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<SEC-DOCUMENT>0000950134-04-010731.txt : 20040728
<SEC-HEADER>0000950134-04-010731.hdr.sgml : 20040728
<ACCEPTANCE-DATETIME>20040728150552
ACCESSION NUMBER:		0000950134-04-010731
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040728

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:		04935858

	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>f00548e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


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







<P align="center" style="font-size: 14pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B></DIV>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="25%" align="center">


<P align="center" style="font-size: 18pt"><B>Form&nbsp;6-K</B>


<P align="center" style="font-size: 12pt"><B>Report of Foreign Issuer<BR>
Pursuant to Section&nbsp;13a-16 or 15d-16 of the Securities Exchange Act of 1934</B>



<P align="center" style="font-size: 10pt"><B>For the quarter ended June&nbsp;30, 2004</B>



<P align="center" style="font-size: 10pt"><B>Commission File Number 001-16139</B>


<P align="center" style="font-size: 24pt"><B>Wipro Limited</B>


<DIV align="center" style="font-size: 10pt">(<I>Exact name of
Registrant as specified in its charter</I>)</DIV>



<P align="center" style="font-size: 10pt"><B>Not Applicable</B><BR>
(<I>Translation of Registrant&#146;s name into English)</I>



<P align="center" style="font-size: 10pt"><B>Karnataka, India</B><BR>
(<I>Jurisdiction of incorporation or organization)</I>



<P align="center" style="font-size: 10pt"><B>Doddakannelli<BR>
Sarjapur Road<BR>
Bangalore, Karnataka 560035, India &#043;91-80-2844-0011</B><BR>
(<I>Address of principal executive offices</I>)



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark registrant files or will file annual reports under cover Form 20-F or Form 40-F:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;20-F&nbsp;&nbsp;<FONT face="Wingdings">&#120;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;40-F&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&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.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No&nbsp;&nbsp;<FONT face="Wingdings">&#120;</FONT></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>If &#147;Yes&#148; is marked, indicate below the file number assigned to registrant in connection with Rule&nbsp;2g 3-</B><B>2(b)</B><B>.</B>


<P align="center" style="font-size: 10pt"><B>Not applicable.</B>



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





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>



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



<DIV style="font-family: 'Times New Roman',Times,serif">










<!-- 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="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="f00548exv99w1.htm">EXHIBIT 99.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f00548exv99w2.htm">EXHIBIT 99.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="f00548exv99w3.htm">EXHIBIT 99.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="f00548exv99w4.htm">EXHIBIT 99.4</A></TD></TR>
<TR><TD colspan="9"><A HREF="f00548exv99w5.htm">EXHIBIT 99.5</A></TD></TR>
<TR><TD colspan="9"><A HREF="f00548exv99w6.htm">EXHIBIT 99.6</A></TD></TR>
<TR><TD colspan="9"><A HREF="f00548exv99w7.htm">EXHIBIT 99.7</A></TD></TR>
<TR><TD colspan="9"><A HREF="f00548exv99w8.htm">EXHIBIT 99.8</A></TD></TR>
<TR><TD colspan="9"><A HREF="f00548exv99w9.htm">EXHIBIT 99.9</A></TD></TR>
<TR><TD colspan="9"><A HREF="f00548exv99w10.htm">EXHIBIT 99.10</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>






<P align="left" style="font-size: 10pt"><B>DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION</B>



<P align="left" style="font-size: 10pt">&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, 2004. 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;23, 2004, we announced our results of operations for the three
months ended June&nbsp;30, 2004. We issued press releases announcing
our results
under U.S. Generally Accepted Accounting Principles (&#147;GAAP&#148;) and Indian GAAP,
copies of which are attached to this Form 6-K as exhibits 99.1 and 99.2.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;23, 2004, 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 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 6-K as exhibits 99.4 and 99.5.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our officers gave interviews with Dow Jones Newswires, Reuters, CNBC and
Bloomberg concerning our results. Copies of the transcripts of these
interviews are attached as Exhibits 99.6, 99.7, 99.8 and 99.9 respectively, to
this Form 6-K.


<P align="left" style="font-size: 10pt">&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, 2004 under Indian
GAAP. A copy of the form of this advertisement is attached to this Form 6-K as
exhibit 99.10.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&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.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wipro Limited<BR>&nbsp;&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Suresh C. Senapaty<HR size="1" noshade width="100%">
Suresh C. Senapaty<br>
<I>Corporate Executive Vice President, Finance</I></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Dated: July 28, 2004




<P align="center" style="font-size: 10pt">2
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibits<BR>&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. GAAP Press Release</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indian GAAP Press Release</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of July&nbsp;23, 2004 Press Conference</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of July&nbsp;23, 2004 1:30 p.m. Earnings Call</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of July&nbsp;23, 2004 6:45 p.m. Earnings Call</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of July&nbsp;23, 2004 Dow Jones Interview with Suresh
Senapaty, Corporate Executive Vice President, Finance of Wipro
Limited</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of July&nbsp;23, 2004 Reuters Interview with Vivek Paul, Vice Chairman of Wipro Limited</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of July&nbsp;23, 2004 CNBC India Question-and-Answer Session with Company&#146;s Officers</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of July&nbsp;23, 2004 Bloomberg Interview</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Advertisement Placed in Indian Newspapers</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">3
</DIV>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f00548exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">EXHIBIT 99.1



<P align="center" style="font-size: 10pt"><IMG src="f00548f0054800.gif" alt="(WIPRO LOGO)">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FOR IMMEDIATE RELEASE</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Contact:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Sridhar Ramasubbu</B><br>
Wipro Limited<br>
650-316-3537</TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Results for the Quarter Ended June&nbsp;30, 2004 under US GAAP<BR>
<B>WIPRO RECORDS 83% GROWTH IN NET INCOME</B>



<P align="left" style="font-size: 10pt"><B>Bangalore, India and Mountain View, California &#150; July&nbsp;23, 2004</B>&#151; Wipro Limited
(NYSE:<B>WIT</B>) today announced financial results under US GAAP for its first fiscal
quarter ended June&nbsp;30, 2004.



<P align="left" style="font-size: 10pt"><B>Highlights for the quarter ended June&nbsp;30, 2004:</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net Income was Rs. 3.25&nbsp;billion ($71&nbsp;million), representing an
increase of 83% over the same period last year</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue was Rs. 17.70&nbsp;billion ($385&nbsp;million), representing an
increase of 51% year over year</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products Revenue was Rs. 13.54&nbsp;billion ($294
million), representing an increase of 47% over the same period last
year</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products Earnings Before Interest and Tax
(EBIT)&nbsp;was Rs. 3.33&nbsp;billion ($72&nbsp;million), representing an increase of
84% over the same period last year</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rs. 4.40&nbsp;billion ($96&nbsp;million) cash generated from continuing
operations</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products added 35 new clients in the quarter
(including 3 in its IT Enabled Services operations).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Outlook for the Quarter ending September&nbsp;30, 2004</B>



<P align="left" style="font-size: 10pt">Azim Premji, Chairman of Wipro commenting on the results said &#147;Team Wipro
delivered yet another quarter of solid performance. As the IT spending
environment stabilizes, customers are increasingly demanding integrated
services backed by high-quality service delivery. Our early identification of
this trend and proactive investments have resulted in record Revenues for us.
We shall continue to proactively invest for the future, even as we focus to
leverage increasing value from investments made in the past in all our
businesses.



<P align="left" style="font-size: 10pt">Looking ahead, for the quarter ending September&nbsp;2004, we expect our Revenue
from our Global IT Services business to be approximately $318&nbsp;million.&#148;



<P align="left" style="font-size: 10pt">Vivek Paul, Vice Chairman, said &#147;Our Global IT Services business continued
to deliver consistent business results. Sequential growth of 8.4% in Revenues
and expansion in Operating Margin for the fourth consecutive quarter were
primarily the result of sustained volume growth and an improving pricing
environment. Growth continued to be broad based &#150; across domains, service lines
and geographies, with Revenues from our European clients recording a 20%
sequential growth. With these strong first quarter results, we are confident
that we will continue to outperform the industry&#148;



<P align="left" style="font-size: 10pt">Suresh Senapaty, Corporate
Executive Vice President - Finance said,
&#147;Improvement in Operating Margin in our Global IT Services business was driven
by better price realization in Offshore as well as Onsite projects, an increase
in the proportion of Revenues from Offshore projects, an increase in IP sales
and continued operational improvements.&#148;




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>Wipro Limited</B><BR><BR>
Total Revenues for the quarter ended June&nbsp;30, 2004 were Rs. 17.70&nbsp;billion ($385
million), representing a 51% increase over the corresponding period in the
previous year. Net Income was Rs. 3.25&nbsp;billion ($71&nbsp;million), representing an
increase of 83% over the same period last year. Earnings per share was Rs.
4.69 ($0.10) for the quarter ended June&nbsp;30, 2004, representing an increase of
83% over the earnings per share of Rs. 2.57 (adjusted for the 2:1 stock
dividend) for the quarter ended June&nbsp;30, 2003.



<P align="left" style="font-size: 10pt"><B>Global IT Services and Products (76% of Revenues and 93% of Operating Income
for quarter ended June&nbsp;30, 2004)</B>



<P align="left" style="font-size: 10pt">Our Global IT Services and Products business segment recorded Revenue of Rs.
13.19&nbsp;billion<SUP>1</SUP> ($287&nbsp;million) for the quarter ended June&nbsp;30, 2004, representing
an increase of 42% over the same period last year. EBIT was Rs. 3.33&nbsp;billion
($72&nbsp;million) for the quarter ended June&nbsp;30, 2004, representing an increase of
84% over the same period last year. Operating Income to Revenue for the
quarter ended June&nbsp;30, 2004 was 25%, representing an increase of 5% from the
quarter ended June&nbsp;30, 2003. This increase was primarily due to higher price
realization driven by productivity improvements, lower Selling, General and
Administrative costs and the higher proportion of work carried out offshore.
EBIT for the quarter includes acquisition related charges of Rs. 48&nbsp;million ($1
million), representing 0.4% of the segment Revenue, from the amortization of
intangibles.



<P align="left" style="font-size: 10pt">We had 31,517 employees as of June&nbsp;30, 2004, which includes 20,768 employees in
the IT Services business and 10,749 employees in the IT Enabled services
business. This represents a net addition of 3,015 employees comprising the
addition of 1,566 people in the IT Services business and 1,449 people in the IT
Enabled services business.



<P align="left" style="font-size: 10pt">During the quarter, we added 35 new customers comprising 13 customers in the
R&#038;D Business, 19 customers in the Enterprise Business and 3 new customers in
the IT Enabled services business.



<P align="left" style="font-size: 10pt"><B>India and Asia-Pac IT Services and Products (15% of Revenue and 3% of Operating
Income for quarter ended June&nbsp;30, 2004)</B>



<P align="left" style="font-size: 10pt">Our India and Asia-Pac Services and Products business segment (Wipro Infotech)
recorded Revenue of Rs. 2.54&nbsp;billion ($55&nbsp;million) for the quarter ended June
30, 2004, representing an increase of 91% over the quarter ended June&nbsp;30, 2003.
EBIT for the quarter ended June&nbsp;30, 2004, was Rs. 105&nbsp;million ($2&nbsp;million),
representing an increase of 64% over the same period last year.



<P align="left" style="font-size: 10pt">Operating Margin for the quarter ended June&nbsp;30, 2004 was 4%, representing a
decline of 1% compared to the quarter ended June&nbsp;30, 2003. This decline was
primarily due to a higher proportion of product Revenue in the segment Revenue
during the quarter.



<P align="left" style="font-size: 10pt"><B>Consumer Care &#038; Lighting (6% of Revenue and 4% of Operating Income for quarter
ended June&nbsp;30, 2004)</B>



<P align="left" style="font-size: 10pt">Our Consumer Care &#038; Lighting business segment recorded Revenue of Rs. 1.03
billion ($22&nbsp;million) for the quarter ended June&nbsp;30, 2004, representing an
increase of 31% over the quarter ended June&nbsp;30, 2003. EBIT was Rs. 152&nbsp;million
($3&nbsp;million) for the quarter ended June&nbsp;30, 2004, representing a 12% increase
over EBIT of Rs. 136&nbsp;million for the quarter ended June&nbsp;30, 2003.



<P align="left" style="font-size: 10pt"><B>Our results for the quarter ended June&nbsp;30, 2004, computed under Indian GAAP and
US GAAP, along with individual business segment reports are available in the
Investor Relations section of our website at www.wipro.com.</B>



<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="20%">
<DIV align="left" style="font-size: 10pt"><SUP>1</SUP> Global IT Services &#038; Products segment Revenues were Rs. 13.44&nbsp;billion for the
quarter ended June&nbsp;30, 2004 under the Indian GAAP. The difference of Rs. 242
million ($5&nbsp;million) is attributable to different accounting standards under
Indian GAAP and US GAAP for forward contracts.</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">For the convenience of reader, the amounts in Indian rupees in this release
have been translated into United States dollar at the noon buying rate in New
York City on June&nbsp;30, 2004, for cable transfers in Indian rupees, as certified
by the Federal Reserve Bank of New York of $1=Rs.45.99.



<P align="left" style="font-size: 10pt"><B>Quarterly Conference
call</B><BR><BR>
Wipro will hold conference calls today at 1:30 PM Indian Standard Time (4:00 AM
Eastern Time) and at 6:45 PM Indian Standard Time (9:15 AM Eastern) to discuss
the company&#146;s performance for the quarter and answer questions sent to the
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.



<P align="left" style="font-size: 10pt"><B>About Wipro
Limited</B><BR><BR>
We are 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.



<P align="left" style="font-size: 10pt">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.



<P align="left" style="font-size: 10pt">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.wiprocorporate.com, www.wipro.com and www.wipro.co.in



<P align="left" style="font-size: 10pt"><B>Forward-looking and
cautionary statements</B><BR><BR>
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&#146;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.



<P align="left" style="font-size: 10pt"># # #

<P align="left" style="font-size: 10pt">(Tables to follow)


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>WIPRO LIMITED &#038; SUBSIDIARIES<BR>
CONDENSED CONSOLIDATED STATEMENTS OF INCOME<BR>
(in millions, except per share data)</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Three Months Ended June 30</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Convenience</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>translation into US$</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">9,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD align="right">Rs.</TD>
    <TD colspan="1" align="center"> 13,538</TD>
    <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">294</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">India and
AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">385</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cost of Revenues:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Selling and marketing expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,312</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">General and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(786</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(856</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Research and development expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(58</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(58</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(76</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(50</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Foreign exchange gains / (losses), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(468</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Others, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Loss on direct issue of stock by subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(176</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other income, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equity in Earnings / (losses)&nbsp;of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(54</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income before income taxes and minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(201</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(598</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">1,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">3,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per equity share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Additional Information</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Global IT Services &#038; Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD align="right"><B>1,811</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD align="right"><B>3,325</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>72</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">India &#038; AsiaPac IT Services &#038; Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>64</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>105</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consumer Care &#038; Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>136</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>152</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>111</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Reconciling Item</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(20</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(111</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(2</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD align="right"><B>2,049</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD align="right"><B>3,582</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>78</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>WIPRO LIMITED &#038; SUBSIDIARIES<BR>
CONDENSED CONSOLIDATED BALANCE SHEETS<BR>
(in millions, except share data and unless stated otherwise)</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>As of June 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Convenience</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>translation into</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>US$</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD align="center"><DIV style="margin-left:50px; text-indent:-10px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Current assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">2,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">3,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Accounts receivable, net of allowances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Costs and earnings in excess of billings on contracts in
progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Investments in liquid and short-term mutual funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">288</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other investment securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Investments in affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Intangible assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">44,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">53,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD align="center"><DIV style="margin-left:10px; text-indent:-10px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Current liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Borrowings from banks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Current portion of long term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Accounts Payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Accrued expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Accrued employee cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Advances from customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">294</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Equity shares at $ 2 par value: 750,000,000 shares
authorized; Issued and outstanding: 697,691,976 and
698,446,890 shares as of June&nbsp;30,2003 and 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Deferred stock compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(35</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accumulated other comprehensive income / (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,048</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(45</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">708</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equity shares held by a controlled Trust: 3,910,830 and
3,943,530 shares as of June&nbsp;30, 2003 and 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>*</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">851</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">44,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">53,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">* Equity shares held by a controlled trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">Rs.</TD>
    <TD align="right">(75,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">Rs.</TD>
    <TD align="right">(75,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>f00548exv99w2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P align="right" style="font-size: 10pt">EXHIBIT 99.2



<P align="center" style="font-size: 10pt"><IMG src="f00548f00548001.gif" alt="(WIPRO LOGO)">



<P align="center" style="font-size: 10pt">Results for the Quarter ended June&nbsp;2004 under Consolidated Indian GAAP<BR>
<B>Wipro records 73% growth in Profit After Tax</B><BR>
Global IT business Revenue at $300&nbsp;million; Sequential Operating
Margin expansion by 3.4%



<P align="left" style="font-size: 10pt"><B>Bangalore, July&nbsp;23,
2004 </B>&#150; Wipro Limited today announced its audited results
approved by the Board of Directors for the quarter ended June&nbsp;2004.



<P align="left" style="font-size: 10pt"><B>Highlights:<br>
Results for the Quarter ended June&nbsp;30, 2004</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue for the quarter was Rs. 17.69&nbsp;billion, an increase of 48% year on
year. Profit Before Interest &#038; Tax (PBIT)&nbsp;grew by 78% year on year to Rs.
3.92&nbsp;billion</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Profit After Tax grew by 73% year on year to Rs. 3.57&nbsp;billion</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products Revenue increased 45% year on year, at Rs. 13.44&nbsp;billion</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products PBIT was Rs. 3.62&nbsp;billion, contributed by
volume growth and productivity improvements</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products Operating Margin was 27%, an increase of
3.4% over the quarter ended March&nbsp;31, 2004</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products added 35 new clients in the quarter
(including 3 in IT Enabled services business) .</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Outlook for the Quarter ending September&nbsp;30, 2004</B>



<P align="left" style="font-size: 10pt"><B>Azim Premji, Chairman of Wipro commenting on the results said &#147;Team Wipro
delivered yet another quarter of solid performance. As the IT spending
environment stabilizes, customers are increasingly demanding integrated
services backed by high-quality service delivery. Our early identification of
this trend and proactive investments have resulted in record Revenues for us.
We shall continue to proactively invest for the future, even as we focus to
leverage increasing value from investments made in the past in all our
businesses.</B>



<P align="left" style="font-size: 10pt"><B>Looking ahead, for the quarter ending September&nbsp;2004, we expect our Revenue
from our Global IT Services business to be approximately $318&nbsp;million.&#148;</B>



<P align="left" style="font-size: 10pt"><B>Vivek Paul, Vice Chairman, said &#147;Our Global IT Services business continued to
deliver consistent business results. Sequential growth of 8.4% in Revenues and
expansion in Operating Margin for the fourth consecutive quarter were primarily
the result of sustained volume growth and an improving pricing environment.
Growth continued to be broad based &#150; across domains, service lines and
geographies, with Revenues from our European clients recording a 20% sequential
growth. With these strong first quarter results, we are confident that we will
continue to outperform the industry&#148;</B>



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty, Corporate
Executive Vice President - Finance said,
&#147;Improvement in Operating Margin in our Global IT Services business was driven
by better price realization in Offshore as well as Onsite projects, an increase
in the proportion of Revenues from Offshore projects, an increase in IP sales
and continued operational improvements.&#148;</B>




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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>Wipro Limited</B>

<P align="left" style="font-size: 10pt">Revenues for the quarter ended June&nbsp;30, 2004, were Rs. 17.69&nbsp;billion,
representing a 48% increase over the previous year. Profit after Tax was Rs.
3.57&nbsp;billion, representing an increase of 73% over Profit after Tax for
quarter-ended June&nbsp;30, 2003.



<P align="left" style="font-size: 10pt"><B>Global IT Services and Products</B>



<P align="left" style="font-size: 10pt">Global IT Services &#038; Products grew its Revenue by 45% over Revenue for
corresponding quarter last year to Rs. 13.44&nbsp;billion and PBIT increased by 89%
to Rs. 3.62&nbsp;billion. Operating Income to Revenue at 27% increased by 3.4%
sequentially and by 6.3% year on year. R&#038;D Services contributed 33% of the
Revenue of Global IT Services. Enterprise Business contributed 57% of Revenues
with the balance 10% being contributed by IT Enabled services.



<P align="left" style="font-size: 10pt">We had 31,517 employees as of June&nbsp;30, 2004, which includes 20,768 employees in
the IT Services business and 10,749 employees in the IT Enabled services
business. This represents a net addition of 3,015 employees comprising the
addition of 1,566 people in the IT Services business and 1,449 people in the IT
Enabled services business.



<P align="left" style="font-size: 10pt">During the quarter, we added new 35 customers comprising 13 customers in R&#038;D
Services, 19 customers in Enterprise Services and 3 new customers in the IT
Enabled services business.



<P align="left" style="font-size: 10pt">Global IT Services and Products accounted for 76% of the Revenue and 92% of the
PBIT for the quarter ended June&nbsp;30, 2004.



<P align="left" style="font-size: 10pt"><B>Wipro Infotech &#150; Our India, Middle East &#038; Asia Pacific IT Services &#038; Products
business</B>



<P align="left" style="font-size: 10pt">For the quarter ended June&nbsp;30, 2004, Wipro Infotech recorded Revenues of Rs.
2.70&nbsp;billion representing an increase of 68% over the same period last year.
Profit before Interest and Tax grew by 48% to Rs. 135&nbsp;million. Services
business contributed to 35% of total Revenue during the quarter. Services
revenues grew by 60% compared to the previous year, fuelled by growth in
Infrastructure Management Services, System Integration, Software Solutions and
Consulting.

