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<SEC-DOCUMENT>0000950134-05-001345.txt : 20050126
<SEC-HEADER>0000950134-05-001345.hdr.sgml : 20050126
<ACCEPTANCE-DATETIME>20050126141103
ACCESSION NUMBER:		0000950134-05-001345
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050126
DATE AS OF CHANGE:		20050126

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:		05549609

	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>f04911e6vk.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: Helvetica,Arial,sans-serif">



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






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

<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="26%" align="center" color="#000000">


<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</B>


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


<P align="center" style="font-size: 10pt"><B>For the quarter ended December&nbsp;31, 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>


<DIV align="center" style="font-size: 10pt">(<I>Translation of Registrant&#146;s name into English)</I></DIV>



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


<DIV align="center" style="font-size: 10pt">(<I>Jurisdiction of incorporation or organization)</I></DIV>



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


<DIV align="center" style="font-size: 10pt">(<I>Address of principal executive offices</I>)</DIV>



<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:

<P align="left" style="font-size: 10pt; margin-left: 6%">Form&nbsp;20-F
<FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F <FONT face="Wingdings">&#111;</FONT>


<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.

<P align="left" style="font-size: 10pt; margin-left: 6%">Yes
<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
<FONT face="Wingdings">&#254;</FONT>

<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 3-2(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: Helvetica,Arial,sans-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>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="f04911exv99w1.htm">EXHIBIT 99.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f04911exv99w2.htm">EXHIBIT 99.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="f04911exv99w3.htm">EXHIBIT 99.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="f04911exv99w4.htm">EXHIBIT 99.4</A></TD></TR>
<TR><TD colspan="9"><A HREF="f04911exv99w5.htm">EXHIBIT 99.5</A></TD></TR>
<TR><TD colspan="9"><A HREF="f04911exv99w6.htm">EXHIBIT 99.6</A></TD></TR>
<TR><TD colspan="9"><A HREF="f04911exv99w7.htm">EXHIBIT 99.7</A></TD></TR>
<TR><TD colspan="9"><A HREF="f04911exv99w8.htm">EXHIBIT 99.8</A></TD></TR>
<TR><TD colspan="9"><A HREF="f04911exv99w9.htm">EXHIBIT 99.9</A></TD></TR>
<TR><TD colspan="9"><A HREF="f04911exv99w10.htm">EXHIBIT 99.10</A></TD></TR>
<TR><TD colspan="9"><A HREF="f04911exv99w11.htm">EXHIBIT 99.11</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>





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

<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 December&nbsp;31, 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 January&nbsp;21, 2005, we announced our results of operations for the three months ended
December&nbsp;31, 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 January&nbsp;21, 2005, 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, the Financial
Times &#038; TV Channel NDTV concerning our results. Copies of the transcripts of these interviews are
attached as Exhibits 99.6, 99.7, 99.8, 99.9 &#038; 99.10, to this Form 6-K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lastly, we placed advertisements in certain Indian newspapers concerning our results of
operations for the three months ended December&nbsp;31, 2004 under Indian GAAP. A copy of the form of
this advertisement is attached to this Form 6-K as exhibit 99.11.


<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: Helvetica,Arial,sans-serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="001"></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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&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"><FONT style="font-variant: SMALL-CAPS">Wipro Limited</FONT></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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Suresh C. Senapaty</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&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">Suresh C. Senapaty</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"><I>Corporate Executive Vice President, Finance</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Dated: January&nbsp;26, 2005


<P align="center" style="font-size: 10pt">2
</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: Helvetica,Arial,sans-serif">
<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="002"></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="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibits</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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 January&nbsp;21, 2005 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 January&nbsp;21, 2005 11:45&nbsp;a.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 January&nbsp;21, 2005 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 January&nbsp;21, 2005 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 January&nbsp;21, 2005 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 January&nbsp;21, 2005 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 January&nbsp;21, 2005 Financial Times 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">99.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of January&nbsp;21, 2005 TV Channel NDTV 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">99.11
</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>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f04911exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

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

<P align="center" style="font-size: 10pt"><IMG src="f04911f0491100.gif" alt="(WIPRO LOGO)">



<P align="left" style="font-size: 10pt"><B><U>FOR IMMEDIATE RELEASE</U></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="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="20%">&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"><B>Contact:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Sridhar Ramasubbu</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Wipro Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">650-316-3537</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">Results for the Quarter ended December&nbsp;31, 2004 under US GAAP<BR>
<B><U>WIPRO RECORDS 60% GROWTH IN NET INCOME</U></B>


<P align="left" style="font-size: 10pt"><B>Bangalore, India and Mountain View, California &#150; January&nbsp;21, 2005</B>&#151; Wipro Limited (NYSE:<B>WIT</B>) today
announced financial results under US GAAP for its third fiscal quarter ended December&nbsp;31, 2004.


<P align="left" style="font-size: 10pt"><B>Highlights for the quarter ended December&nbsp;31, 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="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Net Income was Rs. 4.3&nbsp;billion ($98.7&nbsp;million), representing an increase of 60% 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="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Revenue was Rs. 20.9&nbsp;billion ($483.1&nbsp;million), representing an increase of 34% 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="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Global IT Services &#038; Products Segment Revenue was Rs. 15.9&nbsp;billion ($367.2&nbsp;million), representing
an increase of 38% 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="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Global IT Services &#038; Products Earnings Before Interest and Tax (EBIT)&nbsp;was Rs. 4.1&nbsp;billion ($95.4
million), representing an increase of 71% 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="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Rs.5.2&nbsp;billion ($120.3&nbsp;million) cash generated from operating activities.</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="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Global IT Services &#038; Products added 26 new clients in the quarter.</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="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>India, Middle East and Asia Pacific IT Services and Products segment revenues grew by 20% and
EBIT grew by 45% year on year.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Outlook for the Quarter ending March&nbsp;31, 2005:</B>


<P align="left" style="font-size: 10pt"><B>Azim Premji, Chairman of Wipro commenting on the results said &#147;We continued our strong performance
into the third quarter of the fiscal year. Our strategy of offering an integrated solution to our
customers continues to pay off, as demonstrated by the healthy sequential growth in all our key
verticals and service lines during the quarter. Looking ahead, for the quarter ending March&nbsp;2005,
we expect our Revenue from our Global IT services business to be approximately $370&nbsp;million.&#148;</B>


<P align="left" style="font-size: 10pt"><B>Vivek Paul, Vice Chairman, said &#147;This quarter saw a 1% sequential improvement in our price
realization for both Onsite projects as well as Offshore projects. In terms of verticals, our
Finance Solutions, Telecom OEM and Manufacturing businesses grew double digit sequentially, while
in terms of service lines, our Technology Infrastructure Services and Testing Services continued
their momentum with double digit sequential growth, resulting in Revenues of $352&nbsp;million, ahead of
our guidance of $347&nbsp;million. Annualized employee attrition came down to 12%.&#148;</B>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty, Corporate Executive Vice President - Finance said, &#147;Improvement in price
realization for both Onsite projects as well as Offshore projects, proactive hedging and continued
operational improvements helped significantly mitigate the impact of increased employee
compensation and currency appreciation on Operating Margins in our Global IT business. Operating
Margin in our Global IT business, before non-cash charge of 1% due to expensing of Restricted Stock
Units, was 27%, a marginal increase sequentially.&#148;</B>



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

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<DIV style="font-family: Helvetica,Arial,sans-serif">




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


<P align="left" style="font-size: 10pt">Total Revenues for the quarter ended December&nbsp;31, 2004 were Rs. 20.9&nbsp;billion ($483.1&nbsp;million),
representing a 34% increase over the corresponding period in the previous year. Net Income was Rs.
4.3&nbsp;billion ($98.7&nbsp;million), representing an increase of 60% over the same period last year.
Earnings per share was Rs. 6.14 ($0.14) for the quarter ended December&nbsp;31, 2004, representing an
increase of 60% over the earnings per share of Rs. 3.84 (adjusted for the 2:1 stock dividend) for
the quarter ended December&nbsp;31, 2003.


<P align="left" style="font-size: 10pt">Total Revenues for the nine months ended December&nbsp;31, 2004 were Rs. 58.4&nbsp;billion ($1,349.5
million), representing a 43% increase over the corresponding period in the last year. Net Income
for the nine months ended December&nbsp;31, 2004 was Rs. 11.4&nbsp;billion ($262.5&nbsp;million), representing an
increase of 69% over net income for the same period last year. Earnings Per Share was Rs. 16.35
($0.38) for the nine months ended December&nbsp;31, 2004, representing an increase of 69% over the
earnings per share (adjusted for 2:1 stock dividend) of Rs. 9.71, for the corresponding period last
year.


<P align="left" style="font-size: 10pt"><B>Global IT Services and Products (76% of Revenues and 87% of Operating Income for quarter ended
December&nbsp;31, 2004)</B>


<P align="left" style="font-size: 10pt">Our Global IT Services and Products business segment recorded Revenue of Rs. 15.9&nbsp;billion ($367.2
million) for the quarter ended December&nbsp;31, 2004, representing an increase of 38% over the same
period last year. EBIT was Rs. 4.1&nbsp;billion ($95.4&nbsp;million) for the quarter ended December&nbsp;31, 2004,
representing an increase of 71% over the same period last year. Operating Income to Revenue for the
quarter ended December&nbsp;31, 2004 was 26%, representing an increase of approximately 500 basis points
from the quarter ended December&nbsp;31, 2003. This increase was primarily due to higher price
realization driven by productivity improvements, lower proportion of Selling, General and
Administrative costs and the higher proportion of work carried out Offshore.


<P align="left" style="font-size: 10pt">We had 39,337 employees as of December&nbsp;31, 2004, which includes 24,997 employees in the IT Services
business and 14,340 employees in the IT Enabled services business. This represents a net addition
of 2,274 employees comprising the addition of 947 people in the IT Services business and 1,327
people in the IT Enabled services business.


<P align="left" style="font-size: 10pt">During the quarter, leading analyst firms AMR Research and IDC in their reports have again
validated Wipro&#146;s position as a leader amongst major players of the global delivery model. While
AMR Research report on Remote Data Center management identified Wipro as a leader in this practice,
IDC&#146;s report on European Managed Services stated that Wipro&#146;s broad competitive services portfolio
is a potential threat to the incumbent players.


<P align="left" style="font-size: 10pt">During the quarter, we added 26 new customers comprising 16 customers in R&#038;D Services and 10
customers in Enterprise Services.


<P align="left" style="font-size: 10pt"><B>India and Asia-Pac IT Services and Products (15% of Revenue and 6% of Operating Income for quarter
ended December&nbsp;31, 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. 3.2&nbsp;billion ($74.8&nbsp;million) for the quarter ended December&nbsp;31, 2004, representing an increase
of 20% over the quarter ended December&nbsp;31, 2003. EBIT for the quarter ended December&nbsp;31, 2004, was
Rs. 267&nbsp;million ($6.2&nbsp;million), representing an increase of 45% over the same period last year.


<P align="left" style="font-size: 10pt">Operating Margin for the quarter ended December&nbsp;31, 2004 was 8.3%, higher by 140 basis points
compared to the quarter ended December&nbsp;31, 2003.



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

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="left" style="font-size: 10pt"><B>Consumer Care &#038; Lighting (6% of Revenue and 4% of Operating Income for quarter ended December&nbsp;31,
2004)</B>


<P align="left" style="font-size: 10pt">Our Consumer Care &#038; Lighting business segment recorded Revenue of Rs.1.2&nbsp;billion ($28.5&nbsp;million)
for the quarter ended December&nbsp;31, 2004, representing an increase of 32% over the quarter ended
December&nbsp;31, 2003. EBIT was Rs. 175&nbsp;million ($4.0&nbsp;million) for the quarter ended December&nbsp;31, 2004,
representing a 28% increase over EBIT of Rs. 137&nbsp;million for the quarter ended December&nbsp;31, 2003.


<P align="left" style="font-size: 10pt"><B>Our results for the quarter ended December&nbsp;31, 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 <U>www.wipro.com</U>.</B>


<P align="left" style="font-size: 10pt">For the convenience of the reader, the amounts in Indian rupees in this release have been
translated into United States dollars at the noon buying rate in New York City on December&nbsp;31,
2004, for cable transfers in Indian rupees, as certified by the Federal Reserve Bank of New York
which is $1=Rs.43.27. However, the realized exchange rate in our Global IT Services &#038; Products
segment for the quarter ended December&nbsp;31, 2004 is $1=Rs.45.14.


<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 11:45 AM Indian Standard Time (1:15 AM Eastern Time) and
at 6:45 PM Indian Standard Time (8:15 AM Eastern time) to discuss the company&#146;s performance for the
quarter and answer questions sent to the email ID: <U>lakshminarayana.lan@wipro.com</U> or
<U>sridhar.ramasubbu@wipro.com</U>. 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 <U>www.wipro.com</U> 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
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. For more information, please visit
our websites at <U>www.wiprocorporate.com</U>, <U>www.wipro.com</U> and <U>www.wipro.co.in</U>



<P align="center" style="font-size: 10pt">&nbsp;
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<DIV style="font-family: Helvetica,Arial,sans-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 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 <U>www.sec.gov</U>. 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 forwardlooking 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: Helvetica,Arial,sans-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="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&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="10" style="border-bottom: 1px solid #000000"><B>Three Months Ended December 31</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Nine months ended December 31</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2004</TD>
    <TD>&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="center" colspan="2">Convenience</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="2">Convenience</TD>
    <TD>&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="center" colspan="2">translation into US$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">translation into US$</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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>
    <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:-15px">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>
    <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: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">11,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">15,712</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">30,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">44,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">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>
    <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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1350</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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>
    <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:-15px">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>
    <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: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">643</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">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>
    <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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Others</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">438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,953</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">27,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">884</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,058</TD>
    <TD>&nbsp;</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">161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">465</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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>
    <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: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Selling and marketing expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,251</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,386</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,875</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,003</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(93</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(925</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(896</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,476</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,689</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(62</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Research and development expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(70</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(168</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(201</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(67</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(223</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(122</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange gains / (losses), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(288</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Others, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</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">69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">298</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss on direct issue of stock by subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(206</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(207</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in Earnings / (losses)&nbsp;of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes and minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(334</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(694</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(851</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,971</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(46</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(33</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(67</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">2,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">4,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">6,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">11,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">263</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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>
    <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:45px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><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>
    <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: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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>
    <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 style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&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>
    <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:-15px">Global IT Services &#038; Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">2,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>4,129</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">6,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>11,473</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">265</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">India &#038; AsiaPac IT Services &#038; Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>267</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>597</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consumer Care &#038; Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>175</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>494</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>124</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>382</B></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:30px; text-indent:-15px">Reconciling Items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>56</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(68</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(68</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">2,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>4,751</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">7,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>12,878</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">298</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 3px double #000000">&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: Helvetica,Arial,sans-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="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&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="10" style="border-bottom: 1px solid #000000"><B>As of December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&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="center" colspan="2">Convenience</TD>
    <TD>&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="center" colspan="2">translation into</TD>
    <TD>&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="center" colspan="2">US$</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>ASSETS</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">1,801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>3,215</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable, net of allowances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,143</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Costs and earnings in excess of billings on contracts in
progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,845</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,619</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in liquid and short-term mutual funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,605</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>343</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,625</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>46,395</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,072</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,251</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>744</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>234</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangible assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>380</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,590</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>663</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">53,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>66,257</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,531</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="center"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borrowings from banks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">1,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>513</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">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"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts Payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,248</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,741</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued employee cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,929</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advances from customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,242</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,976</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,649</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">315</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>577</B></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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,226</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>519</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity shares at Rs.2 par value: 750,000,000 shares
authorized; Issued and outstanding: 697,885,677 and
702,120,931 shares as of December&nbsp;31, 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"><B>1,404</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,445</B></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:15px; text-indent:-15px">Deferred stock compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(3,236</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(75</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income / (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(74</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>233</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>40,666</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">940</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity shares held by a controlled Trust: 3,939,030 and
3,946,530 shares as of December&nbsp;31, 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51,512</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,190</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left">&nbsp;</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">53,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>66,257</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,531</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">* Equity shares held by a controlled trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Rs.</TD>
    <TD align="right">(75,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Rs.</B></TD>
    <TD align="right"><B>(75,000</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,733</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>f04911exv99w2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">
<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.2</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="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="bottom"><U><B>FOR IMMEDIATE RELEASE</B></U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="f04911f0491100.gif" alt="(WIPRO LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><U>Results for the Quarter ended December&nbsp;31, 2004 under Consolidated Indian GAAP</U><BR>
<B>Wipro records 56% growth in Profit After Tax</B><BR>
Dollar Revenue in Global IT business grows 41% YoY;<BR>
Operating Margin in Global IT business (before 1% non-cash charge for RSUs) at 27%


<P align="left" style="font-size: 10pt"><B>Bangalore, January&nbsp;21, 2005 </B>&#150;Wipro Limited today announced its audited results approved by the
Board of Directors for the quarter ended December&nbsp;31, 2004.


<P align="left" style="font-size: 10pt"><B>Highlights for the Quarter ended December&nbsp;31, 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Profit Before Interest &#038; Tax (PBIT)&nbsp;grew by 66% year on year to Rs. 4.76&nbsp;billion (Rs.
476 Crores). Revenue for the quarter was Rs. 21.10&nbsp;billion (Rs.2,110 Crores), an
increase of 39% year on year.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Profit After Tax grew by 56% year on year to Rs.4.27&nbsp;billion (Rs.427 Crores).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Global IT Services &#038; Products Revenue increased 38% year on year, at Rs. 15.89&nbsp;billion
(Rs. 1,589 Crores).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Global IT Services &#038; Products PBIT was Rs. 4.14&nbsp;billion (Rs. 414 Crores), an increase
of 65% year on year, contributed by pricing 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Global IT Services &#038; Products Operating Margin (excluding 1% non-cash charge for
Restricted Stock Units -RSUs) was 27%, despite increase in compensation cost and Rupee
appreciation</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Global IT Services &#038; Products added 26 new clients in the quarter.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>India, Middle East and Asia Pacific IT Services and Products Revenues grew by 45% and
PBIT grew by 69% year on year.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Outlook for the Quarter ending March&nbsp;31, 2005:</B>


<P align="left" style="font-size: 10pt"><B>Azim Premji, Chairman of Wipro commenting on the results said &#147;We continued our strong
performance into the third quarter of the fiscal year. Our strategy of offering an integrated
solution to our customers continues to pay off, as demonstrated by the healthy sequential
growth in all our key verticals and service lines during the quarter. Looking ahead, for the
quarter ending March&nbsp;2005, we expect our Revenue from our Global IT services business to be
approximately $370&nbsp;million.&#148;</B>


<P align="left" style="font-size: 10pt"><B>Vivek Paul, Vice Chairman, said &#147;This quarter saw a 1% sequential improvement in our price
realization for both Onsite projects as well as Offshore projects. In terms of verticals, our
Finance Solutions, Telecom OEM and Manufacturing businesses grew double digit sequentially,
while in terms of service lines, our Technology Infrastructure Services and
Testing Services continued their momentum with double digit sequential growth, resulting in
Revenues of $352&nbsp;million, ahead of our guidance of $347&nbsp;million. Annualized employee attrition
came down to 12%.&#148;</B>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty, Corporate Executive Vice President &#150; Finance, said &#147;Improvement in price
realization for both Onsite projects as well as Offshore projects, proactive hedging and
continued operational improvements helped significantly mitigate the impact of increased
employee compensation and currency appreciation on Operating Margins in our Global IT business.
Operating Margin in our Global IT business, before non-cash charge of 1% due to expensing of
Restricted Stock Units, was 27%, a marginal decline sequentially.&#148;</B>



<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt"><U><B>Wipro Limited</B></U>


<P align="left" style="font-size: 10pt">Revenues for the quarter ended December&nbsp;31, 2004, were Rs. 21.10&nbsp;billion (Rs.2,110 Crores),
representing a 39% increase over the previous year. Profit after Tax was Rs. 4.27&nbsp;billion (Rs.427
Crores), representing an increase of 56% over Profit after Tax for quarter-ended December&nbsp;31, 2003.
Revenues for the nine-months ended December&nbsp;31, 2004, were Rs.58.58&nbsp;billion (Rs. 5,858 Crores) ,
representing a 43% increase over the previous year. Profit after Tax for the nine-month period was
Rs. 11.96&nbsp;billion (Rs. 1,196 Crores), a growth of 68%.



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


<P align="left" style="font-size: 10pt">Global IT Services &#038; Products grew its Revenue by 38% over Revenue for corresponding quarter last
year to Rs. 15.89&nbsp;billion (Rs.1,589 Crores) and PBIT increased by 65% to Rs. 4.14&nbsp;billion (Rs.414
Crores). Operating Income to Revenue at 26.1% decreased by approximately 140 basis points
sequentially and increased by approximately 420 basis points year on year, after expensing charge
for RSUs. R&#038;D Services contributed 32% of the Revenue of Global IT Services. Enterprise Business
contributed 57% of Revenues with the balance 11% being contributed by IT Enabled Services.


<P align="left" style="font-size: 10pt">We had 39,337 employees as of December&nbsp;31, 2004, which includes 24,997 employees in the IT Services
business and 14,340 employees in the IT Enabled services business. This represents a net addition
of 2,274 employees comprising the addition of 947 people in the IT Services business and 1,327
people in the IT Enabled services business.


<P align="left" style="font-size: 10pt">During the quarter, we added new 26 customers comprising 16 customers in R&#038;D Services and 10
customers in Enterprise Services.


<P align="left" style="font-size: 10pt">During the quarter, leading analyst firms AMR Research and IDC in their reports have again
validated Wipro&#146;s position as a leader amongst major players of the global delivery model. While
AMR Research report on Remote Data Center management identified Wipro as a leader in this practice,
IDC&#146;s report on European Managed Services stated that Wipro&#146;s broad competitive services portfolio
is a potential threat to the incumbent players.


<P align="left" style="font-size: 10pt">Global IT Services and Products accounted for 75% of the Revenue and 87% of the PBIT for the
quarter ended December&nbsp;31, 2004.



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


<P align="left" style="font-size: 10pt">For the quarter ended December&nbsp;31, 2004, Wipro Infotech recorded Revenues of Rs. 3.42&nbsp;billion (Rs.
342 Crores) representing a growth of 45% year -on-year. Profit before Interest and Tax at Rs.272
million (Rs. 27.2 Crores) grew by 69% year-on-year. Services business contributed to 35% of total
Revenue during the quarter. Services Revenues grew by 41% compared to the previous year, fuelled by
growth in Software Solutions, Infrastructure Management Services, Software Solutions and
Consulting. Products business grew by 48% by value. The APAC and ME revenues for the quarter grew
by 85% year on year.


<P align="left" style="font-size: 10pt">Key wins include a 7-year contract for Total Outsourcing with YES BANK and a contract with Bharat
Electronics Limited for corporate-wide SAP (ERP)&nbsp;implementation. We won 20 Infrastructure
Management Services contracts, 19 Systems Integration contracts, 24 Software projects and 28
consulting contracts during the quarter across India, APAC and Middle East.


<P align="left" style="font-size: 10pt">Wipro Infotech was awarded the India Manufacturing Excellence Award for its factory in Pondicherry
in the large enterprises category by Frost Sullivan.


