK:  May be I will ask Raman to start out with BPO side.

RAMAN: On the BPO side, pricing continuous to be challenging. The people in the
market place who are making offerings, that at least in our opinion are not
commercially viable, and while some of these players who offer prices are not
necessarily chosen by the customer to fulfill the needs of the customers, they
definitely create a negotiating point for the partners that the customer
chooses. We do see some change happening. We see some responsible behavior
coming back in this quarter, but there is a significant distance that still has
to be covered, and as of today, it continuous to be a challenge.

VIVEK: I think on the technology side of the business, we have had price drop of
2.6% onsite and 1.4% offshore on a sequential quarter basis, so we have seen
that sequential price drop. What we are seeing also is that on an aggregate
basis, customers for new accounts have come in on an offshore pricing basis at
higher than the overall average, in other words, new customers are helping us
move the average up.

ED CASO:  Now is that a change from where you have been?

VIVEK:  I am sorry, go ahead.

ED CASO:  Is that a change from recent quarters where the incremental pricing
was pulling your numbers down?

VIVEK:  Yes, actually we did go through a period where incremental pricing
was pulling us down and there has been a change since then.

ED CASO: My second and last question relates to the multinationals, Accenture,
EDS, IBM, and so forth. How aggressive they are in the market, has it been on
the hiring side, has it been on the pricing side, is it only within their client
base, can you just give us an update on how they are, what they are doing today,
and is that more or less aggressive than three or six months ago?

VIVEK: Well, if you recall last quarter for some reason everybody thought this
is all over the place, and we said, no they are not, and I think this quarter
what we can say is that they are becoming more aggressive. We are seeing them in
more instances. First of all, let me bound that, they are only competing in
customers that are already theirs, so in fact, in some sense, it is a
protectionist approach from their point to protect their customers. But, in the
last quarter, we saw them competing aggressively for combined onsite offshore
bids. This quarter in a couple of instances, we actually saw them competing for
pure offshore bids and I think that they have do have a disadvantage left still,
so I think
<PAGE>
that they don't have the same credibility that they you know that we do frankly
in terms of a global delivery process, but we are seeing them being more
aggressive even on pure offshore bids.

ED CASO:  Thank you.

MODERATOR:  Our next question will come from the line of Doug Dillard, with
Standard Pacific.  Please go ahead.

DOUG DILLARD: Hi great, Thanks. My question is a followup on Ed's question there
on pricing. It is interesting that you mentioned pricing and installed base is
reason for the decline versus the spot pricing bringing that average up, does
that imply that the deals with your installed customers are larger and that is
why the pricing is down, on a like-for-like basis, on the project size basis, is
it lower with your installed base than on spot?

VIVEK: Actually you know there are two different factors here. One is that
existing customers have price points that were set earlier, and as a result, the
year-on-year increases in prices revenue when we were going through the
increases in prices were not as high for them as it was new customers. When it
came to price reductions, the amount of price reductions have been pretty
similar in terms of existing and new customers, but because new customers were
coming in at a higher base, the impact was lower. But the biggest driver in
terms of our comments that our profitability is doing more by distinct price
reductions than new price reductions is the fact that last year over 90% of our
revenue was exiting customer revenue, and therefore, even if we gave a price
discount on new customers, it had a much smaller impact on overall P&L than any
reduction we did for existing customers.

DOUG DILLARD:  And what is the percentage now with the new customers?

VIVEK: I don't think we have released the existing verus new customer data, but
all I can say is that the new customers are better than average in terms of the
overall average.

DOUG DILLARD: Okay, great. The other question I have is on the onshore-offshore
mix, just to make sure I understand the comments that were made. Are you moving,
did you mention that you are going to move sequentially your offshore mix
higher, is that on an overall accompanied basis between IT services and products
or is that within IT services, actually offshore mix is going to be higher than
this quarter?

VIVEK: I think we will slightly improve it. The biggest drivers for increases in
our onsite mix has been that, although everyone of our practices has actually
increased its offshore mix, our mix of practices has changed to be lean more
towards the onsite centric, which is the consulting services through the
acquisitions we have made as well as the package implementation services. As a
result, even though on an individual practice by practice, we have had
improvements in onsite offshore ratios, our mix shift has resulted in an overall
onsite ratio increase. We are calling for a slightly better offshore mix,
primarily because we do think that some of the offshore services will pick up,
particularly on the
<PAGE>
R&D services side, but we don't see any significant shift because of that
underlying secular trend of the kind of practices that are selling better.

DOUG DILLARD:  Okay, but that comment was in aggregate, looking at IT
services and the products business together, in terms of...

VIVEK:  We don't really have a products business, so you know...

DOUG DILLARD:  R&D businesses kind of...

VIVEK:  That's right, the product engineering business total, right.

DOUG DILLARD:  Okay, alright thanks.

MODERATOR:  Our next question comes from the line of Lakshmikanth with HSBC.
Please go ahead.

LAKSHMIKANTH: Yeah hi. Is it possible for us to have a breakup of how your $210
million guidance for the next quarter breaks up in terms of the IT services and
the BPO on the first cut, and if possible, since you propose to track your IT
services revenue, propose to track the performance of Nervewire separately and
report it, if it is possible to break the IT services component into what is
excluding Nervewire as well?

VIVEK: What I think the first and foremost, Nervewire does get excluded because
you have a separate segment reporting on Nervewire. Secondly, with regard to the
reporting between IT-enabled services and IT, I do think we provide some level
of detail in the data sheets that we have sent out, so I think that also
continues to provide the data that you need. The only which we don't divide it
up in terms of the difference between IT-enabled services and IT is our guidance
for the next quarter in terms of what comes from IT-enabled services and what
comes from IT.

LAKSHMIKANTH: You would appreciate the principal motivation for asking this
question is, I was just trying to understand, given the constituents that are
going into this $210 million, you have an inorganic component, you have a fast
growing BPO business component, and you have an application development and
management business which is facing strong traction in the favor of offshore,
despite putting all these three components, if I look it on a quarter-on-quarter
basis, the next quarter guidance over this quarter on a like-to-like basis, it
comes to perhaps something like 4.5% to 5% growth. I was just trying to
understand what is keeping this number at such a low level, one would have
expected given the constituents, may be to look at a consolidated basis somewhat
a better number than the number that we are indicating.

VIVEK: Yes. I think that you know I mean as in every year we provide guidance
based on what we think is our best guess estimate, we do beat guidance, don't
beat it by whopping amounts, I mean we try to be as realistic as we can. Our own
calculations indicate that its an 8% increase, perhaps we are talking dollars
versus rupees, but you

<PAGE>
know in terms of sequential growth, but anyway, I think that our guidance is
what it is, its tempting for me to breakdown for you, where it comes from and
how, but I think we will resist that temptation for now.

LAKSHMIKANTH: Thanks a lot. We had just one last question. As a company, Wipro
has been perhaps more aggressive than its peers in terms of inorganic growth
strategy and management has shown considerable courage in going ahead with doing
what they considered to be right in the face of near term margin drops. You said
that you evaluate your acquisitions on the likelihood of those acquisitions
meetings, certain satisfactory IRR criteria, we obviously do not know what these
are, but you were a direct and external party like us, to certain landmarks or
goal posts or milestones that indicate that your acquisition strategies indeed
making you better than what would have been otherwise had you just gone on a
pure organic growth strategy like some of your peers are doing, what do the
milestones or landmarks or goal posts be in terms of specifically superior
growth targets?

VIVEK: I think that if you look at our Spectramind acquisition, which is now a
year in the taking, I think that we have met all targets in terms of the growth
rates, the profitability, etc. Since we don't give guidance for more than a
quarter out, it would be difficult for us to give guidance on something that is
even more specific for a year or year and a half out. I think in terms of the
other acquisitions, it is too early to tell, I mean it is too early for us to do
the victory laps here in terms of whether the AMS has been successful and how
much it has given us in terms of incremental revenue. What we do know is that it
has given us incremental revenue; it has given us incremental pricing power, and
those numbers get reflected in terms of the aggregate numbers. So, I would say
that all in all we continue to feel pretty comfortable that its something that
we needed to do, I think many of you had been also telling us, so it is not that
we just vented it alone, but many of you had been telling us that it was about
time for us to go on and make acquisitions. So, I think it is a strategy, it is
difficult to give you guidance beyond the fact that so far we are satisfied with
the acquisition that is a year old, we are satisfied with the acquisition that
is a quarter old, and it is too early to get satisfied or dissatisfied with the
acquisition that is half a quarter old.

LAKSHMIKANTH:  Thanks a lot and all the best for your future.

ANUPAM: One small question. I think this is for Mr. Premji if you can answer. I
think what we are seeing is there is a increasingly a very similar sounding
strategy from all the leading companies, I mean when I mean leading companies,
the top five companies of the country which share the largest pie, and now you
have even the global coming in and echoing a similar sounding strategy. I just
want to understand what differentiated positioning this company is aspiring for
going forward, when we say Wipro, two years down the line, what would that
signify which is different from the five tier one Indian if you may and a couple
of global that have made the marks?

VIVEK: We make soap and nobody else does! I think that this is the way we have
to look at us differentiated strategy is that nobody else has that combination
of IT and Consumer
<PAGE>
products! Nobody else has the combination! I know it is getting late in the
evening here, but you know nobody else has the combination of the process
quality that we have in terms of the offshore delivery capability and that
consulting capability that as close to the customer as we can get through
acquisition approach as well as subsequent growth. So, I think our goal is going
to be that when a customer talks to Wipro, they are comfortable that we know how
to manage this global delivery model while at the same time servicing them at
their site in a much better way in terms of giving them ideas and what to do
next. We think relative to the global multinationals, they will still be
struggling to be able to demonstrate that global delivery. Their approach seems
to have been to kind of pooh-pooh the whole India thing and say well you know we
have had 22 centers in all these poor countries and so of course we know how to
do this and customers are quick to see through that saying well actually all
those centers served the local markets, you don't know anything about global
delivery. Similarly, on the Indian competitor side I think more and more, we are
seeing the differentiation between the factory model as well as the sort of
end-to-end consulting to implementation model, and I think that will also create
differentiation against those. So, you know can we crisply say word blue and
everybody else is green, no, but I think that to a customer they should expect
to see a difference in the quality of deliverable.