<P align="left" style="font-size: 10pt">We won 20 Facilities Management contracts, 17 Systems Integration
Contracts, 7 Software projects and 12 consulting contracts during the quarter
across India, APAC and Middle East.



<P align="left" style="font-size: 10pt">Wipro Infotech accounted for 15% of Revenue and 3% of the PBIT for the quarter
ended June&nbsp;30, 2004.



<P align="left" style="font-size: 10pt"><B>Wipro Consumer Care &#038; Lighting</B>



<P align="left" style="font-size: 10pt">Wipro Consumer Care and Lighting business recorded Revenue of Rs. 1.05&nbsp;billion
with PBIT of Rs. 153&nbsp;million contributing 6% of total Revenue and 4% of the
Profit before Interest and Taxes for the quarter. PBIT to Revenue was 15% for
the quarter.



<P align="left" style="font-size: 10pt"><B>Wipro Limited</B>
<P align="left" style="font-size: 10pt">For the quarter ended June&nbsp;30, 2004 , the annualized Return on Capital Employed
in Global IT Services was 66%, Wipro Infotech was 25%, Consumer Care and
Lighting was 89%. At the Company level, the Return on Capital Employed was 39%,
lower due to inclusion of cash and cash equivalents of Rs. 16.28&nbsp;billion in
Capital Employed (39% of Capital Employed).
<P align="left" style="font-size: 10pt">For Wipro Limited, Profit after Tax
from continuing operations computed in accordance with US GAAP for the quarter
ended June&nbsp;30, 2004 was Rs. 3.25&nbsp;billion, an increase of 83% over the profits
for the corresponding quarter ended June&nbsp;30, 2003. The net difference between
profits computed in accordance with Indian GAAP and US GAAP is primarily due to different Revenue recognition standards, amortization
of intangible assets and accounting for forward contracts.



<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">Global IT Services &#038; Products segment Revenues were Rs. 13.19&nbsp;billion for the
quarter ended June&nbsp;30, 2004 under US GAAP. The difference of Rs. 242&nbsp;million ($5
million) is attributable to difference accounting in standards for forward contracts under
Indian GAAP and US GAAP.



<P align="left" style="font-size: 10pt"><B>Quarterly Conference call</B>

<P align="left" style="font-size: 10pt">Wipro will hold conference calls today at 1:30 PM Indian Standard Time (4:00 AM
Eastern Time) and at 6:45 PM Indian Standard Time (9:15 AM Eastern) to discuss the
company&#146;s performance for the quarter and answer questions sent to the 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.



<P align="left" style="font-size: 10pt"><B>About Wipro Limited</B>

<P align="left" style="font-size: 10pt">We are 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 Development services to
corporations globally.



<P align="left" style="font-size: 10pt">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.



<P align="left" style="font-size: 10pt">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.wiprocorporate.com, www.wipro.com and www.wipro.co.in



<P align="left" style="font-size: 10pt"><B>US GAAP financials</B>



<P align="left" style="font-size: 10pt"><B>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.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Contact for Investor Relation</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Contact for Media &#038; Press</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K R Lakshminarayana
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sandhya Ranjit</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Corporate Treasurer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manager-Corporate Communications</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phone: &#043;91-80-2844-0079
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;91-80-2844-0056</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax: &#043;91-80-2844-0051
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;91-80-2844-0350</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">lakshminarayana.lan@wipro.com
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">sandhya.ranjit@wipro.com</TD>
</TR>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Forward looking and cautionary statements</B>



<P align="left" style="font-size: 10pt">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&#146;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.



<P align="left" style="font-size: 10pt"><B># Tables to follow</B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>WIPRO LIMITED<BR><BR>
AUDITED SEGMENT WISE BUSINESS PERFORMANCE FOR THE QUARTER ENDED JUNE 30, 2004</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="right" colspan="15"><B>Rs. in
Million</B><HR size="1" noshade></TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Three months ended June 30,</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Particulars</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Growth %</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>March 31, 2004</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Segment Revenue</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,575</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">68</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,762</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,649</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">53</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,826</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><B>TOTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,690</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,989</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,812</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Profit before Interest and Tax (PBIT)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">89</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,539</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">551</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>TOTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,918</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,204</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>78</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,159</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest and Other Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">873</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Profit Before Tax</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,172</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,350</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>78</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,032</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income Tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(611</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(232</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,681</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Profit before equity in earnings
(losses)&nbsp;of Affiliates and
minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,561</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,118</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>68</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,351</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Equity in earnings of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(54</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(59</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>PROFIT AFTER TAX</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,569</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,061</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>73</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,315</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Operating Margin</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><B>TOTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>CAPITAL EMPLOYED *</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,732</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,941</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">596</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,498</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><B>TOTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,776</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37,101</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38,767</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>CAPITAL EMPLOYED COMPOSITION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">56</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">42</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37</TD>
    <TD nowrap>%</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><B>TOTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>RETURN ON AVERAGE CAPITAL EMPLOYED</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">66</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">47</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">53</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">89</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">86</TD>
    <TD nowrap>%</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><B>TOTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>39</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>30</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This includes cash and cash equivalents of Rs. 16,275 (2004: Rs.
21,760 &#038; 2003: Rs. 15,212)</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt"><B>Note to segment report:</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The segment report of Wipro Limited and its consolidated subsidiaries and
associates has been prepared in accordance with the Accounting Standard 17
&#147;Segment Reporting&#148; issued by the Institute of Chartered Accountants of
India.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Geography</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30, 2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30, 2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">India</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">53</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">54</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rest of the World</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,690</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,989</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of reporting, business segments are considered as primary
segments and geographic segments are considered as secondary segment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of June&nbsp;30, 2004, forward contracts to the extent of USD 227 Mn have
been assigned to the foreign currency assets in the balance sheet. These
assets are valued at the forward contract rate, adjusted for premium /
discount in respect of the expired period</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has designated forward contracts as hedge of highly probable
forecasted transactions. The gain or loss on these forward contracts is
recognized in the profit and loss account in the period in which the
forecasted transaction is expected to occur. In certain cases, the Company
has entered into forward contracts having a maturity earlier than the
period in which the hedged transaction is forecasted to occur. The gain /
loss on roll over / cancellation on such contracts is recognized in the
profit and loss account in the period in which the forecasted transaction
is expected to occur.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has also entered into option contracts. These option contracts
have not been designated as hedge and consequently, they are marked to
market at each balance sheet date and the gains / loss is recognized in
the profit and loss account of the respective period.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As at the balance sheet date, the Company had forward contracts to sell of
USD 998 Mn in respect of forecasted transactions. The effect of marking to
market of the said forward contracts and effect on intermediary roll over
of the forward contracts is unfavorable exchange difference of Rs. 2,076
Mn, the final impact of which will be recognized in the profit and loss
account of the respective periods in which the forecasted transactions are
expected to occur.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Had the Company continued to apply the earlier accounting policy, the
profit for the period would have been lower by Rs. 355 Mn approximately.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent"></TD>
    <TD width="1%" nowrap align="right">5.a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In accordance with Accounting Standard 21 &#147;Consolidated Financial
Statements&#148; 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.</TD>
</TR>


</TABLE>

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</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">5.b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company has a 49% equity interest in Wipro GE Medical Systems Private
Limited (WGE), a joint venture with General Electric, USA. The joint venture
agreement provides specific rights to the joint venture partners. The
Management believes that these specific rights do not confer joint control as
defined in Accounting Standard 27 &#147;Financial Reporting of Interest in Joint
Venture&#148;. Consequently, WGE is not considered as a joint venture and
consolidation of financial statements are carried out as per equity method in
terms of Accounting Standard 23 &#147;Accounting for Investments in Associates in
Consolidated Financial statements&#148;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">5.c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In accordance with the guidance provided in Accounting Standard 23
&#147;Accounting for Investments in Associates in Consolidated Financial Statements&#148;
WeP Peripherals have been accounted for by equity method of accounting.</TD>
</TR>

</TABLE>



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<P align="right" style="font-size: 10pt">EXHIBIT 99.3



<P align="left" style="font-size: 10pt"><B>Press Conference</B>



<P align="left" style="font-size: 10pt"><B>Present: Azim Premji, chairman, Vivek Paul, vice chairman, Suresh Senapaty,
CFO, Raman Roy, Chairman, Wipro Spectramind, Suresh Senapaty Vaswani,
President, Wipro Infotech and Vineet Agrawal, President, Wipro Consumer Care
and Lighting</B>



<P align="left" style="font-size: 10pt"><B>Vijay Gupta: </B>A warm welcome to the Wipro Campus and to the press conference.
We have budgeted about 45 minutes for this press conference and as usual we
will start with the address of Mr.&nbsp;Premji and then we will have the question
and answer session. I would also request you to stay back after this
conference to have tea with us, and I would now request Mr.&nbsp;Premji to give his
address.



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>Good afternoon to the press. You all seemed to have brought a
very welcome rain with you. Thank you again for being present and facing all
the hazards of our road to getting here.



<P align="left" style="font-size: 10pt">The detailed results for the quarter ended June&nbsp;30, 2004 are with you in the
press docket. Let me share with you some of our thoughts on our performance
and prospects.



<P align="left" style="font-size: 10pt">Building business momentum is a tough task. Sustaining it is even tougher. It
is gratifying to note that we have been successful in both so far. For the
quarter ended June&nbsp;30, 2004, Revenues in our Global IT Services business was
$300&nbsp;million, ahead of our guidance of $292&nbsp;million. Consistent with our
performance in recent quarters, every single vertical, every single geography
and key service lines witnessed robust Revenue growth. Our sequential Revenue
growth of 8.4% in Dollar terms was the result of 10.5% growth in our Enterprise
business and 7.1% growth in our R&#038;D business. In terms of geographies, Europe
led the growth with a 20.3% sequential Revenue growth. Among our services,
Package Implementation continued its robust growth with an 8.9% sequential
increase.



<P align="left" style="font-size: 10pt">Equally importantly, we witnessed healthy improvements in our price
realizations for the second consecutive quarter. While it is too early to claim
return to a period of price increases, pricing pressures are clearly on the
wane. Consequent to the above and combined with improving operational
efficiencies, we improved our Operating Margins for the fourth consecutive
quarter. In line with our articulation in the last quarter, our BPO business
had subdued growth in the June quarter. However, we see improvement in the
outlook for our BPO business and are confident that it should be back to better
growth rates in the current quarter, and grow ahead of the industry during the
year.



<P align="left" style="font-size: 10pt">Looking ahead, the environment we see is one of strong volume growth and stable
prices. As more corporates realize the benefits from Global Delivery of IT
Services, the share of off shoring in the IT pie continues to grow in terms of
quantum of work as well as in terms of different service lines. This signals
well for strong growth of Indian IT Services industry. However, wage pressures
may pose a challenge to sustaining business profitability.
<P align="left" style="font-size: 10pt">In summary, the prospects are encouraging, but there are challenges as well.
You may rest assure that Wipro is as committed to growing revenues and profits
as we are to building a global organization. Thank you for being here, we will
be happy to take questions now.



<P align="left" style="font-size: 10pt">Let me just introduce people who are on the stage, right at the end we have
Suresh Vaswani, he is President of Wipro Infotech and also heads our global
technology infrastructure business of Wipro Technologies as well as our
inter-opportunity business; next to him is Mr.&nbsp;Raman Roy who is Chairman of
Wipro Spectramind; next to him is Vivek Paul who is Vice chairman of Wipro
Limited; next to him is Suresh Senapaty our Chief Financial Officer; and next
to him is Vineet Agrawal, who is President of Wipro Consumer Care and Lighting.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Mr.&nbsp;Paul can you tell the details about the kind of projects that
you have got last quarter?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>When you say details, what do you mean?



<P align="left" style="font-size: 10pt"><B>Journalist: </B>The kind of segments that you have got good tractions in.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>If you look at the new accounts that we have opened, there are 35
new accounts, 23 of them were in the United States. So despite all the
turbulence around the backlash issue, we were still able to accrete several
good customers in the United States. Of these 35 accounts, 8 were Global 500
or Fortune 1000 customer, and if you spilt them by line of business, about 19
were in the IT space, 3 were in the business process outsourcing space, and the
balance 13 would be in the R&#038;D services space.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>23 companies were from the US.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>The balance were from Europe and Japan.



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<P align="left" style="font-size: 10pt"><B>Journalist: </B>You had said that we shall continue to proactively invest for the
future. Could you elaborate on this please?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>We are investing in people, in terms of their training and
upgrading the quality of their training. We are investing in new service lines
as they are emerging, and building service lines where we think that we have
opportunities for accelerated growth. We are investing in terms of building a
stronger front end of consultancy, and as we go along, we will invest at the
right opportunities in further getting acquisition which supplement our
capabilities in terms of addressing needs of our global customers. We are also
investing in building our European markets stronger, because we see major
opportunities emerging in the European markets.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Mr.&nbsp;Paul, I just need some clarifications, during your analyst
call, when you were queried on this issue of attrition, I think the rising
attrition, you had mentioned that you are planning to spread your business out
of Bangalore and you talked about Calcutta. Could you just throw some further
light on this movement out of Bangalore? Of course, you have mention that
there is a lot of competitive pressure?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I think that what we are seeing is that clearly Bangalore is
becoming an ever-faster revolving door when it comes to attrition. We are
tracking companies that we hire from and companies that we lose people to, and
more and more we are finding the same companies on the pages of both ledgers.
So clearly that is a zero-sum game as far as an employer is concerned.



<P align="left" style="font-size: 10pt">The second is that if you look at the infrastructure in Bangalore, we are
really not seeing any material improvement in the last five years, and now we
do have a declared intent on not to improve it for the next five years either.
So as a result, it is becoming very difficult to be able to sustain growth in
Bangalore, and so as part of the attrition and sort of retention management, we
want to move as much of our incremental growth out of Bangalore as possible.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Which are the other spots that you are talking about, apart from
Calcutta?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>We have centers in Hyderabad, Chennai, Pune, Delhi, Powai, and
Mumbai, outside Mumbai, and in Navi Mumbai and in Gurgaon as well.



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>We will be operative in our Calcutta center next month. It is
already ready, we have started taking some new accounts there and shifting some
existing accounts there.



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>We have also announced a center coming up in Cochin.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>We have made a press communication on that.



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>So we will be setting up centers outside of Bangalore rapidly as
we go along.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Outburst that Mr.&nbsp;Premji you had against the Government of
Karnataka a few quarters ago where you deplored the poor state of
infrastructure, has Wipro now given up on that account?



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>I didn&#146;t have an outburst; I made a comment which was made out to
be an outburst in the newspapers that was almost two years back. I think it is
for you to judge how much progress has been made in the two years, has it been
a positive progress or a negative progress. I think all of you all live in
Bangalore, you all travel in Bangalore, you all commute in Bangalore, and you
have got to figure out whether your commuting times in Bangalore has come down
or increased?



<P align="left" style="font-size: 10pt">I think Vivek said also that acquisition levels are much significantly higher
in Bangalore, and he commented on the infrastructure in Bangalore. There are
very highly qualified engineers and college graduates coming up in other states
and other cities, in smaller cities. Other states and other cities are very
aggressive in attracting, non polluting, highly people intensive, highly
employment intensive industry like the software and the BPO industry, and we
will take our business wherever the opportunities for our employees and
satisfaction of our customers are the highest.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Let me just give you some statistics. If once we finish our next
expansion phase in Electronic City, assuming that 60% of our employees we bus,
which is what we currently bus today, we estimated that the number of buses we
needed, if we lined them up one after another, that would be an 8 kilometer
long train of buses. Now you think about ramming that 8 kilometer long train
of buses down that Electronic City road everyday in the morning and every day
in evening, and that is only 60% of our employees.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Mr.&nbsp;Paul can we just have some sequential numbers for Wipro and
for Spectramind also in specific and your comments on this sequential growth?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: If you spilt the businesses up on the R&#038;D side, we have 7%
sequential growth, on the IT side we had 11% sequential growth, and on the BPO
side we had 2% sequential growth, so may be what we could do is that give you
some figures from Wipro Infotech business as well. Suresh Vaswani, may be you



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<P align="left" style="font-size: 10pt">can talk about Infotech sequential growth and may be Raman can talk about BPO
side, and Vineet can talk about the Consumer Care side.



<P align="left" style="font-size: 10pt"><B>Suresh Vaswani: </B>In Infotech we talk more in terms of year-on-year growth
because of the cyclical nature of the market. Just a perspective on the Wipro
Infotech, we had a good quarter, Q1. We have grown revenues by 68%, we have
grown profits by 50%, and this is I would guess close to more than two times
the market growth, because we are estimating the market has grown anywhere
between 25% to 30%, and we have grown roughly 68%. So it has been a good
quarter for us. It has been a good quarter for all our service lines, products
as well as services. Services, the growth has been 60% year-on-year; in
products, the performance has been really good, we have grown around 73% on a
year-on-year basis from a product perspective. We also do business in Middle
East and Asia-Pacific and that has shown a year-on-year growth of 118%, again
on a smaller base, but it is becoming pretty significant in terms of the
services revenue in the Asia-pacific and the Middle East market. So that is
the broad perspective on the Infotech.



<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>As far as Wipro&#146;s BPO business is concerned, we had a 2% sequential
growth, a very subdued quarter, though this represents 78% year-on-year growth,
essentially driven by the fact that for some of our customers, some of the
products that we service, their sales of those products I believe went down,
and while for that customer we grew within certain services, there was
degrowth, so some of the growth that we had, got compensated by that degrowth.
We also had customers like a large retail customer, where their business model
underwent a change from a catalogue based sales which generated calls that we
used to take, they moved to an in-store model, and the call volume went down.
And there were certain one time projects that we spoke about at last quarter
that did not repeat itself. But looking forward in to the future, we see the
growth coming back, we see a huge traction with our customers, and we feel that
we will be back to the industry level, if not better growth rates.



<P align="left" style="font-size: 10pt"><B>Vineet Agrawal: </B>Just to add for Wipro Consumer Care and Lighting business,
from last quarter one, we grew by 31%. Sequentially it is 3%, largely because
of the fact that it is a seasonal business led by the projects division which
is commercial institution business in Lighting. This 31% growth is really
fueled by Santoor, which has grown by 20% in Q1. Last year, if you remember,
Santoor had grown by 26% for the full year. So the re-launch of Santoor along
with variants which we have come on, has really helped Santoor to grow very
strongly in Q1. Beyond, if you look at the 31%, 25% has come in from the
organic growth and 6% due to acquisitions. So it is not fueled so much by
acquisitions but by the organic growth that we have generated in Q1.



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>I would strongly recommend that the people present here start
using Santoor, it is a very good soap, and tell you readers also. It is priced
approximately in the level of Rexona.



<P align="left" style="font-size: 10pt"><B>Vineet Agrawal: </B>Yes, it is priced at Rs. 13 for 100 g, which is really the
popular soap pricing.



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>But much better value for money.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Do you use it?



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>Of course, I use Santoor and Wipro Baby Soft.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Mr.&nbsp;Paul can you tell me the number of employees that you have in
Bangalore center?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Number of employees in the Bangalore center? There are many
building not just one. So about 15,000? 14,000? No 14,000 is too high. We
will give you a more precise number in a moment.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>I wanted to ask Mr.&nbsp;Vaswani something about, you know this growth
is very significant in a line of business which is not, unlike outsourcing, you
are not in a paradigm sector or anything. How sustainable is this, because how
did all of a sudden you have pulled so many contracts and out of the hat as it
were, I mean where exactly is the future and what is the trend?



<P align="left" style="font-size: 10pt"><B>Suresh Vaswani: </B>Vijaya Bank was a win in the last quarter, but you know I
would not say it is out of the hat. I think we have been working very, very
hard in the domestic market over the last 2 or 3&nbsp;years in terms of building a
strong proposition for our customers, both in the services space as well as the
software space and consulting. So what we have today in the domestic market is
an extremely powerful story in terms of being a strategic IT partner for our
customers. So I think it is all the result of the sort of investments that we
have been making over the last 2 or 3&nbsp;years. Again, it is 68% growth in a
market which is probably 25-30%. So I am not too sure whether these sort of
growths are sustainable, but what is certainly sustainable based on what we
built in the domestic market is our market growth, so I think that is what is
sustainable.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>And Suresh Vaswani is of course too modest to say this, but his
brilliant leadership has contributed a lot.



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<P align="left" style="font-size: 10pt"><B>Journalist: </B>Mr.&nbsp;Roy could you also comment on the pricing environment in the
BPO business and billing rates.



<P align="left" style="font-size: 10pt"><B>Raman Roy</B>: We see a decrease in the amount of pressure on pricing. We are not
seeing some of the absurd pricing that we were seeing say 2 to 3 quarters ago
where people where using price as the only differentiator. But again it would
be wrong to say those pressures have gone away. They have significantly
decreased, because I think there is a realization that the customer is looking
for value, and price by itself cannot be the only differentiator. And there is
a huge market sitting there for which, if we are able to deliver value, we will
get good enough price and realization that can be mutually beneficial for us
and the customer.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>If you look at the wage pressure that we have had, we have had in
Wipro Spectrum we passed a wage increase over the last quarter in the 15-18%
range. We had indicated last year that we had a 12% wage increase, for this
year&#146;s levels we haven&#146;t finalize those yet. So it will still depend on which
way the market bears. But basically what we are doing is, we are doing two
things; one is, we are not having one sort of big balloon day where everybody
gets a wage increase. The wage increase is going to be spread over time. The
second is that what we are doing is compensating the increase in wages with an
increasing addition of younger engineers so that in some sense the average wage
bill continues to be contained. In addition, as I mentioned earlier, by moving
to centers outside Bangalore where the attrition rates are lower and therefore
the wage pressures are lower, we are also able to manage that.