<P align="left" style="font-size: 10pt">Wipro Infotech accounted for 16% of Revenue and 6% of the PBIT for the quarter ended December&nbsp;31,
2004.



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


<P align="left" style="font-size: 10pt">Wipro Consumer Care and Lighting business recorded Revenue of Rs. 1,289&nbsp;million (Rs. 129 Crores)
with PBIT of Rs. 175&nbsp;million (Rs.17.5 Crores) contributing 6% of total Revenue and 4% of the PBIT
for the quarter. Operating Margin was 14% for the quarter.



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


<P align="left" style="font-size: 10pt">For the quarter ended December&nbsp;31, 2004, the annualized Return on Capital Employed in Global IT
Services was 66%, Wipro Infotech was 67%, Consumer Care and Lighting was 101%. At the Company
level, the Return on Capital Employed was 38%, lower due to inclusion of cash and cash equivalents
of Rs. 24.85&nbsp;billion (Rs.2,485 Crores) in Capital Employed (47.3% of Capital Employed).


<P align="left" style="font-size: 10pt">For Wipro Limited, Profit after Tax computed in accordance with US GAAP for the quarter ended
December&nbsp;31, 2004 was Rs. 4.27&nbsp;billion (Rs.427 Crores), an increase of 60% over the profits for the
corresponding quarter ended December&nbsp;31, 2003. The net difference of Rs. 3&nbsp;million between profits
computed in accordance with Indian GAAP and US GAAP is primarily due to different Revenue
recognition standards, different accounting standards for recording the dilution arising from
exercise of employee stock options in Wipro Spectramind, amortization of intangible assets and
accounting for forward contracts.


<P align="left" style="font-size: 10pt">Global IT Services &#038; Products segment Revenues were Rs. 15.89&nbsp;billion (Rs.1,589 Crores) for the
quarter ended December&nbsp;31, 2004 under US GAAP, essentially same as per Indian 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 11:45 AM Indian Standard Time (1:15 AM Eastern Time) and
at 6:45 PM Indian Standard Time (8:15 AM Eastern time) to discuss the company&#146;s performance for the
quarter and answer questions sent to the email ID: <U>lakshminarayana.lan@wipro.com</U>. 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
<U>www.wipro.com</U> 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
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. For more information, please visit
our websites at <U>www.wiprocorporate.com</U>, <U>www.wipro.com</U> and <U>www.wipro.co.in</U>



<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 prepared under the US GAAP along with individual
business segment reports are available in the Investor Relations section at </B><U><B>www.wipro.com</B></U><B>.</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="4%">&nbsp;</TD>
    <TD width="48%">&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 Relations</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">&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"><U>lakshminarayana.lan@wipro.com</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>sandhya.ranjit@wipro.com</U></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<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 <U>www.sec.gov</U>. 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;
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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P align="center" style="font-size: 10pt"><B>WIPRO LIMITED, CONSOLIDATED</B>



<P align="center" style="font-size: 10pt"><B>AUDITED SEGMENT WISE BUSINESS PERFORMANCE FOR THE QUARTER &#038; NINE MONTHS ENDED DECEMBER 31,2004</B>



<P align="right" style="font-size: 10pt"><B><I>Rs. in Million</I></B>



<DIV style="width: 100%; border: 1px solid black; padding: 0px;">
<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="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="12" style="border-bottom: 1px solid #000000"><B>Quarter ended December 31,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000;border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="12" style="border-bottom: 1px solid #000000"><B>Nine months ended December 31,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000;border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Year ended</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Growth</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Growth</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Particulars</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Segment
Revenue</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Global IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">15,888</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,472</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">38</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">44,344</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,026</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">43</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,575</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">3,421</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,355</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">9,122</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,096</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</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:45px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">1,289</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">949</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">3,496</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,629</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,649</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Others</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">503</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">438</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">1,615</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,198</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,826</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px"><B>TOTAL</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>21,101</B></TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,214</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">39</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>58,577</B></TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>40,949</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">43</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</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 colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Profit
before Interest and Tax - PBIT </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Global IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">4,139</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,514</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">65</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">11,893</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,573</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">81</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,539</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">272</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">627</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">175</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">24</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">495</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">415</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">551</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Others</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">176</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">267</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">316</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>TOTAL</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>4,762</B></TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,864</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>66</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>13,331</B></TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,539</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>77</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</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 colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest (Net) and Other Income</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">185</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">598</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">873</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Profit Before Tax</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>4,947</B></TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,051</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>62</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>13,929</B></TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,069</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>73</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</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 colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income Tax expense</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">(722</TD>
    <TD nowrap bgcolor="#79e78b">)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(330</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">(2,035</TD>
    <TD nowrap bgcolor="#79e78b">)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(922</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,681</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:-15px"><B>Profit before Share in earnings / (losses)&nbsp;of Affiliates
and minority interest</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>4,225</B></TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,721</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>55</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>11,894</B></TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,147</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>66</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,351</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Share in earnings of affiliates</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">71</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">133</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:45px; text-indent:-15px">Minority interest</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">(28</TD>
    <TD nowrap bgcolor="#79e78b">)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">(72</TD>
    <TD nowrap bgcolor="#79e78b">)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(59</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>PROFIT AFTER TAX</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>4,268</B></TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,743</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>56</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>11,955</B></TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,107</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>68</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</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 colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Operating Margin</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Global IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">26</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">27</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">8</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">7</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">14</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">14</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px"><B>TOTAL</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>23</B></TD>
    <TD nowrap bgcolor="#79e78b"><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>23</B></TD>
    <TD nowrap bgcolor="#79e78b"><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>CAPITAL EMPLOYED </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Global IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">26,709</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,163</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">26,709</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,163</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,732</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">1,417</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,496</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">1,417</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,496</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:45px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">659</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">520</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">659</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">520</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">596</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Others</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">23,733</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,552</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">23,733</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,552</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px"><B>TOTAL</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>52,518</B></TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,731</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>52,518</B></TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,731</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>CAPITAL EMPLOYED COMPOSITION</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Global IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">51</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">51</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">56</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">3</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">3</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">1</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">1</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Others</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">45</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">52</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">45</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">52</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">37</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px"><B>TOTAL</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>100</B></TD>
    <TD nowrap bgcolor="#79e78b"><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>100</B></TD>
    <TD nowrap bgcolor="#79e78b"><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>RETURN ON AVERAGE CAPITAL EMPLOYED</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD bgcolor="#79e78b">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Global IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">66</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">52</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">65</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">46</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">47</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">67</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">47</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">50</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">41</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">53</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">101</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">107</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b">105</TD>
    <TD nowrap bgcolor="#79e78b">%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">92</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">86</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px"><B>TOTAL</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>38</B></TD>
    <TD nowrap bgcolor="#79e78b"><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" bgcolor="#79e78b">&nbsp;</TD>
    <TD align="right" bgcolor="#79e78b"><B>39</B></TD>
    <TD nowrap bgcolor="#79e78b"><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>25</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>30</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>

<P align="left" style="font-size: 10pt"><HR noshade size="1" width="12%" align="left" color="#000000">

<DIV align="left" style="font-size: 10pt">(1)&nbsp;PBIT is after considering stock compensation expense of Rs. 168 Mn for three months ended
and Rs. 169 Mn for nine months ended December&nbsp;31, 2004. PBIT of Global IT Services and
Products is after considering stock compensation expense of Rs. 151 Mn for three months and
nine months ended December&nbsp;31, 2004.
</DIV>

<P align="left" style="font-size: 10pt">(2) This includes cash and cash equivalents of Rs. 24,845 Mn (2004: Rs. 21,760 Mn &#038; 2003: Rs.
21,247 Mn).



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

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

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P align="left" style="font-size: 10pt"><B>Notes 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="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD width="2%" nowrap align="left">&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="6">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD width="2%" nowrap align="left">&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>


<P align="right" style="font-size: 10pt"><B><I>(Rs. in Million)</I></B>



<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center" color="#000000"></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>Quarter ended December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>Nine months ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Geography</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>%</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="33" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">USA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">54</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">54</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rest of the World</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,887</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left"  style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,101</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,214</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,577</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>40,949</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left"  style="border-top: 1px solid #000000">&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="1%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD width="2%" nowrap align="left">&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>

</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="1%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>As of December&nbsp;31, 2004, forward contracts to the extent of USD 258 Mn have
been assigned to the foreign currency assets as on the balance sheet date. These
assets are valued at the forward contract rate, adjusted for premium / discount in
respect of the expired period.</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>The Company has designated certain forward contracts to hedge 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 rollover /
cancellation / expiry of such contracts is recognized in the profit and loss account in the
period in which the forecasted transaction is expected to occur, till such time the same is
grouped under Loans and Advances.</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>The Company has also entered into option / forward contracts which are not designated as
hedge. Gain or loss on such contracts is recognized in the profit and loss account of the
respective periods. The outstanding contracts as at the balance sheet date are marked to
market, the impact of which is taken to profit and loss account. Consequently, the company has
recognized marked to market gain of Rs. 13.41 Mn in the current quarter ended December&nbsp;31,
2004.</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>As at the balance sheet date, the Company had forward contracts to sell USD 614 Mn in respect
of forecasted transactions. The effect of marked to market and of intermediary roll over /
expiry of the said forward contracts is a gain of Rs. 233.97 Mn. The final impact of such
contracts 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="6">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>Had the Company continued to follow the earlier accounting policy, the profit for the quarter
would have been higher by Rs. 297 Mn (lower by Rs. 197 Mn for the nine months period ended
December&nbsp;31, 2004).</TD>
</TR>

</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="1%" nowrap align="left">5.&nbsp;</TD>
    <TD width="2%" nowrap align="center">a)&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>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%" nowrap align="center">b)</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="6">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%" nowrap align="center">c)</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>



<P align="center" style="font-size: 10pt">&nbsp;
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<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>f04911exv99w3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.3</B>


<P align="left" style="font-size: 10pt"><B>Press Conference for Management Discussion on Earnings Release for Quarter ended December&nbsp;31,
2004 of Wipro Limited</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 Vaswani, President, Wipro Infotech and Vineet Agrawal,
President, Wipro Consumer Care and Lighting</B>
<HR noshade size="1" width="100%" align="left" color="#000000">

<P align="left" style="font-size: 10pt"><B>Moderator: </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 morning. Wish you all a very happy new year. Eid Mubarak. I am sorry to make you
all come over on a holiday


<P align="left" style="font-size: 10pt">The detailed results for the quarter ended December&nbsp;31 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">In our Global IT business, a key feature of our performance over the last few quarters has been our
focus on Revenue productivity and building a portfolio of services that build a strategically
superior business model while continuing to deliver solid results on a quarterly basis. The results
of the last quarter reinforce this. We continued to see broad based Revenue growth &#150; every single
vertical grew sequentially. Our differentiated services such as Technology Infrastructure Services
and Testing Services grew double digit sequentially. Europe geography posted fourth consecutive
quarter of double digit sequential growth. A combination of customer mix, service mix and
continued operational improvements led to a 1% sequential growth in price realization for Onsite as
well as Offshore projects. From people management perspective, annualized attrition for the
quarter ended December&nbsp;2004 came down to 12% in our IT Services business. These factors coupled
with proactive hedging and improved productivity resulted in our ability to significantly mitigate
the negative impact of Rupee appreciation and compensation revision on our profitability.


<P align="left" style="font-size: 10pt">Other businesses continue to deliver robust results. Growing ahead of the market, our India, Middle
East and Asia Pac IT business &#150; Wipro Infotech - recorded Revenue growth of 45% over the previous
year. This strong Revenue growth coupled with prudent cost management led to Profit before Interest
and Tax growth of 69% and a 110 basis points expansion in Operating Margin. Our Consumer Care &#038;
Lighting business grew Revenues by 36% and PBIT by 24% on a year on year basis.


<P align="left" style="font-size: 10pt">Let me take a moment to talk about our strategic direction. About 13 quarters ago, we rolled out
our strategy to achieve our vision of global leadership in IT Services. We have made significant
progress over the last couple of years. But that journey is far from over. There has been a clear
acceleration in the momentum towards Offshore. Bringing as it does, many opportunities, and this
trend also calls for constant reorientation of strategy. We are taking various strategic measures
to benefit from these opportunities and deliver the best value proposition for the customer and
sustainable value creation for all stakeholders.


<P align="left" style="font-size: 10pt">Looking ahead, the environment we see is one of strong volume growth, with prices moving in a
narrow band. Rupee appreciation will pose an additional challenge in sustaining profitability. We
will attempt to mitigate the pressure on profitability by providing higher value-add services,
moving business offshore, improving utilization and managing costs. As the Indian economy posts
healthy growth, we hope to benefit from the growth in our Wipro Infotech and Wipro Consumer Care
and Lighting businesses.


<P align="left" style="font-size: 10pt">Thank you again for coming here, and we would be very happy to take questions.



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<P align="left" style="font-size: 10pt"><B>Media Person: </B>Mr.&nbsp;Premji, could you highlight the various strategic measures you are taking to
benefit from the opportunities, I would like at least couple of
them.<BR><BR>
<B>Azim Premji: </B>Let me direct this question to Vivek Paul our
Vice Chairman.<BR><BR>
<B>Vivek Paul: </B>Which one of them were you referring to?


<P align="left" style="font-size: 10pt"><B>Media Person: </B>The BPO sector.<BR><BR>
<B>Raman Roy: </B>One of our areas of growth is: now that we have built the great foundation for our BPO
business with a huge traction with our customers and demonstrating what can be done offshore, we
are now looking to penetrate into the transaction processing side of the business, which will bring
in the traction and a higher value add for our customers. That will also bring in the ability for
us to package all the Wipro offerings, whether they be in IT, whether they be our infrastructure
services service line, whether they be our BPO service line. So one of our strategic measures is
to go after the transaction processing side of the business.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>In the declining attrition scenario, and it has declined to 12% from 16% from 18%
this quarter; could you clarify that?<BR><BR>
<B>Vivek Paul: </B>You cannot build a linearity, I think that what you are seeing is certainly that has
helped, but in some sense you know that big surge we had in terms of all different US companies
here, that seems to be subsiding as well. So I would say it is a combination of factors.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>What can be claimed as a figure?<BR><BR>
<B>Vivek Paul: </B>18 to 12.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Mr.&nbsp;Senapaty, what has been the impact of rupee appreciation, and how much you hedge
and how much is scheduled for this quarter?<BR><BR>
<B>Suresh Senapaty: </B>You know always when you talk about hedging, hedging is primarily to smoothen the
impact of foreign exchange on the profits of the company, and therefore the capital of the company.
So, if you look at our Q3, the impact has been about 30 basis, 0.3%, opening margin decline, and a
YOY the decline is about 0.6%, despite the fast movement of the rupee to dollar. That being
significantly much more. Because what you do is you smoothen that impact of the profits and you
postpone the impact to as much as possible.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Mr.&nbsp;Senapaty, could you give the attrition rate for this quarter?<BR><BR>
<B>Suresh Senapaty: </B>In the IT services it was 12% quarterly annualized.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Pricing realization seems to have gone up, can you give us some detail as to what
kind of pricing are you getting in new contract? I mean what is the band in terms of new
contracts, how much are you getting, and what kind of areas are you getting from? And also, what
are the contracts where you are getting higher prices ?<BR><BR>
<B>Vivek Paul: </B>If you look at the pricing, the increase in this quarter relative to the quarter before
was about 1% on both onsite rates as well as offshore rates. The way we are getting this pricing
increase is not by direct head-to-head renegotiation with customers but by two factors: one is, we
are mixing in new business, which is coming in at higher rates than the average of the existing
business, and the second is, the ability to be able to mix in more higher level processes that have
a higher price point. So for example, in the last quarter, our infrastructure services business
grew very rapidly, that allowed us to get a good mix benefit on the realization as well.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>On the new contracts, what kind of price increases are you getting?<BR><BR>
<B>Vivek Paul: </B>They are nicely ahead of existing.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Can you give some guideline?<BR><BR>
<B>Vivek Paul: </B>No.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Mr.&nbsp;Premji, what is your anticipation for the ensuing budget?




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<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>Your guess is as good as mine, frankly. I think it will be a positive budget. The
Finance Minister has constantly been making statements to that effect. It will be a
growth-oriented budget. It will be a budget I think which will also encourage more foreign
investments coming into the country.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Mr.&nbsp;Paul, the reelection of President Bush and the swearing in, how is the outlook in
the tech spending in the US in this calendar year?<BR><BR>
<B>Vivek Paul: </B>I think the tech spending will be driven more by economic conditions than by who is in
the White House, and the expectation on an additive basis is that tech spending will not grow as
fast in 2005 calendar as it did in 2004. Having said that, I think that the interest and activity
on offshoring, which is really the market that we have been most interested in, continues to be as
healthy as it always has been.<BR><BR>
One question that you had earlier was that with the Bush reelection are we going to see a big jump
in business prospects? Just as we have maintained in the last year that the fact that there was
this debate going on in the political system in the United States did not affect business in the
past, so also we don&#146;t see any big quantum jumps in the future.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>So you see the two factors actually going up, will it be outsourcing or will it be
offshoring? Well, an indication how the Indian IT sector would be able to grow?<BR><BR>
<B>Vivek Paul: </B>I think both will grow. I mean I am not seeing, in some sense there was a group of
people who thought last year was bad because of this debate and this year would be good because the
debate is over. What we have certainly maintained is, last year was unaffected by the debate and
this year is unaffected by the end of that debate. The strong secular trends remain as a through
last year and through this year.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>How far you have progressed in China operation?<BR><BR>
<B>Vivek Paul: </B>If you look at the China operations, we continue to use that as a way to serve North
Asia, and that has been pretty unchanged over the last quarter.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Surprisingly, this year we have not seen any acquisitions by your company. What are
the prospects, what has been the inoculate growth bench strategy? Unlike last year, when you had
the flurry of acquisitions, the first nine months have been very quiet.


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I think it is our intention not to put ourselves on some sort of a regular track of
acquisition. As we have always maintained, we are clear in the direction in terms of what kinds of
acquisitions we are interested in, but we want to be very opportunistic and never make a bad
acquisition because we were rushed. So, we continue to have an interest.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>In this time line, you don&#146;t see prospects of any acquisition in the last quarter of
this current fiscal?<BR><BR>
<B>Vivek Paul: </B>Well, I think that my comments really related to the last quarter. In terms of an
outlook, we are always in the game, we always have a funnel of prospects that we are looking at,
and when they click they click, but we don&#146;t want to violate anything of the fact that it has to be
a strategic fit, it has to be a cultural fit, and it has to be a financial fit, and we have to make
sure that whatever acquisitions we make fit on all of those treatments.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>What will be the number of additions to your employee next quarter and for the 2006
also?<BR><BR>
<B>Vivek Paul: </B>You know, we have always maintained that we never hire to a plan, we always hire to
business needs, so as a result we never start a quarter giving our recruiting team a target of
hires on people, because if the business is stronger, we would like them to hire more; if the
business is weaker, the last thing we want is people sitting on the bench. So we don&#146;t really have
that per se; however, if you look at the quarter past, we have added roughly 2200&#043; net additions to
the employee base.



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<P align="left" style="font-size: 10pt"><B>Media Person: </B>I think software services has been rather muted this quarter, any reason in terms of
why less than 1000 this quarter?<BR><BR>
<B>Vivek Paul: </B>I think that it is really the matter of what the business need is. If you look at our
utilization rate, for example, our utilization rate fell from 68% to 66%. The good news in that,
that means that there is leverage and there is headspace for improving operating margin by
improving utilization. The flip side of that is that you don&#146;t really need that many people until
you get that utilization up. So I think that, we can&#146;t read too much into people additions, that
is not reflected in the revenue line. We don&#146;t believe in the fact that net employee additions is
the very compelling leading indicator of the future, particularly if you are in a hire to demand
situation.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>You said that you expect the tech spending in the US to be slower than in 2004?<BR><BR>
<B>Vivek Paul: </B>Yes, the growth rate will be slower, but that does not mean the absolute amount will be
lower.


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Last quarter has been particularly good also with respect to our Consumer Care
business and Wipro Infotech business. Wipro Infotech had got YOY 45% growth, which is significantly
ahead of the industry and similarly, in Wipro Consumer Care, we had about 36% year-on-year growth.
There is a margin expansion we saw in Wipro Infotech business in the last quarter.<BR><BR>
<B>Azim Premji: </B>Let us have Suresh Vaswani from Wipro Infotech also add on some relevant points.<BR><BR>
<B>Suresh Vaswani: </B>Wipro Infotech had a very good year this year. Last quarter the growth was 42%,
profit growth was 70%, and if I look at the full 9-months perspective this year, the revenue growth
has been 50% and the profit growth has been 60%. So basically all the investments that we have made
in the domestic market are beginning to pay off. The market is now growing at 20% and we are able
to keep ahead of the market growth with a 50% growth vis-&#224;-vis the market growth of between 20% and
25%. There is growth across all our business lines. The products business is growing by 48%, the
services business is growing by 41% and our Asia-Pacific and Middle East operations are growing by
85%. I am talking about the quarter performance. Again to give you some idea of the number of
contracts, we won around 91 significant contracts in the last quarter
- - 76 in India, 9 in Middle East, and 6 in Asia-Pacific. Some of the key wins includes a total outsourcing business acquired in
India with Yes Bank, which all of you are familiar with. Then there is a very significant SAP
implementation, that we are rolling out in Bharat Electronics Limited, which is probably one of the
first few of its kind in the defense segment globally.<BR><BR>We also had a win in one of the insurance
companies in India for SAP for reinsurance segment, which again is one of the first few globally.
There was a strong customer acquisition in the Middle East market, a telecom customer, where we are
dong both data warehousing and business intelligence roll out. So, all in all, I think the
investments we made in the past, the strategies that we rolled out, are beginning to pay dividends,
and we are continuously able to keep ahead of the market growth.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Regarding Yes Bank, how far has the progress been, some more details?<BR><BR>
<B>Suresh Vaswani: </B>Very simply said it is IT infrastructure that we are providing to Yes Bank on tap,
or as a utility model. So, as the bank grows and the bank expands its branches, the IT
infrastructure will also expand. We are basically the IT infrastructure provider in a total
outsourcing model. We hope to expand our presence with Yes Bank as the bank grows. So it is a
conventional total outsourcing deal and you know one of its kind in the domain.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>But are you free to use the same model with other customers?<BR><BR>
<B>Suresh Vaswani: </B>Yes we have launched total outsourcing practice in the domestic market, and this is
one of the first few wins of the significant size that we have had. We will propagate this model in
banks and other industries as well.<BR><BR>
<B>Suresh Senapaty: </B>If your question is whether we can use the asset deployed for them for others?
No, except to the extent we use the NOC, the network center, which we can use it for other
customers too.