ANUPAM:  Right, thank you very much and best of luck once again..

VIVEK:  Thank you.

MODERATOR:  We have a question from the line of Mr. Trideep with UBS.  Please
go ahead.

TRIDEEP: Yeah hi. My question to the management is, if you could give a sense,
one you talked about the G&A expenses could be lowered going forward, are there
any other specific areas that the management is targeting from the cost cutting
perspective as we roll out for the next quarter per se? Just a qualitative
sense, if not quantitative.

VIVEK: I think that you know if you look at our biggest opportunities for cost
management, they are both in variable cost as well as SG&A, and I think that it
is difficult to sort of now begin to triangulate into which elements of variable
costs we are going to go after, but I would say, ultimately that is what we have
to do, so I don't want to give specific line item wise targets.

TRIDEEP: I see. And when you talked about in the Nervewire acquisition that some
of the clients pushed back some of the projects, do you think those projects can
come back in the next quarter or any sort of expectation, or it is going to be
two or three quarters hence?

VIVEK: It is tough to tell. I wish, the thing with making an acquisition is that
you are starting out with an uncertainty, and so I think that you know if you
passed us the same question in the first quarter after we purchased the Wipro
Spectramind assets or after we purchased the AMS assets, I think we would have
not been able to give you a straight
<PAGE>
answer. So, I think that at any time you make an acquisition, there is a
transition, you have got to work it with the customers, you have got to work it
with the employees, that is what John Plansky, Girish Paranjpee are doing, and I
think that we have to expect them to be able to pull this through, but it is too
uncertain to give any sort of boldly optimistic call right now.

TRIDEEP:  Sure.  In terms of the customer ramp ups on the enterprise side,
you said in the morning call that financial services is one area where you
are not satisfied with, but rest of the other areas you are fairly
comfortable with the scale up that like you know going forward the ramp ups
are up to your satisfaction or even better, is that a fair statement to make?

VIVEK: Well, I guess, let me just, what I had said, somebody has asked me the
question that in the financial services sector are you satisfied with the ramp
ups, particularly was it is a customer limitation or your limitation, and I had
mentioned it is our limitation, but if you say are we satisfied with our ramp
ups, never; otherwise, we will stop growing. I think that in terms of the other
businesses, we felt that the whole process of being able to scale those
accounts, I think worked better, whether it was in the telecom or whether it was
embedded or enterprise systems. I do think though that we are facing some
challenges in terms of getting better the whole account management side, as you
know, of our top 10 customers, 4 declined, 6 went up, we would like have seen
all 10 go up, so I think that those are things that we have to figure out how to
work with.

TRIDEEP:  Thanks a lot and best of luck.

VIVEK:  Thanks.

MODERATOR:  Question from the line of Rahul Dhruv with Smith Barney
Research.  Please go ahead.

RAHUL DHRUV: Yeah hi, good evening. I was just looking at your guidance of $210
million, and if I assume a 15% sequential growth in the BPO business, then I
will end up with a 7+% growth in IT service business, which is pretty strong,
and I think that is the highest that you have given in a while. Now, is there is
any acquisition or inorganic initiative embedded in this?

SENAPATY:  No, except the ones that has already been announced.

VIVEK:  That's right.

RAHUL DHRUV:  Sorry, which one is announced?

VIVEK:  Nervewire.  The latest we have announced was in May in Nervewire.
Nervewire, EMS, and Wipro Spectramind, those are three acquisitions we have
made, and those are three that are baked in to these numbers.
<PAGE>

RAHUL DHRUV: I don't know why, I mean what would be the reason for such strong,
sudden growth guidance for say services, I mean are you seeing something which
we are not?

VIVEK: No, I think it is a slow healthy improvement. I mean you know guess I
don't see it as being, you know if I look at the volume growth this quarter, it
was 6.5%. If we can hold our pricing better than we did last quarter, more of
that flows into the dollar revenue line. So, I think as I said, it is steady,
last quarter was a steady quarter and I think the coming quarter looks like it
is a steady growth thing.

RAHUL DHRUV: Okay. My second question was in the morning call you actually
mentioned that you know when I mentioned about SG&A being so high suddenly, you
said there are some provisions which you have made. What would be the nature of
these and what is the outlook for those going forward?

VIVEK: I think that if you look at you know we have a provision for doubtful
debts and the way that we do it is we have standard approach which Senapathy
will explain in just a moment, but what that does is that it ages at a certain
stage, we take them as a provision for doubtful debts. So, what we had over the
last quarter was several of our receivable from very good customers aged beyond
that limit, so the good quality receivables we expect to collect them this
quarter, but as per our policy and we did not want to change policy for this, we
did recognize them as doubtful debts. May be you want to talk Balki about the
way that we handle this?

BALKI: The norm-based provision that we make is, we have two thresholds, debts
that are entering the 180 days and debts that are entering the 365 days. Any
debt, which is entering more than 365 days, we will provide 100% of that.

RAHUL DHRUV:  Right, so that means you are saying that some of these
receivable went to 365 days.

BALKI:  Many of them crossed 180 days that is the reason.

VIVEK:  Basically there are two marks, 180 and 365.  So, we have some cross
the 180-day mark, which is about 70% and the balance is taken after 365 days.

RAHUL DHRUV:  And what percentage would this be of SG&A, I mean 1% or 2%.

VIVEK:  Well this quarter if you look at June'03, we had an additional hit of
about 0.7%.

BALKI:  That is in last quarter that is Q1, we got hit for 1% and previous
quarter it was 0.3%; the differential is 0.7%.

RAHUL DHRUV:  Okay great.  On the outlook for the subcontractor revenues, you
have a subcontractor revenues where you give out business to consultants, any
thing on whether that can go down or will continue to be the way it is?
<PAGE>

VIVEK: Actually for us it will be other way round. Most of our contractors, I
mean it is not where we have hired consultants, but where we have hired
resources perhaps for you know lower skill people or for people that we felt we
could hire from the market short term at a lower cost than our own cost, so as a
result the, you know skill sets we are saying it is for, so as a result you know
net-net that contractor bucket is not necessarily a significantly higher cost
driver.

RAHUL DHRUV:  Okay.  I had just one last question actually, on utilization
rates, you have gone to a recent high of 70%, do you think you can retain
this or how higher can you go from here?

VIVEK:  I am sorry, could you please repeat that question?

RAHUL DHRUV:  Yeah, utilization rates were at 69% this quarter.

VIVEK:  That is right.

RAHUL DHRUV:  Yeah, and do you think you can go any further higher and can
you retain these levels?

VIVEK: I think that we are certainly going to retain these. I think going
higher, you know, the climb gets much tougher as we go forward from here, but we
would like to be able to improve this further.

RAHUL DHRUV: Okay great, one last question is on infrastructure outsourcing that
business has actually shrunk quarter-on-quarter and it was one of the
high-growth segments, I mean anything specific there is happening?

VIVEK: I think that really relates to two very specific accounts that ramped
down, but overall you know we continue to see good interest in that service, but
we had two accounts where the fairly large projects ended.

RAHUL DHRUV: Right, because it is never managed through like you know to pass
the 8% level it has always gone up there and come back and do you really it take
off in a very big way because you know last time when we went to your campus we
were really impressed by the that whole business was really shaping up.

RAMAN: We see a huge opportunity for this business and we think we are very well
positioned to grow this business. While as Vivek articulated what happened for
this decrease on two specific accounts to last quarter that we have a healthy
pipeline and we see some great opportunities going forward on this.

VIVEK: Incidentally, Raman Roy was that person and he being Chief Executive and
Chairman of Spectramind he also heads the Technology infrastructure support
services business.
<PAGE>

RAHUL DHRUV:  Right, thank you very much gentlemen.  Good luck.

MODERATOR:  We have a question from the line of Tim Byrne of Robert Baird.
Please go ahead.

TIM: Thanks for taking my call. I just had a followup on the kind of the volume
outlook perspective. Can you kind of peal out at one more layer for us that you
mentioned in package implementation was strong, some sense of across what types
of packaged ERP versus supply chain etc. And then could you please remind us in
your BPO business, and BPO means a lot of things to lot of different people,
where in BPO you see strength.

VIVEK: Sure. I think in the package implementation business our ERP business is
the one that is growing. I think you know within that we are seeing strong
traction in PeopleSoft, actually PeopleSoft probably is number one and then may
be Oracle. Supply chain is pretty dull and I would say customer relationship is
okay. In terms of the business process outsourcing services, I will hand that
question over to Raman Roy in terms of the kind of the services that are growing
faster than others.

RAMAN: At this point of time we are seeing traction both in voice and non-voice
services; however, in terms of top line, in terms of the number of people we see
a larger opportunity on the voice side of the business. The non-voice side of
the business, while given the amount of business that we do within Wipro
Spectramind, we will range among the top five partners for the non-voice
capabilities. On the voice side, per project the number of assignments we get,
the number of people worth of business that we get is much larger per process,
and that is what drives the growth there.

TIM:  Thank you.

MODERATOR:  And our next question comes from Girish Pai with SSKI
Securities.  Please go ahead.