<P align="left" style="font-size: 10pt">In response to the question about how many employees do we have in Bangalore,
the correct answer is around 11,000.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Mr.&nbsp;Senapaty, this is about the tax notice, I just wanted to know
where it stands currently the whole issues, and the second question was on the
impact of forex in the quarter alone.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: So far as tax issue is concerned, last time when we talked
about it in April, we had not filed the appeal, now the appeal has been filed
within the due time, and thereafter the issue is status quo, so no change at
all. So far as the impact of foreign exchange in the last quarter is
concerned, it is about 50 basis points. We had got the operating margin
adversely affected. A net of that we have got an expansion of 340 basis points
last quarter.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>What area the factors as I had asked to earlier also for
year-on-year 73%, did you have this kind of growth in earlier quarters?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>I don&#146;t recollect, yes we have had triple-digit growth in
profitability as well. So its not first time.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>What are the factors for this kind of growth?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Because all the businesses you have seen has had growth on a
YOY basis, whether it is Wipro Technologies, 45% Wipro Infotech, 68% Wipro
Consumer Care, so all the businesses that Wipro is in have grown significantly
this quarter than what they were Q1 of last year. Secondly, there has been an
expansion in the margin, particularly in Wipro Technologies, from Q1 of last
year to Q1 of the current year. I think the margin expansion has significantly
helped us in increasing the net income growth.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Mr.&nbsp;Paul, did you tell CNBC Television channel by any chance that
the new order that you won in the last quarter, you are getting some price
revision of 20% more than what you got previously or the previous quarter? If
that indeed is true, can you elaborate on that?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I think that we have seen new orders coming in at rates that are
higher than existing customers. So I think that we do continue to see
improvement on the pricing front this quarter over last quarter by 3%. Last
quarter also we had had good price improvement. As I had mentioned in the
analyst call earlier, while we have had a very strong pricing rebound over the
last couple of quarters, going forward what we can say is that we are in a
stable pricing environment, not in a soaring high pricing environment.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>I need some more explanation on Spectramind, because I am sorry, I
don&#146;t recall what exactly you said at the beginning of the quarter, but given
the fact that this is a highly scale driven business in which resources use
efficiency is very critical, how can you cope with flat growth sequentially? Is
this all built in to the contracts or is this a high business risk where
suddenly big customer flee? It is still not clear as to how it all works?



<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>I talk for the Wipro Spectramind business, there is no Spectramind
that I know of. There is a minimum amount of business that we contract with
the customers; and yes we do share certain element of that risk of saying that
when the business scale is up, our volumes will also scale up. When those
scales are down, part of that risk is that volume does not come. If it goes
below the minimum, we still get the minimum



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<P align="left" style="font-size: 10pt">volume. But again, most of the contracts are at a corporate level. When you
have a customer, you do the contract at a corporate level. One particular
component goes down and the customer replaces it with another component. Now
that replacement is typically not negotiated when that volume is going down.
It is an increase that would have come in, in any case to you. With the
decrease it compensates, you are able to move people from one to the other, but
it eats in to the overall increase. So you work six months, get a contract for
400 people, another business goes down 150 people, the net increase you get is
only 250 people.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Therefore, in terms of the corporate contracts the direction is not
something that you are left high and dry.



<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>Yes, that is right. To the extent that you look at the crystal
ball and say what are going to be the needs of the customer and you share that
element of growth.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Coming back to the topic of Bangalore, it seems pressure on wages
seems to be the main reason for why want to move out of Bangalore rather than
infrastructure problems. When everybody else is praising about Bangalore, how
Bangalore is a great city, especially your overseas rivals. Can you tell us
more about why you want to move out of Bangalore as much as possible?



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>We are not saying we are moving out of Bangalore. We have 11,000
people here. We cannot afford to move out of Bangalore. But the reality is
that there are opportunities outside of Karnataka and outside of Bangalore, and
we have to be where the talent is available. We have to be where the
infrastructure is superior, and we have to be where costs are lower and
attrition is lower.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I would like to add that if you look at foreign companies as well,
foreign companies that are coming in to India for the first time are still
being attracted by the image of Bangalore, but foreign companies that have
established operations here, are also moving their growth outside Bangalore for
the very same reasons.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Why don&#146;t you look at other centers in Karnataka &#151; like Infosys has
other STPI centers like Bangalore, Mysore?



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>I would suggest to the Press that you are in a full position to
make assessments of where Bangalore is heading, don&#146;t try to use mouthpieces
like us for that. You all have a point of view. I mean voice your point of
view in the newspapers on a consistent basis. Because we all believe the
problem is serious.
<P align="left" style="font-size: 10pt">I think we have commented enough on Bangalore.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Please use Shikakai.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>What are the numbers you are planning to add this year?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I think that we don&#146;t give employment numbers in advance, but we
are adding on another phase in Bangalore right now.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>I have a completely random question. There is a company called
Wipro Trademark Holding. Is this just a name for something that&#146;s already
happening in the consumer care space or is this something more by way of brand
acquisition or something that you have in mind ?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>No this company has been there for several years now, which
owns typically some of the brands that Wipro owns through that entity. So
nothing more than that. In fact the company existed for many years, the name of
the company got changed to this about few years back, may be 2&nbsp;years back or 3
years back. Because we used to call it as a Wipro Investment Limited. Because
of the regulation by the Reserve Bank of India, those kinds of names could not
have been used. Therefore we thought let it represent the actual company
characteristics and therefore Wipro Trademark Holding.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Does Wipro GE fall into these figures you are sharing?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>That&#146;s right, we pick up 49% of the profits of Wipro GE
Medical Systems, will pick about a little under 40% of profits in Wipro E
peripherals. In Wipro Spectramind etc. shares are held still by some employees,
and therefore that gets included in this net income, yes.



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>Are there any more questions?



<P align="left" style="font-size: 10pt"><B>Journalist: </B>There was recently a controversy for George Fernandes, being
bodily frisked. You are aware I suppose. What has been your experience?



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<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>I was in the in United States about 8&nbsp;weeks back and just went
through the normal courses. I don&#146;t think there was anything a specifically
different about it, except that they have tightened up the security processes
in terms of taking photographs automatically and doing finger printing, which
is part of their security measure. Which is perfectly legitimate from an
American point of view. It did not result in any extra inconvenience, and you
know we have a lot of employees who move back and forth to America and also
employee who go on fairly long postings there, and they have not been
unreasonable incidences so far they are concerned. The processes are
reasonably stabilized and reasonably streamlined.



<P align="left" style="font-size: 10pt"><B>Journalist: </B>Could you tell us a bit about the conference organized by Azim
Premji Foundation?



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>We have a press conference on that on Sunday and if you are
interested you are very welcome to be invited to that press conference. We
will give you the invitation. We have that at the Indian Institute of Science,
because it is a conference along with the Ministry of HRD. All of you are very
welcome there.



<P align="left" style="font-size: 10pt"><B>Vijay Gupta: </B>If there are no more questions, we can stop the press conference
at this time, and join us for the tea at the back. Thank you.




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<P align="right" style="font-size: 10pt">EXHIBIT 99.4



<P align="center" style="font-size: 10pt"><B>WIPRO LIMITED Q1 04-05 EARNINGS INVESTOR CALL (MORNING CALL)<BR>
JULY 23, 2004</B>



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Good afternoon ladies and gentleman. I am Pratibha, the moderator
for this conference. Welcome to the Wipro Q1 results conference call. For the
duration of the presentation, all participant 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 the call to the Wipro management. Thank you and over to Wipro.



<P align="left" style="font-size: 10pt"><B>Lakshminarayana</B>: Thank you Prathibha. Ladies and gentleman, a good day to you
from different parts of the world. My name Lakshminarayana and I am based in
Bangalore, along with Sridhar in Mountain View, and Anjan in Bangalore, we
handle the investor interface for Wipro. We thank you for your interest in
Wipro. It is a great pleasure that I welcome you to Wipro&#146;s teleconference
post our results for the first fiscal quarter ended June&nbsp;30, 2004. We have
with us in this call, Mr.&nbsp;Azim Premji, Chairman and Managing Director, Mr.
Suresh Senapaty, Chief Financial Officer who will comment on the results of
Wipro for the quarter ended June&nbsp;2004. They are joined by Mr.&nbsp;Vivek Paul, Vice
Chairman, Mr.&nbsp;Suresh Vaswani, President Wipro Infotech, Mr.&nbsp;Vineet Agarwal,
President &#151; Wipro Consumer Care and Lighting, Mr.&nbsp;Raman Roy, Chairman Wipro
Spectramind, and other members of company&#146;s senior management who will answer
questions that you may have on our results. This conference call will of
course be archived and a transcript will be available on our website
www.wipro.com. Before Mr.&nbsp;Premji starts his address, let me draw to your
attention that during the call we might make certain forward looking statement
within the meaning of Private Securities Litigation Reforms act of 1995. These
statements are based on the management&#146;s current expectations and are
associated with uncertainty and risk, which would cause the actual result to
differ materially from those expected. These uncertainties and risk factors
have been explained in detail in our filings with the SEC of USA. Wipro does
not undertake any obligation to update forward-looking statement to reflect
events or circumstances after the date of filing thereof. Ladies and
gentlemen, Mr.&nbsp;Azim Premji, Chairman and Managing Director Wipro.



<P align="left" style="font-size: 10pt"><B>Azim Premji</B>: Good Morning. Your Board of Directors in the meeting held this
morning approved the accounts for quarter ending June&nbsp;30, 2004. Results have
been mailed to those registered with us and are also available on our website.
Let me share with you some of our thoughts on our performance and our
prospects. Building business momentum is a tough task, sustaining it is even
tougher. It is gratifying to note that we have been successful in both so far.
For the quarter ended June&nbsp;30, 2004, Revenues in our global IT services
business was $300&nbsp;million ahead of our guidance of $292&nbsp;million. Consistent
with our performance in recent quarters, every single vertical, every single
geography, and key service lines witnessed robust Revenue growth. Our
sequential Revenue growth of 8.4% in dollar terms was a result of a 10.5%
growth in our Enterprise business and a 7.1% growth in our R&#038;D business. In
terms of geographies, Europe led the growth with a 20.3% sequential Revenue
growth. Among our services, Package Implementation continued its robust growth
with an 8.9% sequential increase. Equally important, we witnessed healthy
improvement in our price realizations for the second consecutive quarter.
While it is too early to claim a return to a period of price increases, pricing
pressures are clearly on the wane. Consequent to the above and combined with
improving operational efficiencies, we improved our operating margins for the
fourth consecutive quarter. In line with our articulation in the last quarter
conference call, our BPO business had subdued growth in the June quarter.
However, we see improvement in outlook for that business and are confident that it should be back to better growth rates in the
current quarter and grow ahead of the industry during the year. Looking ahead
the environment we see is one of strong volume growth and stable prices. As
more corporates realize the benefits from global delivery of IT services, the
share of outsourcing in the IT pie continues to grow in terms of quantum of
work as well as in terms of different service lines. This signals well for
strong growth in Indian IT services industry. However, wage pressure may pose
a challenge to sustaining business profitability. In summary, the prospects
are encouraging but there are challenges as well. You may rest assured that
Wipro is as committed to growing Revenues and profits as we are to building a
global organization. I will now request Suresh Senapaty, our Chief Financial
Officer to comment on the financial results before we take questions.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: A very good afternoon to all of you Ladies and Gentlemen.
Mr.&nbsp;Premji shared our view on the business environment. I will touch upon a
few aspects of the financial and operational significance. For the quarter
ended 30 June, 2004, our profit after tax grew by 73% year on year. The return
on capital employed of 39% at company level comprised of return on capital
employed in global IT business of 66%, in Indian and Asia-Pac IT business of
25%, and consumer care and lighting of 89%. The return on capital employed at
company level was lower primarily on account of cash and cash equivalents,
which constitutes 39% of capital employed. During the quarter we had
sequential Revenue growth of 8.4% in our global IT services business which
comprised of 9.2% Revenue growth in the IT services component of that segment



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<P align="left" style="font-size: 10pt">and 2.1% growth in the IT enabled services business component of that segment.
The 9.2% growth in the services component was driven by a 6.9% growth in the
volume of business combined with a 3% increase in our realization rate for work
performed Offshore, and 2.8% increase in our realization rate for work
performed Onsite at our clients&#146; offices. The 2.1% growth in our IT enabled
services business was primarily due to growth in volume of business partially
offset by a sequential decline in price realization.



<P align="left" style="font-size: 10pt">On forex front, our realized rate for the quarter was Rs.44.82 versus rate of
Rs.45.39 realized for the quarter ended March&nbsp;04. The primary goal of our
forex strategy is to de-risk to the extent possible business results from
fluctuations in the currency market and to provide a high degree of certainty
on our cash flows arising from foreign exchange transactions. In order to
ensure that our financial statements reflect the intent of our strategy, we had
adopted cash flow hedge accounting in the quarter ended March&nbsp;31, 2004. The
provision to adopt this methodology did not exist in the Indian GAAP. In light
of the clarifications issued by the Institute of Chartered Accountants of India
in June&nbsp;2004, and to bring about a higher convergence in reported results under
the two GAAPs, we have adopted cash flow hedge accounting in Indian GAAP as
well effective quarter ended June&nbsp;30, 2004.



<P align="left" style="font-size: 10pt">We have had many queries as to how cash flow hedge accounting actually works.
Let me take a moment to explain the essence of this concept. Under the cash
flow hedge accounting methodology, forward contracts are designated to
forecasted cash flows for different periods of time. The gain/loss on the
forward contracts are recognized in the income statement for the period when
the forecasted transactions occur. Thus in any reported period the income
statement would include gain/loses on forward contracts used for inflows and
for allocation to foreign currency assets on the balance sheet. The gain/loses
on contracts in excess of the above are not recognized in the income statement
for the period but would be so recognized in the future periods. In the
absence of cash flow hedge accounting, the entire forward contract would be
marked to market thereby inducing volatility in quarterly results, which
defeats the basic objective of hedging, which is to minimize that volatility.
We therefore believe that this methodology is a better reflection of the
business intent. Our forex strategy is yet another reflection of our approach
of minimizing the impact of external factors on operational performance. More
importantly, it provides reassurance to our stake holders that our earnings are
less susceptible to volatility in foreign currency markets. As of
30<SUP>th</SUP> June
2004, after allocation of foreign currency assets on balance sheet, we have
outstanding hedge of approximately $1&nbsp;billion deliverable over the next six
quarters. The average rates of these contracts are in the range of between
Rs.44 and Rs.45.50 per US dollar. The average rates for the contracts maturing
in the current financial year are in excess of Rs.45.20. For the quarter ended
30<SUP>th</SUP> June, 2004, net income computed in accordance with US GAAP is 91% of the
profit after tax as per Indian GAAP. The difference is primarily on account of
different Revenue recognition standards, amortization of intangible assets, and
accounting for forward contracts.



<P align="left" style="font-size: 10pt">We are considering a review in compensation of our team in IT services and BPO
business during the quarter ending September&nbsp;04. The compensation increase as
well as on certain IP sales which are lumpy by nature can impact operating
margins for the quarter ending 30<SUP>th</SUP> September, 2004, which we will be able to
partially offset through productivity measures. We would be glad to take
questions from here.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. We will now begin the Q&#038;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. Participants are requested to restrict to two questions in the initial
round of Q&#038;A session. Our first question comes from Mr.&nbsp;Chetan Shah of Quantum
Securities.



<P align="left" style="font-size: 10pt"><B>Chetan Shah</B>: Excellent results, but the concern on the forex front. In the
comprehensive income statement, basically the stockholder&#146;s equity and
comprehensive income statement, you have given unrealized loss on cash flow or
hedging of 305 crores according to US GAAP. So, when you say that FY05, how
much of this will probably come into the coming three quarters either as loss
or.., assuming that the currency remains at Rs.46.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>:
Actually as of 30<SUP>th</SUP> of June, the dollar spot was Rs.46.03 and
based on that the mark to market has been done through the OCI. I think the
OCI is reflected a 300, is about 100 crores worth shown as positive
as of 31<SUP>st</SUP>
of March. As of the balance sheet date of 30<SUP>th</SUP> of June, it will be about 200
crores negative and that is the swing which is the number we have picked up.
So, yes, you are right that if the dollar-rupee remains at 46 going forward.
The 200 crores will be the impact.



<P align="left" style="font-size: 10pt"><B>Chetan Shah</B>: Okay sir. Thanks.



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<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: But just to clarify this point, this will be the actual
realization that will get reflected based on the transaction that do occur.



<P align="left" style="font-size: 10pt"><B>Chetan Shah</B>: Okay thank you. I will come back later.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. We have our next question from Mr.&nbsp;Amit
Khurana of Investsmart.



<P align="left" style="font-size: 10pt"><B>Amit Khurana</B>: Hi, thank you. Just, you made a opening remark, when you said
some of the IP sales were done during the quarter, could you give us the sense
of what kind of sales were these and what are the efforts further on this part.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: In our technology business and also sometimes in the
enterprise business we have during the course of our software development we
also have some of our IPs which are reusable, and some of the IPs which we sell
with lot of customization. So it is this IP which is not necessarily always
supported with efforts, which completely flows through to the bottom line, and
we had in the last quarter about 0.6% advantage on account of that. So, there
is not always a certainty that we will have that, and to that extent there is a
bit uncertainty and that is the reason why I highlighted that point.



<P align="left" style="font-size: 10pt"><B>Amit Khurana</B>: I am sorry, you said 0.6% of sales for the quarter?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: Sorry could you repeat the question.



<P align="left" style="font-size: 10pt"><B>Amit Khurana</B>: I kind of missed on that number, was it 0.6% of global IT
services Revenues for the quarter.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: That is true.



<P align="left" style="font-size: 10pt"><B>Amit Khurana</B>: Okay. The second part of the question, let me put it, give us a
sense of how sustainable the price gains that we have witnessed in the first
quarter will be going forward, I am trying to understand, are these one off
aberrations of the quarter or are we looking at a sustainable trend given that
we may have signed new clients and the impact of those clients is beginning to
show for us now.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Sure, I think that if I look at it, I will break it into four
buckets. I think the first one is fixed price project productivity, I think we
are seeing that and that has been a contributor to this year&#146;s price
productivity. Ongoing productivity, you know, it is tough to say, you know,
that for sure we can do the same levels again, but certainly current levels are
sustainable and we should see some slight improvement in that. So, second
element is mix, which is being able to sell a higher range of services whether
it is package implementation or data warehousing or chip design, we have
continuously seen that proportion rise. There is no reason to expect that to
slow down, but you know that is something that has helped in the overall
realization, should help us to continue to get more on that although in a slow
and measured fashion. The third element is new accounts, as we blended in new
accounts, we have been able to get pricing on new accounts to be nicely higher
than our existing accounts, and as a result that is something that continues to
provide us pricing leverage as well. The fourth element is contract
re-negotiations with customers. In other words, head to head for the same
dollar of previous spends, I have a dollar 10 now versus yesterday, there the
environment is still not conducive to being able to do that in any aggressive
way. We think that we should be able to do more of that and certainly the number of anecdotal events
where we have had those successes is rising but again it is sort of something
that we would not call as a continuous trend.



<P align="left" style="font-size: 10pt"><B>Amit Khurana</B>: Just a follow up to this. Would you then say that the bidding
strategy that we would tend to have would be you know longer term or more
strategic than just short term?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I am not sure I understand what that means.



<P align="left" style="font-size: 10pt"><B>Amit Khurana</B>: Basically you know the kind of market environment that we have
seen in the last few quarters, you know, all the vendors were trying to
basically undercut on pricing and other variables that were in our internal
control. So, would we say that this would, the current price hike that we have
witnessed would bring in some more vendor discipline and particularly we would
be less desperate on pricing part now?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I should hope so, I mean, I can&#146;t speak through the rest of the
companies, I can certainly speak to ours, and I think that we have been both
much more disciplined and also have found that in some instances, actually many
instances, many of the big deals we won, we won for reasons that had nothing to
do with price. It was basically this range of services that we offered. The
customer experience through the



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<P align="left" style="font-size: 10pt">sales cycle. So, I think that customers
themselves are becoming a little bit more sensitive to getting the absolute
best dollar deal and I think companies generally are beginning to get a little
more disciplined about it. As I said earlier, our new account pricing is
nicely higher than our existing accounts.



<P align="left" style="font-size: 10pt"><B>Amit Khurana</B>: All right, thanks a lot, all the best.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. Next question comes from Mr.&nbsp;Anantha
Narayan of JM Morgan Stanley.



<P align="left" style="font-size: 10pt"><B>Anantha</B>: Yeah, thanks, good afternoon everyone. This is Anantha. Vivek, I
just wanted to touch a bit more on the fixed price productivity improvement
that you mentioned, question in two parts, first is can you just give us a bit
more details on how you have been able to improve the productivity, and
secondly do you think that the fixed price proportion would increase the
percentage of Revenue over the next say maybe couple of years or so.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Well, first of all, I think that if you look at the drivers for
the productivity, it basically has been a very tight process were we have used
six sigma tools, we have used implementation of I guess it may be linked to six
sigma as some of the statistical tools in terms of managing what we put in
terms of effort and that has given us some good productivity benefit. I think
that as far as on the going forward basis, if you look at the last several
quarters, our fixed price projects as a percentage of Revenue have come down I
would say for the last five quarters and I think that what we expect is that as
we have been able to really tighten the productivity focus on the fixed price
projects, maybe in another quarter or two, it would start rising again, and as
a result to specifically answer your question, not by any efforts or any great
crystal balls I would say two years down we will probably have a higher
percentage of fixed price projects that we do today.