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<P align="left" style="font-size: 10pt"><B>Media Person: </B>I just wanted to ask you about the number of customers in 5-10&nbsp;million and 10-20
million category &#150; have gone up by the same number as the 3-5&nbsp;million customers have gone down.
Does this mean that you have mined your existing customers for a larger deals? Does that reflect in
their contribution to revenue you expect to happen in the forthcoming quarters?<BR><BR>
<B>Vivek Paul: </B>If I was to take a look at the mix of business we have got from our top accounts, first
of all, the number of accounts that give us greater than $1&nbsp;million in revenue have really risen.
So, as a result we are seeing that in aggregate there is more customers that we are able to get
more round off in 3- 5 category; However, if you look at the top 10 customers, we had head win
coming into this quarter that we had a few customers that we knew were going to drop as a result of
budgetary crunches at the end of their financial year. So we had to make up for that. And we were
actually able to grow several customers. I think there are three customers that grew at over a 15%
sequential growth on a quarter-on-quarter basis. So, the net of that still gave us the growth that
we were able to provide with a 7.7% sequential quarter growth, but we had puts and takes.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>I was also asking you about existing customers moving up into larger engagements
because the five customers in the 3-5&nbsp;million category are the same who are now in the 5-10&nbsp;million
and 10-20&nbsp;million, is that right?<BR><BR>
<B>Vivek Paul: </B>That is right. So, as I said except barring some of the declines that I mentioned most
of them have continued to grow. So, when you have somebody who grows at 15% sequential rate, they
in some sense get promoted into the next level up.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>So are they going to be contributing in the forthcoming quarters, I mean is that
revenue going to be reflected in the forthcoming quarters ,is what you are saying?<BR><BR>
<B>Vivek Paul: </B>That is the beauty of our business model that it has had such a strong revenue stream
that when you get that growth in some sense you graduate it up to a level and it stays at that
level unless something goes backward. However, you know, as I have just discussed, we had some
accounts that did decline this quarter. So, there is no guarantee, but certainly our business is
very very sticky.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Are there more of your customers you expect who would be dropping off in Quarter 4?<BR><BR>
<B>Vivek Paul: </B>Well, we haven&#146;t had any customers drop off, as I said, we had some declines. I am
sure there will be a mix of some customers that will decline and many customers that will grow.<BR><BR>
<B>Suresh Senapaty: </B>I think eventually of the top 50 accounts, 30% of them have given double-digit
sequential growth. If you look at the last quarter, we have done very well in the testing services
as well as the technology infrastructure support services, both have given a YOY of about 80%, and
we have Mr.&nbsp;Suresh Vaswani, part of Wipro Technology who also deals with that business. So he can
give you some flavor of that growth driver line of business that we have.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Mr.&nbsp;Premji, there was some news that you are acquiring a piece of land in Uttar
Pradesh. Can we have some clarity on that sir, is that going to be a state where you are going to
be driving some future growth?<BR><BR>
<B>Azim Premji: </B>We are constantly evaluating locations where there is prospect of good international
air connections and a supply of qualified technical talents. We are evaluating second phase of
Noida. We have not concluded on it.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Just want to go back to the earlier one on customers, what is the net addition during
the quarter of new customers?<BR><BR>
<B>Vivek Paul: </B>The net went up to 16.


<P align="left" style="font-size: 10pt"><B>Suresh Vaswani: </B>Responding to earlier question on strategic growth areas, there are two service
lines in Wipro Technology that we are making substantial investments in, in addition to the
services lines that Vivek spoke about. One is the testing services line, which we spun out as a
separate service line. Earlier it was a part of our technology business. Today it is a separate
service line which focuses on providing testing services across all our segments - technology




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<P align="left" style="font-size: 10pt">segment as well as the enterprise segment. So, this service line has grown really nicely this
year. We have had a growth of around 90%, we are close to 2300 people in testing, and we believe
we are the market leaders from an Indian export perspective in testing services globally.<BR><BR>
The other line which has really been doing very well is that technology infrastructure services,
again it has been a mainstay of Wipro Technologies globally. We have been rated as being the
premium service provider and being the best service provider by two separate analyst reports on the
technology infrastructure services side, and one significant win that we have had this year is from
a large American manufacturing company where we are responsible for their entire messaging
migration as well as messaging management over a period of five years. So, basically these two
areas, in addition to the BPO, from a horizontal perspective, are becoming the key growth drivers
to Wipro Technology as we go into future.


<P align="left" style="font-size: 10pt"><B>Vineet Agrawal: </B>On the Consumer Care and Lighting side too, it has been a good quarter for us. We
have done about 36% growth year-on-year; in fact in the last four quarters successively we are
growing 30% plus. This is in light of the fact that the FMCG industry is growing at best about 3-5%
and we have grown last four quarters continuously at 30% plus. This has really been lead by
Santoor. Santoor has grown by about 28% this quarter, and if you remember four quarters back, I
talked about the fact that Santoor is now a 250 crores brand. Well, today it is a 325 crores
brand, up almost 30% from what it was exactly four quarters back. Our acquisitions of both
Chandrika as well as Glucovita is paying off. We have also grown well in our commercial
institution segment in terms of lighting, and in our office modular furniture, which we have
recently launched.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Last one year, IT services companies in India like Wipro and Infosys, have been
talking about consulting. Can we have some light on what Wipro plans to do in the next one or two
years, and if you can also give us some numbers on how consulting, specifically consulting,
contributed to your revenues during this quarter?<BR><BR>
<B>Vivek Paul: </B>If you look at consulting service, the way we have looked at consulting is, it is
intrinsically tied to the IT spend. In other words, our interest in consulting is not to get into
a pure onsite consulting model for the sake of that revenue but for the pull through business that
it can drive on the IT services side or the transaction processing side that can be delivered from
offshore. So, as a result we have integrated consulting into our individual lines of business in
the IT space, whether it is financial services or in our enterprise system space. That continues to
do well. We are coming in to see nice pull through, and you know it is real difficult for us to
specifically separate since we have, for example, lot of people with consulting background we hire
for the package implementation business, lot of people we hire into application development
business, business and systems analyst that we hire both in India and outside. So I think over the
last year we have hired something like 250 or 300 people with that MBA consulting background.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Mr.&nbsp;Roy, 1. Do you see the business coming from the domestic markets over the next
couple of quarters? 2. As far as the move to B and C&#043; cities is concerned, most large BPO
companies have been talking about it, they have been hiring from these cities, but they themselves
have not moved yet. Do you see that happening over sometime in let us say three or four quarters?<BR><BR>
<B>Raman Roy: </B>As far as the domestic market is concerned, we think there is a huge potential, and
Wipro would like to participate in that potential; however, the existing laws do not permit the
utilization of the infrastructure that services international markets to be utilized to service
domestic market, and that is a big hindrance in our ability to be able to leverage our existing
infrastructure and bring a higher quality of service, higher capability, better technology for the
Indian market place. We are working with NASSCOM, we are working with the government to get a
common understanding and see what can be done to revise the regulation that will allow the domestic
Indian market to leverage the capabilities which India has very successfully demonstrated as
premium capabilities on the international platform.



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<P align="left" style="font-size: 10pt">As far as smaller cities are concerned, yes we are evaluating cities. Yes, at this point of time,
Wipro&#146;s BPO business hires from 54 different cities for post fulfillment in the 7 locations where
we do our business. We are looking at opportunities to expand into the cities in the quarter 1.
When we launched in Calcutta, we were the first large company to go there and bring in the
competencies and capabilities. We are very excited about the growth prospects in cities such as
Calcutta or other smaller cities.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Going back to the domestic BPO thing, assuming that the laws were not an hindrance,
which areas would the business come from? Telecom is one obvious vertical, are there any other
verticals that have taken up in the domestic region?<BR><BR>
<B>Raman Roy: </B>We see a huge potential in financial services, telecom as you have very correctly said,
and then a market will emerge from manufacturing because the consumer in India is demanding
international quality capability. If you go international, you buy a bar of soap, you are given a
1-800 number in case you want to call, and people call that for various aspects. In India that is
not yet a facility available to consumers, and these will be distinguishing factors that will be
used. But we have to create that competency that is of international capability, the Indian market
is not large enough for at least Wipro to invest to bring in that technology purely for domestic
market, because the price equation goes out of way.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Just one more question; do you find that hiring quality talent in metros like,
Bombay and Bangalore is really drying up?<BR><BR>
<B>Raman Roy: </B>Getting the quality of talents that can be very quickly graduated to international
quality fulfillment has become a challenge. The pipeline for that is drying up, the training needs
for that are going up, and the pool of supply is not large enough. If you look at BPO as an
industry, you see attrition as a big issue and that is because there is not a large enough pool of
talent and people keep switching from one company to the other to the third, and we see an up
gradation of that talent of that capability. Just to give an example, in the last one month for our
BPO business we met 18,000 people, of which we hired 1435. May be somebody else hired another say
1500, but in a single month there were 15,000 people who were looking for a job and did not get a
job in this sector. What are we doing to create competency and capability for another 3000,
another 5000 people, to be made into a goal for international servicing? That I think is a key
challenge for us as a country.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Mr.&nbsp;Premji, for Tsunami what is your contribution, what did you do?<BR><BR>
<B>Azim Premji: </B>Our contribution will be around 5 crores.<BR><BR>
<B>Suresh Senapaty: </B>Both Wipro and the employees combined together.<BR><BR>
And also just to supplement that consulting question, we have more than 300 people today as
consultants. The revenue, we have revenue standalone on consulting as well as the follow through
business. So, the standalone revenue is in excess of 2% of the IT services revenue that we have.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>How much is it from the follow through business?<BR><BR>
<B>Suresh Senapaty: </B>That is difficult to track, because it gets embedded into the normal revenue that
we have, but it is definitely yielding.


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Just one clarification, Mr.&nbsp;Paul when you say there is a 12% annualized attrition in
global IT services, does it mean in this more people left than you have hired? My calculation
gives 2999 software professionals left in place of 2724 you have hired. Just wanted to know if the
figure is correct.<BR><BR>
<B>Vivek Paul: </B>No when you say 12% annualized that means that for the quarter it is one fourth of
that. You have to take into account the effect of compounding, so it is little bit less than what
you gave.




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



<P align="center" style="font-size: 10pt"><IMG src="f04911f0491100.gif" alt="(WIPRO LOGO)">



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



<P align="center" style="font-size: 10pt"><B>Q3-2004-05 Investors Conference Call</B>



<P align="center" style="font-size: 10pt"><B>January&nbsp;21, 2004, 11:45 hrs IST</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Good morning ladies and gentlemen. I am Prathiba, the moderator for this conference. Welcome to
Wipro conference call. For the duration of the presentation, all participants&#146; lines will be in
the listen-only mode. I will be standing by for the question and answer session. I would now
like to hand over to the Wipro management. Thank you and over to Wipro.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Lakshminarayana


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you Prathiba. Ladies and gentlemen, a very good morning to you in America, and a good day
to you in all other parts of the world. My name is Lakshminarayana, and I am based in Bangalore,
along with Sridhar in Mountain View, and Jatin 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 third fiscal quarter ended December&nbsp;31, 2004.
Present in this call is the entire senior management of Wipro including Mr.&nbsp;Azim Premji, Chairman
and Managing Director, Mr.&nbsp;Suresh Senapaty, the CFO, Mr.&nbsp;Vivek Paul, Vice Chairman, Mr.&nbsp;Suresh
Vaswani, President - Wipro Infotech, Mr.&nbsp;Vineet Aggarwal, President &#150; Wipro Consumer Care and
Lighting, and Mr.&nbsp;Raman Roy, Chairman - Wipro Spectramind. We will begin the call with brief
remarks from Mr.&nbsp;Premji and Mr.&nbsp;Senapaty. After which we will be happy to take any questions
from you. The conference call will of course be archived and the transcript will be available on
our website, <U>www.wipro.com</U>. Before Mr.&nbsp;Premji start his address, let me draw your
attention that during this call, we might make certain forward-looking statements within the
meaning of Private Security Litigation Reforms Act of 1995. These statements are based on
managements current expectations and are associated with uncertainty and risks, which could cause
the actually results 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 statements 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="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Azim Premji


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">I would like to wish all of you all a very happy new year, and I would like to thank you for
being present in this investor call. Your Board of Directors in the meeting held this morning
approved the accounts for the quarter ending December&nbsp;31, 2004. The results have been mailed to
those registered to us and are also available on our website.


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Let me share with you some of our thoughts on our performance and prospects. In our
global IT business, a key feature of our performance over the last few quarters has been our
focus on revenue productivity and building a portfolio of services that build a strategically
superior business model while continuing to deliver solid results on a quarter to quarter
basis. The results of the last quarter reinforce this. We continue to see a broad based
revenue growth. Every single key vertical grew sequentially. Our differentiated services
such as technology infrastructure services and testing services grew double digit
sequentially. Europe geography posted fourth successive quarter of double digiti sequential
growth.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Combination of customer mix, service mix, and continued operational improvements led to a
1% sequential growth in price realization for onsite as well as offshore revenues.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">From people management perspective, annualized attrition for the quarter ending December
2004 came down to 12% in our IT services business. These factors coupled with proactive
hedging and improved productivity resulted in our ability to significantly mitigate the negative
impact of rupee appreciation and compensation revision on our profitability.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Other businesses continue to deliver robust results. Growing ahead of the market are India,
Middle East, and Asia Pacific IT business. Wipro Infotech recorded revenue growth of 45%
over the previous year. This strong revenue growth coupled with prudent cost management
led to profit before interest and tax growth of 69%, and a 110 basis points expansion in
operating margin.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Our consumer care and lighting business grew revenues by 36% and PBIT by 24% on a
year on year basis.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Let me take a moment to talk about our strategic direction. About 13 quarters ago we rolled
out our strategy to achieve our vision of global leadership in IT services. We have made
significant progress over the last couple of years, but that journey is far from over. There
has been a clear acceleration in the momentum towards offshore. Bringing as it does many
opportunities this trend also calls for constant reorientation of our strategy. We are taking
various strategic measures to benefit from these opportunities and deliver the best value
proposition for the customer and sustainable value creation for our stake holder.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Looking ahead, the environment we see is one of strong volume growth with price moving in
a narrow band. Rupee appreciation will pose an additional challenge in sustaining
profitability. We will attempt to mitigate the pressure on profitability by providing higher value
added services, moving business offshore, and improving utilization and managing costs.
As the Indian economy posts healthy growth, we hope to benefit from the growth in our
Wipro Infotech and Wipro Consumer Care and Lighting business.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">I will request Suresh Senapaty, our CFO, to comment on financial results before we take
questions.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">A very good morning to all of you gentlemen and ladies. Wish you all a very happy New
Year. Mr.&nbsp;Premji shared our view on the business environment. I will touch upon a few
aspects of financial and operational significance. During the quarter, we had sequential
revenue growth of 7.6% in our global IT services business, which comprised of 7.6%
revenue growth in the IT services component of that segment and 8% growth in the IT
enabled services business component of that segment. The 7.6% 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 7.1% growth in the volume of business combined with a 1%
increase each in our realization rate for work performed onsite at our client&#146;s offices and
work performed offshore.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">On a forex front, our realized rate for the quarter was about Rs.45.14 versus the rate of
Rs.45.93 realized for the quarter ended September&nbsp;2004. During the quarter, we had the
benefit of certain hedges that we had contracted at higher rates. As of December&nbsp;31, 2004,
after allocation of foreign currency assets on balance sheet, we have outstanding hedges of
about $614&nbsp;million deliverable over the next four to five quarters.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Operating margin for our global IT business for the quarter was 26.1%. Operating income
for the segment includes a non-cash charge of Rs.151&nbsp;million towards expensing of stock
compensation in the form of restricted stock units. This has negatively impacted the
operating margin by 1%. Excluding this charge, the operating margin for this quarter was
27%. This operating margins includes a 2% negative impact, gross impact 3% netted by
positive impact of 1% due to campus hires for the compensation revision for our offshore
team given during the quarter ended December&nbsp;2004. Further, during the quarter, we also
saw a significant appreciation in the rupee, which also affected our revenues and profitability
adversely. However, higher price realization, operational improvements, and proactive
hedging helped significantly in mitigating these factors and arrest the drop in operating
margin.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">For the quarter ended March&nbsp;2005, we expect volume led growth with stable price
realization. Operating margins would be impacted by the sharp appreciation of the rupee.
We will endeavor to contain the contraction to the extent possible through improved
productivity.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">We will now be glad to take questions.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">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 question on a first-in-line basis.
Participants are requested to use their handsets while asking a question. To ask question,
please press *1 now. First in line, we have Mr.&nbsp;Anantha Narayan from Morgan Stanley.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Anantha Narayan


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you, good morning, and happy New Year everyone. This is Anantha from JM Morgan
Stanley. I had a question on the attrition rate. We have seen some really significant
improvement in the attrition number on the IT services front, what is driving that, or is this
just a cyclical factor?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And secondly, could you just give us how you calculate the attrition numbers for
Spectramind and what is the numerator and what is the denominator?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Bijay Sahoo


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Hi, this is Bijay Sahoo here. I am the Head &#150; Talent engagement and development for
Wipro Technologies. We have taken for Wipro Technologies some compensation and non-
compensation based action, which has resulted in reduction in attrition. Compensation, as
Mr.&nbsp;Senapaty talked about, we have given increment which is 15-18%, and also we have


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">given the employees the restricted stock grants. And the other, you asked about the second
question, how do we calculate attrition for BPO business. The computation is, we calculate
quarterly basis, on a quarterly basis. The opening manpower and closing manpower, the
difference, the attrition, and we calculate percentage based on that.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Suresh
Senapaty<BR><BR>
So, which means, the numerator will be the number of people left during the quarter divided
by the opening and the closing average of the quarter head count, and that is how you
calculate the percentage of attrition for the quarter for Wipro
BPO.<BR><BR>
Anantha Narayan


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Anantha:<BR><BR>
On the second part, just to clarify, you know, approximately about 3500 people would have
left during the quarter, is that a correct number?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Sudip Banerjee


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">2900.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Anantha Narayan


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. And just finally, Senapaty, are there going to be any stock option expenses in fiscal
2006 related to some of your older options?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">What is the question?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Anantha Narayan


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Will there be any stock option expenses in fiscal 2006?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yes, if you look at the FAS 123 revised ,are, what it says at this point in time is that, a.) It will
be effective July&nbsp;1, 2005, and will mean expensing the options that are outstanding as on
that date, unlisted options outstanding as on that date and/or any other options that may be
granted on or after that date. So it will impact the P&#038;L of ours effective July&nbsp;1, 2005.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Anantha Narayan


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Will it be possible for you to quantify the impact in fiscal 06?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">We haven&#146;t done that, but you know, let us try and share that as we come closer to the
quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Anantha Narayan


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. Thank you and good luck.


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


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much sir. We have our next question from Mr.&nbsp;Ashish of IL&#038;FS.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Ashish


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yeah, my question is regarding the salary hike, could you quantify what the salary hike was
this quarter?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">We talked about in the offshore about 15-18%, salary hike for the offshore employees, and
this was given between September-October-November.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Ashish


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. Another thing was forex hedging, the quantum has reduced, is this just a quarter by
quarter variation or any changes?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Well, we had a position which we had communicated as of September end, which was 900
odd, and as of now, December&nbsp;31, 2004, we have 614 approximately after allocating certain
hedges to the accounts receivable and other foreign exchange assets that are on the
balance sheet. So it has gone down to the extent that we had the net inflow coming in
already in the quarter ending December, and there wasn&#146;t any fresh large exposure taken.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Ashish


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. Thanks.


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


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much sir. Next question comes from Mr.&nbsp;Mahesh Vaze of Brics Securities.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mahesh Vaze


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Hi. You have had fourth quarter of significant billing rate growth and it is a performance
which is quite unique in the industry, one thing is, if you look back, what is it that has caused
this significant change? And from here on, how does the trajectory looks?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Rich Garnick


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">This is Rich Garnick. We saw a price increase primarily driven by new contracts by new customers
coming in at an average higher rate than our historic rates for existing customers. We also on a
tactical level, not on a broad base head-to-head negotiations with our existing customers,
improved pricing and yield through adding additional service lines, higher value service lines as
we talked about earlier today. We saw additional growth in our TIS business, our infrastructure
business, and our testing services business, which have a higher rate yield for our organization.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mahesh Vaze


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And
how does the scenario look going forward?<BR><BR>Rich Garnick<BR><BR>We typically don&#146;t give any indications long
term.<BR><BR>Balki<BR><BR>Balki here, we expect to move it in a very narrow band.<BR><BR>Mahesh Vaze


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. Secondly, almost everyone has become bearish on the US economy, especially on US dollar
because of the trade deficit and things like that. When we are at a beginning of a financial
year, when you sit with customers do you hear them voicing any concerns that there could be slow
down in the second half and may be the technology spending might not be as good.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Rich


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yes, from two different perspectives. First, at a macro level, you may have just heard George
Bush with his inauguration just talked about a strong dollar and strong growth for the economy.
However, that does not translate one to one. When we talk to customers, what we have seen is an
overall you know a cautiously optimistic approach for long-term growth for the technology spend.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mahesh Vaze


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. And one last thing on the IT enabled services side, this quarter the number of customers
have come down by one, and no new customers being transitioned, and about 3000 people left. So,
would you say Raman that the business environment has changed for worse in some way over the last
six months or so?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Raman Roy


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">No not really, we do not show when we initiate BPO engagements for existing IT customers. We do
not show that as an incremental customer because the customer adds are as an overall Wipro
Corporation level. If you look at the increase in number of processes that we are doing you will
see that there is a 19% increase in processes what our customers are asking us to fulfill for
them, taking the number of processes in production to 285. So we continue to see huge traction
from our customers. We continue to see their desire to bring in more value added work as the
remote model demonstrates continued success for them.


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mahesh Vaze


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And this one customer....okay, so what would be the number of entities that BPO side is
working with, including some of the, whatever, are Wipro customers.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Rich


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">They are all Wipro customers, first of all.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Raman Roy


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">No, we do not distinguish any more between, which practice fulfills the customers, but I
would say that the number that is given here which are unique customers of our BPO
business, that total number where we do fulfillment would be about 4-5 higher.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mahesh Vaze


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. And these 3000 people who left, typically where do they end up?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Raman Roy


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">When people leave where do they go? Oh! well, when people leave us they typically end up
working for a lot of the other companies in this sector. We also see a lot of people leaving
for higher education. There is a component of our business that we are focused on the
undergraduate segments, and we realize that during examination times etc., they do not get
adequate leave which at times we were not giving, they tend to leave.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">There is both a positive side and the negative side to this, because we have focused on
creating people employable in creating them to international capability, because that is what
our customers are looking for, but the other side of the same thing is that some of the newer
companies coming into being find that as attractive readymade talent, and it is creating a
situation of people leaving one company going to the other, going to the third. But if we look
at the root cause that is the availability of a labor pool that has fulfillment capabilities on a
global platform, and as an industry we need to focus on that.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">We are a target.., our training fortunately for us is rated as the best in the industry, and we
are therefore a targeted company.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mahesh Vaze


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. Thanks a lot and all the best.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much sir. Next in line, we have Ms.&nbsp;Mitali Ghosh from DSP Merrill Lynch.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali Ghosh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yes Good morning. My question was on again business process outsourcing side. Given
that in the voice business one does seem to be facing a lot of attrition etc. Do you think the
solution is partly in changing the mix of the business more towards transaction processing?
Would the dynamics be different there, and also what would that imply from you know rates
and margin kind of perspective?