GIRISH: Hi. Just to get back to the discussion on pricing, I think this was 9
months to a year back, we were discussing about pricing stabilization due to
utilization improvement. Now, we are talking about the same thing at this stage,
so, what change, I mean, in between you have seen pricing come of. So, how the
things are different this time around and why should prices stabilize at the
current levels. Can't what happened in the last six months happen again?

VIVEK: You know, I think that you are absolutely right, that is why we are not
being terribly bullish about that, we are just pointing out what we are seeing.
I would say the only thing that is different in terms of six months ago versus
now is the fact that it is getting even difficult to hire good people outside.
So, I think that, you know, initially we thought well if benches people will
have a little bit more spine in their pricing, but given an infinite bench out
their in the open market, people were willing to say, yeah, I can service this
pretty easily, why not go for the incremental volume and incremental dollar
<PAGE>

margin. And, I think that what is happening now is that we are also beginning to
see constraints on the supply side, and that normally is an indication of
pricing stability, but people who are crazy and, you know, do silly stuff, I
mean, you can never discount that.

GIRISH:  If you mention that there is going to be a constraint on supply, do
you see salaries increasing ahead of price increases or price stabilization?

VIVEK: Well, I think that most of us have already either given or have announced
salary increases. So, for Wipro for example our BPO business got the salary
increase on April 1. Our IT services business will get their salary increase on
October 1. So, I think those are bait in, and since we are not getting any price
increases, clearly they have no relationship to price. I think that what we
understand is that while we have to be able to retain our employees, attrition
is an issue. We have to make sure that particularly in our senior managers who
guide the business and the middle managers who really handle the transitions
that we hold on to that group and that is the kind of way we are looking at it.

GIRISH:  Okay.  On technology services, how sustainable do you think the
current upturn that you have seen?

VIVEK: I actually, I mean, again this is my view, I am actually reasonably
optimistic about it in the sense that I think that people are beginning to see
the end of uncertainty, and the end of uncertainty means they can device their
roadmaps and yet they know that situation going forward is not going to be, you
know, tremendously profitably for the companies, and so there is a lot of
pressure on cost, they want to come to India. The wild card in this is a mix
between what Wipro gets and what they do with their own Indian development
centers, and I think that is the one that is much tougher to call. I am very
optimistic about the fact that India scoring as a larger share of R&D spending
is given.

GIRISH:  Okay.  Just one last question, it is on onsite pricing, we have seen
it come off, is there anything particularly different happening in the US or
the customer countries which is leading to this situation.

VIVEK: No, I think, you know, you go through quarters when one goes up and one
goes down, but there is no secular trend per se, I think this quarter we just
saw it across the board both in onsite and offshore come down.

GIRISH:  Thank you.

MODERATOR:  We have question from the line of Tim Byrne with Robert Baird.
Please go ahead.

TIM: Yes, one quick followup question on the demand environment. Can you speak
to the extent to which you are beginning to see, say in the US, more middle
markets somewhat smaller company interests as opposed to the say the global
1000?
<PAGE>

VIVEK: Yes, that is correct, but what we are finding is that many of those
middle market customers are perhaps more onsite centric and, you know, really
not as accustomed to the global delivery model, and also the pursuit cost in
terms of SG&A are much higher. So, I would say, yes, we are seeing more mid
market customers, but more of less showing up as project oriented versus you
know large multiple year offshore development centers.

TIM:  Thank you.

VIVEK:  Can we have the last question operator?

MODERATOR:  We have a question from Vasudev Jaganath with CLSA.  Please go
ahead.

VASUDEV:  Hi.  My question is related to the verticals.  Can you give organic
comparison of where you saw the growth in your major verticals and is there
any significant change in trend there in.

VIVEK: I think that retail manufacturing on an organic base continue to show
some strong growth, and the telecom and internetworking one. So, I would say
those will be the three I would point to.

VASUDEV:  From our calculations it does show that utilities saw a drop
quarter-on-quarter, is that correct, or maybe we have it wrong..

VIVEK:  I will have Sudip Banerjee who runs our enterprise business talk
about that.

Sudip: Yes, there is small degrowth in the utilities business basically driven
by one account, Transco, our largest account, and that is because Transco
underwent management transition, they merged with National Grid, and as a result
of their merger, the new management which came in, started reevaluating all
their projects and that is result of the low growth in the energy and utilities
segment, but we do think that that is a temporary phenomenon and we think that
that will get corrected in quarters to come.

VASUDEV:  Thank you.

SRIDHAR:  Thank you very much.  The whole conference is available on
www.wipro.com for replay, and in case you need any assistance please do get
in touch with me through email or cellphone.  Thank you very much.  Shelly.
The call is over.

MODERATOR:  Thank you.  Ladies and gentlemen that does conclude your
conference for today.  Thank you for your participation and for using HNT
Executive Teleconference.  You may now disconnect.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>8
<FILENAME>f91681exv99w6.txt
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<PAGE>
                                                                    Exhibit 99.6


CNBC - TV 18

INTERVIEW WITH VIVEK PAUL - VICE CHAIRMAN AND SURESH SENAPATY, CFO IN THE FIRST
HALF.

SECOND HALF WITH RAMAN ROY, CHAIRMAN, WIPRO SPECTRAMIND AND SUDIP BANERJEE,
PRESIDENT, ENTERPRISE SOLUTIONS, WIPRO TECHNOLOGIES,

CORRESPONDENT: Let us first go across and do what you all want to hear. Now that
is the Wipro top management on the numbers that they just came out with. First
up, we have got Vivek Paul, Vice Chairman of Wipro, and Chief Financial Officer,
Suresh Senapaty joining us and Raman Roy, Chairman of Wipro Spectramind, will
also be joining the team out there. Vivek and Suresh good morning and good to
talk to you again.

VIVEK: Thanks, good to be here.

SURESH: Good morning.

CORRESPONDENT: Good morning. There is tremendous confusion on the numbers
because the wires have reported one set and we have got another set. I think
what we have got is right, but if you could just start by giving us a basic
numbers of how much you have done on Global IT in million dollars in this
quarter, how much Spectramind has done in million dollars in this quarter?

SURESH: Yeah. Global IT services totally including Wipro Spectramind, which is
the IT Enabled Services, is about $195 million.

CORRESPONDENT: And compared to that you are giving a guidance of $210 million
for the next quarter.

SURESH: That is right.

CORRESPONDENT: Right, and could you give us a breakup of Global IT services and
Spectramind, the two separately.

SURESH: Right. Global IT services on the standalone basis if you look at is at
$175 million. Nervewire, which was the acquisition we consummated in May 2003,
is about $2.5 million, and Wipro Spectramind, the IT Enabled Services is about
$17.1 million. Earlier we used to give those numbers separately. After three
quarters now it is part of the integrated Wipro Technologies and therefore from
this last quarter onwards, it will be a combined number. With respect to Wipro
Nervewire, it is an acquisition done in the recent past, so we will have that
numbers separately available for the next three quarters.

CORRESPONDENT: Okay. Vivek, let me just ask you one question upfront on MBT,
there have been so much rumors, are you acquiring MBT or you talking to MBT at
all.

VIVEK: You know we cannot really comment on rumors, so I am afraid I cannot say
anything on that.
<PAGE>
CORRESPONDENT: Okay. Ashok.

ASHOK: Okay Vivek. I am going to start off by asking you if you are going to
make any other acquisitions like Hughes Software out there or are you looking at
any acquisitions at all.

VIVEK: Well, certainly we constantly look at acquisitions because we have
already demonstrated an appetite and an ability to be able to handle those
acquisitions, so the good news is we constantly look at acquisitions, but you
know we do not announce them or do not discuss them until we are ready either in
the yes or no category.

CORRESPONDENT: Vivek let us get into your outlook. You know of course your
numbers are below analysts' expectations, may be by a notch, but they are. Walk
us now through the outlook for Wipro. If you could break it up into pricing,
volumes, and margins?

VIVEK: Sure. If you look at the quarter that went, I think I would characterize
it as a steady quarter. It was pretty much in line with everything we said. We
saw 6% sequential growth in volumes and again this was the sixth straight
quarter of about 6% to 6.5% sequential growth. So I think that we saw the volume
growth that we talked about. We did see the pricing pressure that we also talked
about. We had prices come down both onsite and offshore in the 1% to 2% range
and I think we will continue to see that. We did not have any effect of rupee
appreciation this quarter, so I think that kind of helped us sustain a little
bit of our margins, and we did have utilization improvement. So all in all what
we had was, we had some sales, general, and administrative cost going up as the
result of investments we have made, offset by utilization, and we saw some
margin weakening. So what do we see going forward? I think that we continue to
see volume traction, as I said earlier we have seen six straight quarters, and I
think we should continue to expect to see that and that is reflected in the
guidance we have given. In addition, as far as the margins are concerned, I
think on pricing, we are beginning to see pressure easing, both in terms of
existing accounts and in terms of new accounts. Once again this quarter, our new
account revenue for offshore, for example, had a higher price point than the
overall average. So I think that we continue to see the pricing situation
beginning to get a little bit better. In addition, what we are seeing is that we
are now going to be taking a hard track at the SG&A cost as a way for us to
continue to be able to offset whatever price declines we have to be able to
sustain our margins. The rupee appreciation frankly it is a wild card, we are
not quite sure exactly which way it is going to play out, and our outlook on
margins really is that we should be able to offset price reductions by
operational improvements, so that net-net margin should strengthen from here
excluding the impact of the rupee appreciation.