<P align="left" style="font-size: 10pt"><B>Anantha</B>: Thanks sir. Finally, Senapaty if you could just clarify the last
statement that you have made. Did you suggest that you will probably have some
wage increases in this quarter?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: That is right. We are waiting for a review of the
compensation in this quarter. We already have for the IT enabled services,
their compensation revision has already been done as of 1<SUP>st</SUP> July. On the IT
services front, will be looked at this quarter.



<P align="left" style="font-size: 10pt"><B>Anantha</B>: What was the extent on the IT enabled services side?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: It was about 15-18% range over and above net of all the
adjustments for productivity increases and so on.



<P align="left" style="font-size: 10pt"><B>Anantha</B>: Okay, and Senapaty you also mentioned the second reason which I
didn&#146;t catch either for the potential impact on margins.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: We talked about the lumpy IP sales.



<P align="left" style="font-size: 10pt"><B>Anantha</B>: Okay.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: We had about 0.6% of global IT business margin enhancements
in the last quarter on account of that.



<P align="left" style="font-size: 10pt"><B>Anantha</B>: Okay thanks a lot.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: Thank you.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. Participants are requested to restrict to
two questions in the initial round. Next in line we have Mr.&nbsp;Mahesh Vaze from
Birla Securities.



<P align="left" style="font-size: 10pt"><B>Mahesh</B>: Hi. I just wanted to understand on the BPO side, obviously the
Revenues are almost flat and the billing rates have come down, so what exactly
is happening here? Even the last quarter there was some slowdown in the Revenue
growth, are there some internal issues here or externally clients are not
ramping up fast enough?



<P align="left" style="font-size: 10pt"><B>Raman Roy</B>: Basically, it is a combination of multiple factors and that is what
we brought up at the last quarter also that there are one time projects which
we got at the end of last calendar year. Some of them



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<P align="left" style="font-size: 10pt">carried forward into this quarter, which were one time projects. There has been a reduction in
volume for certain processes of certain customers. While that customer has
overall grown, certain processes that we were handling for those customers had
a decline because those products in their market place had a decline. For one
particular customer, we had a change in their go to market model where there a
retail customer that moved from a catalog sales which led to a lot of volume
coming us to a in store sale model, which had a dramatic decrease in the
volumes. We do not see this as an ongoing long term issue, as Mr.&nbsp;Premji said
in his opening remarks, we see an upturn and we should be back to rates of
growth that would match or beat the industry levels.



<P align="left" style="font-size: 10pt"><B>Mahesh</B>: Raman, also the pricing has moved in a different direction from IT
services. Overall, there seems to be lots of optimism on pricing. So, is that
an aberration, and what is the deal?



<P align="left" style="font-size: 10pt"><B>Raman Roy</B>: Yeah, we have a price realization of $13.6 as we had commented on
multiple occasions in the past, we see the per hour rate realization to be in
the range of $13-14. This gets impacted by the one-time projects that we get,
you know, they lead to a higher per hour Revenue. We think 13.6 which is well
within the range that we believe is there. We do not again see any concern.
Vivek articulated earlier that what we are saying in the market place is a
decrease on the pressure on pricing. It is not eliminated, but there is a
decrease on the pressure on pricing.



<P align="left" style="font-size: 10pt"><B>Mahesh</B>: One last small thing, this salary hike that you talked about Senapaty,
is it, effective when would the salary hike be there on the IT services side,
and are you considering anything, any hike on the Onsite salaries front?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: We have said that this quarter we will do a review of that,
and we have not closed out in terms of the date of effectiveness or the amount
impacted.



<P align="left" style="font-size: 10pt"><B>Mahesh</B>: And Onsite, also are you considering?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: Yes, both Offshore and Onsite will be looked at.



<P align="left" style="font-size: 10pt"><B>Mahesh</B>: Okay fine. Thanks a lot.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: But we will be staggering salary increases over the year. So, it
is not that there will be one grand day; it will be stretched over a period of
time.



<P align="left" style="font-size: 10pt"><B>Mahesh</B>: Okay. Thanks.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. We have our next question from Mr.&nbsp;Pramod
Gupta of HSBC Securities.



<P align="left" style="font-size: 10pt"><B>Pramod</B>: Hi. I just wanted to understand what is the duration of these hedges
that you have currently, for what period are they extending, the billion $
hedge.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: It is about over the next six quarters.



<P align="left" style="font-size: 10pt"><B>Pramod</B>: Next six quarters. Are they backed by the actual cash flows or is
there over hedging also in, element in this cover.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: They are backed by actual forecasted cash flow.



<P align="left" style="font-size: 10pt"><B>Pramod</B>: Okay. Thanks a lot.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. Coming up next is a question from Ms.
Priya of Refco.



<P align="left" style="font-size: 10pt"><B>Priya</B>: Good afternoon sir.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Hello madam.



<P align="left" style="font-size: 10pt"><B>Priya</B>: Hello.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Are you on a speakerphone?



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<P align="left" style="font-size: 10pt"><B>Priya</B>: Yes.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Can you kindly pick up your handset.



<P align="left" style="font-size: 10pt"><B>Priya</B>: Yeah, this is Priya from Refco Sify, congratulations on good set of
numbers. My question relates back to pricing. If Vivek could you give us an
idea as the composition of R&#038;D services would increase in the service
offerings, would you imply that the pricing would grow at a much higher rate?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Actually there is not a significant difference between pricing on
R&#038;D services versus pricing on IT. Furthermore, the trends are not in one
direction, for example, this quarter our IT businesses grew at 11% sequentially
versus 7% sequentially over R&#038;D, which is the opposite of what had been
happening in the last couple of quarters. So, I would say that the mix shift
is really more around high level services regardless of whether it is an IT or
R&#038;D.



<P align="left" style="font-size: 10pt"><B>Priya</B>: Okay, and if you could give us what is the market share which you
corner, especially in the R&#038;D services with respect to your clients who
outsource to India.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I would say that, you know, I don&#146;t have that number off the top
of my head just because we don&#146;t, there is not a keen measure of R&#038;D, but I
think that if you look at our biggest competitor in the R&#038;D outsourcing
services which really is no company, it is the customer&#146;s own India development
centers. And, you know, frankly if you hold that aside, I mean, we are the
largest IT R&#038;D services provider versus anybody else by a pretty healthy
margin.



<P align="left" style="font-size: 10pt"><B>Priya</B>: And do you expect the volume growth to pick up from the current blended
growth of 6.9%.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I think that you know we had given guidance on an overall Revenue
number for next quarter and that is pretty consistent with guidance we had
given two quarters ago for the quarter that just went by. So I think that you
know we are maintaining some level of consistency of outlook. I don&#146;t think we
have broken it down in to volume and price elements.



<P align="left" style="font-size: 10pt"><B>Priya</B>: Thank you very much and all the best for the future.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Thank you.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much madam. Next on line is Mr.&nbsp;Trideep
Bhattacharya from UBS.



<P align="left" style="font-size: 10pt"><B>Trideep</B>: Hi. First question on the demand environment. We had a quite a few
tech companies globally and also so many enterprise software companies in the
US coming out with warning, do you see any change in the demand environment
with respect to IT services or if you could explain in your opinion what is
happening.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Well I think what we have seen, and you know, you are talking
about one man&#146;s views, so it is not like they spit in my ear about what is
going on. But I think that what we are seeing is that June was a disappointing
month for a lot of companies. I think whether you are a software company or a
hardware company, and as a result, you know, software companies who punched up their
sales at the end of the quarter ended up finding customers being in a position
where they were too uncertain about all the oil price and outcome of the
election and Iraq war and all that stuff, you know, and so that being happened,
we also saw the hardware companies, for example Flextronics calling for the
software outlook. So I think that what we are seeing is a level of caution
going into the lead up to the elections I think in the US. On the other side,
from our own business perspective, we continue to see that while certainly we
think that demand would have been higher and the growth could have been even
faster had there not been all this controversy around Offshore outsourcing. I
think that we continue to have a pretty steady growth. If you look at our
existing accounts, if you look at our top 50 accounts, 27 of our 50 accounts
show double digit sequential growth. So what you are seeing is, you are seeing
continued growth in our existing accounts. If you look at the new account
acquisition, we have had 35 new accounts, 23 of them in the United States. So,
again you know accounts are coming to us and I talked about the pricing
earlier, pricing in new accounts being nicely higher than existing business.
So I think what we are seeing is that the outlook for us given the value
proposition we have continues to be strong. In terms of the impact of what is
happening in the environment, what is going to happen to us, I think that if
you think about the last quarter we saw some good growth in what I would call
the vanilla services as well, which is ADM, and you know that is just
continuing to chug along as we continue to go after what we would call late
entrants into the Offshore space like oil and gas companies and pharmaceutical
companies where we have had some pretty nice wins.



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<P align="left" style="font-size: 10pt"><B>Trideep</B>: I see. Second thing is, I noticed that like you know the volume
growth over the last couple of quarters have been sequentially, I mean, in
terms of growth each quarter has been coming off. This could be a base affect,
but is there something more to it as it lead up to the US elections, or do you
think that, I mean, the other side of this question is do you think this growth
will accelerate once the US elections is behind us.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: First of all, I don&#146;t think there is a consistent pattern to that.
I think if you look at Q4, we had a bumper Q4 in terms of man month addition,
and so as a result Q1 came off that. So I would not extrapolate that line too
far in one direction. I do think that, you know, if you look at our growth
rate this quarter and you see that you know we have had pretty decent growth
rate in the quarter and we are calling for what we recon as a pretty decent
growth in the next quarter. Clearly, this is an environment where some
customers are restraining their activity. Once that restraint goes away, I
think that we should continue to see an uptick or acceleration. I do however
want to not be too optimistic about this whole offshoring controversy going
away. As I said earlier, while certainly we continue to grow despite that, I
think that and certainly it is no longer a campaign rhetoric that we are
seeing. If you were to do a opinion poll, and look at opinion polls, this
continues to be an issue with the US electorate, with the US population, and as
Tom Freidman says, you know, the US has to figure out a way to find jobs that
are not just working at Starbucks.



<P align="left" style="font-size: 10pt"><B>Trideep</B>: I see, and finally, if you, like you know, I heard it somewhere, but
just if you could quantify the new account pricing which will be coming higher,
by how much higher it is?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I am sorry.



<P align="left" style="font-size: 10pt"><B>Trideep</B>: I mean the new accounts coming in at higher prices the comment that
you made, could you quantify by what quantum is it higher, 10% or 5%?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: My finance team was telling me that the word nicely higher remains
a very good choice of word.



<P align="left" style="font-size: 10pt"><B>Trideep</B>: Well! Thanks a lot, good results, and best of luck for future.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. Next question comes from Mr.&nbsp;Bhavtosh
Vajpayee of CLSA.



<P align="left" style="font-size: 10pt"><B>Bhavtosh Vajpayee</B>: Hi! Could the management break up the attrition in IT and
BPO last quarter?



<P align="left" style="font-size: 10pt"><B>Balki</B>: The attrition in IT services is 17%.



<P align="left" style="font-size: 10pt"><B>Bhavtosh Vajpayee</B>: And in BPO?



<P align="left" style="font-size: 10pt"><B>Raman Roy</B>: In BPO services the total attrition is 20%, which is broken up 6%
for people within training before they go into production and therefore do not
need necessarily the norms, and post-training the attrition is 14%.



<P align="left" style="font-size: 10pt"><B>Bhavtosh Vajpayee</B>: All right.



<P align="left" style="font-size: 10pt"><B>Balki</B>: And in IT services the voluntary attrition has dropped by 1% point
versus the previous quarter; it has come down from 16 to 15%.



<P align="left" style="font-size: 10pt"><B>Raman Roy</B>: The attrition numbers I gave are present numbers for quarter
please.



<P align="left" style="font-size: 10pt"><B>Balki</B>: And in IT services the numbers are annualized.



<P align="left" style="font-size: 10pt"><B>Bhavtosh Vajpayee</B>: All right. Last quarter the company had broken up the
pricing increase and you had said that out of 3.2% about 2.5 was because of
productivity and 0.7 was because of rate increase from select clients. Is
there some sort of break up that you can provide this time?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: It is difficult to guide you unfortunately you segmentation
numbers.



<P align="left" style="font-size: 10pt"><B>Bhavtosh Vajpayee</B>: And finally is there any plan to merge the Infotech and
global IT business given that the case studies that you are building up within
Infotech are impressive on the infrastructure and systems integration side and
that experience can be cross sold in the US and European markets.



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<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Well certainly you know we work as one team and so whatever
experience we build in India we are able to carry out to the global markets as
well. So I think that leveraging does not require either a legal or a
organizational merger, perhaps this moment in time we continue to be able to
benefit from the experience we get in the global market that we carry to our
Indian customers positioning Wipro Infotech as a very strong brand, and
likewise taking the capabilities that we develop here and carrying them to the
global markets. I think that proposition is working quite well frankly.



<P align="left" style="font-size: 10pt"><B>Bhavtosh Vajpayee</B>: Yeah my question was basically on the perception because
your actual IT Revenues if you include Wipro Infotech are a lot higher, at
least materially higher than the global IT services at top line. So probably
from a marketing or perception side it could make a difference?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I think that is good input, but I think you know we will let you
do the addition.



<P align="left" style="font-size: 10pt"><B>Bhavtosh Vajpayee</B>: Right, thanks.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. We have our next question from Mr.
Shekhar Singh of DSP Merrill Lynch.



<P align="left" style="font-size: 10pt"><B>Shekhar Singh</B>: Hello sir. Just wanted to know like on the BPO side are you
trying to get into areas like receivables management, collections or say tax
filing returns etc., the slightly more value added areas of the BPO business?



<P align="left" style="font-size: 10pt"><B>Raman Roy</B>: We continue to evaluate; we have a team working on evaluating what
the opportunities are in the market place and the understanding what the
customers need and understanding what could successfully be leveraged from a
remote location, and over the last 4-5 quarters we have added to our product
mix and it continues to be an element that we continue to look at. We are
specifically focused on at this point in time looking at areas in transaction
processing, in finance accounting, in HR, in procurement, and so on. We have
created a product of business optimization services that we are taking to the
market place and the initial reactions that we are seeing from our customers
are very positive. We are testing the product with pilots and we are very
encouraged by the response that we are getting from our customers.



<P align="left" style="font-size: 10pt"><B>Shekhar Singh</B>: Okay, but right now like the percentage of Revenue from
transaction services will be pretty small.



<P align="left" style="font-size: 10pt"><B>Raman Roy</B>: At this point of time 85% of our Revenue for this quarter comes
from voice based services and we have grown our share of non-voice based
services, which includes transaction processing and some of the newer aspects
that we have launched to about 15%.



<P align="left" style="font-size: 10pt"><B>Shekhar Singh</B>: Secondly, related to the software services area, lot of these
small semiconductor companies they have given warnings, does it in any way
impact Wipro, the embedded software portion of Wipro?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Not really, I mean, I think if you look at our embedded software
units, whatever we do in the semiconductor space actually is primarily with the
large company. So we don&#146;t really have that as an impact. Having said that we
have seen a couple of semiconductor customers called down their Revenue outlook
for next quarter and that has been built into the overall guidance that we have
given, that is the beauty of Wipro&#146;s integrated diversion knowledge service
minds where we have the ability to be able to have steady sustainable growth,
no matter the ups and downs in individual segments.



<P align="left" style="font-size: 10pt"><B>Male Speaker</B>: And also just to supplement, our embedded and product
engineering division business have not only semiconductor space but it also
plays in the consumer electronics, automotive space, computing platforms etc.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Well diversified.



<P align="left" style="font-size: 10pt"><B>Shekhar Singh</B>: Okay, Vivek if you can just, I have just wanted some sort of a
comparison, if you go back to 2000 or say 1999 actually, we started with lot of
these warnings actually coming in towards the end of 1999, and then by 2000
beginning like most of the even the software services companies starting
feeling the impact, and Wipro because of its focus on the technology companies,
semiconductor and telecom, you felt some sort of a heat. Now this time again
we have started seeing some of these warnings coming in. How is



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<P align="left" style="font-size: 10pt">the situation different as compared to what it was in the late 1999 beginning 2000 as
compared to what it is now?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Sure I think that you know first of all I think in terms of the
overall activity this one seems a little bit different than 2000. 2000 we were
seeing a business cycle turn, but this is again me playing economist, so bear
with me, but you know I think that this time we are not seeing a business cycle
turn, what we are seeing is a struggle I think in terms of just the uncertainty
that lies ahead. Now the reason for that uncertainty that lies ahead and that
is fundamentally because there still a unknown outcome as to what would happen
with the elections and if Kerry gets elected what are the kind of compromises
that might effect the business platforms. But the overall economy is sound,
and I think that as a result, I tend to have a little bit more optimism that
this is more you know 3-6&nbsp;month phenomenon than it was in the year 2000.
Having said that if you go back to 2000, we look at our own experience, we
actually saw that except for one quarter our embedded unit continued to grow in
every quarter through that cycle because the beauty about this business is that
the strengths of business in the sense that when times are bad people outsource
more because they want to save money and when times are good people outsource
more because they have more work to get done.



<P align="left" style="font-size: 10pt"><B>Shekhar Singh</B>: Yeah but then they cut the rates.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Well I think that today if you looked at the volume demands, I
think that we certainly are in a situation where there is nobody sitting on
large benches, everybody is under pressure for hiring, everybody is under
pressure for attrition. So if we were to take a negative view on the rates, it
would have to be after several quarters downturn I would say, and most people
are having pretty flush order books right now.



<P align="left" style="font-size: 10pt"><B>Shekhar Singh</B>: Okay thanks a lot.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. We have our next question from Mr.
Pratish of SBI Caps.



<P align="left" style="font-size: 10pt"><B>Pratish</B>: Sire there are two questions: one from the Europe side, we have seen
a pretty sharp growth in Europe in this quarter, any reason for this?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I think it is not something that sort of specific, I think it is
just that is way the numbers took off, we had a few clients that really took
off in this quarter, then we were ramping up, but you know I wouldn&#146;t read too
much into that, it is just part of the overall growth story. It is one element
of that.



<P align="left" style="font-size: 10pt"><B>Pratish</B>: Okay. And second on the SG&#038;A side for IT services, we have seen
pretty decline, and you know even this quarter there is a decline in SG&#038;A
expenses, any trend going forward on this side?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: Yeah we would expect it to be very narrow range movement.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I think in rupee terms it is flat as a percentage of sales it has
got the volume gearing.



<P align="left" style="font-size: 10pt"><B>Balki</B>: Yeah it still is a flat number as against 10.6 for the quarter versus
10.7 for the previous quarter.



<P align="left" style="font-size: 10pt"><B>Pratish</B>: Okay, thanks very much.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. We have our next question from Mr.&nbsp;Manoj
of JP Morgan.



<P align="left" style="font-size: 10pt"><B>Manoj</B>: Hi good afternoon sir. Congratulations on an excellent quarter. My
question again goes back to the pricing side, and if I look at pricing for this
quarter both Onsite and Offshore, it is probably back to where it was around
three years ago. So if you look at your highest level of pricing in the past
6-7&nbsp;years, it is 4-5% below that. What I am trying to get at here is how much
more leverage do we have on the pricing side going forward and what do we think
will drive that?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Well I think you know in some sense we have been having a
reversion to the mean over the past several quarters, so as a result our
pricing has been elastic in a much faster way than you would otherwise expect.
I think that as we go forward, we continue to see an environment where you
should be able to see stable pricing plus an ability to move mix up, but I
don&#146;t think that we would see pricing grow at the torrid pace that we had over
the last couple of quarters.



<P align="left" style="font-size: 10pt"><B>Manoj</B>: Sure, and I think a related question to that is again on the margins.
So while the pricing has actually come back as I said to what it was 3&nbsp;years
ago, margins if you look at the operating margin side, it is around



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<P align="left" style="font-size: 10pt">7-8% lower than what it was around 3&nbsp;years ago. Could you, of course, there have been few
changes in the business model in terms of new service offerings coming in, but
what more productivity gains could we have on the margin side, assuming pricing
remains flat from here on?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: You heard Suresh Senapaty talk a little bit about some of the
drivers on margins which were IP sales as well as the competition, and I think
relative to if you were to compare to the 3&nbsp;year ago time frame you also have
to adjust for the exchange rate. So I think that you have those as being
relative drag if you will. Now I think if you look going forward the hedging
for what is worth is actually to get in a such stability in terms of outlook as
to what we should be expecting in terms of exchange rate, and so in some
quarters when the rupee is weak, we will look not so smart; and some quarter
when rupee is strong, we will look brilliant. So I think that having taken
that out of the equation, in terms of the impact, I think that we continue to
see you know modest price increase and continue to draw productivity in the
sense that we can mix down our competition cost by having higher emphasis on
rookies, lower our cost of operations by ramping up Calcutta, which is a lower
cost center. So we can neatly look at things that we can do to be able to
maintain or manage or margins.