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Raman Roy


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali you are on the spot for that as not only as the attrition control, but as I said earlier,
customers with a proven business model, and for our BPO business this wonderful platform
that we have created proving that model are asking for some of those services which may be
classified transaction processing because voice is not necessarily the mode of fulfillment.
And yes, as it uses high quality staff, as it uses more educated staff, this part of the business
definitely gets higher a revenue and a higher margin. Also, our existing business we have a
double-digit percentage of our business where we are already performing these services for
our customer. We notice that the attrition for this segment of our business is significantly
lower. It is less than a third what we faced on the voice side of the business, which is
focused on nighttime.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali Ghosh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Right. Did I get you correctly Raman, you said the revenue and margins would be higher on
the transaction processing side.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Raman


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yes, depending on what segment of that, you know, if you are in rule set processing, it is not
that high. But today we do work in underwriting, we do end-to-end accounting for our
customers where their quarterly results are actually made by Wipro and given to them. For
those kinds of segments the revenues are higher and our margins are higher.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali, it means in bottom line terms, a rate realization on the transaction processing, and if it
improves the shift utilization, it does contribute to operating margins being better.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali Ghosh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Right. And this is currently in double digit you said as a proportion of revenues.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Raman


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yes that is correct.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali Ghosh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Next question just to Vivek, essentially on the IT environment you mentioned on CNBC that
you saw some softness in environment there. What would that really mean in terms of you
know the kind of service mix that is being outsourced to the Indian vendors etc., and also if
you could just touch upon the trends on the embedded systems and telecom service
provider?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Sure. So first let me talk a little bit about my outlook. When I said it was soft, it didn&#146;t mean
that it was declining. It meant that the calendar growth in 2005 would be lower than the
calendar growth in 2004 because 2004 also had a bit of catch-up spend in the United States.
Having said that, you know, we all have to recognize that in some sense the whole question


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">is theoretical because you know the trillions of dollars of IT spend in the US don&#146;t necessarily
translate to what an opportunity, an opportunity is still driven by addressable market and we
continue to see ways to expand that addressable market including, for example, what we
have seen on infrastructure side where we are beginning to see the whole wave of
offshoring beginning to touch that business. We are beginning to see testing really picking
up as an area of interest, and I think so on we would continue to see more and more aspects
of the IT spending become amenable to the offshore side. With regards to your specific
question on embedded, I would like to say that we are seeing a softness in the market that
we address, again a softness not decline in the market but in a slower growth rate. What we
are seeing is that semiconductor and computing companies are cutting back on their R&#038;D
spend, and as a result we are beginning to see their interest levels in the overall spend with
us coming down a little bit. On the telecom service provider segment, I will ask Dr.&nbsp;Rao who
leads that segment to comment a little bit about what he sees as happening in that area.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Raman Roy


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">While Dr.&nbsp;Rao comes in, Mitali, the exact percentage of our non-voice business for the last
quarter was 15%.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali Ghosh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Fine thanks.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Dr.&nbsp;Rao


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">With respect to the telecom service provider segment what we see is definitely spending is
taking place. I don&#146;t say that spending is increasing, but however, the focus providing both
for network up-gradation as well as new services, particularly in the new, what we call it as,
new services. Typically the mobile data services and mobile multimedia services, and
spending is taking place in these areas. The whole area of network infrastructure up-gradation and new services relating to mobile service. And we expect that our growth will
continue in specifically the telecom provider space.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali Ghosh


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much mam. Our next question comes from Ms.&nbsp;Priya Rohira of Refco
Securities.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Priya


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Good morning to all of you. A couple of questions, my first question relates to the pricing
environment. While you mentioned that you know we are in a narrow band, and this quarter
saw an increase in the composition of revenues from new customers. If we were to analyze
the onsite and offshore billing rates for the past 15 quarters, onsite we are the highest in this
quarter and for offshore we are just 4.7% lower than the peak. So while you are mentioning
in narrow band would it imply that we would be almost at near peak at this point of time?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Rich


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">To say that we established a peak at any stage during any business environment that runs
in cycles, would be I think a challenge for anyone. I think what we have seen is focus from
our business to continue to add value, improve our pricing, improve our productivity, and
improve our margins. So I am not going to acknowledge that we are at any peak at this
moment. We are going to strive to continue to improve our pricing through the value that we
are rendering to our clients and continue to work on that issue.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Priya


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. My second question relates to the Infrastructure Management Services, and it is said
it is an opportunity equivalent to what we saw in IT services. Could you give us an idea on,
you know, the likely onsite-offshore or you know a realistic onsite-offshore mix because it
tends to be more offshore centric in case of IMS Services.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Rich


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Suresh Vaswani will address that.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Suresh Vaswani


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">On the infrastructures side, which was largely an onsite centric business two or three years
back, today we have been able to have a substantial portion of the business being executed
from offshore. So we have got, you know, just a rough number, something like 60% of the
people for infrastructure services being based offshore and 40% being based onsite. One of
the key strengths, you know, just to elaborate further on that, one of the key strengths for us
on the infrastructure services side has been our superior execution capability on remote
services and on remote data center management services, and there have been a few
analysts reports in this quarter including IDC and AMR which have rated Wipro Technology
as the leader on remote data center services, which basically means leveraging the global
delivery model for infrastructure services this quarter.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And to answer the other question in terms of the potential, if you look at the endorsement of
AMR and IDC, they are talking about 60% efforts could be offshored.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Priya


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Sridhar Ramasubbu


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And currently we are the largest infrastructure.., in the offshore IT space.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Priya


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">I appreciate that. My third question is related to the utilization, while the current quarter
typically has 8 to 10% lower billable days; we have seen the utilization from 74% to 71%,
where the employee additions have been 947, which was expected to be lower than the last
quarter, could you highlight some of the key highlights for this quarter which apparently saw
300 basis point reduction in utilization, or is it largely a pool of training continuing for the past
3200 odd employees which we saw in September quarter?


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Laxman Badiga


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">That&#146;s right. This is Laxman Badiga here. What happened is, the freshers joined at the end
of the quarter which is continuing into, the training period is continuing into this part, which
has partly affected the utilization. Going forward we see that going to change in Q4. So we
should be seeing better utilization in this quarter going forward.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Priya


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay my last question relates to your top client, which you know has de-grown by 11.4%. Is
there a change in the top client or is it continuation of the same client or some project getting
completed again?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Balki


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">It continues to be the same client.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Priya


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay and which is largely on account of the re-structuring at the end of the client or you
know a similar way of completion of some project.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Balki


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">No, both the things have happened. The customer is also going through re-structuring and
the major project which we are handling is coming to a close.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Sudip Banerjee


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Also, this is Sudip Banerjee. The top client is going through a fundamental re-structuring of
the business, and a lot of that business is got sold off, so we will see that business coming
from the people who have bought the business, so you will not see it in the revenue from the
top client.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Priya


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay, thank you very much and wish you all the best.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much mam. Next question comes from Mr.&nbsp;Pankaj Kapoor of AMN Amro


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pankaj Kapoor


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Hi, my question relates to the performance of the utilities and the financial services domain
in which we had acquisition of Nervewire and AMS. Utilities have grown by just about 3%
CAGR over the last six quarters, and financial services also have been very subdued. Can
you comment on this and in terms of how the acquisition is really coming up now?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Girish Paranjpe


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Hi this is Girish Paranjpe, I head the financial services group. Actually, I am little puzzled as
to why we say financial services is subdued because this quarter we grew 15% and last


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">quarter we grew 14% sequentially. So we have seen very robust growth in the financial
services business and there has been contribution of all the people who came to us through
the acquisition, so I am unable to kind of relate to the comment you made.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pankaj Kapoor


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">See that the CAGR over the last six quarters, if one looks at, is just about 11.9 compared to,
you know, the technology service business has grown at a higher
percentage point. So I
was just looking at comparatively in terms of financial services like how the growth has been
different and are we actually getting the result that we are hoping because of the acquisition.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Girish


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">No, we certainly have been helped by the acquisition that we made and our compounding
annual growth rate has been probably among the highest among the various verticals in
Wipro Technologies.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And also the way to look at is, you have to look at the growth of financial services in Wipro
versus some of the peers for making the comparison as opposed any other factor.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pankaj Kapoor


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">On the AMS, can you comment of the utilities front.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Sudip Banerjee


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yeah, actually most of the people who came in through that acquisition have now been
settled in different parts of the organization, so not specifically services the E&#038;U, Energy and
Utilities vertical alone. So that revenue has got split across number of verticals. So that is
why you do not see the effect of that on just E&#038;U.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pankaj Kapoor


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Fine. And on BPO, there is one question related to that. There has been no significant
change in terms of client base, the client base has remained constant. There is no client
addition. So any comment on this?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Raman Roy


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yeah Pankaj, as I said in answer to an earlier question, where we start offering BPO
services to an existing Wipro Technologies customer, we do not show that as add on of new
customer in the BPO screen. If you look at the number of processes that we have in
production at the end of this quarter who will see that went up to, that grew by 19% to 85
different processes.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pankaj Kapoor


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Right, thanks a lot.


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


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And just to correct the data that we had given in terms of the number of people who left the
BPO services, it was about 3480 people last quarter gross. This was with reference to the
question by Anantha in terms of what the numbers are, and we thought we just correct it
because the earlier number we then talked about was 2900 or something like that. Thank
you.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pankaj Kapoor


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Fine. Thanks a lot.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much sir. Next question comes from Mr.&nbsp;Pratik Gupta of Citi Group.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pratik Gupta


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Hi, congratulation for the quarter. I just wanted get some more clarification on the pricing
environment, you said earlier that most of your price increases are coming from new
customers at higher rate and also you have seen some re-negotiations but I was just
wondering in general does that mean given that other companies are saying that they are
not seeing any meaningful increases in the overall pricing improvement that you could be
potentially, your volume growth could have been higher had you not taken these price
increases, or could you give us sense for your strategy on the trade off between pricing and
volumes, what do you see the outlook going forward?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Rich


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">I do not think we have seen an impact, if I understand your question correctly, you are trying
to interpret the fact that, given the fact we have a price increase that kind of muted our
growth, is that what your question is?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pratik Gupta


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Well, no. Actually, what I was referring to was that would your growth have been even
higher had you not taken these price increases, or are you saying that lot of these price
increases are coming of contracts which you have signed during you know the TMT
downturn, and just you know, just bringing rates up back to the market rate, so could you just
give us a sense of what is going on there?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Rich


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">From my perspective, I think we have a balanced approach to the market place. Our pricing
increases have been driven by a desire to be competitive in adding these services as I
pointed out earlier. The infrastructure services offering for example has grown dramatically
quarter to quarter, that comes to us often at higher rates, higher services. I think our
balanced approach has enabled us to grow both our volume and our rates simultaneously. I
do not think we walked away for any business opportunities to the best of my recollection
last quarter based on the pricing objective.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pratik Gupta


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And also it becomes portfolio of the customer, you know, when you get the higher growth
then the customers really get a better realization versus the not so higher growth and the low
rate, so you get that mix difference also.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Balki


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">This is Balki here. It is not that we are trading on the price elasticity, in the sense that by
going for a lower price, we have got a higher number of customers. Our customer addition
continues to be robust. So this quarter we added 26 customers and overall for the three
quarters, we added 90 customers which is in line with what we added in the previous year.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pratik Gupta


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. Can I just also get a clarification on the infrastructure services side, you might have
answered this earlier, but I was just wondering the sharp increase we have seen in this
business, is this some kind of you know just some new customers coming in all of a sudden
or some kind of quarterly thing or do you think this is a more sustainable long term trend
over here?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Suresh Vaswani


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay, this is Suresh Vaswani here. See on the infrastructure services side, we have had an
exceedingly good quarter. So you see sequential growth is 34%, and this is largely being
driven by eight new customers in infrastructure services that we have acquired, and wins in
existing customers accounts about 5, so there have been 13 new infrastructure services
contracts. Now the growth this quarter is driven by two major projects that we won last
quarter, and we spoke about that earlier, which has ramped up in this quarter. Plus, we had
a very significant win from a large American manufacturing organization which involves
100,000 users, message migration, as well as messaging management over a long-term
annuity sort of a contract. So there have been significant wins for infrastructure services this
year, there have been significant wins this quarter, which has led to the sort of growth that
we are seeing on the infrastructure services side. Just to give a perspective on this
business, it continues to be a key growth driver for us. We have over 140 customers on the
infrastructure services side. We have close to 1500 people, and this rides on the strength
that we also have in the domestic market, where we have around 5000 people on the
infrastructure services side. We today actually represent all aspect of infrastructure services
globally. So whether it is consulting, whether it is managed services, or whether it is telecom
infrastructure services, or whether it is IT help desk or product support services. So in a
nutshell I think we have got a wide range of services, comprehensive range of services, and
this business line is therefore becoming a good growth driver for us and enabling us to
acquire more and more customers, and enabling us to leverage on our already existing base
in Wipro Technologies.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">But Pratik just to supplement what Suresh has said, I think it is the business that we are all
excited about. In terms of your question, yes, the revenue is sustainable. But if you talk
about whether the growth rates are, I think we will not expect the similar kind of growth rates
quarter after quarter. They tend to be.., because deal sizes are uneven, sometimes you get
higher growth rates in terms of sequential and sometimes may not be as high. So growth
rates may not be, but revenue, yes.


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pratik Gupta


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay, thank you. Can I just ask one more question on the foreign exchange policy, couple
of quarters ago you had taken out almost a billion dollar hedge which effectively covered
your receivables for about I think six quarters or so, and basically your view back then was
that the rupee is likely to appreciate, you want to protect your revenues and you want to
avoid fx fluctuations in your business, obviously that has helped in this current quarter given
the rupee appreciation. I was just wondering the size of the fx hedge seems to be
unwinding, I was just wondering are you now taking a slightly different view where you want
to shorten the length of the fx cover, or do you think this is something which will be taken up
again at some point in the next one or two quarters?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">I think the strategy is to be dynamic enough, and also the overall way we go about is, yes,
we have in the horizon the next six quarters, and as the quarters come closer you try to
hedge for more closer to 100% as you go forward. So perhaps coming 12-month
perspective, our objective would be to hedge 60 to 80% kind of thing, and in the, what you
call, immediately succeeding quarters, the coverage percentage would be higher. As of now
the kind of position we have is net of the worn down that has happened in the previous three
quarters. We have not taken any significant increases as of now. The kind of covers we
have is about 614 after assigning whatever has to be for all the foreign currency assets on
the balance sheet as of 31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of December. So, the approach would be this, now when to
take the hedge and not, I suppose we are running a treasury who would take those
decisions and calls, and we will keep reporting to you every quarter, the position.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pratik Gupta


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


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


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much sir. Next question comes from Mr.&nbsp;Mick Dillon of Arete Research.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mac Dillon


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Hi, I just wanted to ask a couple of quick questions. You said that you are looking for
margins to be stable, given that you have just given offshore salary hike of 15 to 18% over
the last couple of months, are you expecting no onsite salary hikes, or should we expect
onsite salary hikes throughout the coming quarter as well, and then there are two other
questions as well.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">See, the point was that we have given some comp increases in offshore in the last quarter.
Some of that impact will be fully felt in the current quarter, plus we will have the impact of the
foreign exchange, and there will many other positive levers that we will have. So net-net we


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">think going forward, that is, for the current quarter, but for the impact of the foreign
exchange, our objective would be to mitigate most of the adverse factors.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mick Dillon


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And are you expecting onsite salary hike?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Well, there is an expectation to happen, but there is no such specific plans as to in the
current quarter.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mick Dillon


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay, so we should look for that in April. And then finally just if you could talk a little bit
about acquisitions, one of the other callers before mentioned about the sort of slower growth
in verticals that you made acquisitions in, what are your sort of future plans, have you got
any thing eminent, and where do you feel you need to bulk up?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Actually if you look at the acquisitions, Girish Paranjpe, who heads our financial services
practice, has just explained that. I think our growth rate in the last four to five quarters in
the
financial services practice has been far superior to what we had in the past or compared to
others. So we have fair amount of success. We had a fair amount of success in our BPO
practice. We had seen traction in terms of our healthcare practice, the acquisition that we
had done. We had a fair amount of success in the Ericsson acquisition, the assets that we
did. We have got significant amount of growth in that area. So far as the utilities is
concerned, we had a consulting practice to build on that. Sudip&#146;s point was that some of the
people that we acquired as a part of that deal have got distributed over other practices.
Therefore, they are not reported on a standalone and the full impact does not come into the
E&#038;U. So E&#038;U muted growth, so called, is not that the acquisition has not worked well but
there may have been other downsides in terms of the top customer not growing and so and
so forth, and therefore we were still able to hold on to descent growth. So it continues to be
a driver for us to be able to achieve our vision, and we are constantly looking at
opportunities in all the verticals and the practices.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mick Dillon


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And is there any specific practice, say in the infrastructure management or something, that
you need to bulk up more.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Well infrastructure support services you would have seen that we have grown it from scratch
because of the domestic practice that we have as part of Wipro Infotech, and because we
are hardware manufacturers ourselves, I think we had a lot of experience, and having had
that about three to four years back, we rolled it out as global practice and have been able to
build it up. So we have a decent practice in that, but there may be certain niches
opportunities where we could be, have an open mind, but if you say, do we rule out any
acquisitions in infrastructure support services, no, we are not ruling out.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mick Dillon


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Next in line, we have Mr.&nbsp;Shekhar Singh from ICICI Securities


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Shekhar Singh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Hi sir, congratulations on very good set of numbers. Just wanted to, if you can elaborate on
this one-time non-cash charge related to the stock grants, was it one time or will it be
recurring? And under which subhead has that been shown in the financials?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">On the financials, it goes into cost of goods sold or SG&#038;A depending upon whichever people
have got and they get covered under the variable cost or on the SG&#038;A. So it could be G&#038;A,
it could be selling and marketing, or it could be cost of goods as a part of the gross margin
net off.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Shekhar Singh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And there it will be under salaries, wages, and bounces.


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


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Shekhar Singh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. And is it one-time in nature?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Well, this is a restricted stock unit, which vests over a five-year period. So the entire cost
gets expensed out over a 20-quarter period for whatever has been granted on 1st of
October.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Shekhar Singh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yeah. Mr.&nbsp;Senapaty, secondly I just wanted to know like, if you were to look at your per
man-month onsite and per man-month offshore cost, onsite cost calculated in dollars and
offshore in rupee, what will be the change on a Q on Q basis?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">See because last quarter we have given about 15 to 18% increase in the offshore, and some
selective compensation increase in onsite also.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Shekhar Singh


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yeah, but it is spread over, say like okay, with the widening of the base of your
organizational pyramid, the overall average impact will be much lower I suppose.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yes, because when you talk about offshore compensation as a percentage to revenue, it is
about 20%. So any increase that happens will be applied on the 20% of the cost.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Shekhar Singh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">But on a per man-month basis how much will that change?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">I mean, if the compensation increase 15%, it will change by that much, right.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Balki


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">But also will be mitigated by the increase in the campus and what you have expressed as
widening at the base of the pyramid.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Shekhar Singh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">So it will be a bulge improvement as well as the compensation increase, mix of this, the final
impact will be.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Shekhar Singh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thirdly like, I am just slightly bothered about the continuous reduction in the number of
clients in your three to five million dollar billing bucket, is it something which we actually need
to bother about because over the past three to four quarters we have seen it is coming
down?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">I think the best way to look at is whether the overall number of customers more than one
million dollar has gone up and that has gone up decently. So as far as the buckets of more
than 20, 10 to 25, 5 to 10 is concerned they keep on shuffling based on the project that you
undertake, and to our mind it will be a worry if we do not have the overall million dollar
accounts going up, and we have seen a good decent results on that.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Rich


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">If I could add, this is Rich Garnick. You could also talk about the fact, look at the fact that we
saw significant increase in the number of customers in the five to ten million dollar range. So
there is in essence deeper penetration and growth in the customers that were in the three to
five million that have grown up to the next level. So you have got to look at blended
customer mix.


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Shekhar Singh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. Lastly like, related to your onsite salary increases, what is the sort of trend which is
prevailing in the US, like okay, whether IT consultants have already started getting salary
hikes, or is it like, because we heard some statements from EDS, where for a section of the
employees they are planning to cut salaries, so I just wanted to know like, okay, what is the
trend in the US in terms of the salary increases or decreases or whatever it is?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Bijay Sahoo


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The IT industry average for last year was 3 to 4%, and this year just a survey got released
by Word at Work that says it will be 4 to 5%.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Shekhar Singh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay, thanks a lot.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much sir. Next in line we have Mr.&nbsp;Depen Shah from Kotak Securities.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Depen Shah


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Good morning. Just one thing like, most of the questions have been answered, just one
more data point I was looking at was the strength of the sales team, which you mentioned on
the data sheets, which you gave. It has remained constant at 161 employees for the last
three quarters, I believe that is the part of the cost control exercise, but just I was thinking as
to how long can this sales team service an ever increasing revenue base?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Rich


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">We continually look at it, and I think one way to look at it is that we have leveraged the fact
that we are getting increased productivity out of our selling organization. We also get
leverage our of the selling organization by focussing on client engagements and offering
wider set of services into the same client, again increasing productivity. How long going
forward? Bottom line is we continue to grow the business, we continue to add across our
organization, and in that to support the continued growth of the business, and we keep
constantly looking at that. And when you look at the organization from a go-to-market, it is
not just the selling organization, it is the entire organization facing the customer. We met
with a couple of thousand people, actually more than that on our customer site that are
touching customers everyday. We continue to work with them to look at customers and
identify opportunities, and layered on that is our pre-sales and technical support that does
not get calculated in our sales strength. So the number is not indicative of our entire
investment portfolio to engage with customers.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Depen Shah


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay and the next one thing...


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And also what happens is a lot of guys, who in the practice side, whether it is enterprise
application or technology infrastructure, or testing services, which does not get counted


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">because more and more focus is on the practice, you have people supporting from backside
also which helps in acquiring customers.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Rich


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And just to follow on, we absolutely are committed to investing more to continue to grow this
business and accelerate our growth.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Depen Shah


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay that is helpful. And the next thing is just a data point, the outstanding forward
contractors of 614&nbsp;million, at what rate have they ben actually hedged, or what is the
average rate for that?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">They are in excess of 44 rupees.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Depen Shah


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay. Thanks very much and all the best.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much sir. Our next question comes from Mr.&nbsp;Amit Khurana of IL&#038;FS.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Amit Khurana


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much. Just wanted to understand, if you were to look at the proportion of
employees that we have today, who are less than two to three years work experience, what
would be that proportion and do you see any further scope in broadening that profile?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Can you repeat the question please, your voice was little breaking. Are you on a cell
phone?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Amit Khurana


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Hello.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Are you accessing through cell phone?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Amit Khurana


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yeah, that is right.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Could you speak little slowly so that we catch you well.


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Hello Mr.&nbsp;Khurana. Hello sir.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Amit Khurana


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Can you hear me?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Amit now we can hear you.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Amit Khurana


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay, I was actually looking for the proportion of employees with about three years of work
experience?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Lost you Amit.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Amit Khurana


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay I will take this off line, no problem, please carry on.