CORRESPONDENT: Suresh if you could just take us through some of the details on
the margins front, what have been the actual movements in this quarter? If you
could just give us some hard numbers on the rupee appreciation, how that has
affected your margins and pricing decline, the numbers, and how they might
affect your margins in this quarter.
<PAGE>
SURESH: Right. You know, if you look at overall from a sequential perspective
from 24.6%, the margin last quarter or Q1 was about 22.2%. There is an overall
drop of about 2.4% and this is because of about 1.5% where we had IP sales and
product sales, which is the benefit we had got in the last quarter. It is not
there from an incremental perspective, and that is an impact of 1.5% adversely.
We had about 1.6% reduction in the realization from the customer, which is a
function of what you say rate negotiations or a function of over run in the
fixed-priced projects. The combination of all these factors is about 1.6%, but
partly a utilization improvement of about 3-percentage point, which means the
operating margin on that account was up by 1.4%, and a combined factor of SG&A
has gone up by 0.4%, has negated it. So net-net we had about 2.4% reduction in
the operating margin from last quarter that is Q4 to Q1.

CORRESPONDENT: Vivek, if you could just split your guidance up for us a little
bit. You have done $195 million IT services plus Spectramind in this one you are
saying, $210 million in the next one. Could you break it up for next quarter for
us for Global IT and Spectramind, so we have a sense of the kind of growth you
are looking at sequentially for the two individual businesses?

VIVEK: We are not going to be breaking up these guidances going forward, which
is why we are going to lock them together. What I can say is that it is pretty
fair to assume a consistent growth rate; I do not think that you should expect
either a substantial ramp up or ramp down on the IT side or on the BPO side
relative to what we have seen historically. So, I think you can pretty much
extrapolate from that. Though if you look at the business process outsourcing
business, I did not share those numbers, we did see a 19% sequential growth. So
I think that clearly business process outsourcing is a growth driver for Wipro.

CORRESPONDENT: Vivek, I am just going to walk you through two or three concerns
in the market and if you could just answer or tell us how you are dealing with
it. Number 1, of course, you have got a couple of high profile departures, the
market is not too sure what your AMS profitability is and when finally you are
going come out of your Nervewire consolidation. Tell us what you are doing on
these three issues and how that would impact your margins.

VIVEK: First of all, I am not quite sure what high profile departures you are
talking about.

CORRESPONDENT: Go ahead Vivek, I will read them out to you, but tell us about
the other two, AMS and Nervewire.

VIVEK. Sure, I think the good news about AMS is that it has swung to
profitability this quarter. We had a P&L impact in the first quarter in terms of
the retention bonuses, but now it has swung to profitability. We also saw very
good sequential growth in this business and so both the volume line and the
profit line look good. Part of the sequential growth that we saw in volume was
linked to our ability to cross sell, for us to be able to sell offshore
development centers to their accounts and for them to be able to sell consulting
services into our accounts. So, all in all, we feel pretty good about the AMS
acquisition.
<PAGE>
If you look at Nervewire, we are two months into the game. So it is a little
early to tell. The first couple of months have not met up to our expectations.
We were expecting a higher volume, but as a result of some client uncertainty as
a result of the acquisition, we saw a couple of the projects getting deferred.
Our expectation is that we should be able to bring this back on track. Given the
fact that we have now acquired a very strong consulting base, be able to carry
that into out existing customer base.

SURESH: But Ashok we will have Sudip Banerjee in the next session who is our
President of the Enterprise Solution. The Utility Practice, which is with
acquisition of AMS reports to him. He will take you through a little more detail
about this.

CORRESPONDENT: Vivek, in giving out that guidance that you have, what kind of
volume growth assumptions have you made versus pricing decline. If you could
just share that with us?

VIVEK: Once again we have not given any specific numbers. All I can say is that
as we look at the guidance and relating back to what I mentioned earlier, we do
see some pricing stability relative to the past. I would say that relative to
the past, probably there would be a lower impact than we have seen over the past
two quarters on pricing.

CORRESPONDENT: Vivek, let me just come back to what I had mentioned, in fact I
do not have the list in front of me, if this is not correct you can excuse us.
But in the last six months Steve Zucker and Chris Corrado, and D. A. Prasanna.
But more importantly without getting into names there, the more important issue
is most of your other peers are facing losing people to some of the global
companies that are coming into India. Are you facing similar pressures and what
are you doing in terms of retaining these people? Are you increasing their
salaries? What does that do to your margins?

VIVEK: Well, let me address both. These are individual ones. Clearly we regret
having lost the good people who worked with us. But the beauty about Wipro's
management strength is that we were able to make up pretty quickly. So I think
the business impact has not been that significant. In the bulk notion, in other
words losing lots and lots of people to MNCs or to our global competitors coming
to India. We are very sensitive to that. Our attrition rates have gone up.
Though they are still manageable at 10.5% for the quarter, they have gone up.
And we continue to do all the right things that we need to maintain attrition,
we make sure that our people are happy, working on projects that they enjoy, we
have been treating them fairly in terms of compensation, and really I think, all
in all, the biggest keeper of people is the excitement that we build in Wipro
that this company can be a truly global player.

CORRESPONDENT: Right, Suresh let me ask you one final question before we say
goodbye to you. You said margins are down to 22.2%. Looking at the rupee,
looking at the pricing pressure that Vivek has outlined, are you confident that
by the end of the year you will be able to maintain margin, the operating level
above 20%?

SURESH: Like we said we have never guided on the particular percentage in this
way, but like Vivek said about what we expect in the near term, other than for
the rupee
<PAGE>
factor which one that does not have any control, we will be able to see
sustainability of this particular margin.

CORRESPONDENT: So, margins will be stable for the rest of the year?

SURESH: But for the rupee change.

CORRESPONDENT: Okay, thanks Suresh for joining in; of course, Vivek will stay on
with us, and Raman Roy will be joining him on the other side of the stage. Stay
tuned. We have just about began on the Wipro Boardroom, we will be back in just
a minute with many more questions for Vivek Paul Vice Chairman and Raman Roy who
is Chairman of Wipro Spectramind. Sudip will also be joining us, but that is
right after this break, stay tuned.

Welcome back, you are watching the Wipro Boardroom live on CNBC-TV 18 and we are
in conversation now with Raman Roy who is the Chairman of Wipro Spectramind and
we have got Sudip Banerjee also joining in from the Wipro's top brass; I am not
exactly sure about his designation, but I am sure Sudip will tell us that.
Raman, Sudip, good morning to both of you. Thanks for joining in.

RAMAN: Good morning.

SUDIP: Good morning.

CORRESPONDENT: Well Raman, let me start with you. You have done about $17.1
million in Spectramind in this quarter that is slightly ahead of the
expectations that you had held out in the previous quarter; give us a
price-volume equation and how this quarter has been from the BPO prospective.

RAMAN: We have had a great quarter. We managed to maintain the price for what we
had for last quarter and we have managed 19% growth in this quarter.

CORRESPONDENT: Well, Vivek just told us that you are de-linking the guidance
separately and you will be clubbing it with IT services division, what are we to
make of it, are you going to keep on posting sequential growth or you do not
have that kind of visibility going forward?

RAMAN: Touch wood we will continue to post sequential growth, but what is of
importance is to understand why we are clubbing it together. More and more of
our customers are getting services from both what is today seen as Wipro
Technologies and Wipro Spectramind, and the packaged offering going forward are
increasing in a very significant manner and therefore in terms of what we tell
the market place, it also makes sense for us to be able to club it together. At
this point of time, more than 80% of the pipeline of Wipro Spectramind is
existing Wipro Technologies customers; also 33% of the customer base that Wipro
Spectramind is servicing is existing Wipro Technologies customers. So, it makes
a lot of sense for us to look at it holistically the way the customers are
looking at it, so that we present the same viewpoint to all the communities that
look at us as Wipro Corporation.
<PAGE>
CORRESPONDENT: Good morning Raman. Let me just get a question in on three issues
related to your BPO operations; No. 1, if you can walk us through the quality of
clients you are dealing with in terms of the fact that the kind of jobs you are
doing, how are you managing your logistics in terms of the number of people you
need to leave on the bench because that pretty much decides your pricing, and
what exactly is happening on the pricing front and I mean pure absolute pricing
from a customer to you?

RAMAN: First part of the question, how are we dealing with the bench? With the
growth that we are having, we do not have that kind of a bench because we are
really short of people on the shop floor as against what is needed, so we can
absorb a lot more. But simultaneously given that hunger that we have for the
people on the shop floor, given the fact that there is business sitting there
with the customers that we can leverage immediately, we are creating a bigger
pipeline of training and therefore we have larger number of people that we hire
and put them through training, and typically training for our kind of business
can last anywhere from 4 weeks to up to 20-25 weeks. Of course, some of the
customers pay for training, especially where it is that larger period. So, it
generates revenue for us, but the real revenue of production happens only post
training.

CORRESPONDENT: Okay, Raman, let me get Sudip in at this point in time. Sudip, if
you could just give us some more clarity on Nervewire. You have done about, for
this period, 11 Crores of revenue and booked a loss of about Rs. 10 Crores, how
much longer do you see Nervewire dipping Wipro's margins, and when does it get
back into the black?

SUDIP: Well, it will come back in a very short time. It is difficult to say
whether it will come back in one quarter or two quarters, but we are on track,
we have put the right management team in place, and we think that we will be
doing customer acquisitions, which will be giving us the additional revenue
going forward quarter to quarter. So, we have put in the right strategies, the
right people have come on board, and I think we will very soon see the results
of this.

On the AMS front though, we have already integrated the company and there, we
have got fairly substantial results in the quarter that has just gone by. We
have had sequential growth in the consulting practice, which has been
significantly higher than what our own expectation was. We have retained all the
people we have had, have had client additions in both segments - in the existing
business as well as in the consulting business.