<P align="left" style="font-size: 10pt"><B>Manoj</B>: Sure. Just one last question from my side. On the fixed priced
business, we talked about having higher productivity on fixed price. As whole
fixed price as component, are our margins on fixed price higher than time and
material or it is the same?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: You know I don&#146;t think we have shared that information, but you
know it is not ...., no we have not shared that information. That suffices to
say that you know we do get, you know when we manage our fixed priced projects
well, we do get very nice margins.



<P align="left" style="font-size: 10pt"><B>Manoj</B>: Thank you, thanks a lot.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. Next, we have Mr.&nbsp;Mick from Arete
Research, London.



<P align="left" style="font-size: 10pt"><B>Mick</B>: Question on the acceleration in European growth that you have been
seeing. Can you just talk a little bit about what offerings do you see pick up
in Europe? Where does the growth is; UK focused or broader expansion, and a
little bit about verticals, I know it is obviously focus here, and then finally
perhaps some color on your partnering model with companies such as Odena.
Thank you.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I will ask Sudip Bannerjee to answer your question.



<P align="left" style="font-size: 10pt"><B>Sudip Bannerjee</B>: Well in terms of the countries from where we are getting our
business, UK continues to be our largest business followed by the back
territory, and Netherlands has certainly been the big market for us in the last
quarter. With Odena we have a partnership going and that partnership is a
strong partnership, which we hope to leverage; it is a relatively recent
partnership, so we will still have to see the results as we go forward. In
terms of the industry verticals, the largest share of the business comes from
the energy and utilities market, and within that primarily the oil and gas
segment.



<P align="left" style="font-size: 10pt"><B>Mick</B>: And has there been any particular package offerings like package
implementation or is there any particular offering that is driving growth in
Europe?



<P align="left" style="font-size: 10pt"><B>Sudip Bannerjee</B>: Well it is the SAP for the utilities industry, which is one
of the large contributors to our growth; it is also our infrastructure
management services, both of them are growing pretty rapidly.



<P align="left" style="font-size: 10pt"><B>Mick</B>: And are you seeing a broad European acceleration in growth or is it just
pretty much sort of UK, Netherlands focus. Sorry I couldn&#146;t quite hear the
answer before.



<P align="left" style="font-size: 10pt"><B>Sudip Bannerjee</B>: Our focus continues to be in the continental Europe besides
UK and Netherlands, so we are working in Germany and France, we are getting
clients and they are all ramping up. So we are hoping that in the future we
will also get similar successes from the other territories in Europe.



<P align="left" style="font-size: 10pt"><B>Mick</B>: Okay thank you, and one last question from me. What percentage of sales
in Europe is your biggest 1 and 5 client for you?



<P align="left" style="font-size: 10pt"><B>Sudip Bannerjee</B>: Well we are not giving individual client data, but I think
the largest client continues to be from the UK.



<P align="left" style="font-size: 10pt"><B>Mick: </B>Okay great, thank you very much.



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<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. Our next question comes from Mr.&nbsp;Sandeep
Shah of Tower Capital.



<P align="left" style="font-size: 10pt"><B>Sandeep Shah</B>: Sir, if we look at the number of clients more than 20&nbsp;million,
it has risen to around 16 from 12 in the last quarter. So, is it an increase
in spending which is happening and this increase has been for the diverse
verticals or for any particular verticals?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I think if you look at the split of the new accounts added, of the
35 new accounts added, as I said 23 in the US. If I look at the split by
business line, 19 are in the IT and 3 are in the BPO, as will be the rest in
telecom and R&#038;D business, and if you look at that there is really you know we
are seeing a strong growth, actually pretty balanced growth across energy and
utilities, manufacturing, health care, retail is very strong.



<P align="left" style="font-size: 10pt"><B>Sandeep Shah</B>: Okay and we expect this number to be sustainable going forward?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Well, we have had very consistent level of new account openings
for a few quarters now.



<P align="left" style="font-size: 10pt"><B>Sandeep Shah</B>: Okay, thank you.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. Our next question comes from Mr.
Sukhvinder of Amit Nalin Securities.



<P align="left" style="font-size: 10pt"><B>Sukhvinder</B>: Hi! Good afternoon everyone. Sir if you look at the India and
Asia-Pacific IT Revenues, it fell by 26% quarter-on-quarter. Now I just want
to understand, is it the severe competition or the low IT spending in the
region which lead to the lower growth.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: If you look at the Indian IT business, we are significantly
present in the hardware segment also, and if you have looked at these last
trends, always you get a very high peak in the quarter ending March, and next
you get a fairly good peak also in the quarter ending September. So the
product part is little cyclical, and it is in tune with that the Q4 Revenues
were much higher than what we have seen in the Q1.



<P align="left" style="font-size: 10pt"><B>Suresh Vaswani</B>: I will just use this opportunity to talk about the India and
Asia-Pacific business. Q4 tends to be a peak, Q1 is typically a lean quarter,
but I would say this quarter we have had a good performance, Wipro Infotech has
grown 68% by Revenue on a year-on-year basis vis-&#224;-vis the same period last
quarter, and roughly 50% by profit. The services part of the business has
grown 60%, the products business has grown roughly 73%, Revenue from the
services business in Asia-Pacific and Middle East has grown on a year-on-year
basis again by 118%, and we won you know I would say 56 significant projects,
you know system integration type projects, facilities management,
infrastructure management type projects and software integration projects
across India, Asia-Pacific, and the Middle East. So this quarter though looks
slower than Q4, and that is the normal trend because of the product base, is a
very good quarter from a year-on-year perspective.



<P align="left" style="font-size: 10pt"><B>Sukhvinder</B>: My next question is relating to the accounting policy, I just want
to understand the rationalization behind change in accounting policy. This
matter has been answered in the initial statement, but I joined the conference
little bit late.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: This you are referring to the foreign exchange hedging
accounting? There is only one change in the accounting policy, which is with
reference to foreign exchange.



<P align="left" style="font-size: 10pt"><B>Sukhvinder</B>: This has been made marked to market.



<P align="left" style="font-size: 10pt"><B>Male Speaker</B>: That is right.



<P align="left" style="font-size: 10pt"><B>Sukhvinder</B>: Okay, thanks a lot that is right.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. Next, is a follow up question from Mr.
Chetan Shah of Quantum Securities.



<P align="left" style="font-size: 10pt"><B>Chetan Shah</B>: Yeah thanks, actually my question has been answered.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. Our next follow-up comes from Mr.&nbsp;Amit
Khurana of InvestSmart.



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<P align="left" style="font-size: 10pt"><B>Amit Khurana</B>: Thanks. Could you give us the CAPEX that we did for first
quarter and any visibility on what we intend to do for the next three quarters?



<P align="left" style="font-size: 10pt"><B>Anjan</B>: Yeah Amit, if you have any other questions, you can go ahead with that.



<P align="left" style="font-size: 10pt"><B>Amit Khurana</B>: Okay, second, Vivek we keep on hearing these terms likes pricing
or realization or yield managements, really you know, at one point in time we
unless try and understand as what all this mean, basically how does one manage
the realization; is it a quotient wherein previously we were hearing chances of
putting a 100 member team let us say and charging only for 90, any such
practice on, or how does one manage realization differently from pricing?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Well I think that you know I would say that yield management and
realization are pretty similar, which is ultimately you want to measure what is
your return per person, and that is what we publish in terms of how much we
get, and to me that is the ultimate measure, and the way you manage that is as
I mentioned earlier you manage that through pricing which is head on, you know
you go to a customer and you say I want to charge more for what I was charging
you more than I was charging you yesterday, but second is being able to charge
new customers a higher rate than existing customers because we don&#146;t have the
legacy of the past. Those two are what I would call pricing factors, and then
the realization factors are, one is your mix, which is your ability to be able
to charge higher for higher end services to the same customers who will be
willing to pay higher for let us say infrastructure solutions or package
implementation, and the last element is fixed priced productivity where by
being able to get a higher value per applied hour because you were able to do
it more efficiently you increased your realization. So that is how it
separates the buckets of pricing and realization to be able to get the overall
effective dollar per man month that you apply in the business.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: Just on the CAPEX, the investment last quarter in the global
IT business was about Rs. 110 crores.



<P align="left" style="font-size: 10pt"><B>Amit Khurana</B>: And any
numbers for fiscal &#146;05.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: Well we don&#146;t give full guidance with respect to such
granular levels.



<P align="left" style="font-size: 10pt"><B>Amit Khurana</B>: Okay fair enough, fine, thanks a lot.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. Our next follow-up comes from Mr.&nbsp;Pramod
Gupta of HSBC Securities.



<P align="left" style="font-size: 10pt"><B>Pramod Gupta</B>: My question has been answered, thank you.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir. Participants who wish to ask questions,
may please press *1 now. We have our next follow-up question from Mr.&nbsp;Manoj of
JP Morgan.



<P align="left" style="font-size: 10pt"><B>Manoj</B>: Yeah, good afternoon sir. My question actually relates to your
consulting business and there you reported a couple of acquisitions last year,
but we see as a percentage of Revenue consulting actually continues to come
down. Can you just talk us a little bit through what is happening there and
what is the expectation on the consulting business going forward?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Sure. I think that what we have done is we have blended
consulting into our ADM practices, and basically have been able to use the same
consultants for both account openings, account management, as well as driving
let us say a project development or driving even a niche package implementation
business. So as a result consulting as a separate stream has become more and
more difficult to segregate and particularly since our focus on consulting has
really been not necessarily to create a parallel line with its own Revenue and
operating margin as much as to use it as a catalyst for driving our overall
business. So we try to integrate as much down the line as we can with the
individual vertical teams and the SBUs.



<P align="left" style="font-size: 10pt"><B>Manoj</B>: Thank you.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: Can we have the last question operator?



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Sure sir. Our last question is a follow-up from Mr.&nbsp;Mick of Arete
Research, London.



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<P align="left" style="font-size: 10pt"><B>Mick</B>: Just wanted to get your thoughts on attrition, annualized 17%, given the
acceleration in growth rate and headline growth that your peers in the service
are staying in the quarter, do you expect that to actually rise before we start
that seeing go down?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I am sorry, you said how much attrition, you said ...., 17%,
sorry, okay. Yeah I think that clearly attrition is rising because of the
higher demand for people in the country as India has been discovered. We are
trying to manage our attrition in two ways. One is to try and spread as much
as of the business outside Bangalore as we can, because Bangalore is very heavy
on attrition because revolving door here is spinning faster and faster and the
second by realigning the compensation levels.



<P align="left" style="font-size: 10pt"><B>Azim Premji</B>: You know I would just request Suresh Vaswani, who is President of
our Wipro Infotech business to give you some quick idea of how we get synergy
between our domestic IT business and our global IT business through some
organizational structuring.



<P align="left" style="font-size: 10pt"><B>Suresh Vaswani</B>: What is not so well known in fact I manage Wipro Infotech, but
I also manage the technology infrastructure services business globally, which
resembles the sort of work that we do in India, and the testing services
business globally. So you know these organizations restructured and in any
case this was happening earlier, we are able to leverage adequately the
strengths of both the organizations, both in the global market place as well as
in the domestic market place. We are a very significant infrastructure
services player with a large number of strong infrastructure relationships and
we are able to get the best practices of this globally as well as use some of
the best practices globally in the software space, particularly in the domestic
market. So there is adequate amount of leveraging happening, organizationally
as well as in terms of knowledge management, people movement, and so on and so
forth.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Thank you very much sir.



<P align="left" style="font-size: 10pt"><B>Lakshminarayana</B>: All right Prathibha. We close the call. Thank you ladies
and gentlemen for participating in the call. If you need anything else please
feel free to call the investment relations team and we will be more than happy
to respond to your query. Thank you and have a great day.



<P align="left" style="font-size: 10pt"><B>Moderator</B>: Ladies and gentlemen, thank you for choosing Cyber Bazaar&#146;s
conferencing service. That concludes this conference call. Thank you for your
participation. You may now disconnect your lines. Thank you and have a nice
day.



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<P align="right" style="font-size: 10pt">EXHIBIT 99.5



<P align="center" style="font-size: 10pt"><B>WIPRO LIMITED Q1 04-05 EARNINGS INVESTOR CALL (EVENING CALL)<BR>
JULY 23, 2004</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Ladies and gentleman thank you for standing by. Welcome to the
Wipro Earnings conference call. At this time, all the participant lines are in
a listen-only mode. However, there will be an opportunity for questions.
Instruction will be given at that time. If you need any assistance, please
pressure *0, and as a reminder today&#146;s call is being recorded. I would now
like to turn the call to Mr.&nbsp;Sridhar Ramasubbu. Please go ahead Sir.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sridhar</B>: Good morning Ladies and Gentlemen, and good evening to the
participants across the globe. We extend a warm welcome to all the
participants from US, UK, and elsewhere to Wipro first quarter results, quarter
period ended June&nbsp;30, 2004. We have with us today, Mr.&nbsp;Azim Premji, Chairman
and Managing Director, Mr.&nbsp;Suresh Senapaty, Chief Financial Officer who will
comment on the US GAAP results for the quarter ended June&nbsp;30, 2004. They are
joined by Mr.&nbsp;Vivek Paul, Vice Chairman, Mr.&nbsp;Suresh Vaswani, President of Wipro
Infotech, Mr.&nbsp;Raman Roy and other senior members of the management team who
will be happy to answer the questions you have. The call is scheduled for one
hour, the presentation of the first quarter results will be followed by a
question and answer session. The operators will walk you through the procedure
to ask the question. The entire earning call proceeding are being archived and
the transcripts would be made available after the call at www.wipro.com.
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
Private Securities Litigation Reforms Act of 1995. These statements are based
on management&#146;s current expectations and are associated with uncertainty and
risk, and these uncertainties and risk factors have been explained in detail in
our filings with Securities Exchange Commission in USA. Wipro does not
undertake any obligation to update forward-looking statements. Ladies and
gentlemen, over to Mr.&nbsp;Azim Premji, Chairman and Managing Director Wipro.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Azim Premji</B>: Good morning Ladies and Gentlemen. Your Board of Directors in
the meeting held this morning approved the accounts for the quarter ended June
30, 2004. Results have been mailed to those registered with us and are also
available on our website. Let me share with you some of our thoughts on our
performance and prospects. Building business momentum is a tough task,
sustaining it is even tougher. It is gratifying to note that we have been
successful in both so far. For the quarter ended June&nbsp;30, 2004, Revenues in
our global IT services business was $300&nbsp;million ahead of our guidance of $292
million. Consistent with our performance in recent quarters, every single
vertical, every single geography, and key service lines witnessed robust
Revenue growth. Our sequential Revenue growth of 8.4% in dollar terms was a
result of a 10.5% growth in our enterprise business and a 7.1% growth in our
R&#038;D business. In terms of geographies, Europe led the growth with a 20.3%
sequential Revenue growth. Among our services, Package Implementation
continued its robust growth with an 8.9% sequential increase. Equally
importantly, we witnessed healthy improvement in our price realization for the
second consecutive quarter. While it is too early to claim a return to a
period of price increases, pricing pressures are clearly on the wane.
Consequent to this and combined with improving operating efficiencies, we
improved our operating margins for the fourth consecutive quarter. In line
with our articulation in the last quarter conference call, our BPO business had
subdued growth in the June quarter. However, we see improvement in the outlook
for that business and are confident that it should be back to better growth
rates in the current quarter and grow ahead of the industry during the year.
Looking ahead, the environment we see is one of strong volume growth and stable
prices. As more corporates realize the benefits from global delivery of IT
services, the share of outsourcing in the IT pie continues to grow in terms of
quantum of work as well as in terms of different service lines. This signals
well for strong growth in Indian IT services industry. However, wage pressure
may pose a challenge to sustaining business profitability. In summary, the
prospects are encouraging but there are challenges as well. You may rest
assured that Wipro is as committed to growing Revenues and profits as we are to
building a global organization. I will request Suresh Senapaty, our Chief
Financial Officer, to comment on the financial results before we take
questions.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty</B>: A very good morning to Ladies and Gentlemen. Mr.&nbsp;Premji
shared our view on the business environment. I will touch upon a few aspects
of the financial and operational significance. For the quarter ended 30 June,
2004, our profit after tax grew by 83% year on year. The return on capital
employed of 33% at the company level comprised of return on capital employed in
Global IT business of 62%, India and Asia-Pac IT business of 19%, and Consumer
Care and Lighting 82%. The return on capital employed at company level was
lower primarily on account of cash and cash equivalents, which constitutes 41%
of capital employed. During the quarter we had sequential Revenue growth of
8.4% in our global IT services business which comprised of 9.2% Revenue growth
in the IT services component of that segment and 2.1% growth in the IT enabled
services business component of that segment. The 9.2% growth in the services


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">component was driven by a 6.9% growth in the volume of business combined with a
3% increase in our realization rate of work performed Offshore, and 2.8%
increase in our realization rate for work performed Onsite at our clients&#146;
offices. The 2.1% growth in our IT enabled services business was primarily due
to growth in volume of business partially offset by a sequential decline in
price realization.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">On forex front, our realized rate for the quarter was Rs.44.01 versus rate of
Rs.45.89 realized for the quarter ended March&nbsp;04. The primary goal of our
forex strategy is to de-risk to the extent possible business results from
fluctuations in the currency market and to provide a high degree of certainty
on our cash flows arising from foreign exchange transactions. In order to
ensure that our financial statements reflect the intent of our strategy, we had
adopted cash flow hedge accounting in the quarter ended March&nbsp;31, 2004. The
provision to adopt this methodology did not exist in the Indian GAAP. In light
of the clarifications issued by the Institute of Chartered Accountants of India
in June&nbsp;2004, and to bring about a higher convergence in the reported results
under two GAAPs, we have adopted cash flow hedge accounting in Indian GAAP as
well effective quarter ended June&nbsp;30, 2004. In the absence of cash flow hedge
accounting, the entire forward contract would be marked to market thereby
inducing volatility in quarterly results which defeats the basic objective of
hedging, which is to minimize that volatility. We therefore believe that this
methodology is a better reflection of the business intent.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Our forex strategy is yet another reflection of our approach of minimizing the
impact of external factors on operational performance. More importantly, it
provides reassurance to our stake holders that our earnings are less
susceptible to volatility in foreign currency market. As of
30<SUP>th</SUP> June&nbsp;2004,
after allocation for foreign currency assets on balance sheet, we have
outstanding hedge of approximately $1&nbsp;billion deliverable over the next six
quarters. The average rates of these contracts are in the range of between
Rs.44 to Rs.45.50 per US dollar. The average rates of the contracts maturing
in the current financial year are in excess of Rs.45.20. For the quarter ended
30<SUP>th</SUP> June&nbsp;2004, net income computed in accordance with US GAAP is 91% of the
profit after tax as per Indian GAAP. The difference is primarily on account of
different Revenue recognition standards, amortization of intangible assets, and
accounting for certain forward contracts.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">We are considering a review in compensation of our team in IT services and BPO
business during the quarter ending September&nbsp;04. The compensation increase as
well as on certain IP sales which are lumpy by nature can impact operating
margins for the quarter ending 30<SUP>th</SUP> September&nbsp;2004, which we will be able to
partially offset through productivity measures. We will now be glad to take
questions.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Ladies and gentlemen, if you would like to ask a question, please
press *1 on your touchtone phone. You will hear a tone indicating you have
been placed in the queue. To remove yourself from the queue at any time,
please press the pound key, and we ask if you are using a speaker phone, you
please pick up your handset before pressing any numbers. Once again, if you
have a question, please press *1 at this time. First, from the line of George
Price, with Legg Mason, please go ahead.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>George Price</B>: Hi, good morning. Thank you very much. I wanted to just ask a
little bit about the package implementation growth that you saw which is very
strong, what is driving the software package implementation business, maybe
specifically what packages are in most demand, and then what do you see and
think regarding the recent software company pre-announcements and is that
having any impact on demand for services?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Rich Garnick</B>: Yeah, this is Rich Garnick. What is driving the business is no
specific package, it is our fundamental business model which is driving the
business for us. All our packages have grown nicely. We have four major
service lines, SAP, Oracle, People Soft, and Seibel. Each of them had a double
digit reported growth as units, and what we see as a sustainable growth of the
business based on the value proposition leveraging the global delivery model
and the execution excellence that we have been able to deliver to our clients.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>George Price</B>: And then, in terms of the software pre-announcements?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Rich Garnick</B>: Yeah, regarding the software announcements, we don&#146;t see that
having at least in the near term much of an impact on our business because of,
as I said, the value proposition we render and the fact that with such a
tremendous installed base of packages that have been distributed throughout the
market place that enabled us to take advantage of the overhang of the
implementation store out there, and the optimization customers are looking for.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: Yeah, if I can just add to that as well, this is Vivek Paul here.
Basically, if you look at the business that we do, majority of it is around
supporting an existing install. For example, on SAP, SAP