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


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much sir. Next in line we have Mr.&nbsp;Apoorva Shah from ASK Raymond
James.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Apoorva Shah


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Hi sir. My question relates to the BPO side of the business where you know the attrition
seems to have reached almost an all-time high sort of number, just wondering is this now
turning out to be a very serious constraint to growth, you know, are there situation where you
have some orders on hand but aren&#146;t able to fill them because it is difficult to assemble
stable team in time for such orders.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Raman Roy


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yes Apoorva, both the aspects that you pointed out are pretty challenging, which is the
availability of talent in large enough numbers that we have a appetite for, or what our
customers have an appetite for, that is the challenge. There trainability and how long they
take to become global fulfillment resources is growing and therefore that has an impact on
the investment in training etc. And then once you have gone through the cycle of training
them, you know, losing those trained resources in terms of attrition because, which is the
function of the availability of the labor pool, that in itself is a challenge. So these are big
challenging environment that we are facing. We are working towards solutions on each one
of these aspects of creating more availability or finding ways of retention and of reducing


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">training time. So we have got things in place to address each one of them but all these
aspects are a big challenged today.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Apoorva Shah


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">But you know while these issues are being addressed over the next couple of quarters
should we expect more subdued growth in the BPO side compared to what we have been
seeing for the last couple of years?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Raman Roy


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">See we are seeing a reasonable growth. If you look at it, we grew approximately 9%. We
grew about 48% YOY over quarter on quarter. Will this impact, yes it will, but what is more
important is that it will definitely greatly impede our capability to realize what the potential
could have been, because right now we reported 14300 people, if we could get another
3000 people, we will be happy to hire them. Simultaneously, you heard me earlier talk about
the transformation that we are taking the business through to focus in on the transaction
processing side or the non-voice side or the high-value added side of the business, and that
is what our customers are asking for. We think we have built a wonderful base,
demonstrating to the customer what could be offshore, and we are looking at leveraging that
capability as we go forward.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Apoorva Shah


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Sure sir. But on the non-voice side, any acquisition that you may be planning, you know, are
there good deals available in the market, and you know what are the sort of valuations that
owners might be demanding for such companies?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Raman Roy


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">All I can say is we keep our eyes, ears open to look at any deal. We are happy to look at
any opportunities that will bring out competencies and capabilities that are incremental to
what we have in our business today, or that will bring in customers incremental to what we
have in our business. Are there huge number of opportunities? A lot come up, we look at
them, as and when we find something worthwhile your will hear of it.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Apoorva Shah


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Just one last thing if I can just get the capex number, you know, what was the capex in the
quarter and what is likely to be for the full year for the whole company?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">We sort of again don&#146;t share what we are likely to invest, but if you look at the., for the
quarter, the investment has been 150 crores.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Apoorva Shah


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And what it would be year to date.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">We will give you the data off line.


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Apoorva Shah


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Sure, all right, thanks a lot.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much sir. Next is a followup question from Mr.&nbsp;Mahesh Vaze of Brics
Securities.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mahesh Vaze


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Hi Vivek, in answer to one of the question you made an interesting point that some of the
spend in 2004 was perhaps a catch up spend. So do you see some segments which might
slow down where the catch up spend was more, one segment that comes to mind is
package implementation, it could be one such thing where there was some catch up spend
and it might slow down.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Rich


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">If I heard your question, let me just make sure I understand, are you looking at what the
spend would be for the actual packages or the services that are rendered behind the
packages?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mahesh Vaze


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">No, no, see what I want to understand is, Vivek said that there has been some catch-up
spend in the 2004 spend, and that part could slow down though the growth would still
continue, so I just wanted to understand what segment would have perhaps
more
component of catch-up spend.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">I think it is really across the board. There is no one particular segment, again, I just want to
make sure that, you know, my comments related to the overall IT spend not to our
addressable market. If you look at the overall IT spend, there was a very muted investment
over the past couple of years that we saw come back and get released last year as the
economy in the United States and elsewhere continues to improve. So I think that that
catchup spend will not be this year, but it will be really across the board is what we
understand, particularly on the application bills and on the package implement part.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mahesh Vaze


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay, thanks.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much sir. We have a next followup question from Ms.&nbsp;Mitali Ghosh of DSP
Merrill Lynch.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali Ghosh



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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Hi, I wanted to understand, 1.) What proportion of profits going forward will come under
taxation as the sort of ten-year period get over. Could you give us a sense for 2006 and
2007?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yeah, we will do that as we come closer to the year Mitali.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali Ghosh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And the second is just a followup to Dr.&nbsp;Rao where you know you mentioned that telecom
service provider is growing, but I was just wondering, I mean. this quarter it has come down
if you could just help us correlate that?


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Could you repeat the question Mitali?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali Ghosh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yeah, the question was on telecom services provider, for this quarter it seems to have
declined a bit or rather been soft a bit, and yet the environment apparently is quite good is I
think what Dr.&nbsp;Rao was mentioning, so just wanted to understand why this quarter may not
have been that good or is it just a quarterly aberration?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Balki


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali, Balki here. The main reason for this quarter changes, we had a major component of a
big system integration work, which was completed in the previous quarter. If we exclude that
one on the service front, Q2 to Q3 we have a healthy growth.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali Ghosh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">I see. And last thing is in case you could elaborate a bit on the testing area in terms of what
is really driving the growth there, you know, what are the sort of the customers, and how that
compares with other areas in terms of rates and margins?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Suresh Vaswani


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Okay this is Suresh Vaswani again, and I will talk about testing, let me just give a little bit of
background on testing, on Wipro&#146;s testing services. It has traditionally been a part of our
telecom and embedded business, but this year we spun off testing as a
separate
independent service line which caters not only to the technology side of the business but
also to be enterprise side of the business. So you know, we are basically leveraging on the
strengths that we have built up in testing over the last couple of years, and building on the
domain expertise that we have on our enterprise side of the business to offer a powerful
testing proposition to our customers. So we have a comprehensive range of testing services
today, which is all about life cycle testing, test consultancy, specialized testing, test
automation, and we are able to integrate that as a complete managed services insofar as
the testing need of customers is concerned. So that is a little bit of background. Secondly,
increasingly testing is being seen by customers, especially on the enterprise side, it was
always seen as strong on the technology, but on the enterprise side it is increasingly being
seen as mission critical because as applications go more and more online and the cost of


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">failed applications is substantial, customers are now beginning to focus a lot more on
consolidating their test strategies and so on so forth. So we are clearly seeing this as an
interesting market for us. We have very well poised in terms of having, I would say, a unique
proposition vis-a-vis most of our competitors so to speak in terms of an independent testing
practice, and we are making the necessary investments in terms of positioning ourselves
strongly in the market, and you know, going back to our customers and enhancing our
service line penetration there.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali Ghosh


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">How would it compare in terms of the kind of rates it commands relative to your other
services?


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Suresh Vaswani


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">See I will tell you, you could split up testing into various parts.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">It is again a range of services, you have high-end, low-end. So it not necessarily means,
testing means it is more like lower prices. So you have again a combination depending
upon the kind of end need. But the beauty of this business is, it is very high offshore centric.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">And if I can just add to that, you know, the value that you have here is not necessarily on the
pricing, but if you can get the productivity benefit, if you think about the six sigma tools, there
is a tool called the Taguchi method, that cuts the number of test cases by factor of 15 if we
can do on a combined project basis and use the expertise that we have built, which we
believe really exceeds pretty much anywhere in the world, I think we have an enormous
opportunity to drive productivity.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Mitali Ghosh


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you very much mam. At this moment, I would like to hand over the floor back to
Wipro management for final remarks.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Lakshminarayana


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Thank you ladies and gentlemen for participating in this call. Should you have missed
anything, the audio archive of this call will be available on our website, and we would also be
putting up a transcript of this call very soon, and of course should you need any further
information or clarification, the investor relations team would be delighted to talk to you. We
look forward to talking to you again next quarter, and have a nice day.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Moderator


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Ladies and gentlemen, thank you for using CyberBazaar&#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"><B>EXHIBIT 99.5</B>



<P align="center" style="font-size: 10pt"><IMG src="f04911f0491100.gif" alt="(WIPRO LOGO)">


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



<P align="center" style="font-size: 10pt"><B>Q3-2004-05 Investors Conference Call</B>



<P align="center" style="font-size: 10pt"><B>January 21, 2005, 18:45 hrs IST</B>



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


<P align="left" style="font-size: 10pt">Ladies and gentlemen, thank you very much to standing by. Welcome to the Wipro third quarter
results ended December&nbsp;2004 conference call. At this time, all participant lines are in the
listen-only mode. Later there will be an opportunity for questions and answers with instructions
given at that time. Should you require assistance during the call, please press *0, and a
conference specialist will assist you off line. As reminder, today&#146;s conference is being
recorded for replay. I would now like to turn the conference call over to our host, Mr.&nbsp;Sridhar
Ramasubbu, please go ahead.



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


<P align="left" style="font-size: 10pt">Good morning and welcome to Wipro&#146;s third quarter results and earnings call for quarter-ended
December&nbsp;2004. Jatin, Lan, and myself from the IR team take this opportunity to wish all of you
a very happy New Year. We have here the entire management team from Wipro, Azim Premji, Vivek
Paul, Suresh Senapaty, and Suresh Vaswani. In addition, we also have the management team from
global IT business who are assembled here to answer specific questions related to their business
as well as geographies. Azim Premji, Chairman and Suresh, CFO, will provide the opening remarks
on US GAAP results for the quarter-ended December&nbsp;2004. Before we get on with the call, we would
like to provide the disclaimer on forward-looking statements within the meaning of the Private
Securities Litigation Reforms Act of 1995. These statements are based on management&#146;s current
expectations and are associated with uncertainty and risks. These uncertainties and risk factors
have been explained in detail in our filings with Securities Exchange Commission in the US, and
we will not undertake any obligations to update forward-looking statements to reflect events or
circumstances after the date of filing thereof. The call is scheduled for one hour. The
presentation of the third quarter results will be followed by a Q&#038;A session. The operator will
walk you through the procedure for asking questions. The entire earnings call proceedings are
being archived and transcripts will be made available after the call
at <U>www.wipro.com.</U> I am
online on e-mail and if you have any specific questions which you are unable to ask, please send
me a mail and we will address these questions as well at the end of the Q&#038;A. Ladies and
gentlemen, over to Mr.&nbsp;Azim Premji, Chairman &#038; Managing Director, Wipro.



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


<P align="left" style="font-size: 10pt">Good morning to all of you all. I also wish all of you all a very happy New Year. Your Board of
Directors in the meeting held this morning approved the accounts for the quarter ended December
31, 2004. Results have been mailed to those registered with us and are also available on our
website.


<P align="left" style="font-size: 10pt">Let me share with you some of our thoughts on our performance and prospects. In our global IT
business, a key feature of our performance over the last few quarters has been our focus on
revenue productivity and building a portfolio of services that build a strategically

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<P align="left" style="font-size: 10pt">superior business model while continuing to deliver solid results on a quarterly basis. The
results of the last quarter reinforce this. We continue to see broad-based revenue growth. Every
single key vertical grew sequentially. Our differentiated services such as technology
infrastructure services and testing services grew double digit sequentially. Europe geography
posted fourth consecutive quarter of double-digit sequential growth.


<P align="left" style="font-size: 10pt">A combination of customer mix, service mix, and continued operational improvements led to a 1%
sequential growth in price realization for onsite as well as offshore revenues.


<P align="left" style="font-size: 10pt">From people management perspective, annualized attrition for the quarter ending December&nbsp;2004
came down to 12% in our IT services business. These factors coupled with proactive hedging and
improved productivity resulted in our ability to significantly mitigate the negative impact of
rupee appreciation and compensation revision on our profitability.


<P align="left" style="font-size: 10pt">Other businesses continue to deliver robust results. Growing ahead of the market, our India,
Middle East, and Asia Pacific IT business, Wipro Infotech recorded revenue growths of 20% over
the previous year. This strong revenue growth coupled with prudent cost management led to profit
before interest and tax growth of 45%, and a 140 basis point expansion in operating margin. Our
consumer care and lighting business grew revenues by 32% and PBIT by 28% on a year-on-year basis.


<P align="left" style="font-size: 10pt">Let me take a couple of moments to talk about our strategic direction. About 13 quarters ago, we
rolled out our strategy to achieve our vision of global leadership in IT services. We have made
significant progress over the last couple of years. But that journey is far from over. There
has been a clear acceleration in the momentum towards offshoring. Bringing as it does many
opportunities, this trend also calls for constant reorientation of strategy. We are taking
various strategic measures to benefit from these opportunities and deliver the best value
proposition for the customer and sustainable value creation for our stake holders.


<P align="left" style="font-size: 10pt">Looking ahead, the environment we see is one of strong volume growth with prices moving in a
narrow band. Rupee appreciation will pose an additional challenge in sustaining profitability.
We will attempt to mitigate the pressure on profitability by providing higher value add services,
moving business offshore, improving utilization, and managing costs. As the Indian economy post
healthy growth, we hope to benefit from the growth in our Wipro Infotech and Wipro Consumer Care
and Lighting businesses.


<P align="left" style="font-size: 10pt">I will request Suresh Senapaty our CFO to comment on financial results before we take questions.


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


<P align="left" style="font-size: 10pt">Good morning to everybody. Wish you a very happy New Year. Mr.&nbsp;Premji shared our views on the
business environment, I will touch upon a few aspects of financial and operational significant.
During the quarter, we had sequential revenue growth of 7.6% in our global IT services business,
which comprised of 7.6% revenue growth in the IT services component of that segment and 8.8%
growth in the IT enabled services business component of that segment. The 7.6% growth in the
services component was driven by a 7.1% growth in the volume of business combined with a 1%
increase each in our realization rate for work performed onsite at our clients&#146; offices and work
performed offshore.


<P align="left" style="font-size: 10pt">On the forex front, our realized rate for the quarter was Rs.45.14 versus rate of Rs.45.93
realized for the quarter-ended September&nbsp;2004. During the quarter, we had the benefit of certain
hedges that were contracted at a higher rate. As of December&nbsp;31, 2004, after allocation for
foreign currency assets on balance sheet, we have outstanding hedges of about 614&nbsp;million dollars
deliverable over the next 4 to 5 quarters.



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<P align="left" style="font-size: 10pt">Operating margin for our global IT business for the quarter was 26%. Operating income this
segment includes a non-cash charge of Rs.151&nbsp;million about US $3&nbsp;million towards expensing of
stock compensation in the form of restricted stock units. This has negatively impacted the
operating margin by 1%. Excluding this charge, the operating margin for the quarter was
essentially flat as compared to the previous quarter at 27%. This operating margin includes a 2%
negative impact, gross impact 3% netted by positive impact of 1% due to campus hires, for the
compensation division for our offshore team given during the quarter-ended December&nbsp;2004.
Further, during the quarter, we also saw a significant appreciation in the rupee, which also
affected our revenues and profitability adversely. However, higher price realization, operational
improvements, and proactive hedging helped in significantly mitigating these factors and arrest
the drop in operating margin.


<P align="left" style="font-size: 10pt">For the quarter-ended March&nbsp;2005, we expect volume-led growth with stable price realization.
Operating margins would be impacted by the sharp appreciation of the rupee. We will endeavor to
contain the contraction to the extent possible through improved productivity.


<P align="left" style="font-size: 10pt">For the convenience of the investors, the amount in Indian rupees in our press release have been
translated into United States dollars at the noon buying rate in New York City on December&nbsp;31,
2004, for cable transfers in Indian rupee as certified by the Federal Reserve Bank of New York,
which is $1 US equal to Rs.43.27. However, the realized exchange rate in our global IT Services
and product segments for the quarter-ended December&nbsp;31, 2004, is $1 dollar is equal to Rs.45.14.
Consequently, the dollar revenue in our global IT business was $352&nbsp;million for quarter three
ended December&nbsp;2004. We will be glad to take questions from here.



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


<P align="left" style="font-size: 10pt">Lets start with the Q&#038;A.


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

<P align="left" style="font-size: 10pt">Ladies and gentleman, if you do wish to ask a question please press the * then the 1 on your
touchtone phone keypad. You will hear a tone indicating that you have been placed in the queue.
To remove yourself from queue at any time, press the &#147;#&#148; key. If using a speakerphone, please
pickup your handset before pressing the numbers. Once again, for questions at this time, press *
then 1 on your phone keypad. Our first question will come from the line of Mayank Tandon with
JMS. Please go ahead, your line is open.



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


<P align="left" style="font-size: 10pt">Thank you. A great quarter! I had a couple of questions especially for Suresh. Suresh, could
you once again walk us through the currency impact again, you know, above the operating line and
also below the line what the impact was in percentage terms to your profit?



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


<P align="left" style="font-size: 10pt">The impact of the currency difference between quarter two ended September to quarter ended
December&nbsp;2004 is about 0.25% in terms of operating margin. So, this is whether it is on account
of the inflows at a differential exchange rate, translation of the account receivable at the end
of the quarter at a differential in terms of a delta to the last quarter, a combination of all
exchanges has impacted the operating margin by 25 basis points, and therefore everything is
embedded into operating margin and there is nothing which is below



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<P align="left" style="font-size: 10pt">the line, and it has always been the practice that whatever exchange difference we have on the
revenue of the global IT business goes into the operating margin.



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



<P align="left" style="font-size: 10pt">A 0.25% impact is a negative impact, right, in total?



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



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



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


<P align="left" style="font-size: 10pt">Okay. You talked about margins, just to get a better sense, in terms of margins, should we
expect margins to be fairly stable now especially the rupee stays in a pretty narrow band given
your hedging strategies and given that you have already passed through wage increases last
quarter and pricing seems to be a little bit on the up trend or steady, margins are good, you
know, modeling level at this point.



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


<P align="left" style="font-size: 10pt">Our expectations is that the guidance that we have given will be more volume driven and we think
there is fair amount of stability in the pricing, which means it could move in very narrow band,
and so far as the compensation increase is concerned, we had a compensation increase given
between September to November&nbsp;2004, and therefore some of the compensation aspect we will get the
full impact of that in the current quarter. So there are certain operational efficiencies and
some of the exchange risks that we have, bottom line we think going forward in terms of this
quarter, but for the exchange difference, most of the adverse factors could be mitigated.



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



<P align="left" style="font-size: 10pt">Can you remind us again what the wage increase was both onsite and offshore?



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



<P align="left" style="font-size: 10pt">I will request Bijay Sahoo, who is our Head of HR in Wipro Technologies to respond to this.



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



<P align="left" style="font-size: 10pt">Offshore increase was in the range of 15% to 18%, onsite we had select coverage of the people,
the critical skills, but the increase was in the range of 3% to 6%.



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


<P align="left" style="font-size: 10pt">So speaking of onsite wages, are you seeing an uptake, you know, some of your global competitors
have talked about shortage of certain skill sets. So I am just looking forward 12 to18&nbsp;months
out, what are you seeing in a market place in terms wage increases for skill sets onsite, and
does that put pressure on your margins down the road?



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


<P align="left" style="font-size: 10pt">You know, onsite, there are different skills. We have large section of the people we depute from
India, that is, onsite assignees. We do not see much challenge in terms of their compensation
increase. We have select people locals and those who are working in our



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<P align="left" style="font-size: 10pt">consulting practice, given the market is looking up in terms of the compensation, you know,
whatever budget trend we are seeing, we may see maybe 0.5% to 1% higher this year than the last
year.<BR><BR>
Mayank Tandon


<P align="left" style="font-size: 10pt">Okay, just one final question on turnover, could you provide a little more color on how you are
able to bring turnover down so dramatically in one quarter, was it a function of wage increases,
and if that is the case, is it sustainable to run at 12% in the IT services business, thank you?



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


<P align="left" style="font-size: 10pt">There were three aspects to it. One is, we had some compensation gap, which we corrected based on
the critical skills, and the compensation budget was essentially targeted towards the critical
skills, it was not like across the board we gave increase to all people, that helped. Apart from
the compensation, we had lot of non-compensation actions. We also had RSU, which Mr.&nbsp;Senapaty
talked about, restricted stock unit grant, that substantially helped in terms of retaining people.
And also we are observing that the demand side in the market in last one quarter has been much
less than the previous two quarters.



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


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


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


<P align="left" style="font-size: 10pt">Next question will go to the line of Julio Quinteros with Goldman Sachs, please go ahead.



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


<P align="left" style="font-size: 10pt">Good evening gentlemen. And good morning Sridhar. I just wanted to understand the guidance
implications for the upcoming March quarter, the current March quarter, can you just walk us
through maybe the volume and pricing implications your numbers, and I just want to be clear, it
sounds like you are saying that the December quarter realized revenue is actually 352 versus the
367 that you reported in the convenience translation release, so what I am looking at on a
realized basis 352 versus 370, that should imply sequential growth of about 6%, is that correct?



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



<P align="left" style="font-size: 10pt">Yeah, 370 has to be looked at compared to 352.



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



<P align="left" style="font-size: 10pt">It will imply a growth of 5% sequentially.



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



<P align="left" style="font-size: 10pt">So, you are looking in the March quarter the sequential volume growth of 5%?



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



<P align="left" style="font-size: 10pt">We have split into volume growth or pricing growth. We expect the price to move in a very narrow
band.



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



<P align="left" style="font-size: 10pt">Combination of both, we would expect it to be about 370&nbsp;million dollars.



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



<P align="left" style="font-size: 10pt">Okay, and that would be over 352 for Q/Q comparisons.



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



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



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


<P align="left" style="font-size: 10pt">Okay, great. And then, can you talk a little bit about the BPO segment, it looks like it was a
little bit lighter than the number that I was looking for, can you just walk us through what&#146;s
happening in the Spectramind division please?



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


<P align="left" style="font-size: 10pt">Hi, this is Raman. As the numbers show, we have had about 9% growth sequential quarter on quarter
and about 48% growth year-on-year basis. We now have 85 different processes in production. We
are seeing a huge amount of traction from the customers. India is now a proven story. We see a
lot of opportunities sitting there. Our biggest constraint today is our ability to hire enough
people that can be converted into international servicing resources. The training needs are
becoming bigger and as we train people, and given the standing of our training in the market
place, people tend to find other opportunities because they are being offered better major
emoluments etc.



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



<P align="left" style="font-size: 10pt">What will be the turnover in the BPO basis compared to the total number that you reported?



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


<P align="left" style="font-size: 10pt">If you look at the turnover for the quarter, we had employ turnover rate of about 25%, which is
11% pre-training and about 15% post training and that is a big struggle.



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



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



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


<P align="left" style="font-size: 10pt">We are also looking at on the base that we built for our BPO practice, we now see an opportunity
to offer services to our customers that are in the transaction processing area, services that
would add greater value to our customers, and they also bring us better margins and better
revenue, and we are looking at targeting that segment of the business, that is one of our very
major transformational initiatives of where we want to take this business.



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


<P align="left" style="font-size: 10pt">So as you go through the transformation should we expect to see some flattening out in the
business as move from basically kind of more of voice-based to transaction-based



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<P align="left" style="font-size: 10pt">business? Does that require different sales force? I guess I am just wondering what types of
investments do you need to make to get the model transition from a voice-based to a
transaction-based model.

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


<P align="left" style="font-size: 10pt">There would be investments in the product development aspect of it. There would be retuning of
the sales force. More importantly, right as of today, for the business that we have we have
about 15% of our business that is already non-voice, so we have taken the baby steps to execute
this strategy. I think in terms of the revenue, your early part of the question, our impact on
revenue, the biggest challenge is to be able to get the people and to be able to retain the
people back will have a bigger impact on the revenues. With 15% of the employees today already
doing non-voice work, we would be among the larger players even today out of India performing
non-voice or transaction-processing services, which range from you know key aspects for our
financial services customers of underwriting, down to doing accounting where for some of our
customers, we do all aspects of accounting right down to preparing their quarterly results.