CORRESPONDENT: Sudip, when you bought AMS and when you bought Nervewire, the
general explanation we got from Wipro was that you are going to leverage these
front end consulting firms to really get back in business, may be the numbers
for these standalone firms does not show the story, but tell us what impact has
it had for business on Wipro, if you can quantify that impact from both
Nervewire and AMS?

SUDIP: Well, Nervewire is very new, but let me talk about AMS. AMS is now six
months into our fold. We have had the first quarter where we integrated the
company, we got
<PAGE>
all our consultants on board, we made the combined value propositions to our
existing as well as the clients that came in from the acquisition, and in the
last quarter we have substantially added on new clients. We have got a utility
in the US, major utility, where we have got offshore work, we have got large
petroleum clients, where we have got offshore work as well as consulting work.
Amongst our own existing customers before the acquisitions, we have been able to
provide consulting services. Overall the standalone part of the AMS has made
profits that should be in higher than our expectation in the quarter which has
just gone by.

CORRESPONDENT: Sudip, would you like to add something like MBT to the fold?

SUDIP: No, unfortunately not.

CORRESPONDENT: Okay. Raman, Sudip, we will have to leave it there today, as I am
completely out of time. Thanks very much for joining in.

RAMAN: Thank you, thanks for having us.

CORRESPONDENT: Thanks. Well, that is the Wipro top brass talking to us. They
would not say anything on MBT. Numbers are there for all of you to see. For
those who have joined in late, $195 million is what they have done in Global IT
and Spectramind put together in this quarter and they are guiding $210 million
from next quarter. That in essence sums up their performance and the guidance,
on the bottom line it is slightly lower than what the street was expecting.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>9
<FILENAME>f91681exv99w7.txt
<DESCRIPTION>EXHIBIT 99.7
<TEXT>
<PAGE>
                                                                    Exhibit 99.7


BLOOMBERG

INTERVIEW WITH SURESH SENAPATY, CFO

CORRESPONDENT: India's largest traded software company Wipro says first quarter
profit has gained 43%. To talk more about Wipro's earnings, the company's Chief
Financial Officer, Suresh Senapathy, in Bangalore, joins me on the line now.
Welcome to the program. So, what is behind the first quarter numbers?

SURESH: Well, what is behind is we had revenue of $195 million for our global IT
services business, which is ahead of what the guidance that we had given last
quarter, and the strong sequential revenue growth of about 6.4% in dollar terms
was driven by 5% growth in IT services and 19% growth in IT-enabled services. We
continue to see traction in volumes though there is a softening in the prices,
and the enterprise segment continues to show strong growth.

CORRESPONDENT: What were the operating margins for the software business in the
quarter?

SURESH: Operating margins for the software business for the quarter is about
22.2%.

CORRESPONDENT: How do you perceive competition from global players such as
Accenture that are expanding in India?

SURESH: Well, you know, it is not new that Accenture is coming in to India and
the other MNCs are coming into India, they have been there for quite sometime,
though they are making aggressive attempts here. I suppose everybody has a place
to play in this. The pie is large for the MNCs as well as the Indian companies.
We have certain unique advantages in terms of the G&A cost as well as some of
the quality processes that we have, whether it is CMM level 5 or PCMM level 5,
on which we will always have a significant advantage vis-a-vis the increased
customer satisfaction and the profitability.

CORRESPONDENT: Now you talked about customer satisfaction; are customers still
pushing lower prices, if so by how much?

SURESH: Oh yes, it is an ongoing process because as you know there has been
difficult environment which the customers are facing in US and other overseas
markets. Most of the offshoring is happening primarily with a view to take out
cost, there are continuous pressures, but the way to mitigate that is:

      a.    Enhance the high profitability or high realization services going up
            the value chain,

      b.    Doing more and more offshore business,

      c.    Enhancing utilization and sort of controlling the general
            administration cost, where we should be able to mitigate as much of
            the price pressure as possible.

CORRESPONDENT: Were the earnings reduced by cost related to the acquisition of
NerveWire?
<PAGE>
SURESH: Yes, and even if you look at our segmental board we have given the
separate numbers for NerveWire. NerveWire we had about Rs. 105 million, which is
about $2.2 million of operating loss for the quarter and going forward I suppose
for another one or two quarters we will continue to have losses till such time
we fully turn it around by enhancing on the synergy area.

CORRESPONDENT: Alright, thank you very much for your participation in the
program today, Chief Financial Officer.

SURESH: My pleasure, thank you very much.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>10
<FILENAME>f91681exv99w8.txt
<DESCRIPTION>EXHIBIT 99.8
<TEXT>
<PAGE>
                                                                    Exhibit 99.8


NDTV 24X7 BUSINESS NEWS
INTERVIEW WITH VIVEK PAUL, VICE CHAIRMAN

CORRESPONDENT: Vivek Paul, welcome as always to our program.

VIVEK PAUL: Thank you, pleasure to be here.

CORRESPONDENT: The markets are not very excited about your results; is it the
direct result of the IT environment in the US, if not, what is this?

VIVEK PAUL: You know, if you look at this quarter gone by, I will characterize
it as a steady quarter; we showed 6.5% volume growth, which was pretty good, I
think better than the guidance that we had given earlier and this is the sixth
consecutive quarter of steady volume growth. So, we felt pretty good about that.
We had indicated that there would be pricing pressure, and indeed we saw that,
our onsite offshore pricing has declined by 2.6% and offshore by 1.4%. So, I
think we did see the pricing pressure that we had talked about.

Offsetting that on the positive side was that our acquisition of the American
Management Systems, Energy and Utility consulting business swung to a profit
this quarter. So, that was good and gave us small confidence in our acquisition
strategy. But offsetting that also was the fact that the new acquisition we
made-Nervewire, which had a big loss. Primarily relating to the fact that
whenever we make an acquisition, we have a retention bonus that kicks in
immediately and as result that drives down the earnings for the first quarter.
So, we did see that as well.

CORRESPONDENT: How much was this Nervewire losses burdened on Wipro?

VIVEK PAUL: I think that if you look at the Nervewire losses what we saw this
quarter; it was roughly Rs. 100 million on the overall number.

CORRESPONDENT: Your telecom sector, which is your strength, has shown excellent
results. What is the position on this going forward?

VIVEK PAUL: I think telecom is beginning to show a nice recovery. We saw a 10%
sequential quarter growth in telecom, but what we are seeing is that the overall
product R&D services business is beginning to show some revival. Telecom has
been the strongest amongst that primarily because while the entire R&D services
was showing more offshoring coming to India, the rest of the segments have
tended to be more focused on their own India development centers. So as a result
our share of work coming to India has been higher in the telecom side than
otherwise. We do see this sector coming back, so we see some growth there and
that is good because the large percentage of our mix is indeed telecom and R&D
services.

CORRESPONDENT: The prices are continuing to show a declining graph. When is this
likely to recover?

VIVEK PAUL: I think the good news is that they are getting better. So, our
outlook for this quarter as we have indicated earlier is that it will decline,
but not decline as much. So, as a result what we are beginning to see is some
stability. We are seeing that the larger companies are beginning to show more
discipline around pricing. We are beginning to see the supply side situation
getting tighter particularly as we see not only people clearing their benches
but also the easy availability of the
<PAGE>
experienced hires out there is also not there anymore. So, I think this
constriction of supply and more disciplined behavior should lead to a slightly
better performance on pricing, but it is too early to call it an update.

CORRESPONDENT: Vivek, your guidance for the next quarter is $210 million. Can
you give us a rough idea of what this is going to be and how you are going to
sustain this for the quarter?

VIVEK PAUL: Well, that it is very much in line with the past in terms of the
growth rates that we have had in both the IT enabled services business as well
as the IT business. So, we think that both growth rates will continue and that
is the basis for our guidance. Since we have provided segment reporting this
time for IT and IT enabled services together, I cannot break that number down to
the multiple segments, but that guidance number does include Nervewire as well.

CORRESPONDENT: You always say that Wipro's business is higher than the industry
standards. Now your competitor Infosys has shown bullish trends in this present
environment, why not Wipro?

VIVEK PAUL: Well, if you compare us against Infosys, they definitely had a good
blockbuster quarter and I would characterize our quarter as a steady quarter.
You do see that one quarter does not complete full year or whatever it makes. I
don't want to spend too much time talking about Infosys, but you know that there
has been too much that has not grown as fast as Infosys because of the large R&D
sector. But if you look at relative to the overall industry, we have continued
to outperform it and our expectation is that we will continue to outperform it.

CORRESPONDENT: There are reports in the market place that you are interested in
acquiring the MBT division of Mahindra's. Is this true?

VIVEK PAUL: I really cannot comment on acquisitions because even if we were in
it and I said no, the next time you ask me and if I cannot not say no then you
would think that that was a yes. So, through our convoluted logic we will only
end up with the results we look for, so all that we can do is say no comment on
any acquisition.

CORRESPONDENT: Alright, Enterprise solution has always been Wipro's strength.
Can we look into the crystal ball for the next 10 years? Is the business model
likely to change?

VIVEK: I don't think so, what we are seeing is the continued strength in the IT
side, R&D services are picking up. As you look out, what we see is that we
should be able to protect our margins except for the impact of the rising rupee.
So, as a result you begin to see sustained volume growth, continued traction in
terms of improving prices. As far as the rupee, I don't know if any one of us is
qualified to make a very accurate forecast right now.

CORRESPONDENT: Well, regardless of all that we wish you all the very best.
Thanks very much for joining us.

VIVEK: Thank you very much too.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>11
<FILENAME>f91681exv99w9.txt
<DESCRIPTION>EXHIBIT 99.9
<TEXT>
<PAGE>
                                                                    Exhibit 99.9


BBC RADIO

INTERVIEW WITH SURESH SENAPATY, CHIEF FINANCE OFFICER, WIPRO LIMITED

CORRESPONDENT: Can you give break up of your performance reported today?