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">typically will do what is called RICE, reports, interfaces, etc..., and as a
result our business is more around being able to provide as Rich mentioned the
Offshore delivery around an existing application. We also do new package
implementation work, but again there typically our work is not the grand, you
know, say $60&nbsp;million upgrade as much as it is around either implementing
specific module add-ons etc.. So while we do not see any impact of the
software pre announcements that we have heard so far, obviously we want to keep
a very watchful eye.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>George Price</B>: Great, and then maybe also if you could give us an update from
your perspective on the competitive environment both from your other
competitors in India and as well as the multinational firms in terms of any
progress that they may or may not be making. Thank you.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Rich Garnick</B>: Yeah, from a competitive standpoint, I think our growth speaks
for itself. I think we continue to win in the market place, show strong
Revenue growth and volume growth across, as Mr.&nbsp;Premji pointed out, all
geographies and all SBUs that the business has. So, I think we continue to
win. We win more than we have been losing from a standpoint of our target
customer base. We as an organization, and the Indian IT industry still has a
small percentage share of the overall IT services industry and if that share
that we are able to candidly take from the incumbents for the foreseeable
future, then I think would give us a sustainable growth model.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: I think that, if I can just add to that, you know, first of all as
Rich pointed out, the growth rate clearly indicates the differential
competitive share that we are grabbing. I think that if you look at the
international players, we are seeing them expand in terms of the number of head
counts in India, but we are not seeing any win rates that they have had in
advance of ours. We are also hearing that while they have got people, I think
that outside the BPO business, particularly on the IT side, they haven&#146;t got as
much demand tractions, except unless they are doing as part of an existing
relationship. Relative to Indian competition we do believe that we are winning
more than our fair share of new business. In this quarter we won 35 new
accounts, 23 of them in the US despite all this talk about the offshoring
backlash, 19 in the IT space which continues to be a good growth engine for us
right now. So, I would say that net-net we are feeling pretty good that you
know based on our specialized knowledge of how the global delivery model works,
we gained share against our global competitors, and based on the breadth of our
service lines, we have both the ability to offer our investors steady growth,
but also to our customers a more attractive package.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>George Price</B>: Great. Thank you.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Our next question, from the line of Tripp Choudhary with Midwest
Research, please go ahead.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Tripp</B>: Thank you. Again, good morning here. I would like to get little bit
color on the strength that you have on the package implementation. I was
wondering if you can give us some insights into which verticals you are seeing
more strength, and especially in modules where do you see more business coming
your way in that direction, and then I have a follow up too.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Rich</B>: Okay, I mean, as I mentioned, we are seeing broad bulk of business in,
from a standpoint of which verticals, we are seeing strength in the enterprise
space primarily in the retail, manufacturing, and energy utilities verticals,
both across North America and Europe. We have also done some significant wins
in Asia Pac, where we have implemented and actually executed a complex
engagement in Japan and in mainland China of pan Asian implementation giving up
some real good traction on a global basis.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Tripp</B>: Now, regarding the BPO offering that you have, I was wondering, what
were the reasons that we may not have same growth this quarter and probably
what will make us feel that there will be more growth in the coming quarters,
what makes you feel comfortable on that end?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Rich</B>: Raman Roy, if you can handle that.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Raman Roy</B>: I think, one, on a sequential basis the BPO business grew by about
2%, that was a 78% growth on same quarter last year. Yeah, we did have only a
2% growth. That is the combination of multiple factors. For certain large
customers, while the total business we do with those customers grew, within
that some of the components of their business where we service a product that
faced sluggishness in the market in which they operate, thereby reducing the
number of transactions that emanate for those products took away the growth,
overall growth that we had with those customers compensating some of that. We
also had for one of our large retail customers, a change in the business model
where instead of catalog as a mode of going to their customers, they decided to
go for store sales, and that led to a dramatic decrease in the


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">number of transactions that were emanating from the earlier model. We also had
pieces of business that were one-time business as we brought out at last
quarter, and all that aspects impacted some of the growth that we had with the
decline that we had here. We are bullish on the future, essentially emanating
from the requirements that our customers have articulated for what they need.
We are now at about 10,750 people at the end of last quarter, and that is to
feed the growth that our customers are looking for and we believe that we will
grow in line with what the industry is growing if not better.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Tripp</B>: Thank you, and lastly, this may be a question for Mr.&nbsp;Premji, how is
the new Indian government catering towards IT sector in India and do you see
them pulling out any incentives in short to mid term?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Azim Premji</B>: Well I think what you must appreciate that the current government
has a very high sensitivity to generating rapid employment growth in the
country. The IT sector today is employing almost a million people directly and
probably close to another three million people in terms of peripheral services.
It is the sector which is growing at 30% a year. From the point of view of
any government, the government will continue to support this sector. Also it
is a major foreign exchange earner, and I see no difference in the current
government.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Tripp</B>: Thank you, and congratulations on a good quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Azim Premji</B>: Thank you.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Our next question is from Mayank Tandon with Jenny Montgomery
Scott, please go ahead.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: Thank you. I had a couple of questions on pricing and wages, if Vivek
you could maybe talk a little bit more about pricing on newer deals versus the
mix issues that may have also helped pricing in your current quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: Sure I will. I think that if you look at pricing, we had 3%
sequential price growth and that came on the back of a quarter prior that also
had very good price growth. So our outlook is more on price stability but
perhaps not at achieving pricing growth phase that we have been at. I want to
break down the pricing into four pieces. One is negotiations with existing
customers. You are charging $1.10 for what you were charging $1 for a day ago,
and there frankly we haven&#146;t really seen the environment turn so much that we
can be very aggressive. We were, I mean, total price improvement on a
negotiated basis this quarter have come up but that is not something that we
are willing to go on to the bank with. The second is getting price increases
from new customers, and of course then getting the benefit as they blend into
the existing volume base. There we have seen substantial improvements and we
are seeing new customers coming in at a substantially higher rate than existing
customers. The third is, we are looking at improvements, for example, we drive
package implementation business or infrastructure services, or chip design, all
of which are elements where we charge higher than our vanilla ADM, and product
maintenance business, and there we are also seeing as that mix is shifting in
our favor, we are beginning to see more pricing leverage. Finally, we are
seeing versus a year ago and even versus the couple of quarters ago, more
productivity in the fixed price projects where we have been able to do better
than we had in the past. So I think those are the things that contributed into
our last quarters pricing growth. If you look at on a go forward basis, we
should see stability but not necessarily quantum jumps in those areas.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: That&#146;s very helpful. And also could you comment on Offshore wages and
when do we expect to see the next increase pass through the P&#038;L and also what
is the percentage of Offshore salaries as a percentage of Revenue and the total
cost structure for the company?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: If I look at the BPO business, the BPO business passed a salary
increase of 15-18% in the last quarter, the quarter that we are announcing the
results of, and that is what we have, you know, we have been able to already
factor in. To answer your third question first, which is Offshore salary as a
percentage of sales, it is about 18%. And finally in terms of go forward
salary increases, we are expecting that we will see salary increases. We won&#146;t
have a sort mega day where on one day everybody will get a salary increase. We
expect to spread this between September and January, and the quantum isn&#146;t
fully decided yet, obviously the September ones are decided but not the rest.
We want to be as sensitive as we can to what the requirements are. At the same
time what we are doing is, given the fact that we will see compensation rise,
we do want to manage our overall compensation cost by blending in more people
from campus and as a result keeping our overall compensation bill the same. So
for example we did system analysis that says that for the salary increase which
is in January in the last quarter, we were actually able to hold the
compensation bill flat on a per head basis as a result of that blending in.


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: Okay, so the impact of wages from September through January would be
similar to last year as well. So the impact would be over a quarter or two, or
does it flow through the entire year?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: Well I am not sure how to answer your question; I think that we
would, once it comes in obviously the employees get salary increases that go
on, so...


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: We see a one-time bump in a given quarter or it tends to be more even
across the several quarters?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: Well, you are going to see a bump in the September to January
timeframe, which is when as I said the salary increases kick in, so you are
going to see a bit of a bump in the quarter that we are currently in, a bit of
a bump in the quarter subsequently. At the same time we will have the
mitigating factors that I just described in terms of managing the overall mix
of employees.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: Okay. And I wanted to also get the rupee function for the rest of the
year, I think, it already have been mentioned, and related to that I wanted to
understand why, if I am not mistaking, you used end of period dollar rupee
exchange to recognize US GAAP when the other companies in the space seem to be
using the monthly average for P&#038;L purposes.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty</B>: I think you are right that we do also monthly average, but
just for the purpose of understanding the numbers, we are just giving a
translation to that piece, which means, while these numbers are reported,
because we use rupee as a functional currency, so just for a better
understanding in dollar terms the 30<SUP>th</SUP> June end date, we convert all the
numbers for people to understand, but in the P&#038;L it is based on the average
dollar exchange, but it is not the translation, convenience translation
reporting.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: Okay, So which Revenue numbers should we use, the 300&nbsp;million or the
294&nbsp;million?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty</B>: Yes, 300&nbsp;million would be the basic average, but if I do a
translation, it comes down to 294. So, 300 is the right number in terms of
actual dollars billed by the company.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: Okay, and then the impact, or the rupee assumption for the rest of the
year, and how do the rupee impact the current quarter?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty</B>: The last quarter rupee impacted by about 50 basis points.
For the rest of the year, we expect the rupee exchange to be about 45, in
excess of Rs.45.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: The 50 basis point impact was positive impact on operating margins.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty</B>: Adverse impact in the last quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: Okay because of the foreign currency loss, right?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: That&#146;s right.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: Okay. One final question, are you doing any people acquisition as
part of your outsourcing deals, and if so how does that change your model going
forward.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: We are doing that, so far we have done it in a very small amounts,
so it really, I mean, I would say net-net cumulative may be under 100 people.
So, it has not really changed our model at all. As we go forward, we are very
sensitive to trying to achieve our operating margin goals when we do things
like that.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: Are clients demanding people-based acquisitions or are they flexible
for the vendor?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: I would say that you know, as you look at the deals so far, there
have really been no major deals that has gone down like that. I think that
there are deals out there that customers are talking to us about, but you know,
we have been down that pass before, we are not seeing any major deal happen and
we will see how it plays out.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: So, you don&#146;t lose a deal because of that.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: No we don&#146;t.


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Mayank</B>: Thank you.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Next question from the line of Lou Missiciosia with Lehman
Brothers, please go ahead.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Lou</B>: Okay great. Am I coming through okay?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: Yes you are.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Lou</B>: Thank you. First question has to do with the US election coming up. I
know there has been obviously a quite a bit of rhetoric tied down as the
backdrop for the upcoming convention. Do you think you know, I guess you can
share with us some thoughts leading up to the election as they might affect
things, and then I guess after the elections that you think that things will
change dramatically, in the sense that, may be dissolve finally, dies down and
goes away and may be just back to business for you all.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: Well you know, first of all there really is a bit of guess on our
part, so I don&#146;t want to paint like you know, we know it out, but I think that
what we have seen is campaign rhetoric is down. I think it is down on the back
of an improving economy and improving job situation. I think if that changes
we may see the rhetoric feedback. I think that regardless of the rhetoric
there is a genuine concern in the minds of the American population about
outsourcing. There are opinion polls that indicate that this is an issue. So,
I don&#146;t think that we should treat it likely or we should think that the issue
goes away. However, I think that the engagement on this topic has been very
constructive. I think that the concerns around privacy, concerns around
security are being addressed in a very cooperative way through the industry
associations. I think that in terms of the trade issues, I think that people
are viewing this as being a trade that generally grows and there is not really
anything that is coming down the pipe that we feel that poses a potential
threat, and finally on the visa issue, I think that whole discussion around
whether Indian companies are compliant or not has been settled generally in our
favor. So, what we are seeing is the debate moving away from what global trade
should be doing and what companies like Wipro should be doing or industry
association should be doing and the discussion and debate is now moving more
towards what needs to be done to take care of different franchise in terms of
what needs to be done on employment side, on the re-training side, as well as
on an ongoing basis and emphasis on education, which I think is good long term
for everybody.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Lou</B>: Sure, next question was on the software companies pre-announcement. Have
you all been able to just ascertain anything as to why so many software
companies, especially the smaller ones pulling down, and a number of different
theories, obviously the simplest one is that CIOs got more conservative going
into the end of June, but others are pointing out that may be just a thought
that companies&#146; changing their licensing policy that impacted them, or that
obviously there is a aggregation in business to really the biggest players, and
the smaller ones are suffering. So, can you just, you are working so much,
obviously with your customer, you might pick up something a little bit
different than with the general conventional thought out there.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: Well, actually, let me jump in there. I think that the way that,
again, none of them have been whispering in our ears, what happens; this will
be our best guess also, which is that, in talking to the software companies we
work with, we did not see this problem coming. So, I think that as a result in
some sense it was a bit of a end of the quarter event, and it could well be
that people froze up in terms of buying software licenses at the end of the
quarter. As I said, you know, having said that, our information is somewhat
second hand given the fact that the bulk of our business is around existing
installed bases, and whatever feedback I can give you is more along the lines
that because we do work on existing installed base, we do rub shoulders with
the software companies, but that is the best that I can help you with.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Lou</B>: Great. Thank you.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Our next question is from Julio Quinteros of Goldman Sachs, please
go ahead.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: Good evening or actually say good evening to you guys in
India. Vivek, may be I could start with you on the first question that I had
with regards to your salary increases. Can you give us a sense on how much of
your salary increases are actually variable?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: I say that, you know, if you look at our variable inputs, it is
roughly about 15%.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: 15%, Okay. And secondly, I guess maybe Vivek you can answer
this, since you touched a little bit on the visa issue, can you give us a sense
on how you guys are planning for visas in the upcoming


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">government fiscal year. I think we heard a couple of your competitors already
say that they were also proactively planning. What is in your visa pipeline
for H1Bs?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: 1,000.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: Okay, those are new applications?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: Yes, we have 1,000 H1B visa ready people. In addition, if you
look at the mix of visas that we use, we are more oriented towards L1 versus
H1. So, as a result, we are in fact generally protected, that&#146;s the number.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: Okay. So those are, I am sorry, let me make sure I
understand this. In the upcoming fiscal year, have you guys put in
applications for the next government fiscal year?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sridhar</B>: Yes, we did advance planning and we have filed applications for
visas.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: Okay, and I guess, if I can kind of switch over to, may be
Rich, you can answer this question or whoever can, please feel free to jump in.
Can you give us a sense on your large mega outsourcing contract with Shell, I
don&#146;t need specifics on, you know, kind of the numbers, but can you give us a
sense on how the contract is ramping up, what you guys are seeing, and is the
pace of the ramp up there in line with your expectations given the actual size
of the contract or the opportunity?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Rich</B>: Sudip Banerjee will handle that.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sudip</B>: I just want to make the comments which I can make because we don&#146;t give
details about individual customer engagements. What has happened with Shell is
that they, after an extensive evaluation, they have selected us as one of the
two large outsourcing vendors, and the engagements have started from June
onwards. The ramp up plans with them are very steep, and we have started
seeing those ramp ups starting from early July. So, we do expect this quarter
to have Revenues from Shell, but as we go through the rest of the year, we will
have hopefully, more ramp ups in that account.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: Have you disclosed how many total people you plan on ramping
that up to over the next couple of years?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sudip</B>: Unfortunately, that is the number I cannot give you.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: Okay, no problem. And, I am not sure which one of you guys
can answer this, but I am just wondering about the strength in your European
business. Can somebody address that please?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sudip</B>: To continue on the European business, we have had an excellent quarter
in Europe. We have got more than 20% sequential growth, and a lot of this has
come from the UK, and part of it has also come from the Netherlands. In the
last 2-3 quarters, we have started a number of engagements in France and
Germany. So, we are seeing the positive effect of all the customers that we
are growing in the European territory.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: Okay. Of the four countries that you indicated, I believe
the UK is your biggest market, is that correct?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sudip</B>: That is right.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: Okay and most of that is energy and utilities?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sudip</B>: Energy and utilities is the largest constituent, but we also have
business from manufacturing, retail, and financial services.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: Great.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sudip</B>: Telecom service providers is also a major contributor.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: Okay great, and then I guess finally from me, can somebody
just address the turnover in the current quarter please, employee turnover.


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sudip</B>: The employee turnover for this quarter has been 17% in IT services and
about 20% in the BPO services. The IT services number is annualized, and the
BPO number is for the quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Balki</B>: This is Balki here, what is worthwhile noting is that the voluntary
attrition has dropped by 1&nbsp;percentage points from 16% to 15% in this quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Raman</B>: And also for the BPO services, the 20% is 100 basis points drop, but
more importantly what we are seeing is we have broken up our attrition on,
attrition during training and attrition post training, where it impacts the
Revenues, and the post training attrition is 14% for the quarter and that is 2
percentage point drop from the previous quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: And that was with regards to turnover, then may be can you
guys talk a little bit about how the labor market is, in particular with
regards to competition from multinationals, both in the captive side and the IT
services side. I mean, are these guys still going after your employees
aggressively or have you seen some tapering off in those efforts?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sudip</B>: Well, as far as the IT services business is concerned we are seeing a
lot of demand for people as more and more companies set up larger and larger
Offshore development centers. We had initially some losses to the people who
have come in here, but that is not a significant number. In fact, based on our
analysis, we find that our hiring from our peer companies including
multinational majors operating here is more than what we have lost, but the
overall attrition level in the industry has gone up because of the increased
demand and this is for people who are getting job fear plus people who are
moving to other places for jobs overseas as well.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Julio Quinteros</B>: Okay, thank you very much for your time.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Next question is from the line of Ashish Thadhani with Brean
Murray, please go ahead.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Ashish</B>: Good evening, just wanted to focus a little bit on the SG&#038;A, which is
for the last quarter at about 12% compared with 18% a year ago when it peaked.
Is it reasonable to assume that this has stabilized and could you comment a
little bit on your operating margin outlook for the balance of the year?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty</B>: So far as the operating margin for outlook is concerned, I
think, like we have discussed in the previous questions that there will be
impact of the lumpy IP sales where it is uncertain and also in terms of the
compensation increase. While we will continuing with the momentum in terms of
productivity increases whether it is in terms of the fixed-priced project,
utilization, or more of Offshore and correcting the, what you call the, having
the mix of the people marked different, in terms of having more freshers than
the experienced guys so far we have been having. And so far as the SG&#038;A, we
think it will move in a narrow band going forward.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Ashish</B>: Okay, and just another question, broader question. There have been a
couple of pretty important developments over the last month or two,
specifically the annual budget in India as well as decision by TCS to move
ahead with its listing. Is there any information here that you need to pay
particular attention to or we do that could have margin or other implications
for Wipro?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: Not that we know of; particularly it had no impact on us at all,
and as far as the TCS IPO is concerned that has no impact on us at all either.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Ashish</B>: Okay, does it give you any kind of a reaction based on the numbers
that you have seen relative to what you might be able to do or not do with your
margins going forward?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: I mean, neither the budget nor the TCS IPO has any impact on
margins.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Ashish</B>: Okay. Thank you very much.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Next question from the line of Ashwin.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty</B>: Before that, Ashish, just to give you, you talked about the
SG&#038;A having changed significantly. If you look at global IT services, the SG&#038;A
March&nbsp;04 was 10.6% and June&nbsp;04 was 10.8%. So, there is a marginal change. May
be you are looking at the entire on a Wipro consolidated level. Typically,
based on the mix of the people, they will not be similar. In terms of the mix
of the businesses that we are, Wipro Technology, Wipro Consumer, and Wipro
Infotech, so Y-O-Y June &#146;03 is what, yes, you have said that


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">18%
and 12% is June &#146;04 at a Wipro consolidated level, but the way you should
look at is at a business unit level, how does it operate business line wise.
Business line wise, they are more or less consistent.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Ashish</B>: Excellent. Thank you very much.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Next question from the line of Ashwin Shivalkar with Citi Group.
Please go ahead.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Ashwin</B>: Thanks for taking the question. Just wanted to revisit voice-based
BPO issue. You made a fairly strong statement in your release about
voice-based BPO returning to a normal growth patterns after US elections and
just wanted to figure out once again; does this confidence stem from what
clients have told you or is it the best guess; and secondly, from a defensive
standpoint, do you think you need US-based or North American based call center
infrastructure as an option to offer to clients?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Raman</B>: The statement that we made was overall on the BPO business. We at this
point of time for the quarter gone by, 85% of our BPO business is voice based.
Our comfort and confidence on having sequential growth far better than the 2%
that we had is based on what our customers are asking us to do, the way they
see their markets evolving and whether the incremental business that they are
wanting to give us to fulfill their growth or needs. We have a fair number of
customers, if you look at the last three quarters, four quarters, we have added
customers. It takes time within the BPO business for customers to get comfort
when they are doing the remote offshoring for the first time, and we are seeing
customers cross that threshold and ask for an increase.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Ashwin</B>: Okay, and in terms of, do you need more of the US-based call center
infrastructure if only as an option to offer?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Raman</B>: As an option, yes. Do we see customers asking for it to fulfill their
needs, there have been some discussions on that with some customers, but at
this point of time, we do not see the need of doing complete fulfillment of any
customer need from a near shore or onshore fulfillment perspective. Wipro BPO
does not at this point of time do any near shore fulfillment and we do not see
a crying need for that.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Ashwin</B>: Okay. An unrelated question, you know, Flextronics recently acquired
one of your India-based competitors in R&#038;D services. Do you see this as an
emerging trend or a threat that you need to tackle in anyway?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: I think that the trend of second tier companies being bought by
overseas competitors is probably real one. However, I think it still remains
to be seen as to whether they are able to make the most advantage of it.
Particularly on Flextronics, frankly it is quite an intriguing play on their
part, but really the jury is out and quite far out in terms of whether that is
going to be a success or not.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Ashwin</B>: Okay thank you, nice quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Next question from Jim Burne, please go ahead.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Jim Burne</B>: Thank you for taking my call. Question on, today what percent of
your Onsite or onshore workers are on visa?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Ladies and Gentleman, we have lost the host site connection.
Everyone could just hold on while we reconnect, one moment please.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Ladies and Gentlemen, we do have the host site reconnected, and Mr.&nbsp;Burne if
you could restate your question.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Jim Burne</B>: Yes, good evening, thank you for taking my call. I wonder you
could share some insight as to what percent of your Onsite or onshore resources
in the US and Europe are on visa?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: That would be the majority, vast majority.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Jim Burne</B>: Going forward, may be not even with the next government fiscal year
beginning in September here in the States, but I think some of the visa
discussion has been around at least keeping the current limits if not rolling
them back in terms of numbers; if you look out, may be two years, do you think
you will have access to significant number of visas to continue that model or
might you have to begin to hire more domestic resources?