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


<P align="left" style="font-size: 10pt">Okay. And just one last question for Suresh, I just wanted to make sure I had the currency
assumption that you are making for the March quarter, what&#146;s the rupee rate that we are looking
at for the March quarter guidance 370?



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


<P align="left" style="font-size: 10pt">I don&#146;t think we can ascertain that at this point in time, but it will not be in the similar rate
as what we have got in the last quarter, it will be fairly lower as it looks today because at the
end of the day you have to see what the rates are on the 31st of March, and to the extent the
legs which you have not covered, and you know, there are uncertainties still there, but it could
be a number higher the impact that felt in the last quarter.



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



<P align="left" style="font-size: 10pt">So you expect more appreciation ?



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



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



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



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



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


<P align="left" style="font-size: 10pt">And also, the point that Raman made, transition is not from voice to transaction processing, but
in addition to the voice a better mix of the transaction processing as compared to what it is
now.



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


<P align="left" style="font-size: 10pt">Great, thank you very much guys.



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



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<P align="left" style="font-size: 10pt">The next question will come from the line of Lou with Lehman Brothers, please go ahead your line
is open.



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


<P align="left" style="font-size: 10pt">Okay, great, thank you. I was just wondering if you could talk about Europe a little bit, it
looks like Europe did grow very nicely on a quarter-to-quarter and year-on-year basis, would you
expect that to continue or are there any dynamics that might affect that, I guess, as you look at
the calendar 05?



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


<P align="left" style="font-size: 10pt">I think this is many quarters in a row now that we have had Europe do very nicely for us, four
quarters in a row, and so I think we are seeing continued traction there. We continue to
penetrate more in terms of wider geographical coverage. So the answer is we are not expecting
any slowdown in the momentum there.



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


<P align="left" style="font-size: 10pt">Okay. I guess you are not running into some of the typical obstacles that companies can run into
in Europe, in the sense that they do want to outsource so that, maybe the laws or restricting
things?



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


<P align="left" style="font-size: 10pt">Well, you know, we certainly, it is a little bit trickier and we have had a few employees for
example that we have transitioned from our customers to us, not many, just a few, but you know
going through the local regulations etc., it is business of a different nature, but we are still
so small that frankly the opportunity is still pretty good.



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


<P align="left" style="font-size: 10pt">Okay. When you look to couple of the other companies that are increasing there ADR float, just
wondering if there is any plans for you all to possibly do the same?



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


<P align="left" style="font-size: 10pt">No, at this point in time there is no decision with respect to proceeding on any kind of ADR
follow on as yet.



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



<P align="left" style="font-size: 10pt">Is it up for debate or you expect that to be the decision for let us say the next six months...



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


<P align="left" style="font-size: 10pt">Definitely, we have a complete open mind on that and we will take a decision at an appropriate
stage, yes.



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


<P align="left" style="font-size: 10pt">Okay. My final question I guess, when you look at business in the US for calendar 05, you know,
any change that you see as you look out on the whole year in the sense of anything going to cause
any problems, obviously it seems, obviously the trend has been very



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<P align="left" style="font-size: 10pt">spectacular across the board, I am just wondering you know what you might be concerned about or
if anything shifting on you?



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


<P align="left" style="font-size: 10pt">Right now, I don&#146;t think we see any significant shift, you know, I think we are going to continue
to see this transition of good economic parameters around our value proposition, which continues
to resonate in the market place. Broadening our service offerings continues to be validated with
new wins both with customers and recognition by leading analysts in areas, for example, like our
infrastructure services business has been recognized by leading analysts like AMR and Gartner and
others. Recently, we were recognized as a leader in that sector, where infrastructure for
example is moving offshore globally which is a new paradigm to some degree. In our package
implementation business, similarly we are doing more end-to-end projects globally that has
potential for continued growth. So, long term, you know, our outlook is very positive based on
the economic value proposition and I don&#146;t personally see any tremendous roadblocks in the market
place today.



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



<P align="left" style="font-size: 10pt">Okay great, good luck on calendar 2005.



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



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



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


<P align="left" style="font-size: 10pt">The next question will come from line of Jonathan Dubroff with <B>SG Cowen</B>. Please go ahead.



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


<P align="left" style="font-size: 10pt">Hi, On the line here for Moshe Katri, he couldn&#146;t be here, just wanted to follow up with a couple
of questions, just if you could talk maybe a little bit about the other income line item on the
income statement seems little bit higher than we were expecting, and if you might wanna break it
up for us and discuss it a bit.



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


<P align="left" style="font-size: 10pt">There was dollar denominated packing credit that we had in the quarter ending December, and in
that we had some exchange gains, where as in the quarter ending September we had an exchange
loss, so therefore the delta looks to be higher, but it was related to you know packing credit
loan taken for certain software projects.



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


<P align="left" style="font-size: 10pt">Okay. And just one other housekeeping question, in terms of customer size distribution if you
might be able to give a breakdown of that, greater than 20&nbsp;million, 10 to 20&nbsp;million, 5&nbsp;million
to 10&nbsp;million, and so on.



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


<P align="left" style="font-size: 10pt">More than 20&nbsp;million, we have about 17, which is the same as last quarter. 10 to 20, we have
about 20, which is one higher than last quarter. 5 to 10 we have 34 which is higher than last
quarter of 29. 3 to 5 we have got it down from 22 to 17, which means 3 to 5 moved



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<P align="left" style="font-size: 10pt">up to 5 to 10. 3 to 1 moved up from 70 to 75. In total, million-dollar accounts have gone up
from 157 to 163, which is about 6 more.



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



<P align="left" style="font-size: 10pt">Great, thanks a lot.



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


<P align="left" style="font-size: 10pt">Next question will come from the line of Tripp Chaudhry with Midwest Research. Please go ahead.



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


<P align="left" style="font-size: 10pt">Congratulations for fabulous execution. Two questions, actually I would say three here, actually
I would direct it to Azim. Most of the Indian companies that we have seen so far had shown very
impressive volume growth, and I was wondering what is your sense, is that volume growth
sustainable and what could disrupt that volume growth?



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


<P align="left" style="font-size: 10pt">I think that if we look at growth prospects, they fundamentally remained unchanged, and in
percentage terms, this was a good year but was not our fastest growing year. So the reality is
that the fundamental dynamics of the business are pretty good. So if you translate that revenue
dynamic into people dynamic, the only question incrementally comes up is, is there an issue with
regard to availability of people? I will ask Laxman Badiga in a moment to talk to you about what
our numbers show in terms of number of graduating engineers and as a result the available talent
pool, which based on our expectation we do not see creating a shortage of any sort. So I think
as long as the secular dynamic continues in terms of revenue, I think we can find the people to
be able to delivery on that revenue.



<P align="left" style="font-size: 10pt">What could go wrong?


<P align="left" style="font-size: 10pt">I mean, this is business, you know, a lot of things could go wrong. You could have a severe
downturn in the US, people start cutting back again, you could have you know new visa-related
issues that come up. You could have, you know, I am sure there are zillion things that all of us
can think through. Maybe Laxman you can talk a little bit about the people availability side.



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


<P align="left" style="font-size: 10pt">Hi, this is Laxman Badiga. In terms of people availability when you look at it from a broad
basis in the Indian market, we have something like 300,000 engineers passing out every year, out
of which roughly 100,000 are in the IT specialist category, so if you take from a supply side of
the thing, I think there is a huge supply from the institutes of talent coming in, and been there
for the last two to three years in this kind of numbers. So there has been a lot of talent
coming into the industry from this perspective. Second is in terms of, even in term of
availability of experienced profile, except for certain niche skills or something, we continue to
see good availability of skills. If you see our own growth mix has been in terms of 50%
experienced profile and 50% from the campuses, and we did not see any difficulty in getting these
people as the numbers we added up till now show. So we do not see yet supply being constraining
thing in terms of growing our business.


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



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<P align="left" style="font-size: 10pt">Regarding Spectramind and BPO, I was wondering like it seems to me that that business, see, I
sense it like the management is little less enthused about it, like it seems to be riddled with
problems of retaining the people, and looking at your pedigree it seems to me this is not Wipro&#146;s
probable core competency. Are you thinking about divesting it or spinning it off or running it
at something in a different shape and form, so that we can see some returns on that acquisition?



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


<P align="left" style="font-size: 10pt">I don&#146;t know where you get that impression. We are pretty excited about the growth that we have
had on this business. We see a robust opportunity, and more importantly our customers see this as
an important add-on to the fulfillment that they need. We are seeing more and more customers come
in wanting end to end, defining there needs based on this is the input and this is output you
chose how you will do it, you chose the platform, you chose how it will be integrated. So we see
that as a key aspect. As I mentioned earlier, the appetite of the business that can be got is far
higher than the talent availability in that robust manner. We have 14,300 plus people as on
31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> December, we would basically had another 4000-3000 because there is enough
business that our customers want us to fulfill for them. Going forward, sorry...



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



<P align="left" style="font-size: 10pt">I said, thanks for clarifying it I may have mistook it.



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


<P align="left" style="font-size: 10pt">Yeah, because, you know, if you knew last quarter we had about 9% sequential growth in dollar
terms, net 1400 people added on, and so going forward all we are saying is we want to tighten the
filter little more to be able to make sure that we get the right kind of people and hence it
helps us in our attrition management. A. We want to get into our customer acquisition much
better in terms of trying to have a better mix in favor of transaction processing. So there is
absolutely no question that there is excitement within Wipro and the management team that we have
to grow that business and get into more and more integrated with our IT service offering.



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


<P align="left" style="font-size: 10pt">Last question is on testing business, seems like there were double-digit growths on it and I also
got some sense that Mercury Interactive is the partner in that space, is that exclusive
partnership you have with Mercury or you are also going with other testing vendors like Segway or
IBM Rational, and what kind of customers are outsourcing the testing to you?



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


<P align="left" style="font-size: 10pt">The relationship we have with Mercury is the strategic relationship, but it is not exclusive. We
have multiple relationships with, you know, multiple testing tool companies, it is Mercury, it is
Compuware, it is TestQuest, it is Rationale, and we have competencies on multiple tool providers.



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



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



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




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<P align="left" style="font-size: 10pt">In terms of customers we have a very broad base of customers, which are on the technology side,
on the embedded product engineering side, and over the last one or two years we have been quite
aggressively expanding our testing services into the enterprise and financial side as well. So
we have, you know, very broad base of customers spanning all our verticals.


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


<P align="left" style="font-size: 10pt">Excellent. Thank you and congratulations on a fabulous execution and a good quarter.


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


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


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


<P align="left" style="font-size: 10pt">The next question will come from the line of Ashish . Please go ahead.


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


<P align="left" style="font-size: 10pt">Good evening. Nice quarter. My question has to do with price realizations. It appears that
Wipro is showing greater upward movement then some of its competition, which service lines are
contributing the most, you know, towards this matrix?


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


<P align="left" style="font-size: 10pt">On price realization, we are seeing improvements primarily in some of our value added services
where we are getting better yields such as infrastructure services, which we are talked about
growing sequentially more than double digit growth quarter on quarter, and some of other service
lines that continue to see strength. So we were able to manage the business mix to drive that
utilization. We are yet to see prices firm up to the point where we can go back to customers,
have a head-to-head position and raise prices substantially in the market place, and we do not see
that happening in the near future. We see prices in a narrow band moving forward.


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


<P align="left" style="font-size: 10pt">But in terms of relative yield, you mentioned infrastructure services, any other lines?


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


<P align="left" style="font-size: 10pt">Yeah, package implementation, consulting services, where we have our onsite team engaged in many
activities. It does not drive a lot of revenue directly, but it is a thin edge of the wedge to
get engaged without our customers at a high end, and then flow through the implementation and
some other situations, we have been able to get better realization.


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


<P align="left" style="font-size: 10pt">Excellent. Thank you, and I have one more question either for Suresh or Balkie on the subject of
options expensing. Do you have an estimate of the impact on fiscal 2006 EPS, either in dollar or
percentage terms?


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



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<P align="left" style="font-size: 10pt">Well we will share that with you as we come closer to those quarters Ashish.


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


<P align="left" style="font-size: 10pt">Okay, thank you, a nice quarter.


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


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


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


<P align="left" style="font-size: 10pt">We will next go to the line of Bhuvanesh Singh with CSFB. Please go ahead, your line is open.


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


<P align="left" style="font-size: 10pt">Hi sir, congratulations on good results. I had a worry regarding the volume. While we are
talking about a very strong environment, our volume growth remains stuck around 7% quarter on
quarter, so is this what we are seeing as a sustainable volume growth rate, or that is being,
that we are not able to grow more than this because of our own supply constrains, or what exactly
is the reason?


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


<P align="left" style="font-size: 10pt">But you know, first of all, 7% quarter on quarter volume growth is not something that we are
terribly unhappy with. I think it is a pretty good growth rate. But if you look at what is
limiting it, fundamentally on the market side, the only market factor we can point to is on our
embedded and product engineering side, where we see a slow down in the semiconductor and
computing space, and as a result we have seen some industry downturn. Other than that, we are
not seeing on the people side any limitations in terms of being able to hire and get the best
talent. So really it is market <B>fed </B>in terms of what our overall growth rate is.


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


<P align="left" style="font-size: 10pt">Should I then take it as saying that current demand, which we see is basically of around 7 to 8%
volume growth, not higher than that?


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


<P align="left" style="font-size: 10pt">I think that we have given a guidance for the future that is available to you, and we have also
given you the results of the past.


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


<P align="left" style="font-size: 10pt">My confusion actually just to detail that arises from the fact that some other of our peers, they
are growing at 10% plus and they have managed to do that for past couple of quarters, while our
growth rate has been slower in the same quarter. So I am just unable to grasp the difference why
it is there?


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


<P align="left" style="font-size: 10pt">You know, different businesses have different rhythms. So I am not sure that we can say that one
thing is exactly the same as the other.



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


<P align="left" style="font-size: 10pt">Thanks for that, and just one last clarification. Can you give us some idea about our forex
cover; at what rate is it at?


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


<P align="left" style="font-size: 10pt">Yeah, the forex cover is at about 614&nbsp;million dollars as of 31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of December&nbsp;2004,
apart from what has been assigned to the foreign currency assets on the balance sheet, and that
cover is in excess of 44 rupees.


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


<P align="left" style="font-size: 10pt">Okay, thanks. Thanks a lot.


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


<P align="left" style="font-size: 10pt">The next question will come from the line of Edward Caso with Wachovia Securities. Please go
ahead.


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


<P align="left" style="font-size: 10pt">Thank you for taking my call. I was wondering if you could discuss, as far as generating new
business, how much of it is coming from your existing client base and how much of it is coming
from new clients, and what the implications are for your expansion of your sales organization and
if you could give that little bit by geography too?


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


<P align="left" style="font-size: 10pt">First up, we get a significant amount of our business from our existing customers. That has been
an historic trend for many years. We have gotten over 95% of our business from our existing
customer base, and we continue to grow that. Our focus is to mine our customers by expanding our
service offerings and deepening our penetration and creating a strategic value proposition for
our client. Our new customer business obviously represented around 5% of revenue growth. We
continue to add new customers. With regards to the US geography, which I will speak about, and
expansion of our selling organization to grow our business. We continue to focus on the
strategic engagements with clients on a selective basis. We will be investing in our selling
organization as appropriate going forward, we continually evaluate that on a month to month and
quarter to quarter basis, and we believe that we will continue to grow clients that allow us to
meet our strategic objectives. Europe, Vivek, you want to cover it.


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


<P align="left" style="font-size: 10pt">Yeah, I think, as far as Europe is concerned we continue to invest in that region and I think
that in the coming years we will continue to invest more. I think, you know, we are seeing good
growth opportunities in Germany. We want to put more feet on the street there. So I think as
the business rises, we will make investments in more sales. In terms of percentage revenues from
new accounts, I do not think we split that out by geography. We have only given get that in an
aggregate, Wipro basis.


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



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<P align="left" style="font-size: 10pt">Could you talk a little bit about smaller tier 2, tier 3 players, and also about start up
companies, are you losing people to the smaller firms? Are they becoming a source of employees,
and are you losing employees to go and setup their own sort of startup shops?


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


<P align="left" style="font-size: 10pt">You know, we keep tracking where the people are going to, we find that the people going to
generally the IDCs targeted by multinational companies, international development centers in
India, India Development Centers, and we do not find people going to startup smaller companies
like you used to see, you know, early 1999 to 2000, we do not see that pattern.


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


<P align="left" style="font-size: 10pt">Final last question, could you talk a little bit about the political environment, has it sort of
gotten quite and back to its old supportive ways, is there any chance here as we come up on
annual budget that there may be some issues possibly on the tax side or the support of enterprise
zones?


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


<P align="left" style="font-size: 10pt">Yeah. I think, you know, if you look at the current government in terms of the people at the
helm, are guys who are poster boys of reforms in India, they have played a significant role, the
confidence that they give us is very good in terms of opening up the economy more and more
supporting infrastructure, supporting exports. So we are eagerly looking out to the forth coming
budget which we think will be very positive growth oriented, and from a taxation standpoint I
think we do not expect anything that will happen which will be deviation to the current promise
that is embedded in the tax statute.


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


<P align="left" style="font-size: 10pt">Thank you, congratulations on a good quarter.


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


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


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


<P align="left" style="font-size: 10pt">Next we will go to the line of Anthony Miller with Arete Research. Please go ahead.


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


<P align="left" style="font-size: 10pt">Yes, thanks gentleman. I would just like to expand on my understanding of the opportunity you
see in Europe, you just mentioned that you see a good growth opportunity in Germany, can you let
me know which other countries in Europe, you do see the opportunity both the IT services and BPO,
and could you also let us know please who you are meeting in competition in the different
countries in Europe, outside of course the direct competition in India?


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


<P align="left" style="font-size: 10pt">Yes in the IT services space in Germany for example the sectors, which are doing well... Sorry I
did not introduce myself, Sudip Banerjee here. The sectors which are really doing well are again
broad-based manufacturing companies are opening up there. We are also seeing a lot of traction in
the Netherlands, again led by manufacturing companies and also



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<P align="left" style="font-size: 10pt">companies in the energy and utilities space. We are seeing competition from some local European
companies, but in most of the deals that we contest, the major competition continues to be the
global top tier firms, and not so much as the local firms excepting a few specific cases in
places like Benelux region or in Germany.


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


<P align="left" style="font-size: 10pt">And could you also just give us any insight, you mentioned you need to make more investment in
Europe, and singling out Germany again, are you actively looking for acquisitions in Germany or
other European country markets?


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


<P align="left" style="font-size: 10pt">I think that as far as the acquisitions are concerned, it is very difficult to comment on that.
All I can say is that we have looked and continue to look at an acquisition pipeline that
includes Europeans, but frankly it is not at the top of the list just given the higher degree of
difficulty in integrating it given the language and culture differences that are perhaps greater
than let us say something in the United States. Having said that, we are open to everything.


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


<P align="left" style="font-size: 10pt">Okay. In the UK obviously you would not have those problems, so are you saying that, that would
be a more likely suspect?


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


<P align="left" style="font-size: 10pt">Yeah, I have to always remind myself that UK is part of Europe, you are right, absolutely.


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


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


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


<P align="left" style="font-size: 10pt">If there are further questions please press *1 at this time. We will next go to the line of
Richard Davis with Richard Davis and Company. Please go ahead.


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


<P align="left" style="font-size: 10pt">Good morning gentleman and congratulations on a very fine quarter. In the past you have
indicated areas of your value added services that you are emphasizing in terms of personnel, I am
wondering if package implementation is one of the ones you are still stressing, and is there is
any change in your outlook of business due to the merger of Oracle and PeopleSoft?


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


<P align="left" style="font-size: 10pt">Hi Richard, this is Rich Granic. Regarding package implementation, we are not backing away from
that business. It is actually one of our stronger businesses. It has grown this year over 40%
year on year growth. We continue to see great opportunities, as I mentioned, we are seeing
validation in the market place. Recently, we were recognized by AMR report as a world leader in
complex end-to-end implementation of packages such as SAP. We have implemented pan European and
pan Asian implementations where we delivered projects on time and under budget. We continue to
get differentiated in the eyes of the market place. Specifically to the business environment, we
expect to see continued growth



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<P align="left" style="font-size: 10pt">on an annualized basis, the business is more project oriented than our say traditional annuity
business in application development and maintenance, where you get a smoother revenue line. We
see ramp ups quarter to quarter due to project implementation start and closures. With regards
to Oracle and PeopleSoft, we see that as an opportunity. Anytime there is change in the market
place, which potentially creates customer situation where they want to look alternatives and
migrations from one platform to the other, that becomes a tremendous opportunity for our
business. We have strong practices both in Oracle and PeopleSoft, and we see that independently
we will continue to grow, and as the market place sees a convergence, we see opportunities to
take advantage of that.


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


<P align="left" style="font-size: 10pt">Thank you for that. The other question is, you have a very creative package in terms of
stochastic processes of retail businesses, I think one of your European clients employed it, and I
am fascinated by it because it predicts the number of cashiers one needs, entry-exits to the
store, and that sort of thing, and therefore the sense is to reduce the time in line. Have the
other retailers shown interest in this area?


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


<P align="left" style="font-size: 10pt">There has been great interest from retailers not only in the UK, but also in continental Europe,
and we are doing a lot of work in the retail space on the RFID implementation, and that is
fueling the growth in that sector, particularly from European retailers.


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


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


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


<P align="left" style="font-size: 10pt">We will next go to a followup question from the line of Julio Quinteros with Goldman Sachs.
Please go ahead.


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


<P align="left" style="font-size: 10pt">Actually my questions have been answered. Thank you very much.
<P align="left" style="font-size: 10pt">Moderator


<P align="left" style="font-size: 10pt">And there are no further questions in queue at this time. Please continue.


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


<P align="left" style="font-size: 10pt">We will give another 20 seconds and see if there are any questions; otherwise, we will close the
Q&#038;A session.


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


<P align="left" style="font-size: 10pt">If there are questions at this time, press *1 on your touchtone phone.


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


<P align="left" style="font-size: 10pt">Okay let us close the Q&#038;A session.


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



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<P align="left" style="font-size: 10pt">All right. Please continue with your closing comment.


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


<P align="left" style="font-size: 10pt">Thank you very much for your participation, and if you have any additional questions, please do
call me. The entire earnings call is archived, and we have provided you the toll free numbers
for accessing the same. Thank you very much.


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


<P align="left" style="font-size: 10pt">Ladies and gentlemen, this conference will be made available for replay beginning today at 11:45
a.m. Eastern Standard Time continuing through Monday, the 21<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of February at
midnight. You may access AT&#038;T executive playback service at any time in the United States or
Canada by dialing (800)&nbsp;475-6701. For international locations, area code 320-365-3844 and enter
the access code 765-559. That does conclude your call for today. Thank you for your
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.6</B>



<P align="center" style="font-size: 10pt"><U><B>January&nbsp;21, 2005 Media Interviews on the Financial Performance of Wipro Limited for<BR>
the quarter ended December&nbsp;31, 2004</B></U>.