SURESH: Well, I think that results have been as we had targeted and budgeted for
in terms of the guidance because if you look at over all revenue delivered about
$195 million which is ahead of the guidance that we had given. In terms of
operating margin being in decline that was also guided for in the sense that we
had said that we will continue to invest in the S&M which we have done, we have
said that there are pricing pressures and the effect of that was taken, but the
counters that we have taken are

      a)    We have increased utilization by 3 percentage points therefore it
            has mitigated the margin decline by about 1.4%

      b)    We had some product sales and some termination fees and IP sales
            which are not uniform across every quarter which we had in Q4 but
            did not have it for Q1 impact of that was about 1.5%

      Net to Net there was a decline in the OM in the Global IT business by
      about 2.4%, which was in line with what sort of had been anticipated.

CORRESPONDENT: Do you think the general economic slow down has had an impact on
your performance? If not, what is the reason?

SURESH: Well economic slowdown is affecting Wipro and the other players in the
industry in terms of putting price pressures, now you know that the IT budgets
are really not going up, the same IT budget people are wanting more bang for the
buck, and therefore more and more offshoring is being driven from that concept,
and that is the reason, this is the third year consecutive where the US economy
has not done well and therefore pricing pressures are there. However, if you
look at the last quarter we have seen a little bit of tempering of this pricing
pressure and the way we are going ahead is that on the BPO side we are growing
the business faster as you have seen last quarter we did about $17.1 million
about 19% sequential growth and the $210 million guidance for the next quarter
does have the BPO services which has a sequential decent growth.

CORRESPONDENT: How have your acquisitions performed this quarter? Especially the
AMS one?

SURESH: We have made it profitable this quarter, last quarter we had an
acquisition of a financial securities practice called Wipro NerveWire. It has
posted Rs.100 million of losses. It will perhaps continue with losses for a few
quarters before we are able to get the value of the synergy and become
profitable.

CORRESPONDENT: What are the parameters that determine an acquisition?

SURESH: We have gone ahead with those acquisitions where we have sort of
experience and expertise in terms of people working from overseas. We had our
share of difficulties and easiness and low-hanging fruit benefit which has gone
through and after having seen the successes that we have achieved in case of
Wipro Spectramind and
<PAGE>
Utility practice, it gives us confidence that we can stay on track, go ahead
with more acquisitions to supplement our organic growth.

CORRESPONDENT: Do you see the competition from other Asian countries increasing
and eating into your pie?

SURESH: Well, I suppose that in the long term it could be. But as of now, the
impact has not been felt at all. Because of the advantages that Indian companies
have in terms of large mass of people who can speak good English, the quality
processes and the project management skills that Indian companies have in terms
of professionals that work for them. I suppose that it will take some time
before other countries pick up and Indian companies will have to do something
different to keep the competitive edge ahead.

CORRESPONDENT: How do you think Indian companies can keep up their lead?

SURESH: Well the different things would be

      a)    Efficient training

      b)    Significantly enhancing the quality processes

      c)    Going up the value chain

Thank you very much. Bye-Bye. Thank you.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>12
<FILENAME>f91681exv99w10.txt
<DESCRIPTION>EXHIBIT 99.10
<TEXT>
<PAGE>
                                                                   Exhibit 99.10


DOW JONES

INTERVIEW WITH SURESH SENAPATY, CHIEF FINANCE OFFICER, WIPRO LIMITED

CORRESPONDENT: About Profit margins: From the last 7 quarters, growth from 31%
to 24% and now 22.2%, are you calling it a floor somewhere? Like Infy said that
there is a floor. 30%...and they do not give caveats like rupee or otherwise. Is
there some such floor, which you would ever think of imagining?

SURESH: Always we have guided on a quarterly basis. And we have always taken the
position of saying that we will perform better than the industry. That has been
the position so far. The reason why we are a little more specific with time in
terms of OM % going forward is because it has come to this kind of level. That
may be the valid reason why it has come down.

Still, as a manner of speaking, the delta has been quite large. We thought that
while guiding for the next quarter we need to give a feel of what the next
quarter operating margin is like. That's why we said that in the absence of the
rupee factor, we should be able to do better than what the operating margin of
this quarter is.

One is not able to tell for a long term. There are certain feelings, which we
have of how it will stand out in terms of the next medium to long term. Not
appropriate for us from a company perspective to articulate. Maybe NASSCOM
should do it, maybe a research analyst should do it, as to where does the India
advantage go given the current situation. Whether you talked about India's USP
being the people, the quality, the rupee advantage and the tax holidays. And
most of that advantage will continue even if in the short term the rupee were to
appreciate. The very fact that there is a premium we commanded on the
rupee-dollar, the very fact that India will continue to be a developing economy,
and therefore there will inflation rate differential vis-a-vis the US there will
be interest rate differential. The rupee has to depreciate in the long term.

CORRESPONDENT: But you don't want to put a floor saying that we will never go
below 20% or something like that.

SURESH: Not a question of putting a floor or not. We haven't done that in the
past.

CORRESPONDENT: But considering that it has reached such low levels because it
has been a steady decline, its not like there is any single quarter in the past
six quarters where..

SURESH: True, but some of the behaviors are also abnormal. In the sense that the
economy has been seeing a downtrend for a third year in succession. The rupee,
fundamentally, cannot be appreciating but is getting into appreciation. And it
is not because of the rupee strength but because of the weakness of the dollar.
So some of these things are a) beyond your control, b) could be our forecast
that there will not be a fourth in consecutive years. How can I say that no, it
can never be. I cannot. That's why one is not getting into the territory of
declaring a floor.
<PAGE>
CORRESPONDENT: I wanted to confirm. Revenue from IT Services was Rs. 9.255 B for
the quarter just gone by. Based on current exchange rates, it comes to about
$200 Mn. For Spectramind, there is no separate revenue given.

SURESH: It includes that.

CORRESPONDENT: OK.

SURESH: We acquired Spectramind in July and showed it as a separate entity
segment. Because as an acquisition, money had been paid, people wanted to be
sure that Wipro had made the right decision, what is the credit track record of
Wipro in taking right decisions on acquisitions, we thought it should be shown
separately. But now, it is part of WT because, WT top management gets variable
pay based on achievements of profits and topline, not of WT but including WS.

BPO is a horizontal practice. The verticals like Utility, Telecom, FS, etc. have
the same targets as that of the BPO and from a horizontal practice Raman Roy
owns it and vertical perspective the vertical heads own it.

CORRESPONDENT: This $195 Mn includes Spectramind. Guidance is 210 Mn. It shows
about 5% rise on quarter. This seems much lower than industry growth.

SURESH: I am not sure if you have the industry guidance numbers. So far, the
guidances that have come, our guidance seems to be much superior in terms of the
guidance for Q2 as compared to Q1.

We're not talking about the year; we're talking about the quarter. We are saying
that for the year, we will do better than the industry.

CORRESPONDENT: That means there will be a fantastic acceleration in Q3 and Q4.

SURESH: I suppose so. There is an element of back-ended growth tucked in. And in
our case, appropriately so since we have made acquisitions. Benefit of the
acquisitions will flow apart from the fact that there is a turnaround in the
economy that is expected.

CORRESPONDENT: So the Q2 is subdued because of the acquisitions, the interim
time space and all that.

SURESH: I won't say subdued, a) the profitability impact is because the Wipro
Nervewire bonus and loss-hit would come. Therefore, we thought to articulate it
separately, to handle the transparency. We will do it till the March quarter and
thereafter fold it into WT and by that time hopefully, it would have turnaround.
The point is that you are paying a lot of money to acquire an asset, the asset
will take its time to be able to deliver profits. E.g. the GEG practice that we
bought from AMS, we acquired it on Jan 1. Jan-Mar we posted a loss of close to
Rs. 10 crores. Last quarter, we showed significant profits. Not only, did the
loss disappear, we in fact showed profits. Wipro NerveWire at some stage in the
next few quarters will show some
<PAGE>
CORRESPONDENT: Now just to review these numbers. Wipro NerveWire showed revenue
of Rs119 Mn in the first quarter, but it made an operating loss of how Rs 105
Mn. Could you explain what that was?

SURESH: One is the normal loss, operating loss. The other, the employees, when
you hire them, though normally considering the acquisition size includes that,
when you do your DCF and IRR calculations because it is linked to their
employment which means that they will not get that bonus if they leave the
company. We have part of the consideration, structured as the retention bonus.
Which means that they will an X amount on the completion of 100 days, Y amount
at the completion of one year, and Z amount at the completion of 2 years.

CORRESPONDENT: I don't understand this. Because they are joining Wipro, they get
some money?

SURESH: There is an X amount that you have to pay to acquire a company. So part
of it is structured as a retention bonus, which to say goes to the employees,
saying that if you are completing 100 days under the new management, you will
get the next bonus, if you complete 1 year you get Y, if you complete 2 years
then you get Z. That is the amount that gets paid over a two-year period, but
after that it becomes a normal compensation like all of us. But for the two
years, there is additional money that gets paid, which is actually the purchase
consideration, but the accounting treatment is a cost.

CORRESPONDENT: So how much is it accrued over the second quarter?

SURESH: We have done only less than 60 days. If there is a 100 day bonus, more
than 40 days are remaining to come in this quarter. We have incurred about Rs
105 million losses in the last quarter; we would expect a similar proportional
amount to be coming in this quarter as a loss. Because of the retention bonus
plus it was not a profit making company - it was a loss making company, so it
requires restructuring, requires cost-substitution, requires little synergy
generation to be able to make it profitable.

CORRESPONDENT: But some of the clients, which were in the pipeline did not
fructify.