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: Well, I think that you know it is really anybody&#146;s call right now.
I think that in some sense as we grow our Offshore percentage of Revenue, we
can get more leverage from the same number of people who are on visa in the
country. So, first of all, we want to make sure that we exploit that. If I
look at our Offshore Revenue, there is still a substantial percentage more of
our Revenue that we can do Offshore, and so I think that to us that is the
number one productivity group in terms of being able to get the maximum
leverage from visas. At the same time, we are not averse to hiring locally,
and as you know, we have got a center in Kiel; we have got local Germans there.
We have got centers in Yokohama; we have got local Japanese and Chinese there.
We have got centers in Canada and in the US, so I think that we are not averse
if with economics work out, but we are certainly looking at moving more work
Offshore first as a way to leverage the model.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty</B>: And also just to supplement this. Limits are every year, so
which means you get additional every year those limits added on; So, a., you
have an install base. B. based on the new limits that come in, you can add on,
and these limits are applicable for H1B visas, while Vivek talked about there
are other visas also like L1, which these limits do not apply.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Jim Burne</B>: Thank you. The second question is, can you speak about the growth
of your infrastructure services, in particular what type of activities you are
doing there and aside from may be the Shell relationship which was a terrific
win, where else are you seeing success in some of those activities which might
be characterized as moving a bit further up the stack.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul</B>: I think that, you know, we clearly can&#146;t give customer-wise
details, but what we are seeing is that, as far as the infrastructure services
business is concerned, we are getting traction, and we expect to continue to
see getting traction, but I am not sure we could state how do you, you know,
what more we are doing. The good news is we are beginning to move more and
more of that work Offshore. It used to be very Onsite centric, is becoming a
little bit less though.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Jim Burne</B>: I am sorry, I wasn&#146;t necessarily referring to customer specific,
but can you tell us what type of activities you are doing, regardless of the
customers, what kind of activities that you are taking on that, is a broad
category of services.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Vaswani</B>: On the infrastructure services side, our activities are
primarily focused around data center management. We do server management, we
do network management, we do security management, we do database
administration, so basically all the services that go around managing the data
center we do in a global delivery model which is Onsite and Offshore. In
addition to that, we do a lot of IT Helpdesk type of services, which leverages
on our BPO business. So, that is another aspect of IT infrastructure
management that we do, and we are also getting into contracts and into
partnerships, which has some element of Onsite support as well.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Jim Burne</B>: Thank you.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Our final question is from Sameer Nadkarni with WR Hambrecht,
please go ahead.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sameer</B>: Just a quick question on the macro environment, could you just comment
specifically on any changes, if any, that you may have seen during June and
July, last couple of months, in terms of sales cycles, closed rates, and then
also in particular in terms of the time it takes for a new account to ramp up
to your milestones like $1&nbsp;million Revenue contribution or $5&nbsp;million or any
other similar milestones?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Rich</B>: No, we have not seen any affect of the macro economic environment affect
our business because there is no change in the sales cycles to any significant
magnitude. In fact, as Vivek pointed out, we have significant number of new
wins in North America, both across the business, across geographies, and across
vertical. I think, one nice thing about our model is when the economy is
strong, we get more outsourcing business. When the economy is soft, we have
seen opportunities where we grow in soft market because the pressures on our
clients to cut cost and leverage the global delivery model and we have been
able to grow in those markets. So, regardless of the economic conditions at a
macro level, we have shown that we can demonstrate growth in either market, and
I think that goes well for the model.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sameer</B>: Thanks a lot, great quarter guys.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sridhar</B>: John, there are no more questions?


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: No further questions.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sridhar</B>: Okay, lets end the call and.... Thank you very much for your
participation, and if in case you want to reach out to me, you can call me on
the cell phone or e-mail. Thank you very much.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Moderator</B>: Ladies and gentleman. That concludes your conference. You may now
disconnect.


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<P align="right" style="font-size: 10pt">EXHIBIT 99.6



<P align="left" style="font-size: 10pt"><B>Dow Jones</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Interviewee Suresh Senapaty, CFO</B>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>What contributed to your growth this quarter?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>The sequential revenue growth of 8% in dollar terms was
sustained volume growth and improved price realization. Our enterprise
business sustained its momentum with 11% sequential growth, while our
technology business continued its growth with a 7% sequential growth.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>How much has the pricing improved?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>Pricing has improved about 3% points in both in on site as
well as offshore, and that has significantly contributed to our expansion of
operating margin by about 3.4% points. About 23.6 to 27% is our operating
margin, and we had better price realization, which is in the form of better
management of the fixed price project, in terms of better productivity, better
business mix, and some kind of increases from the customers. We had also about
0.6% of margin expansion coming out some IP sales which are typically lumpy.
We had some amount of pricing improvement in the margin because of offshore
percentage going up. We had some savings in the depreciation by about 1
percentage points. So as a combination of all this we had an expansion of
operation margin by about 3.4%.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>In terms of verticals what is the growth? And where is the growth
coming from?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>In terms of the verticals the growth came from retail. The
growth has come from corporate. The growth has come from T&#038;IN (Telecom and
Inter-Networking). The growth has come from E&#038;PE (Embedded &#038; Product
Engineering), so virtually each and every vertical has grown.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>Okay. So in terms of pricing, is this pricing likely to be
sustained, or who is giving the price increases, is it new customers or..?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>Like I said that the pricing increase has been a combination
of multiple factors, one is the business mix, two is some price increases from
the customers, and three also is productivity improvement that we have given to
the customer, a. in the form of fixed price projects or better time to market
advantage. The combination of this, we are not necessarily saying that the
environment has completely changed that we can go on the price increases but we
are saying there is a situation of the amount of stability in the price.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>There was 3% of increase, last quarter if I am not wrong you had a
2% price increase.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>That is right; this is the third quarter consecutively to
have price increase.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>What is the recruitment plan like in the second quarter?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>As you know we don&#146;t share the actual person hires but last
quarter if you look at the hires we had it was about 3,000 employees we added
both IT services as well as IT enabled services.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>Right. So can you talk about for the year?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>Well, as we are saying that growth has been good and we
guided $318&nbsp;million approximately $318&nbsp;million as revenue for the next quarter.
We think the momentum will continue across the verticals, across the
practices, across the geographies. Last quarter we had a very good growth in
the Europe geography, and we think that momentum will continue, since we are
expecting the growth to be primarily in the volume terms, so...


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>Driven by Europe or the reasons above?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>Well it will be combination from all the three, but I think
we have started picking up in Europe pretty well.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>How is US doing?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>US is also doing well. I think we have grown there, so its
not that we have reached any limit that we don&#146;t want to grow any one
particular region but our objective is to grow in all the regions.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>In terms of exposure to individual regions, how much has your US
contributed?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>See about 66% of our revenue comes from US, 28% from Europe
and 6% from rest.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>How does it compare sir to the previous quarter?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>The previous quarter was about 69% from US, 26% from Europe.
So I think Europe has gone up from 26% to 28%.


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>Yeah, what is the overall business plan looking like in terms of
tech spending of the clients?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>We are seeing the spend is going up, while up to March we had
been seeing a lot of growth coming from outsourcing of the existing budgets,
outsourcing of the maintenance budgets, we have started seeing some of
development budgets, application development budgets coming in, that means the,
particularly from technology companies perspective they want product
introduction faster, so therefore they want more researches to be done, they
want more outsourcing to be done. So we have seen a steady increase in the
application development in the R&#038;D side.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>So the spend is going up?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>That&#146;s right.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>Sir just to clarify this, 3% price has been over the quarter or...


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>Yeah, sequentially from March quarter to June quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>Okay, anything on the American Depository Receipts<B>, </B>Sir?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>Well, as you know that we have complete open mind, we have
not taken any decision as to when we should go for it, but we will let you know
if and when we take a decision on that.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>What is the Capex for this period?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>Again, we don&#146;t give specific guidance for quarter for the
financial year but we keep on adding facilities based on the head counts that
we are adding on. We have currently adding on investments in Electronic City,
we adding investment in Chennai, in Hyderabad and Pune, so all these investment
have been funded.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>Outsourcing backlash, the noise against outsourcing, what is your
take on that?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>I think the outsourcing backlash, the talks that where
happening have got significantly subdued with lets say development in terms of
the job loss is fairly stable and is not going up and lot of announcements by
the US companies to hire more people. Also, the statistics that have come
which says that the job loss to India is just miniscule. From that standpoint,
it is much more moderate and much more subdued, but I don&#146;t think it is
completely gone and we have to still wait and watch because elections are still
there and anytime it can still get up, but it has significantly subdued.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>Sir one last question on salaries, I mean, any further hikes
expected onsite/offshore.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>No, actually in this particular quarter we are going to look
at the comprehensive salary revision. So in Wipro Spectramind, the IT enabled
services, the compensation increase already has been given, and in IT services
both in offshore and on onsite it will be given during this particular quarter.
So we will see the impact of that in the operating margin for the current
quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>How much is this likely to be, I mean compared to the industry?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>Yes, we will be competitive.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>Has there been any, I mean, has that abated, does the poaching by
multinational companies?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>I think you should look at your attrition rates, we have
retained the same level or improved compared to the last quarter and we are
looking at the compensation increase review in this particular quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Dow Jones: </B>All right sir.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>Thank you.



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<P align="right" style="font-size: 10pt">EXHIBIT 99.7



<P align="left" style="font-size: 10pt"><B>Reuters</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Interviewee: Vivek Paul, Vice Chairman Wipro Limited and President, Wipro
Technologies.</B>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters</B>: Could you elaborate a little on your growth? You have done better than
expectations.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>Growth this quarter was 54%, which means that we have grown about
50%, 5 out of last 6 quarters. So growth continues to be very strong. We also
continue to see a sturdy base of new customers. We added 35 customers this
quarter which is pretty good, and our prices were roughly 20% higher for new
accounts versus the existing accounts. Not only are we seeing good account
penetration but also good pricing leverage. And if you look at the growth of
the 35 accounts that we have opened, 8 were Fortune 500 / Global 1000. Even in
existing accounts we saw 27 out of our top 50 customers grew at double digit
sequential growth. So as a result what you are seeing is new accounts pricing
continues to show some pretty stable path. If you look at it geographically, we
continue to see a lot of new account opening in the US. Of the 35 new
customers, roughly 23 were in the US and 32 were in the IT business. So clearly
the US and the IT business have been strong.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>That is true, but that is only for the new accounts right? Because I
am seeing things in IT and Telecom businesses....


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>That is right. So, if you look at the IT business and the R&#038;D
business on a sequential quarter basis, our IT business grew at about 11%, so
there is a very strong growth in the IT business. The R&#038;D business grew at
about 7%, and there was a total cumulative growth rate of about 8.4%. I would
say that the only blip was that our BPO business which was flat this quarter.
There was a very, very small growth, and to me that brings out, the value of
the integrated diversity of Wipro&#146;s service lines, which is that you have two
benefits. On the one hand we win deals because customers value the fact that
we can do R&#038;D, we can do IT, and we can do BPO, but the second is that when any
of the service lines is not firing, you know, the other services are higher and
as a result we have sustained stable growth.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>So, is this pretty much the same story and not a rupee story because I
could not see any rupee comment at all?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>That is right. If you look at our operating margins, the rupee
hedge was good for us and worked to our advantage on the operating margin line.
Our operating margins have been standard for four straight quarters, and we had
a very strong growth in the operating margin this quarter led by pricing and
productivity. We had an increase of about 3.4% on a quarter on quarter basis
and that was pretty strong.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>Can we have the numbers on operating margins before I go for it?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>27%


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>Versus what was it previous quarter?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>It was 24%, we grew 3.4%
As far as the rupee is concerned we have done, we have hedged for the next
12-15&nbsp;months, in a way we have a surety that we know what exchange rates we
get. Now if the rupee appreciates we look very intelligent, if the rupee
depreciates we look like we did not do such a smart thing. But nobody can
really call which way the rupee is going to head, and this way we have the
certainty, we know what to expect and we can give our shareholders stable
growth in revenue and operating profits instead of being at the mercy of
exchange volatility every quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters:
</B>And what about large deals, you said you have got Fortune 500 - around
8 of them this time. So the question is if you got 8 Fortune 500 out of 35, how
big are the deals, did you have any biggest deal in terms of quantity.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>Because of the environment we are in, we continue not to be able to
talk about individual deals. But these deals all have very large potentials.
None of them are committed multi-year large sized deals, but they all have a
great sense of expectation as to what they want to do with Wipro. So I would
say that the accounts we won all have enormous potential. And we are not
talking about the 8, we are telling about the entire customer base.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">I am saying is that all these accounts that we are winning, customers have
ambitions of doing a lot. But they are not going to give long term, multi year
committed volume deals.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>That is the point I was looking for. Long term, multiyear is not
immediately assured, but has all the likelihood in the pipeline. You have
mentioned IT is drawing quite a bit of traction, which is unusual, but it is
because the R&#038;D is on a higher base that you are looking at a long term....


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>The fact is that, every quarter, every sort of phase one business
has better traction than the other. Right now, IT is coming strong at 11%, the
last two to three quarters R&#038;D was strong. So there is no, sort of logic or
merit or whatever.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>The fact that telecom is rebounding in the US; there was an intuitive
impression that may be the numbers in telecom would have done well. But that
does not seem to be the case. I do want to know how the basic telecom seems to
be right now.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>Telecom has pretty good growth. Let me just get back on that point
for you. As far as the sequential growth in the telecom business itself is
concerned, we did well.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters</B>: And what about your growth demand outlook? You have already grown six
quarters at more than 50%, 5 out of 6, so how sustainable is it looking?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>What I can tell you is that we have given a pretty decent guidance.
In some sense, this quarter actually has a highest turbulence because this is
the quarter preceding the US elections. Still we have been able to give a
pretty decent guidance. You have to consider that post election, all the
uncertainties surrounding all of us, will be lower. As a result we continue to
expect that we are going to enter the stable environment, where our value
proposition will be the only thing that matters and we will continue to have
the sustained growth. We have in our favor a competitive advantage relative to
overseas competitors. None them have grown as fast as we have despite all their
efforts to grow in India.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>You are talking about the global players?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>Indian companies continue to have a strong environment in terms of
market demand and competitive strength. Between the Indian companies, Wipro has
the advantage of the integrated diversity of its product lines.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>As you said we are going to enter the stable environment where value
is all matters.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>That is right.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>But what about the employee side, how much is an issue is attrition?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>Now let us focus on the dark spots. In some sense, we
fundamentally have only one dark spot left, and that depends on whether you are
an employer or the employee. As far as the employee goes, it is not a dark
spot. So we continuously face pressure in this regard. We have done a salary
increase in our BPO business, 15-18%.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters</B>: Where you had the highest attrition cost....


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>That is right. We have seen attrition come down. We continue to
see attrition in the IT and technology businesses. It is running at higher than
historical averages, both in IT and R&#038;D business. It is not as high as BPO, but
it is higher than historical averages. As a result, we are looking at doing a
salary increase this quarter for some of our IT and R&#038;D employees and for the
next four to five months we will continue to see a phasing in of compensation
reviews. Our expectation is that we should be able to absorb the impact of
this compensation increases with productivity.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Despite the attrition levels, there has been no mitigation in our strategy. We
added over 3000 employees, net, this quarter, primarily in India. So the
ability for Wipro to continue to feed its growth engine remained unabated.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>Going forward how do you see the business growing?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>We gave a pretty good guidance; we gave the same guidance for this
quarter as we did for the last quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>I am talking about the sentiment because you know there is always a
sentimental issue.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>Well I would say that there are two things. One is in terms of the
rhetoric around the campaign. We have seen that come off substantially. With
regard to opinion polls that indicate whether this is an issue that America and
people in America are concerned about or not, it still remains pretty high.
What we are saying is in some sense opinion polls are indicating that this is a
matter of concern. What they are pointing to the leadership to do is not to
fight the offshore but to work with the consequences and as Thomas Friedman
says, we have to figure out how we create jobs in the US and that is not just
creating jobs for hamburger joints.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>It is quite a bit of contrast. But looking at the IT field, where is
the demand coming from in IT? IT is a very broad term; is there any specific
demand segments?


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>If you look at the areas of application development and maintenance
area there is greater demand.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>But there is not much of consulting margin out there right.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>But what we have done is we have actually integrated our consulting
business rather than having a separate consulting line. That has allowed us to
win these big deals that we talked about. Consulting also serves as an entry
level strategy for our other service lines.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters: </B>How is the acquisition coming along?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>As you recall, we used to report acquisitions separately. Once we
integrated the business completely it is difficult to track that. So for
example we moved some several consultants from the Nervewire to the energy and
utility acquisition because we were seeing a lot of growth in the energy and
utility consulting service. Now how do you keep track of that?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">So, what we have done is, we have actually integrated the consulting business
into our normal service lines because as I said the value is not in creating a
consulting business that stands alone and generates some growth and some
operating margins component. The issue is how to use that as a catalyst for
your main business. As a result the acquisition, consulting business, is pretty
much going on track in terms of both the revenues that they were going to bring
in as well as the synergy. If you look at the Nervewire business, it went on
track as far as the synergy, it did not go on track as far as the revenue they
were suppose to bring in. So we did have the issue that the sales funnel that
we thought we were getting a year ago did not turn out to be as strong as we
thought it was. Which is why, as you recall, we reported the Nervewire
financials for the first two quarters, when they were struggling. We did not
get the sales funnel, and we said we paid the price in the last two quarters.
Now we will reuse the same, the areas what we have to manage and use that as a
catalyst for our main ADM business.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Reuters</B>: The takeaway is that the acquisitions that were a drag on the revenue,
have now become stable.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>Yes.



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<P align="right" style="font-size: 10pt">EXHIBIT 99.8



<P align="left" style="font-size: 10pt"><B>CNBC &#150; TV Channel</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Interviewee: Vivek Paul, Vice Chairman, Suresh Senapaty, CFO and Raman Roy,
Chairman, Wipro Spectramind and Sudip Banerjee, President Enterprise - Wipro
Technologies.</B>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>We have got live from Bangalore Vivek Paul who is Vice Chairman of
Wipro, and we have got Suresh Senapaty, Chief Financial Officer of Wipro also
joining us. In a bit, we will also be joined by Raman Roy of Spectramind, and
Sudip Banerjee, President- Enterprise Division at Wipro.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Good morning Vivek, Suresh Senapaty, great to see you guys. Vivek you have had
another good quarter and a strong guidance for the next one. What is it
looking like? How is business matrix shaping up as we go forward? What are
the key positive take away for this quarter?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>First of all good morning to you as well and it is pleasure to be
here. I think as you look at the numbers for this quarter, they indicate a lot
of strength on multiple ways. I think, first of all as we saw, we achieved
$300&nbsp;million actually for the quarter much ahead of the guidance of 292, but
more importantly what we saw was we saw growth in IT businesses coming in a
double digits at 11%. We saw the benefits of Wipro&#146;s integrated service lines
where we did have a flattening quarter for BPO business, but strong quarter on
IT and strong quarter on R&#038;D, and so continued sustained business growth. So I
think, if you look at the outlook from new clients prospective, we continue to
see a pretty strong growth. We had 25 new accounts despite the fact that we
had mentioned that there was uncertainty around the elections in US etc, but we
have 35 new accounts, 23 in the US, so that was pretty good. If you look at
new accounts revenue and pricing, we are actually getting pricing on the
accounts at about 20% greater than what we are getting on existing accounts, so
that is also plus and a positive. So whichever way we look at it, I think that
we continue to see an environment where we are seeing stable pricing, we are
seeing some pricing growth, we are seeing account introductions coming in at
the same rate, and as a result pretty good volumes.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Well, I will get Suresh Senapaty on this in a minute, Vivek, but I want
to ask you about this pricing business, you said that new accounts have come in
at 20% higher prices. When you speak about realizations going up, are we
beginning to see the first signs of the cycle turning up in terms of prices,
because your margin expansion have been driven by realizations in this quarter,
is this a beginning of a trend because in the last few quarters you have not
see too much of growth in realization.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>I think, you know, if you look at realization, they get driven by
three factors, one is the head-on negotiated price where as you go back to your
customer and you say I have charging you dollar last quarter and I am going to
charge you a dollar and 10 cents this quarter, that is not really happening a
lot. So I think that head to head negotiation, still the environment is not
strong for having those kinds of negotiations. However, there are two other
factors that can drive your overall realizations, one is the mix and the mix in
terms of the kinds of work that we do and we continue to see our high end
services being ones that we can in fact drive and as a result you will get
overall realizations up. The third is more productivity through fixed priced
projects, and if you look at our fixed price project deals, they have gone up
substantially over the last couple of quarters. So as a result, only prizing
is perhaps is not as effective as other realization, there are multiple
factors.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Suresh Senapaty, the one thing which also stands out, is that, you said
that, if you continue to apply the same accounting standards as last quarter,
you would have seen your profits lower by 35 crores, take us through how you
have treated the forex hedge and the marking to market this quarter and whether
you have not passed on the entire mark to market down, and that is why you are
saying the profits have been higher by 35 crores. Explain that little bit for
us if you could.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>You know, what we have done in the March accounts last year
itself, we have adopted the cash flow hedging in the US GAAP. In the Indian
GAAP the concept was accept, except that the new accounting standard which is
applicable from 1<SUP>st</SUP> of April&nbsp;2004, it has been clarified by the institute that
it does not apply to cash flow hedging accounting. What this means is, because
the company are doing hedging for future periods, for the next 6&nbsp;months, next 1
year and 2&nbsp;years, it is against the forecasted cash flow, so what it means is
you do a mark to market of all your cover position, through the corporate from
the date of the balance sheet, calculate in your balance sheet, but it flows to
the P&#038;L account in that particular month in which the transaction was supposed
to happen, forecasted for, so that is the basis on which the cash flow hedging
is done both under US GAAP and also in the Indian GAAP that is what we have
followed.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>And if I can just add, if your news are gleaning listening to
that, very simply put, what it means is that what we have opted to do is to get
a stable rupee dollar exchange rate over the next year or so. So