<P align="left" style="font-size: 10pt"><B>Dow Jones<BR> <BR>
Interviewee: Suresh Senapaty, Chief Finance Officer, Wipro Limited</B>


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>You have put in a great show.<BR><BR>
<B>Suresh Senapaty: </B>Thank you.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>I think markets would be enthused with the kind of thing you said about the pricing,
right? About 1% increase in pricing.<BR><BR>
<B>Suresh Senapaty: </B>That is right.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>After how many quarters have you seen this price increase sir?<BR><BR>
<B>Suresh Senapaty: </B>I think we have been doing this for almost last four to five quarters. Offshore
was a little muted, but onsite was increased, offshore was a little lower. That was in September.
In December, we have been able to get price increase in both onsite and offshore by 1% point.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>This pricing improvement has come mainly through productivity improvements and fall in
the sales expenses...?<BR><BR>
<B>Suresh Senapaty: </B>No, no, sales expenses are not related to the pricing, which is part of the gross
margin. Pricing increase is because, a.) We got mix improvement in terms of more high end services
and b.) More business coming from the new customers who are little at a better pricing than the
existing customer base. As a combination of these two factors, certain fixed priced project
productivities; we have been able to improve the price realization.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>So in a sense, one can conclude that the competition pulling down the pricing pressure
has completely eased, and the industry does not press it anymore.<BR><BR>
<B>Suresh Senapaty</B>: I would not say that. But I would say that the price environment is a little more
stable and I would say that as you go by in terms of better pricing coming from the new customers,
change in the mix, there will be a little bit of stability to positive pricing impact, in the short
term to medium term.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>Okay. So but there is no sign of improvement, or rather, increase in prices for the old
customers, only the new ones are willing to pay higher?<BR><BR>
<B>Suresh Senapaty</B>: Yes, in the sense. Also because even the new ones is because they are more in
terms of infrastructure support services, enterprise application services, which are high-end
services.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>And what has been the impact of the rupee appreciation since, has it had any impact at
all?<BR><BR>
<B>Suresh Senapaty: </B>Oh yes, it has its impact. We had an impact of about 30 basis point on a
sequential basis from last quarter to this December quarter. I think, the point is the way we have
gone about hedging, etc., etc. On a Y-O-Y basis we have been impacted in terms of margin only 50
basis points, the fact that forex movement has been much more drastic. That has been the advantage
in the hedging strategy that we have adopted. So it has its impact of 30 basis point. Overall if
you look at it on the US GAAP basis, if you adjust for the non-cash charge of RSU<B>, </B>which is about
1%, we have net improved the operating margin. Under Indian GAAP, there is a decline in the
operating margin but for the RSU correction only to the extent of the foreign exchanging impact.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>Okay. So going ahead do you see that, the rupee remaining a concern for Wipro as well
as the sector as a whole in terms of profitability?<BR><BR>
<B>Suresh Senapaty: </B>Oh yes, I think the exchange rate will continue to be a concern. All you could do
is in terms of a smart hedging strategy, accompanied with a smart accounting policy which helps you
in normalizing, smoothening the impact of that, postponing that impact, but it does at the end of
the day has an impact. So that is the cause of concern. If the movement is both ways, then it is
fine, much more comforting. But if it is only one way, all you could do is try and, sort of
smoothen that impact. But it will have its impact on the overall numbers.




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<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>In terms of employee utilization, how has that been? Has it improved? Because some
people are saying that it may fall.<BR><BR>
<B>Suresh Senapaty: </B>Actually last quarter, there was a fall in the employee utilization. Because as
you know that we had added a significant head count in the quarter ending September. People coming
from the campus, and it takes a while for them to get trained and become billable. So therefore we
had a dip in the utilization and that gives us the lever to be able to improve it in the current
and the subsequent quarters.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>So there is a scope for that to improve in the next few quarters.<BR><BR>
<B>Suresh Senapaty: </B>That is right.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>And as far as your business areas are concerned, which has been the most active one
that has grown substantially, which of your verticals have actually.<BR><BR>
<B>Suresh Senapaty: </B>The verticals we have done very well in is the financial services vertical; we
have done very well in the manufacturing vertical, Telecom OEM vertical, TMT vertical. So, and
also if you look at it from a practice perspective, we have done very well in the technology
infrastructure support services where the sequential growth was 34%, YOY was 80%. Even the testing
practice has grown sequentially 15% and YOY 79%.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>And what is the status on Wipro Spectramind because people are talking about margin
pressure and there is a pressure on top line growth as well?<BR><BR>
<B>Suresh Senapaty: </B>Sequentially in dollar terms, we grew about 9% in the December quarter, which is
fairly healthy. But the challenge continues to be in terms of ability to hire the right kind of
talent, and deal with the huge attrition issue in hand. So going forward, we are packing our
filters to be able to get the right kind of people, which will help us in reducing the attrition.
We are also trying to get into more and more dealing on the voice side with more strategic
customers, and trying to ramp up on the transaction processing part of the business. We think that
mix change needs to be done to be able to get much better, comprehensive, end-to-end service line
in BPO services per se, and help us in better integration of BPO into IT services.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>No, but what some people may be saying, it may be too strong word, but the thing is that
Wipro Spectramind could be a kind of drag on the overall profitability of the company?<BR><BR>
<B>Suresh Senapaty: </B>Well, as you know, the BPO practice has a margin, which is north of 20%, but not
exactly equal to the IT services. We have said that it will be between 18 to 24 is the range where
it operates on, and as it stands today it is north of 20, but it is not equal to the IT services.
But that part of the business is 10%. Yes, it has a potential to grow, but the leverage that it
will give us is much more. The solution based packaging that it gives us because you have to give a
solution to the customer which has a piece of software, which has a piece of BPO, which has a piece
of consulting, so that, you take it as a total game as opposed to saying, as if it is a standalone.
As it is today, it is in bulk standalone without any significant integration with the IT services,
and therefore we are saying that we want to transform it more in a manner of having a higher level
of transaction processing so that the integration with the IT services can be much better.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>If I am going to talk about 2005, the last quarter, which area really looks promising in
terms of your growth as far as the sector services are concerned, your verticals?<BR><BR>
<B>Suresh Senapaty: </B>I think from a practice perspective, testing continues to be looking good.
Infrastructure support services continue to look good. In the verticals, I think telecom would
continue to do well. We think financial services also would do pretty well. Manufacturing will do
well. We may see some amount of softness in the embedded space because of the semiconductor sector
is little softer. But overall I think all the verticals show promise.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>And one last question is about, you hiked the salaries last quarter, by how much and
what kind of increase that led your expenses?<BR><BR>
<B>Suresh Senapaty: </B>It had impacted about 2% in quarter ending December. But we did not allow that to
flow thorough in terms of the operating margin loss because we were able to use the other levers to
be able to mitigate a significant part of those. So, you know, we had an issue to deal with in
terms of rupee exchange, the compensation increase impact, and utilization fall, and some of the
growth getting muted because of the number of days in quarter three was lower. In some accounts
like the telecom service provider, in the enterprise side, we had a little bit of ramp down, but
we are able to

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<P align="left" style="font-size: 10pt">mitigate all that through the other additional levers as a result of which we were
able hold on to our operating margin, and still been able to put up a decent sequential volume and
price growth.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>Okay Mr.&nbsp;Senapaty thank you very much for the time.<BR><BR>
<B>Suresh Senapaty: </B>And also additionally, we have done very well in the Wipro Consumer Care and the
Wipro Infotech business. Infotech has grown YOY 45%, which is significantly better than the
industry growth rate apart from margin expansion that it has shown in quarter three. Quarter four
will be good, but in quarter three also we have been able to deliver, I think lot of good traction,
lot of good customer wins that were seen. Similarly in the consumer care business, we have been
able to post a 36% YOY growth, which is again significantly ahead of the industry growth, and we
have been able to grow the operating profit in the consumer care also about 24% YOY.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>Was it because of, in that you added some acquisitions like Chandrika and Glucovita and
other things, right? So has that had any impact on this growth?<BR><BR>
<B>Suresh Senapaty: </B>The Glucovita acquisition and Chandrika acquisition has helped us in getting some
of that growth, and we are fairly on plan in terms of what we set for ourselves in doing that part
of the business. But overall also if you look at from return on capital employed perspective,
consumer care is 100% plus. Wipro Infotech has been 67%. Wipro global IT business has been 66%,
which are very very decent.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>But when you spoke about the plans of the consumer care sector, the division, what did
you exactly intend to do?<BR><BR>
<B>Suresh Senapaty: </B>Regarding the acquisitions of Glucovita and Chandrika how much revenue we will
get, that versus what we were doing seemed to be more or less on the line.


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>But since that has not been talked much by either the media or the analysts, I did not
have a clue as to what are the exact plans you had at that point of time when you acquired<BR><BR>
<B>Suresh Senapaty: </B>All we are saying is that, the acquisition has been doing well for us. That was
message I wanted to give.


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




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



<P align="center" style="font-size: 10pt"><U><B>January&nbsp;21, 2005 Media Interviews on the Financial Performance of Wipro Limited for the<BR>
quarter ended December&nbsp;31, 2004</B></U>.



<P align="left" style="font-size: 10pt"><B>Reuters</B><BR><br>
<B>Interviewee: Vivek Paul, Vice Chairman Wipro Limited and President, Wipro Technologies.</B>


<P align="left" style="font-size: 10pt"><B>Reuters</B>: You seems to have beaten guidance quite sharply, at least what the analysts were
expecting. Can you give us a feel of what really drove the performance during the quarter?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Well, we had three head wins this quarter. First was that we had a few of large account
facing budgetary pressures at the end of the year, and we had to overcome that to get our earnings
and our revenue up. And the second two were the fact that Wipro&#146;s compensation increases kick in
to gear in this quarter, in Q3, and so while others give in it April, for us this is always a very
difficult quarter because that&#146;s when the compensation increases go in, and of course the rising
rupee. I think what we have been able to do through this whole thing is be able to drive others
accounts hard, and they are, for example, three of our top ten accounts grew at growth rates 12%
and higher.


<P align="left" style="font-size: 10pt">And at the same time, be able to use techniques like lean management to be able to drive
productivity, and finally growth is an elixir that cures all sort of diseases, and I think what we
able to do was use the growth to leverage our SG&#038;A as well. I think that that combination gave us
both the revenue as well as the bottom line up sides.


<P align="left" style="font-size: 10pt"><B>Reuters: </B>I notice you have spoken of actually pricing increases both on onsite and offshore.


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


<P align="left" style="font-size: 10pt"><B>Reuters: </B>Is that for existing accounts as well as for new accounts?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>We continue to see new accounts coming in at prices that on average are higher than
existing accounts, but as you know that existing accounts are the
ones that drive always - some
thing like 85-90% of our revenue, so it really is existing accounts. The price increase is not
coming from head-to-head discussions in terms of same rate, same service, whether we can raise it.
It is really coming from being able to move more of our mix to higher value added services, for
example, infrastructure services had a fantastic quarter, and helped us improve our pricing yield.


<P align="left" style="font-size: 10pt"><B>Reuters: </B>Okay, and volumes per se are they also increasing after this outsourcing debate has ebbed
sort of, did you see any specific spurt in volumes since then?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>We had a very good quarter from a billed man-month increase. We had about 2000 billed
man-month increase, and going forward we had addition of about 2275 people net additions for the
quarter. So I have to say that, well, I cannot say that we have had a quantum leap, because as we
had continued to maintain even when all the publicity was going on about this offshoring debate in
the US that it was not affecting customers, while we did not see the downside then, we not seen any
massive upside now.


<P align="left" style="font-size: 10pt"><B>Reuters: </B>Okay. Amongst the new customers you have got, would you like to discuss any specific
large project, any of them are any spectacularly different from what you done before?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Oh yes, four of the customers are Fortune-1000, but they all are within the same zone
of offering IT services and R&#038;D services.


<P align="left" style="font-size: 10pt"><B>Reuters: </B>Okay, but any specific large multi-year, multi-million sort of contract like you had last
time from TUI?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>No, not yet, there are a couple things we would announce separately and independently
but nothing that we can talk about right now.



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<P align="left" style="font-size: 10pt"><B>Reuters: </B>For your guidance for the next quarter you have given 370&nbsp;million dollars. Can you give
us a feel of how you see the next quarter actually panning out in terms of prices and volumes there
again?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>We continue to feel that prices will stay steady. So we are not counting on big
pricing increases. So really it has to be volume led, and I think that that is where we are
pushing. We are trying to see more growth on the IT side. Our telecom equipment business is
continuing to do well. I think we are seeing some softness in our embedded product engineering
area where we are seeing customers in the semiconductor and computing space begin to slow down
their spending. All in all I think it is a pretty good mix. That is a healthiness of having a
diverse portfolio.


<P align="left" style="font-size: 10pt"><B>Reuters: </B>And BPO is doing well too?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>BPO this quarter had a growth rate of about 9% sequentially. We are seeing BPO
actually flatten out over the next quarter. In some sense, there has been, a bit of drag from the
BPO side.


<P align="left" style="font-size: 10pt"><B>Reuters: </B>Why is that, the drag, which you have foreseeing in BPO?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I think there are two things that are going on. One is that high attrition rate that we
had really limit our ability to continue to add people, once we get to the scale and range that we
are in. So I think we are facing that issue. We are taking a look at a strategic kind of re-mixing
of the business between voice and transaction processing.


<P align="left" style="font-size: 10pt"><B>Reuters: </B>What it is in favor of now, voice or transaction?


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Absolutely voice, it is something like 90% voice.


<P align="left" style="font-size: 10pt"><B>Reuters: </B>What kind of attrition rate are you talking of?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Our BPO attrition rates are in the 90% plus range on an annualize basis.


<P align="left" style="font-size: 10pt"><B>Reuters</B>: 90, 9-0?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>90


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


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>That is why it is very difficult to grow. So we have to get that attrition level under
control.


<P align="left" style="font-size: 10pt"><B>Reuters: </B>That is really high. And one more question about the rupee, you mentioned the rupee was a
factor, how worrisome is it and what kind of an impact did you take from the rupee in the quarter?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I think we do have hedges out there. So we have hedges of roughly about, I will get you
that number in a moment. I think that we need to do is continue to drive productivity because I
think that our success begets the rising rupees in some sense it&#146;s a monster of our own creation.


<P align="left" style="font-size: 10pt"><B>Reuters: </B>All right Mr.&nbsp;Paul. Thank you so much.




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<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.8</B>



<P align="center" style="font-size: 10pt"><U><B>January&nbsp;21, 2005 Media Interviews on the Financial Performance of Wipro Limited for the<BR>
quarter ended December&nbsp;31, 2004</B></U>.



<P align="left" style="font-size: 10pt"><B>CNBC</B><BR><br>
<B>Interviewee: Vivek Paul, Vice Chairman, Suresh Senapaty, CFO and Raman Roy, Chairman, Wipro
Spectramind, Sudip Banerjee, President, Enterprise Solutions, Wipro Technologies.</B>



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


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Welcome to the special morning call. The markets are not on today, but we are on because a
lot of biggies are announcing their results today. Starting with Wipro this morning, and we have
been taking you through those numbers for the last half an hour and of course later on in the day
we have got Reliance and ITC. But first up, the big news this morning is the Wipro numbers, and to
take us through them, we have got Vivek Paul, Vice Chairman of Wipro and President of Wipro
Technologies, and we have got Suresh Senapathy, Chief Financial Officer of Wipro also joining in.
Vivek and Suresh, thanks very much for joining in. If I could start with you Vivek, what are the
key highlights of the quarter? We note that you had a 7% volume growth and 1% pricing growth. The
volume growth seems a bit subdued quarter-on-quarter, would you agree?<BR>


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Well, as we entered this quarter, we had three head wins that we were facing. On the
volume side, first of all, we had several large accounts that were actually declining. We had to
offset that because they were facing budgetary pressures through the end of the year. We had to
offset that and grow on top of that, which I think we did reasonably successfully. The second and
third head wins we had was that for Wipro, the October-November-December quarter is always
difficult because that is when our salary increases kick in, and so we had to again offset that
impact and then do more to be able to recover operating margins, and of course the rising rupee.
So, I think that all-in-all, we were able to use our volume growth and our pricing growth to be
able to deliver pretty decent numbers.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Vivek, you of course speak about the 1% pricing growth that you have seen. Is it too early
to say that this is a rising trend? Right now, they have recovered and they are probably going to
inch up from here. Or is it just a quarterly blip that we are seeing?<BR>


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>You know, for the last four quarters, Wipro was in the lead in terms of being able to
demonstrate the pricing increase. However, just like we maintained in earlier quarters, this
increase comes not from head-to-head negotiations with customers for similar services, but actually
comes from the fact that we have been able to grow share of a higher value-added services. For
example, in this quarter, our infrastructure services business grew really rapidly.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Suresh, good morning. Take us through the margin picture. Of course, last quarter when we
spoke to you, you did indicate that there would be salary increases and the margins might be under
a bit of pressure. But I have seen your note that you are saying the margins have actually gone up,
if you take out the non-cash charge of 1%. Could you just take us through the pulls and pressures
on the operating margins as you have seen it in this quarter?


<P align="left" style="font-size: 10pt"><B>Suresh Senapathy: </B>The
impact that we felt because of the exchange as well as the MSI impact - MSI
is the Merit Salary Increase that we have given during the course of last quarter. If you look at
the US GAAP, net-net, but for the RSU adjustment, there is an increase in the margin. And in the
Indian GAAP, there is a little marginal decline in the operating margin. Overall if you look at the
price increase that we got, we were able to keep the offshore-onsite mix stable. On the utilization
front, we became little weaker, but that gives us an additional lever going forward. So,
net-to-net, but for the RSU and the forex part, I think in the Indian GAAP, we were able to
maintain our margin, and the US GAAP, we were able to improve it.


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>So, may be I can just add to that as well. I think that, first of all, growth is
something that cures all evils, and I think that we were able to continue to grow. The second thing
is that, it is amazing how much the Wipro team has jumped on this and driven productivity through
things like lean techniques. We were able to get 30-40% improvement in effort applied and cycle
time reduction, and I think there is no workforce like the one in India and the like the one Wipro
because the productivity drives were phenomenal.



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<P align="left" style="font-size: 10pt"><B>CNBC: </B>Mr.&nbsp;Paul, you mentioned there have been some pressures in terms of salary hikes. Take us
through the kind of increase you have seen in salary hikes. Like you also pointed out, this is the
quarter where you do see that kicking in, so is the quarter ahead looking a bit stronger?<BR>


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>If you look at the quarter ahead, I think that we have one segment of the population
that had a salary increase that kicked into place in November, which would see the full impact this
quarter. But for the majority of the population, the impact has already flowed through. As we look
forward on the operating margin side, what we are saying is that we should be able to maintain
enough productivity to offset any reductions etc., subject to whatever happens to the foreign
exchange rate which we do not know just yet.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>You have already worked out how much you are going to be hedging in; you actually have forex
gains. But Mr.&nbsp;Paul, given the kind of rupee-dollar movements we are looking at now, it is not sure
where it is actually going to end up. Do you think you have hedged comfortably for the quarter
ahead?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Well, you know, we have about $630&nbsp;million in hedge outstanding. As to whether that is
comfortable or not, I will let my friend and colleague, Senapaty, answer that question.


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>What happens is that the coverage is about like 600&nbsp;million, and we go through an
assigned process. This means, it is assigned to next four to five quarters. That means, for every
quarter you have a component which is also not hedged. From that perspective, there is still some
amount of variation because overall our perspective with respect to hedging is trying to minimize
the volatility of the foreign exchange change in terms of the spot to the final earnings release.
So we will smoothen through this hedging process, but it cannot be completely isolated. So from
that perspective, it cannot be very surely stated that this is going to be the impact. What are
saying is that we will have enough levers to be able to adjust for the full impact of the MSI
increase in the current quarter.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>What is your outlook on margins, Suresh, right now? Do you think you will be able to hold
the margins at these levels given what the currency is doing and also factoring small incremental
changes in pricing on the upside that you are beginning to see over the last few quarters? Do you
think you can hold your margins around these 26-27% levels?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Yes, subject to the foreign exchange impact as I said, because price utilization,
offshore mix, productivity, all these would offset each other. That is what our endeavor is. To the
extent of the foreign exchange difference, our objective would be to try to minimize that through
hedging and through better improvement in the operations.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Vivek, You have given a guidance of $370&nbsp;million in global IT for next quarter. Take us
through what picture you have actually taken on board in giving that guidance, particularly slice
through the various verticals and how that pans out or likely to pan out in the next quarter?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>What we have done is that we have taken a guidance that we felt, as we have done every
quarter, is reasonable and doable. I think that we continue to maintain not too conservative a
guidance and not too aggressive one. As you look at this quarter in terms of flying through the
different verticals, we certainly had a great quarter in the financial services side, in terms of
sequential growth. We had a great quarter on the telecom equipment side. We had a great quarter on
the manufacturing vertical. On the services side, our infrastructure services grew really well, our
interop testing business grew really well. So I think that we saw good growth that can continue
into the next quarter. I think the only area where we saw some level of softness was in our
embedded and product engineering space where cut backs in the semi-conductor spending and in the
computing platform companies&#146; spending hurt us in terms of - not
declining obviously - but hurt us
in terms of not having the same growth rate. We are not seeing a big turn around in that space, but
everything else continues to be on a pretty solid trajectory.


<P align="left" style="font-size: 10pt"><B>Suresh Senapathy: </B>If I can supplement, apart from the Wipro Technologies, we have done well in
Wipro Infotech as well as in the Consumer Care business. The Y-O-Y growth in terms of Wipro
Infotech has been 45%, which is very good, including a margin expansion that we have seen, and the
Consumer Care business that is our FMCG and light chain business, also, the Y-O-Y growth has been
36%, which is significantly ahead of industry.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Vivek, what kind of challenges are you facing in managing the kind of growth that you are
seeing now? You are adding employees at a very brisk pace over the last few quarters, are you
facing any human resource challenges? We know that your attrition levels have softened a little
bit in this

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<P align="left" style="font-size: 10pt">quarter, but do you see managing the kind of growth from a personnel or a human resource angle, as
a key challenge for Wipro.<BR>


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I would like to break that answer into three parts. First of all, on the BPO side, we
are seeing the pressure on the attrition, which is very high, limiting our growth. If I look at
next quarter for example, we are not seeing the same growth we had in the BPO business that we did
this quarter. I think as far as the attrition is concerned, clearly that has been an issue. We
talked about how we were fortunate enough that we were not losing as many people at the senior
level as we were losing in the junior level. As that attrition comes down, that allows us to
lock-in both business growth and service delivery levels at levels that we would like to have had.
The third in terms of growth is how do you scale your quality, how do you scale your delivery, so
you don&#146;t have a stutter. There we have done reasonably well. I talked earlier about new process
methodology we are rolling out like lean, that is really helping us train people in a particularly
specific way and apply those techniques everyday. So, I would say: yes, it is a concern; yes, we
try to manage it every single day; but no, we are not worried that it is there.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Mr.&nbsp;Senapathy, you also added about 26 new clients as compared to about 54 in the previous
quarter. Have you seen an uptick in terms of your pricing across the board with these clients?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapathy: </B>Well, it was not 54 last quarter, it was about 34. The new customers are coming
at a little incremental pricing and that is primarily because of the mix of the services as opposed
to head-to-head kind of services. So, in terms of the pricing, there is a fair amount of stability
that we are seeing, but it is too early to call it as across the board going forward.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Vivek, before you leave us, just give us your thoughts on how you see 2005 panning out in
terms of IT budgets out there in the US? At this point, you would be getting some feedback on what
the big guys out there who do the tech spending are feeling about 2005, what is your gut feeling
about IT spending in the next four quarters?<BR>


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Well, I think that there are two ways to answer that. One is IT spending in general
would begin to see a little bit of softness. However, in terms of the spending on offshore
services, we continue to see the fact that the relative penetration that was strong, is continuing.
As a result, we continue to see that interest in offshoring staying completely unchanged.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Thank you very much Vivek. I forgot to ask you, a standard question that we ask to all
technology CEOs nowadays, about that sponsored ADR. We don&#146;t have too much by way of free
float.... any thoughts on that?<BR>


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I think that that is a situation that we have had for many years and it doesn&#146;t seem to
have hurt us whether it is in our business growth or in our market capital.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Okay, good luck for 2005, Suresh and Vivek. Thanks very much for joining in.<BR>


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


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


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Welcome back, you are still watching the Wipro Board Room. We have just finished talking to
Vivek Paul and Suresh Senapathy, and it is time to talk to the rest of the top team out there. We
got Sudip Banerjee, President of Enterprise Solutions at Wipro Technologies and Raman Roy, Chairman
of Wipro BPO, joining us now to take us through those very important sides of Wipro&#146;s business.
Good morning to both of you. Raman, let us start with you. I just picked up a line from Vivek where
he said he does not expect Wipro BPO to be as strong going into next quarter as it was in this
quarter, what was he talking about?