SURESH: Yes. In the current quarter, there was an expectation of revenue that we
had, versus what we have factored in the 210 million, which is a little lower
than what we originally thought, because some of the existing customers that
they had and the pipeline that they had, didn't fructify for Q2.

CORRESPONDENT: In the projection, there is this feeling, it doesn't allow one to
see the way the various parts of the company are growing, because it suggests
that most of the revenues are coming from Spectramind, rather than WT which is
the flagship. Why did you decide to consolidate the guidance rather than giving
it separate like last time?

SURESH: Like I was saying, because it was an acquisition. For e.g. When you talk
of IT Services, you include BPO. You talk about Accenture, you talk about any
EDS, IBM, IT Services revenues include BPO revenues. When you talk of the $550 B
of global IT
<PAGE>
global market, it includes BPO. When you talk about results from NASSCOM, it
includes BPO, though they give the number separately as well.

But typically speaking, you do not say this is my consulting, this is my SI,
this is my this much, so BPO becomes a horizontal, which is sold through the
verticals, which are like FS, Utility services, Retail services so on and so
forth. But, it was important to give a track for the first three quarters, in a
highly transparent way, so the investors know the process with which we are
acquiring and how we have done. When we acquired the company in July, it had
revenue run rate of less than $6.5 Million. Last we did $17.1, and bigger than
that number has been tucked in the $210 million of guidance.

They had an operating margin of under 10%, we have got to an operating margin of
23% in the quarter ending March 2003. The headcount was less than 2500, now the
headcount is 6500. So there is an expansion in the headcount, expansion in the
customer base, expansion in the number of processes from 41 to 55. And also
today, 70-80% of the funnel from the company is from Wipro's existing customers.
33% of its revenues are from Wipro's existing customers. From that perspective,
there is a lot of value that has been seen in the acquisition of the properties
and people have understood that the decision was right. But having done that,
having shown them separately, now it gets folded in, as it is an integral part
of WT. Similarly, Nervewire, since we have just acquired it, let me show it to
you separately for some time.

CORRESPONDENT: You never mentioned any pricing decline figures. Is there any
%age...

SURESH: We did mention it. We said that we try to explain, as to how the
operating margins have dropped by 3-4%...and the explanation that we gave is
a) About 1.5% is because of the higher proportion of IP and Product sales that
we did in Q4 as compared to Q1 that accounted for 1.5%.
b)There is a price realization lower by about 1.6% from our existing customers
that is lower rates applied to our customers, mix of business which means lower
rate customers giving more business than higher rate customers and some FPP had
overruns, and consequently our price realizations will drop.

Combination of these three factors we lost about 1.6%. The contra, and again on
the SG&A we lost about 0.4% as you know, last time around. We will continue to
grow, because we are moving up the value chain, we will add head count to
enhance the skill strength, etc, etc. But the gains that we got are that the
Utilization has improved, and has gone up by 3% points, which has contributed to
about 1.4% margin. And similarly, we got some little upside on the forex as
well, we did not lose any money, on the forex we gained marginally.

CORRESPONDENT: Despite prices falling, why did revenues not rise, because
sequentially, it has fallen? In fact it is lower than estimate. (At the Wipro
Corporation Level)

SURESH: Sequentially it has fallen, because Wipro Infotech typically does higher
sales in Q4 because of the budget related things in govt., etc. There sales are
highest in Q4. Their sales are crashed and lower in Q1 and lower again in Q3. Q2
and Q4 are higher
<PAGE>
sales for WI. Therefore, sequentially you will not find it comparable. WT, which
is a services business, grows Quarter after quarter. Now, six quarters, we have
grown sequentially, on a compounded basis by about 6.7% by volume.

CORRESPONDENT: Is this growth commensurate with the pricing decline?

SURESH: If you look at the Gross Profits, they have gone up. As a %, they have
dropped. Which means, we have got better profits from existing and new
customers? But like 3-4 things that have happened, like because of the pricing
declines, volume growth has taken place, and volume growth gives you the cost
plus the incremental thing. So it does not happen overnight, in terms of the
increase.

Plus, like we have seen, FPP have gone up. We have to get into more and more new
customers, if you see, in the last three years, revenue from new customers is
going up, that means you have to acquire newer customers, some of the existing
customers disappeared, went down, and therefore we have to acquire new
customers. Acquiring new customers would mean more headcount required doing
sales, pre-sales, brand promotion, and so on and we are geographically expanded.
We are now in the league of getting large deals. Now large deals, haven't
fructified in the last 12-18 months. Some of them are getting fizzled out in
terms of getting shelved, some of them are getting it done in-house, some of
them are getting into smaller projects and getting done. In this flux, costs are
being incurred to make sure that you are in the race. Hopefully, when the
economy takes off, whenever the customers are seeing the topline coming, they
will start spending this money.

CORRESPONDENT: What pricing decline do you see for this quarter?

SURESH: We are going to see a decline in this quarter, but hopefully at a slower
pace than what we saw last quarter.

CORRESPONDENT: But it is not ending?

SURESH: We are seeing a little tempering of this pressure. But, can we declare
victory that it's gone and therefore tomorrow onwards we will fly and will only
go up? No. One can't say with a high level of certainty.

CORRESPONDENT: Thank You.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.11
<SEQUENCE>13
<FILENAME>f91681exv99w11.txt
<DESCRIPTION>EXHIBIT 99.11
<TEXT>
<PAGE>
                                                                   Exhibit 99.11


BBC TV

INTERVIEW WITH SURESH SENAPATY, CHIEF FINANCE OFFICER, WIPRO LIMITED

CORRESPONDENT: Why have your costs increased? Why are your margins shrinking?

SURESH: If you look at it from last quarter from quarter ending March to Quarter
ending June there has been shrinkage of about 2.4% in our OM for our Global IT
services business. And the reason for that is that a) we have a lower
realization from our customers, b) we had an increase in the SG&A by about 0.4%
and c) there were some IP and product sales that we had in Q4 which were not in
the same proportion in Q1 and we got hurt by about 1.5%.

But the good news is that we had an increase in utilization by about 3% points
that helped us mitigate this by about 1.4% of Operating Profits. Net-to-Net we
had a decline of about 2.4%

If you look at Wipro's strategy, it has been to play in the global markets to be
amongst the top ten global players. We have consistently being adding on new
lines, like Systems Integration, Total Outsourcing, Package Implementation etc.
etc. and from that point of view, part of it has been done through an organic
process and part of it has been through acquisitions like the one we did for BPO
last year. We did another acquisition of the Utilities services business from
AMS. Last quarter, we did an acquisition in the securities practice area, which
is Wipro Nervewire. Combined with these two aspects, though it is hitting us, in
the short term to medium term because it will take us a few quarters to get the
value of that in terms of the build up and the synergy. We think that in the
short term we will have this margin but that is a cost to be incurred in the
short term for a long-term benefit.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.12
<SEQUENCE>14
<FILENAME>f91681exv99w12.txt
<DESCRIPTION>EXHIBIT 99.12
<TEXT>
<PAGE>
                                                                   EXHIBIT 99.12

          WIPRO LIMITED - RESULTS FOR THE QUARTER ENDED JUNE 30, 2003

              WIPRO LIMITED (CONSOLIDATED) - AUDITED SEGMENT-WISE
                BUSINESS PERFORMANCE FOR THE THREE MONTHS PERIOD
                      ENDED JUNE 30, 2003 (IN RS. MILLION)

<Table>
<Caption>
- -------------------------------------------------------------------------------------------
                                                Three months ended June 30,
                                                ---------------------------   Year ended
                                                 2003      2002    Growth%   March 31, 2003
- -------------------------------------------------------------------------------------------
<S>                                            <C>       <C>       <C>        <C>
SEGMENT REVENUE
Global IT Services & Products
IT Services & Products                            9,136     6,321     45         30,487
Wipro NerveWire                                     119        --     --             --
Total                                             9,255     6,321     46         30,487
India & AsiaPac IT Services & Products            1,602     1,907    (16)         8,395
Consumer Care & Lighting                            798       730      9          2,991
Others                                              334       306                 1,468
CONTINUING OPERATIONS                            11,989     9,264     29         43,341
Discontinued ISP Business                            --        38                    42
TOTAL                                            11,989     9,302     29         43,383