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">there is no volatility in our reported earnings. So it is all based on
performance and operations. Now, in quarters where you have a weak dollar, I
think you do well. In quarter where you have a stronger dollar, we may not take
a small setback. What we have chosen is stability over volatility and we think
that would be better for us in the long run.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Mr.&nbsp;Senapaty and Mr.&nbsp;Paul, good morning. In that case, can you ask at
what exchange rate that you are looking at booking your forward covers now for
the coming quarters, is that possible, in the current explanation that you
given out.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>Well we already have a position of about a billion dollars in
terms of forex hedges. At this point in time, we would like to wait and watch
and not necessarily, significantly alter the position as it exists today.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Right, Mr.&nbsp;Paul quick question to you, in terms of the mix that you have
talked about, towards the high end services and that has enabled you to get
those better margins, improve your margins, and of course better realization
across divisions, telecom, ER, those have been growth areas for you, were these
the divisions that helped you in getting better realization for this quarter as
well, is that likely to be the trend going forward?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>I think that if you look at the realizations for this quarter,
first of all, you know, I talked about the new accounts coming. I have to say
that was a very small portion of this quarter, but we did see something like 27
out of our top 50 accounts grew at double digit growth rates. So as a result
we did see strong growth in our existing accounts. If you look at pricing, we
did see package implementation for example grow pretty strongly, I think it
would be about 9% on a quarter-on-quarter basis. I think we saw in terms of
the ADM practice, some of the higher end things like e-enabling, or data
warehousing continue to pick up. We launched out RFID concept, so I think what
we are seeing is up higher level services driving both volume and pricing.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Suresh Senapaty what is the margin picture you are predicting from here
on if you look at what Vivek was just telling us about realization, you add
that to what you are doing with your hedging policy and then factor in some
kind of salary increases which might kick in October for you, are you going to
see margins stabilize around the 27% mark or will it slide back to 24-25%?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>Well, you know, there are many areas on which we have done
lot of operational improvements, whether it is offshore mix, little bit on the
utilization and higher productivity, in the SG&#038;A expenses. Also, there will
some, you know like, the compensation review would be done in this particular,
so we will see the impact of that being felt in this particular quarter and
also we had about 0.6% in terms of IP sales, which is really uncertain because
it is a lumpy one, we may get it, we may not get it. A combination of all
these factors, so while we may see compensation increase and IP sale
uncertainty, and little bit down the depreciation, there would be operational
improvements that will be attempted to or continued momentum, we should be able
to pass the or mitigate some of the down sides that can be there.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Vivek Paul: </B>And if I can just pick up on the down side, I think as Suresh
Senapaty talked about, I think that the key issue would be compensation cost,
and I think that what we want to do is to make sure we manage the attrition
rates. If you look at our BPO business we a managed a 15-18% rise in
compensation for our employees in the last quarter and we are able to guide
attrition down, I think the attrition in the IT and R&#038;D businesses is rising,
we plan to do some compensation increases, improve as much as we can on, by
productivity, but the most important thing is that despite all this our ability
to attract talent remains unchanged. Wipro as a key employer remains
unchanged. We added over 3,000 employees this quarter, which is another
quarter of strong growth and I think that our ability to feed our growth
remains unabated.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Vivek and Suresh Senapaty thanks very much for joining in. Of course
your colleague Raman Roy and Sudip will be joining us after this break and they
will take us through the Spectramind numbers and the Wipro performance from an
enterprise solution perspective that is coming. There is more on Wipro, don&#146;t
go anywhere. When we came back, the chairs change, and you have got a new set
of the top management of Wipro joining in to take us through the Wipro growth
going forward. There you see, Raman Roy is up after this break, and then we
will talk markets, don&#146;t go anywhere, we will be right back in just couple of
minutes.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Welcome back you are still with the Wipro numbers, we just spoke with
Vivek Paul and Suresh Senapaty and market has, there is still about 25 minutes
to go before the markets are open. Bharti should be out in the next 5 minute,
and we will tell you as soon as they come out, what they look like. Continuing
with our board room with Wipro, we have got Raman Roy, Chairman of Wipro
Spectramind, and Sudip


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Banerjee who also Heads the Enterprise side of the business for Wipro, both
joining in now. Sudip, Raman good morning to both of you. Raman lets start
with you. Sum up your quarter for us. I just heard Vivek saying you have had
a flattish quarter on the BPO side. What was it like?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Raman Roy: </B>We had a subdued quarter. We grew quarter-on-quarter only about
2%, essentially driven by the decrease in some processes that we handle for our
customers, their market going down. While the customers grew marginally, that
process decreased for us. Some customers changed their business model and some
one-time projects went away. So of the increases got built on that. Our
outlook for the future continues to be bullish. We think we will come back to
track and grow as industry or better levels.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Raman could you just tell us, I mean, break it down for the late viewer
what that process change that you are talking about. Is it that some of you
existing clients actually cut down on the level of work that they do with you
or you actually lost some clients in this quarter?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Raman Roy: </B>Cut down I think is a very strong term, but certain aspects of the
business, certain products that we were servicing from India like dial-up
internet, the need or the selling of that product going down with the growth in
another segment of the product. So the servicing that we do went down. For
another customer on the retail side, the business model of the customer
changed. It was catalog based, where people would call in and they went for a
retail model where they would sell out of stores, and therefore the calls would
not come in unless that customer did stop doing business with us.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Right, Mr.&nbsp;Roy, so how is the realization story now shaping up for your
division, has that been under pressure as well?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Raman Roy: </B>No, I do not think so. We did realization in excess of $13 per
hour, last quarter we said that the $14 that we did for that quarter was based
on certain one-time revenue we had. We consistently maintained at between 13
and 14 dollars and we are pretty happy with the realization that we are
getting.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Mr.&nbsp;Banerjee good morning. How has your division being flaring, the
high end service mix, has that been able to delivery the kind of strong numbers
for this quarter as we heard from Mr.&nbsp;Paul a little while back.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sudip Banerjee: </B>Yes, we were very fortunate this quarter. We continued to
have sequential double digit growth. In fact, we grew ahead of all other parts
of the business, and the good news is that we grew in every segment. So all
the verticals - retail, energy and utility, manufacturing, financial services,
all showed healthy growth. In addition, in terms of our practices, we had
practices like package implementation grew very fast, and also our application
development and maintenance business grew very steadily, close to double
digits. So we had an overall growth where the growth came from all the
geographies, in fact we had more than 20% sequential growth from Europe this
quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Sudip, could you just take us through what exactly happened in this
quarter in Europe, because you have seen a 20% jump there. Could you give us
some more clarity on what kind of new business you saw from there? Which
verticals actually contributed the most? And when Vivek spoke about new
contracts coming in at more than, at 20% higher pricing or realization, which
verticals actually are you seeing this kind of growth at higher prices from?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Sudip Banerjee: </B>Well I think the energy and utility story in Europe is the
most successful one for us. We have very large customers there, and those
customers are continuing to grow, plus we also added on 2 very large companies
from the oil industry and we have started operations with them only this
quarter. So, we are going to have, we continue to see good strong European
numbers in the quarters to come.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Right. Mr.&nbsp;Roy quick question to you, I will have to ask you a question
on the whole outsourcing outcry, have you felt the crunch of that in this
quarter and could this actually cascade into worsening affair going forward.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Raman Roy: </B>Well, we said last quarter that we were seeing an impact and that
there was deferment by a lot of customers. We see a decrease in that but it
not being eliminated. People are in a wait and watch kind of a scenario and
that did have an impact on the growth that we got in this quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>CNBC: </B>Raman, Sudip, thanks very joining in and good luck for the rest of the
quarter. Thanks very much.



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<P align="right" style="font-size: 10pt">EXHIBIT 99.9



<P align="left" style="font-size: 10pt"><B>Bloomberg</B>



<P align="left" style="font-size: 10pt"><B>Interviewee: Suresh Senapaty, CFO</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Bloomberg: </B>Thank you and I am sorry for this confusion. We are on air now. Can
you please give me details of your performance?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>As far as the revenue for quarter is concerned, we achieved a
$300&nbsp;million landmark ahead of our guidance of $292&nbsp;million. It was a
sequential growth of 8%, and if you look at year on year growth, we had about
54% year on year growth in global IT in dollar terms. In terms of profits, we
have had about 73% year on year growth in net income. We are seeing a strong
momentum and growth on all sides. 27 of our 50 top customers are giving us
double digit sequential growth. Growth in Europe has been good, where we had a
sequential growth of 20%. We saw strong growth in corporates, especially in
retail vertical, in package implementation. So net-net we are expecting
continued momentum for the next quarter and for year.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">That is the reason why it gives us confidence that we will be able to stay
ahead of industry in terms of the growth rate. We had a good number of employee
adds; it was about 3000 plus, we had expansion in operating margin by about
3.4%, 340 basis points. We think all these factors are positive for us, and
have given us the confidence that we will do better compared to the industry.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Bloomberg: </B>What is your guidance for the year?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>We have a practice of guiding for the following quarter.
Having achieved about $300&nbsp;million last quarter, we are guiding about $318
million approximately for the current quarter. This is a 6% sequential dollar
growth. We are confident that we will achieve better than the industry growth
rates, for the year too.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Bloomberg: </B>What is the growth rate for onsite Vs the off shore?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>We saw a sequential increase in price of about 3&nbsp;percentage
points both in onsite and offshore. In blended rates, it was an increase of
about 2.6%. This realization comes out of three factors. One is because of the
change in the business mix &#151; we have more consulting, more package
implementation. These give you a higher realization. B, we have 22% of projects
are fixed-price projects, delivering them ahead of time, delivering them with
the least efforts. In terms of the market, by using reusable components we have
enhanced our price realization. The third is going to the customer and saying
instead of giving a $1, give me a 10 cents more. So with a combination of these
three factors, we have been able to get the price increases in the last three
quarters. We think there is still scope. We are not saying that price increase
will come by increasing the prices with the customer, but a combination of
these three things, we think will help us.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Bloomberg: </B>What has been the impact of the backlash against outsourcing in the
US?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>The anti-outsourcing noise in the US has been subdued. The
data from the last two months show that the noise around out sourcing created a
far higher awareness of outsourcing businesses and about the benefits of off
shoring to India. The long-term potential of off shoring does not change.
However, we would be cautious till the US presidential elections.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Bloomberg: </B>How many new customers did you add during the quarter? And how do
you think you will grow in terms of customer acquisitions?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>Our customer acquisitions have been around 35 for certain
quarters. So, it would be reasonable to expect similar numbers from the current
quarter too because Wipro&#146;s ability to attract talent, Wipro&#146;s ability to get
more customers continues to be strong. In fact the million dollar accounts have
gone up from about 132 to 138, and more than $20&nbsp;million accounts have gone up
from 12 to 16. We have seen that out of the top 50, 27 customers have given us
sequential double-digit growth. So, we are seeing the demand across all the
verticals, across the entire customer base that we have.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Bloomberg: </B>US companies which have realized the value of being in India have
set shop in India. How does the situation change once all these companies
become operational?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: </B>I don&#146;t think the situation changes because if you look at the
kind of customers coming to India, they are definitely looking at more and more
Indian players here. They look at US or US companies, in terms of getting into
niche areas, the high-end service elements.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">I also think that the customers are coming to those vendors who have end to end
service, starting from BPO to consulting to IT services to custom application
development, system integration, total outsourcing, and package implementation
at high quality, and they are coming to larger companies. The buyer is coming


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">more and more to the larger players. So from that perspective, of course we
face the competition from Indian companies but I think Wipro has the advantage
to be able to win more customers.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Bloomberg: </B>How do you manage the fluctuations of the currencies and what is
your foreign currency management strategy? How has it worked?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Suresh Senapaty: A</B>s you know that we have adopted a cash-flow hedging
accounting, which means that we are doing our hedges for future cash flows. We
are not susceptible to volatility of the mark to market every month or every
quarter. Through this process we are ensuring the realization for every dollar
that we sell for the different periods of time. So, this point in time, so far
as last quarter was concerned, we hedged by about 0.5% margin coming down, and
of course the impact will also be there in the current quarter. But the
volatility is much lower because we have fairly long position on the hedges.



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<P align="right" style="font-size: 10pt">EXHIBIT 99.10

<P align="left" style="font-size: 10pt">25x8 column (33 cms) -
Business Standard / Kannada Prabha - July&nbsp;24th 2004
release



<P align="center" style="font-size: 10pt"><B>Wipro Limited - Results for the quarter ended June&nbsp;30, 2004</B>



<P align="center" style="font-size: 10pt"><B>Wipro Limited - Consolidated Audited Segment-wise Business performance<BR>
for the quarter ended June&nbsp;30, 2004 (in Rs. Million)</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Three months ended June 30,</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year ended</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Particulars </B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Growth</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>March 31, 2004</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Segment Revenue</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,575</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">68</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,762</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,649</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">53</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,826</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,690</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,989</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>48</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,812</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Profit Before Interest and Tax (PBIT)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Global IT services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">89</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,539</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">551</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,918</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,204</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>78</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,159</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest and Other Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">873</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>PROFIT BEFORE TAX</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,172</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,350</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>78</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,032</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income Tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(611</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(232</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,681</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Profit before equity in earnings / (losses)&nbsp;of
affiliates and minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,561</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,118</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>68</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,351</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equity in earnings of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(54</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(59</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>PROFIT AFTER TAX</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,569</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,061</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>73</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,315</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Earnings
per share - EPS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>(PY:
Adjusted EPS for bonus issue in ratio of 2:1) - in Rs.</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Basic</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.14</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.97</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14.87</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Diluted</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.13</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.97</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14.85</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Operating Margin</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Capital
employed*</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">
Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,732</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,941</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">596</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,498</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,776</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37,101</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38,767</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Capital
employed composition</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">
Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">56</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">42</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Return on
average capital employed</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">
Global IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">66</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">47</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">53</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">89</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">86</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>39</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>30</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">* This includes cash and cash equivalents of Rs. 16,275 (2004: Rs.
21,760 and 2003: Rs. 15,212)


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Notes
to segment report: </B>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">1. The segment report of Wipro Limited and its consolidated
subsidiaries and associates has been prepared
in accordance with the Accounting Standard 17 &#147;Segment Reporting&#148;
issued by the Institute of Chartered
Accountants of India.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">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 in the table alongside.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="7"><B>(in Rs. Million)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Geography </B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30, 2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30, 2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">India</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rest of the world</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,690</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,989</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR size="4" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR size="4" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR size="4" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR size="4" noshade></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">3. For the purpose or reporting, business segments are considered as primary
segments and geographic segments are considered as secondary segment.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">4. As of June&nbsp;30, 2004, forward contracts to the extent of USD 227 Mn have been
assigned to the foreign currency assets in the balance sheet. These assets are
valued at the forward contract rate, adjusted for premium / discount in respect of the
expired period.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The Company has designated forward contracts as hedge of highly probable
forecasted transactions. The gain or loss on these forward contracts is
recognized in the profit and loss account in the period in which the forecasted transaction is
expected to occur. In certain cases, the Company has entered into forward
contracts having
a maturity earlier than the period in which the hedged transaction is
forecasted to occur. The gain / loss on roll over / cancellation on such
contracts is recognized in the profit and loss account in the period in which the forecasted transaction
is expected to occur.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The Company has also entered into option contracts. These option contracts have
not been designated as hedge and consequently, they are marked to market at
each balance sheet date and the gains / loss is recognized in the profit and loss
account of the respective period.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">As at the balance sheet date, the Company had forward contracts to sell of USD
998 Mn in respect of forecasted transactions. The effect of marking to market
of the said forward contracts and effect on intermediary roll over of the forward
contracts is unfavorable exchange difference of Rs. 2,076 Mn, the final impact
of which will be recognized in the profit and loss account of the respective periods in
which the forecasted transactions are expected to occur.
<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Had the Company continued to apply the earlier accounting policy, the profit
for the period would have been lower by Rs. 355 Mn approximately.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">5. a) In accordance with Accounting Standard 21 &#147;Consolidated Financial
Statements&#148; 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.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">b) The Company has a 49% equity interest in Wipro GE Medical Systems Private
Limited (WGE), a joint venture with General Electric, USA. The joint venture
agreement provides specific rights to the joint venture partners. The
Management believes that these specific rights do not confer joint control as
defined in Accounting
Standard 27 &#147;Financial Reporting of Interest in Joint Venture&#148;. Consequently
WGE is not considered as a joint venture and consolidation of Financial
statements are carried out as per equity method in terms of Accounting Standard 23
&#147;Accounting for Investments in Associates in Consolidated Financial
statements&#148;.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">c) In accordance with the guidance provided in Accounting Standard 23
&#147;Accounting for Investments in Associates in Consolidated Financial Statements&#148;
WeP Peripherals have been accounted for by equity method of accounting.


<P align="center" style="font-size: 10pt"><B>Wipro Limited - Stand
alone - Parent Company<BR>
Audited Financial Results for the three months ended<BR>
June&nbsp;30, 2004 (in Rs. Million)</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>June 30,</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>March 31,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Particulars</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net Income from Sales / Services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,627</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,539</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51,685</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cost of Sales / Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">a. Consumption of raw materials</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,209</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">b. Other expenditure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,791</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Gross Profit</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,886</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,091</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,685</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Selling and Marketing expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,506</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">General and Administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,717</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Operating Profit before Interest and Depreciation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,980</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,375</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,462</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,516</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Operating Profit after Interest and Depreciation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,598</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,058</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,911</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">912</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Profit before tax</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,866</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,205</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,823</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Provision for tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,674</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>PROFIT FOR THE QUARTER</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,268</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,968</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,149</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Paid up equity share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,610</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Earnings
per share (EPS) - in Rs.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>(PY: Adjusted EPS for bonus issue in ratio of 2:1)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Basic</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4.71</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.84</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.19</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Diluted</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4.70</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.84</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.17</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Aggregate of non-promoters shareholding</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Number of
shares <I>(PY: Adjusted EPS for bonus issue in ratio of 2:1)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,708,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,318,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,539,326</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Percentage of holding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Details of expenditure</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Items exceeding 10% of total expenditure:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Staff Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,495</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Travel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,543</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>Status of Redressal of Complaints received for the period<BR>
from April&nbsp;1, 2004 to June&nbsp;30, 2004</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Opening balance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complaints received</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complaints disposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Nature of Complaints</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>for the quarter</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>during the quarter</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>during the quarter</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unresolved</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Complaints with
respect to transfer
/ transmission /
split /
consolidation /
exchange /
duplicate issue of
shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Complaints with
respect to
Dematerialisation /
Rematerialisation
of shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Complaints with
regard to
non-receipt of
Corporate benefits
like Dividend /
Interest / Bonus
Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Notes:</B>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">1. As of June&nbsp;30, 2004, forward contracts to the extent of USD 200 Mn have been
assigned to the foreign currency assets in the balance sheet.
These assets are valued at the forward contract rate, adjusted for premium /
discount in respect of the expired period.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The Company has designated forward contracts as hedge of highly probable
forecasted transactions. The gain or loss on these forward contracts
is recognized in the profit and loss account in the period in which the
forecasted transaction is expected to occur. In certain cases, the Company
has entered into forward contracts having a maturity earlier than the period in
which the hedged transaction is forecasted to occur. The gain
/ loss on roll over / cancellation on such contracts is recognized in the
profit and loss account
in the period in which the forecasted transaction is expected to occur.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The company has also entered into option contracts. These option contracts have
not been designated as hedge and consequently, they are marked to market at each
balance sheet date and the gains / loss is recognized in the profit and loss account of
the respective period.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">As at the balance sheet date, the Company had forward contracts to sell of USD
957 Mn in respect of forecasted transactions. The effect of marking to market of the
said forward contracts and effect on intermediary roll over of the forward contracts is
unfavorable exchange difference of Rs. 2,037 Mn, the final impact of which will be
recognized in the profit and loss account of the respective periods in which the forecasted
transactions are expected to occur.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Had the Company continued to apply the earlier accounting policy, the profit
for the period would have been lower by Rs. 358 Mn approximately.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">2. The above financial results were approved by the Board of
Directors of the Company at its meeting held on July&nbsp;23, 2004.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">3. There are no qualifications in the report issued by the Auditors for these
periods.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">4. Corresponding figures for previous periods presented have been
regrouped, where necessary, to confirm to this period
classification.





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">By order of the Board</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Place: Bangalore
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B>Azim H Premji</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: July&nbsp;23, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><I>Chairman and Managing Director</I></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><IMG src="f00548f0054800.gif" alt="(WIPRO LOGO)">



<P align="center" style="font-size: 10pt">WIPRO LIMITED<BR>
Regd. Office: Doddakannelli,<BR>
Sarjapur Road, Banglore-560 035.<BR>
www.wipro.com




<P align="center" style="font-size: 10pt">
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
