<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>