PROFIT BEFORE INTEREST AND TAX (PBIT)
Global IT Services & Products
IT Services & Products                            2,025     1,955      4          8,451
Wipro NerveWire                                    (105)       --     --             --
Total                                             1,920     1,955     (2)         8,451
India & AsiaPac IT Services & Products               91        87      5            557
Consumer Care & Lighting                            137       129      6            436
Others                                               56        17                   240
CONTINUING OPERATIONS                             2,204     2,188      1          9,684
Discontinued ISP Business                            --      (133)                 (182)
TOTAL                                             2,204     2,055      7          9,502
Interest Income (net of interest expenses
of Rs. 6 Mn)                                        146       142                   634
PROFIT BEFORE TAX                                 2,350     2,197      7         10,136
Income Tax expense                                 (232)     (242)               (1,276)
PROFIT BEFORE EXTRAORDINARY ITEMS                 2,118     1,955      8          8,860
Discontinuance of ISP business                       --      (305)                 (263)
PROFIT BEFORE EQUITY IN EARNINGS/(LOSSES)
OF AFFILIATES AND MINORITY INTEREST               2,118     1,650     28          8,597
Equity in earnings of affiliates                    (54)     (206)                 (355)
Minority interest                                    (3)       (3)                  (37)
PROFIT AFTER TAX                                  2,061     1,441     43          8,205
OPERATING MARGIN
Global IT Services & Products
IT Services & Products                              22%       31%                   28%
Total                                               21%       31%                   28%
India & AsiaPac IT Services & Products               6%        5%                    7%
Consumer Care & Lighting                            17%       18%                   15%
Continuing Operations                               18%       24%                   22%
Total                                               18%       22%                   22%
CAPITAL EMPLOYED
Global IT Services & Products
IT Services & Products                           18,605     8,652                18,536
Wipro NerveWire                                     754        --                    --
Total                                            19,359     8,652                18,536
India & AsiaPac IT Services & Products            1,457     1,567                 1,075
Consumer Care & Lighting                            582       689                   682
Others                                           15,703    17,956                15,082
CONTINUING OPERATIONS                            37,101    28,864                35,375
Discontinued ISP Business                            --      (150)                   (7)
TOTAL                                            37,101    28,714                35,368
CAPITAL EMPLOYED COMPOSITION
Global IT Services & Products
IT Services & Products                              50%       30%                   52%
Wipro NerveWire                                      2%       --                    --
Total                                               52%       30%                   52%
India & AsiaPac IT Services & Products               4%        5%                    3%
Consumer Care & Lighting                             2%        2%                    2%
Others                                              42%       63%                   43%
TOTAL                                              100%      100%                  100%
RETURN ON AVERAGE CAPITAL EMPLOYED
FROM CONTINUING BUSINESS
Total Global IT Services & Products                 41%       90%                   62%
India & AsiaPac IT Services & Products              29%       27%                   54%
Consumer Care & Lighting                            86%       71%                   60%
CONTINUING OPERATIONS                               24%       32%                   31%
TOTAL                                               24%       30%                   31%
- -------------------------------------------------------------------------------------------
</Table>


                   WIPRO LIMITED STAND ALONE - PARENT COMPANY
            AUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS PERIOD
                      ENDED JUNE 30, 2003 (IN RS. MILLION)


<Table>
<Caption>
- ---------------------------------------------------------------------------------------------
Particulars                                Three months ended June 30,   Year ended March 31,
                                           ---------------------------- ---------------------
                                                2003           2002             2003
- ---------------------------------------------------------------------------------------------
<S>                                        <C>             <C>             <C>
NET INCOME FROM SALES / SERVICES                 10,539           9,063           40,327
COST OF SALES / SERVICES
a. Consumption of raw materials                   1,349           1,741            7,243
b. Other expenditure                              5,166           3,722           17,268
GROSS PROFIT                                      4,024           3,600           15,816
Selling General & Administrative expenses         1,649           1,268            5,506
- ---------------------------------------------------------------------------------------------
OPERATING PROFIT BEFORE INTEREST AND
DEPRECIATION                                      2,375           2,332           10,310
- ---------------------------------------------------------------------------------------------
Interest expense                                      5               8               29
Depreciation                                        312             321            1,380
- ---------------------------------------------------------------------------------------------
OPERATING PROFIT AFTER INTEREST AND
DEPRECIATION                                      2,058           2,003            8,901
- ---------------------------------------------------------------------------------------------
Other Income                                        147             198              705
PROFIT BEFORE TAX                                 2,205           2,201            9,606
Provision for Tax                                   237             231            1,211
PROFIT BEFORE NON-RECURRING /
EXTRAORDINARY ITEMS                               1,968           1,970            8,395
Extraordinary/non-recurring expense                  --            (305)            (263)
- ---------------------------------------------------------------------------------------------
PROFIT FOR THE PERIOD/YEAR                        1,968           1,665            8,132
- ---------------------------------------------------------------------------------------------
Paid-up equity Share Capital                        465             465              465
Reserves excluding revaluation reserves          34,808          26,555           32,837
EARNINGS PER SHARE
BASIC
Profit before extraordinary items                  8.51            8.52            36.31
Extraordinary items                                  --           (1.32)           (1.14)
Profit for the period                              8.51            7.20             35.17
DILUTED
Profit before extraordinary items                  8.51            8.51             36.25
Extraordinary items                                  --           (1.32)            (1.13)
Profit for the period                              8.51            7.19             35.12
AGGREGATE OF NON PROMOTERS SHAREHOLDING
Number of shares                             37,439,372      37,365,833        37,436,882
Percentage of holding                             16.10           16.00             16.10
DETAILS OF EXPENDITURE
Staff Cost                                        1,836           1,323             6,424
Items exceeding 10% of Total expenditure
Travelling and allowance                          3,566           2,436            11,180
- ---------------------------------------------------------------------------------------------
</Table>


                  STATUS OF COMPLAINTS RECEIVED FOR THE PERIOD
                      FROM APRIL 1, 2003 TO JUNE 30, 2003

<Table>
<Caption>
- ------------------------------------------------------------------------------------------------------
Nature of Complaints                          Complaints received    Complaints disposed    Unresolved
                                               during the quarter     during the quarter
- ------------------------------------------------------------------------------------------------------
<S>                                           <C>                    <C>                   <C>
Complaints with respect to transfer
/transmission/split/consolidation/exchange
/duplicate issue of share certificates                 1                        1                --
- ------------------------------------------------------------------------------------------------------
Complaints with respect to
Dematerialisation/Rematerialisation
of share certificates                                 13                       13                --
- ------------------------------------------------------------------------------------------------------
Complaints with regard to non-receipt
of Corporate benefits like Dividend/
Bonus Shares                                           9                        9                --
- ------------------------------------------------------------------------------------------------------
General queries                                        9                        9                --
- ------------------------------------------------------------------------------------------------------
Total                                                 32                       32                --
- ------------------------------------------------------------------------------------------------------
</Table>

Notes to segment report:

1. The segment report of Wipro Limited and its consolidated subsidiaries and
associates has been prepared in accordance with the Accounting Standard 17
"Segment Reporting" issued by the Institute of Chartered Accountants of India.

2. The Company has three geographic segments; India, USA and Rest of the World.
Significant portion of the segment assets are in India. Revenue from geographic
segments based on domicile of the customers is as outlined in the table:

<Table>
<Caption>
                                                           (Rs. Mn)
- -------------------------------------------------------------------
Geography           June 30, 2003       %    June 30, 2002       %
- -------------------------------------------------------------------
<S>                  <C>              <C>      <C>             <C>
India                   2,244           19       2,758           30
USA                     6,508           54       3,907           42
Rest of the World       3,237           27       2,637           28
- -------------------------------------------------------------------
Total                  11,989          100       9,302          100
- -------------------------------------------------------------------
</Table>

3. For the purpose of reporting, business segments are considered as primary
segments and geographic segments are considered as secondary segment.

4. In July 2002, the Company acquired Spectramind. The operations of Wipro
Spectramind were initially organized as a separate business segment named IT
Enabled Services. From April 2003, Wipro Spectramind is an integral component of
Global IT Services and Products business segment. Consequently, from April 2003,
Wipro Spectramind is included in the Global IT Services and Products segment.

In April 2003, the Company restructured the HealthScience business segment. The
HealthScience business which addresses the IT requirement of clients in
healthcare and life sciences sector and Wipro Healthcare IT, the Company
acquired in August 2002, which was earlier being reported as a separate segment
is forming part of the Global IT Services and Products segment. Wipro Biomed, a
business segment which was reported as part of the HealthScience segment has now
been reported as part of 'Others'. Segment data for previous periods has been
reclassified on a comparable basis.

With effect from April 2003, the Company will evaluate all critical acquisitions
separately for a period of two to four quarters. Accordingly, Nervewire, the
business acquired in May 2003, has been reported as a separate component of
Global IT Services and Products segment.

5. In accordance with Accounting Standard 21 "Consolidated Financial Statements"
issued by the Institute of Chartered Accountants of India, the consolidated
financial statements of Wipro Limited include the financial statements of all
subsidiaries which are more than 50% owned and controlled.

6. The Company has a 49% equity interest in Wipro GE Medical Systems Limited
(WGE), a joint venture with General Electric, USA. The joint venture agreement
provides specific rights to the joint venture partners. The rights conferred to
Wipro are primarily protective in nature. Therefore, in accordance with the
guidance in Accounting Standard 27 "Financial Reporting of Investments in Joint
Ventures" the investments in Wipro GE have been accounted for by equity method
and not by proportionate consolidation method.

7. In accordance with the guidance provided in Accounting Standard 23
"Accounting for Investments in Associates in Consolidated Financial Statements"
WeP Peripherals have been accounted for by equity method of accounting.

8. In the earnings release made by the Company on July 19, 2002 announcing the
results of operations for the three months ended June 30, 2002, the Company had
recorded its share in the losses of Wipro GE based on information provided by
Wipro GE. Subsequently, the Company received revised information from Wipro GE
where the losses were higher than the results previously reported by Rs.
379,592. The Company recorded its share of losses of Rs. 186,000 and made a
public announcement of the revised results. The figures for the three months
ended June 30, 2002 is after considering the revised results of Wipro GE.

9. Corresponding figures for previous periods presented have been regrouped,
where necessary, to confirm to this period classification. Current period
figures are not comparable with the previous period figures on account of
acquisition of various business / subsidiaries in last one year i.e., Wipro
Spectramind services Limited (BPO business) with effect from July 2002; AMS
Global energy business with effect from November 2002 and Wipro NerveWire (IT
security consulting business) with effect from May 2003.

The above financial results were approved by the Board of Directors of the
Company at its meeting held on July 18, 2003. There are no qualifications in the
report issued by the Auditors for these periods.

                                                           By Order of the Board

Place: Bangalore                                                  Azim H. Premji
Date: July 18, 2003                               Chairman and Managing Director

                                  (WIPRO LOGO)
                                     WIPRO
                                Applying Thought

                                 WIPRO LIMITED
                          Regd. Office: Doddakannelli,
                      Sarjapur Road, Bangalore - 560 035.
                                 www.wipro.com


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