<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.


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