<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>Well, while we are seeing tremendous traction with the customer and tremendous amount of
interest on what needs to be done, we seem to be facing a few challenges in terms of the talent out
of the country. The availability of talent, their readiness, and the need for training and the
attrition levels where after we approved training them, they become targets of a lot of smaller
companies, and these are some problems. We have a very significant issue on attrition and we have a
significant issue in being able to attract talent up to the appetite that our BPO business has.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Have you started feeling the pinch in this quarter as well. There is a substantial sequential
growth between Q2 and Q3.<BR>


<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>Yes, we have had a good sequential growth, but our appetite for the number of people is
far larger. We added a little over 1400 odd people in this quarter net, but our appetite, we could

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<P align="left" style="font-size: 10pt">have added another couple of thousand. There is enough business sitting there to service. But
getting the right quality of talent with global servicing capability is becoming a challenge.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>How do you work around that Raman? What you are saying is a very-very important issue. You
said there is business to be had, but, there are not enough people to do it. And this will not go
or vanish in a few months or a few weeks. This is likely to remain a big problem. How do you work
around that? Are you saying that growth from here on will be stunted because of the people issue?<BR>


<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>Long term, we have got to focus on finding the ability of training people to global
levels. Our entire education system has to be geared up towards this. Attrition has been a big
issue for this industry and that is because there is lack of number of people that is available,
and fewer people who get trained to global servicing levels and many people who oscillate between
one company and the other. So the big challenge in the long term is to change the supply, to change
our education system and focus on global resources rather than just domestic needs.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Given those concerns on employee attrition, what kind of revenue growth are you looking at
for Wipro BPO in the quarter ahead. Because post the US elections, most tech companies actually are
expecting a ramp-up in that space?<BR>


<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>As I said, we are seeing a huge traction on the customer side. We do not give guidance
on specific service lines.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Right, Raman, we will get back to you in a second. Let&#146;s get Sudip in. Sudip, your side of
the business, Enterprise Solutions had a much better quarter than the BPO issues that Raman talking
about?<BR>


<P align="left" style="font-size: 10pt"><B>Sudip Banerjee: </B>Oh, yes. We were very fortunate this quarter. We grew substantially in the
financial services and manufacturing businesses, as also two others that I would like to mention.
One is the healthcare business which grew sequentially as well as year on year very steadily from a
small base, and travel and transportation media business, which again had a very good year on year
growth. So we are growing in all segments of the enterprise business. The other point is that we
have had very strong sequential growth in Europe this quarter, which is three quarters in a row.
So that is giving us confidence that things are healthy on the enterprise side.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Any insights into pricing that you can share with us in this quarter? Vivek just hinted upon
the fact that you at Wipro have been price leaders in a sense over the last few quarters. When you
talk about the verticals which are strong, is incremental business coming at higher rates?<BR>


<P align="left" style="font-size: 10pt"><B>Sudip Banerjee: </B>Well, we had an overall price increase of 1%, which Vivek and Senapaty mentioned to
you earlier, and much of this is coming from the new customer wins that we are getting, which are
coming at slightly better prices than what we are getting in the existing older customers. That is
not really just because of wage increase but more because of a business mix issues. So with many of
our newer customers, we are selling the higher service lines, higher end services like technology
infrastructure services, package implementation services, and that is helping us get an overall
price increase.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Raman, on the BPO side, are you seeing any kind of improvement in prices at all to offset
some of the pain of not being able to service, get more volumes going because of the people issue
or is price increase very sticky.<BR>


<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>We find certain amount of clarity in pricing. It is not as insane as it used to be.
But is it stable, is it growing, no, not necessarily, and the people side issue is to be funded by
the company. So that has an impact on our margins.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Sudip, what is the margin picture looking like for enterprise solutions. Of course, we have a
general idea of the overall margins for Wipro, but enterprise solutions specific?<BR>


<P align="left" style="font-size: 10pt"><B>Sudip Banerjee: </B>Well we don&#146;t give segment specific margins, but the enterprise business continues
to do well and perform very well on the operating margin front.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Which one is the one to look out for in the quarter ahead Sudip? Is it financial services
that you are really going to be putting your eye out for?<BR>


<P align="left" style="font-size: 10pt"><B>Sudip Banerjee: </B>Well I think, you know, we are really broad basing our growth. IT services is a
lead business for us and that is continuing to grow at a very healthy pace. Manufacturing would
continue to see growth and I expect that couple of verticals which did not have as good a
sequential quarter

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<P align="left" style="font-size: 10pt">this time, which is retail and energy and utilities probably have a better quarter next time. So
again, in all the services and all the verticals within enterprise, we are seeing varying rates of
growth between quarters, but they are growing substantially.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Raman, just to pick on that point, you said margins could be under pressure. Essentially, if
I read you correctly, you are saying that you have got to do a bulk of the training yourself to get
people up the scratch, which means your training costs would go up substantially pressuring your
margins?<BR>


<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>That is correct. As I said the quality of the resources that are coming in and
timeframe that is required to train them to international levels or global levels is becoming
larger and larger. And yes, that has an impact on the training cost.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>How many people would you be training today at Wipro BPO, just to get a sense of how much you
actually invest in training at this point?<BR>


<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>At any point of time we have more than 3000 people in training.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>That number is likely to go up you think?<BR>


<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>We would love for it to go up. We love to have 5000 in training, we love to have 6000
in training because as I said earlier there is business. To be able to find acceptable quality
resources who are able to build up to that level is a challenge.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>So without going into numbers or guidance, are you saying that in the foreseeable future till
you can make this transition to more training, more people scaling up, are we likely to see Wipro
BPOs growth plateauing down?<BR>


<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>We have had growth in the past. We grew about 9% sequentially this quarter. We grew
about 48% for the same quarter last year, and we still have those challenges. So if those
challenges were to become a little muted, the growth could be substantially better.


<P align="left" style="font-size: 10pt"><B>CNBC: </B>Good luck Raman as always and Sudip. Thanks very much both of you for taking time out for us.
It was good talking to you as always.<BR>


<P align="left" style="font-size: 10pt"><B>Raman Roy and Sudip Banerjee: </B>Thank you very much.




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<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.9</B>



<P align="center" style="font-size: 10pt"><U><B>January&nbsp;21, 2005
Media Interviews on the Financial Performance of Wipro Limited for<BR>the
quarter ended December&nbsp;31, 2004</B></U>.



<P align="left" style="font-size: 10pt"><B>Financial Times<br><br>
Interviewee: Suresh Senapaty, Chief Finance Officer, Wipro Limited</B>


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>Well, congratulations.<BR>


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


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>As you know, I am particularly interested in the technology there in IT services.
I wonder if you could just talk me through that just to indicate what you regard as the highlights
of that.<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>All right. If you look at Wipro Technologies results, revenue for the quarter was
$352&nbsp;million, which was ahead of our guidance of $347&nbsp;million.


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>How much was your guidance?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>347. The sequential revenue growth was about 8% in dollar terms and it was driven
primarily by improved price realization.


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>Does that mean higher prices?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Yes, and volume growth.


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>So, did you get higher prices through existing customers or just new customers
coming in at a higher level?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty</B>: Let me complete the story and then I will talk about the realization and sustained
volume growth. Conventional solutions business led the growth with 15% sequential growth, while
manufacturing grew by 12%, and telecom OEM grew by 10%. And if you split that in terms of service
lines, our differentiated service technology infrastructure service and testing service grew
sequentially 34% and 15% respectively.


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>It is strong, isn&#146;t it?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>And your question was on the price front. We have had several quarters of price
increases, and in the last quarter price increase of about 1% both onsite and offshore, primarily
function of better mix of the high-end services, better mix of the customer base in terms of
getting better growth from those customers who have better rates, and also the new customers who
came in, which were in price points little better. So because of these three factors we got the
price increase.


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>What the new customers are you seeing a lot of customers who are converting,
strategic decisions made several months ago but which they were holding on to because of the
political situation in America, are you seeing a lot of movement on that front?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>You know, frankly speaking, on the IT side, while there has been lot of debate, we
had not seen any hold back in terms of wanting to offshore from India. So, there continues to be
those momentum besides we wanting to do more offshore, and therefore the volume growth. So it was
not a situation as if some of the MNCs were holding back and started releasing it. It was
independent of that, maybe some of that could have been in the BPO side of the business, but on the
IT side, we had not felt that last year, and the same momentum continues.


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>And how is the BPO unit&#146;s performance?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Well, BPO performance was also very decent. Last quarter, that is, December, we
had about 8% dollar term sequential growth. We had about 1400 people net add, and we continued to
get good business from our existing customers. We had one additional customer getting into a
transition process..., though there is no customer add, the customer add which was last year, was at
customer acquisition phase, and now got into the production phase. So that is a very good
business. We continue to expand our customer base in terms of multiple locations, and continue to
expand our delivery locations. We added on Kolkata last quarter.


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>How big is that?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>And we will continue to add on new locations going forward. It is good business.
I think the business is there. It is a question of ability of get more people, trained people, and
also

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<P align="left" style="font-size: 10pt">ability to make sure that the retention or the attrition is managed much better than what it has
been so far.


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>Are you feeling the pressure of having an independent GE in the market now also
looking for business outside of the group, because GE, the sale of the GE company a few months ago
is really going to put pressure on a lot of big companies like yourselves to, in a sense, to
prepare yourself for much tougher competition for contract for scale.


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Absolutely. Actually, I mean, that has been there all the time even while it was
100% GE company. But yes, since now it is a venture funded company in a manner of speaking, and
you know, it is no longer on the GE&#146;s balance sheet, they are coming out to be more aggressive in
the market place. Yes, you have to reckon that in terms of competition perspective.


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>Like in other language locations like Spanish or anywhere in Europe?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>You know, we are very actively looking at that way in terms of either sort of
looking at Philippines or the East European countries for dealing with that. As it stands now, we
have a complete open mind and we are doing more work on understanding and getting familiarization
with respect to those locations, and it is a function of as and when we get a customer, we will be
very quickly ready enough to be able to set up a center there to be able to provide those services.


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>Excellent. Well, that is great. That is what I wanted hear.




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<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.10</B>



<P align="center" style="font-size: 10pt"><U><B>January&nbsp;21, 2005
Media Interviews on the Financial Performance of Wipro Limited for<BR>the
quarter ended December&nbsp;31, 2004</B></U>.



<P align="left" style="font-size: 10pt"><B>TV Channel NDTV</B><BR><br>
<B>Interviewee: Suresh Senapaty, Chief Finance Officer, Wipro Limited</B>


<P align="left" style="font-size: 10pt"><B>NDTV: </B>Can you please give us some idea of the status of your additions in headcount?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>There are about 2300, about 900 odd in IT services and about 1400 in the BPO
services. And so far as the BPO services is concerned, I think there is lot of demand and it is a
function to be able to get the right kind of talent to be able to service that. We are facing quite
a lot of challenges and our objective would be to hire as much as possible to be able to get the
right kind of talent. And in the IT services, the addition has been decent on the backdrop of last
quarter&#146;s significant addition which we had from the campus. Typically they get into the billing
mode in this and the next quarter.


<P align="left" style="font-size: 10pt">So I think the employee addition has been decent and going forward we think that the growth would
continue to come from volumes and therefore the employee addition will follow in that sequence.


<P align="left" style="font-size: 10pt">We were happy that we got about 1% price increase in this quarter both in onsite as well as
offshore which is a good thing. And also among the new customers, we are able to get little margin
and better pricing, primarily because of more high-end services as opposed to the same services on
an add-on basis. So we think therefore going forward the volume growth will continue and find
stability, and it puts us in a very advantageous position to be able to capture the growth
potential.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>But Sir, we are looking at an annual attrition rate of 10% plus, what does that mean? Does
that mean there would be tremendous pressure as far as net attrition is concerned?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Well, if you look at our attrition, it used to be much higher, but last quarter we
have brought it down to a level, in the IT services, of about 12%, which is very decent. I think
around 10-12% is fairly normal to have in terms of an attrition because always you want better
talent and there will be some amount of churn because there are technology oscillations that takes
place. We have typically a bottom 5% purging every year that gets churned. So from that
perspective this is a fairly decent attrition number to deal with.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>I also wanted to understand, Q3 technically speaking was a challenging quarter for Wipro. So
what kind of margin expansion, if you could just give us an indication of the trend we should
expect in Q4?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>You know, in Q3 in terms of the US GAAP numbers it is about 0.1% of the top line
in Wipro Technologies business, there is margin expansion. And in the Indian GAAP, we had a
marginal margin decline to adjust for the RSU, which is a non-cash charge of about 1%. We got
certain productivity improvements. We had some reduction in the utilization, offshore-onsite mix
we were able to keep it stable. So bottom line neck-to-neck, but for the RSU and the forex
adjustment, we were able to maintain the margin. And going forward, I think the same trend will
continue because though we have a hedge position, hedge position does not necessarily completely
isolate so far as the foreign exchange is concerned. It is more than the impact of rupee-dollar on
an ongoing basis. And you would have seen in the last three quarters, we have been able to
minimize the impact of the foreign exchange on the bottom line as compared to the actual movement
of the rupee-dollar in terms of a quarter-to-quarter, and our endeavor going forward will be the
same; that you use the hedging strategy to be able to smoothen the impact of that on the earnings.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>Suresh, this time you may have had a 1% increase in price realization but if you look at
salary hikes both onsite and especially offsite, they have been growing up. That is the concern
number of analysts have raised. How are you dealing with that, and would we see your margins
continuing to be under pressure because of increased employee cost, especially offsite cost?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Yes, actually if you remember during October, in October-November we gave a
compensation increase. In September-October and November compensation increase was given across
the IT services business, and most of that pressure on the margin could get mitigated because of
the other levers that we used, and that is the reason why in Quarter-3 we were able to post an

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<P align="left" style="font-size: 10pt">operating margin which was fairly descent without significant dip in the operating margins. And so
far as Quarter-4 is concerned, again full impact of some of the compensation increase will be felt,
but we think there are enough operating levers available in terms of productivity, in terms of the
lean that we are implementing within Wipro Technologies and other parts of the business to be able
to drive productivity. We think all that parameters would help us to be able to mitigate some of
that, which means bottom line is in Quarter-4 again keeping aside the foreign exchange impact we
should be able to maintain our operating margin.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>Suresh, Raman isn&#146;t around so I am going to ask you a question on the BPO operations. Tell
us what&#146;s happening on the billing rates there, there were also concerns about growth, utilization
falling, has that happened or is the business as usual you can also give us the strength on the
bench right now?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Right. If you look at it, we had a decent sequential growth of about 9% this
quarter ending December, which is very good. But the challenge is in terms of getting the right
kind of talent, challenge is in terms of addressing the attrition, and therefore we think, and our
objective is to reorient the business to be able to have a higher component of transaction
processing than so far we have had, and therefore going forward in the next 2, 3, 4 quarters, our
objective will be



<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="1%" nowrap align="left">a)&nbsp;&nbsp;</TD>
    <TD>Enhance the screening of the new adds in a manner that we address the issue of attrition.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">b)&nbsp;&nbsp;</TD>
    <TD>We should be able to increase the mix of the transaction processing part of the business and
that is the thing that we want to work out in the next 2-3 quarters. Therefore you may find
the BPO part of the business little muted growth going forward. But there is enough business
sitting there, the whole challenge is to be able to execute them getting the right kind of
people on board.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B>NDTV: </B>Is Suresh Senapaty more confident at the beginning of Q4 than what he was at the beginning of
Q3?<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Well I continue to remain as confident as I was in the beginning of Quarter 3 as I
am currently, yes.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>It is always pleasure to have you, and thank you very much for making the time to join us.<BR>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Thanks. I thought I also need to mention that in Wipro Infotech and Wipro Consumer
Care also we had a very, very decent growth. The YOY growth has been 36% in the Consumer Care
business, which is significantly ahead of the industry growth. Also 45% growth in the Wipro
Infotech part of the business, which is again significantly higher than the industry. And in Wipro
Infotech, we had a margin expansion. The service part of the business is doing tremendously well.
There are enough good orders that we have picked up, the traction is very good both in India as
well as in Asia Pacific and the Middle East markets, and those two businesses are also becoming
more and more promising going forward too.


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




<P align="center" style="font-size: 10pt">Page 2 of 2
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<DOCUMENT>
<TYPE>EX-99.11
<SEQUENCE>12
<FILENAME>f04911exv99w11.htm
<DESCRIPTION>EXHIBIT 99.11
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w11</TITLE>
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<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.11</B>

<P align="center" style="font-size: 10pt"><B>Wipro Limited - Results for the quarter and nine months ended December&nbsp;31, 2004</B>



<P align="center" style="font-size: 10pt"><B>Wipro Limited- Consolidated<BR>
Audited Segment - wise Business Performance for the quarter and nine months ended<BR>
December&nbsp;31, 2004 (In Rs. Million)</B>


<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">


<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="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Quarter ended December 31,</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="13" style="border-bottom: 1px solid #000000"><B>Nine months ended December 31,</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Year ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Particulars</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Growth %</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Growth %</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31, 2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Segment Revenue</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Global IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,888</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,472</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,344</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,026</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,575</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,421</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,355</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,122</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,096</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</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:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,289</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">949</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,496</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,629</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,649</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Others</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">503</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">438</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,615</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,198</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</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:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,101</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,214</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>39</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,577</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>40,949</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,812</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Profit
Before Interest and Tax - PBIT <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Global IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,139</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,514</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,893</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,573</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,539</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">272</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">627</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">415</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">551</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Others</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">316</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,762</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,864</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>66</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,331</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,539</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>77</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,159</B></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest (net)&nbsp;and Other Income</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px"><B>PROFIT BEFORE TAX</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,947</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,051</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>62</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,929</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,069</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>73</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,032</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income Tax expense</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(722</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(330</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,035</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(922</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,681</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Profit before share in earnings / (losses)&nbsp;of
affiliates and minority interest</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,225</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,721</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>55</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,894</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,147</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>66</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,351</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share in earnings of affiliates</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(59</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROFIT AFTER TAX</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,268</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,743</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>56</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,955</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,107</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>68</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</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:15px; text-indent:-15px"><B>Earnings
per share - EPS</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(PY: Adjusted EPS for bonus issue in ratio of 2:1)
- - in Rs.</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.14</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.96</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17.21</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10.24</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14.87</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.04</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.95</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17.08</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10.24</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14.85</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating Margin</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Global IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">26</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>23</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>23</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital
employed <SUP>(2)</SUP></B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Global IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,709</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,163</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,709</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,163</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,732</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,417</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,496</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,417</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,496</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">520</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">520</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">596</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Others</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,733</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,552</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,733</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,552</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52,518</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,731</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52,518</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,731</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38,767</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital Employed Composition</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Global IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">51</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">51</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">56</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Others</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">52</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">52</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">37</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Return on average capital employed:</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Global IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">66</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">52</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">65</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">46</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">47</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">67</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">47</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">41</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">53</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">101</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">107</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">105</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">92</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">86</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>38</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>39</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>25</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>30</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>

<P align="center" style="font-size: 10pt"><B>Wipro Limited &#150; Stand
alone &#150; Parent Company<BR>
Audited Financial Results for the quarter &#038; nine months ended<BR>
December&nbsp;31, 2004 (In Rs. Million)</B>



<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Quarter ended</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Nine months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Year ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="9" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="9" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="4" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Particulars</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net Income from Sales / Services</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,735</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,273</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51,800</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>35,898</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px">Cost of Sales / Services
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">
a. Consumption of raw materials</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,866</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,956</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,591</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,170</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px">b. Other expenditure</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,001</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,627</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,863</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,587</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,791</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Gross Profit</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,868</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,690</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,346</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,141</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px">Selling and Marketing expenses</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,335</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,074</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,831</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,272</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,506</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and Administrative expenses</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">738</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">644</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,098</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,825</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px"><B>Operating Profit before interest and depreciation</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,795</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,972</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,417</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,044</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px">Depreciation</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,296</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,073</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,516</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating Profit after interest and depreciation</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,278</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,567</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,075</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,947</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px">Other income</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">624</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">544</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Profit before tax</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,465</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,765</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,699</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,491</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px">Provision for tax</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">700</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">319</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,965</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">930</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROFIT FOR THE QUARTER</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,765</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,446</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,734</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,561</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px">Paid up equity share capital</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,404</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">465</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,404</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">465</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reserves</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,117</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,468</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,117</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,468</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px"><B>Earnings per share (EPS) &#149; in Rs.</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(PY:
Adjusted EPS for bonus issue in ratio of 2:1)</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.41</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.53</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15.45</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9.46</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.33</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.52</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15.34</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9.45</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.17</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Aggregate of non-promoters shareholding</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of shares</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,382,801</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,504,347</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,382,801</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,504,347</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,539,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(PY: Adjusted for bonus issue in ratio of 2:1)</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Percentage of holding</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.72</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.12</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.72</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.12</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px"><B>Details of expenditure</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Items exceeding 10% of total expenditure
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">
Staff Cost</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,716</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,684</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,861</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,613</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,718</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Travel</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,243</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">815</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,488</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,247</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,320</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>

<P align="center" style="font-size: 10pt"><B>Status of Redressal of Complaints received for the period<BR>
from October&nbsp;1, 2004 to December&nbsp;31, 2004</B>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">


<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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Opening balance</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Complaints received</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Complaints disposed</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Nature of Complaints</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">for the quarter</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">during the quarter</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">during the quarter</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Unresolved</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Complaints with respect to transfer
/ transmission / split / consolidation /
exchange / duplicate issue of shares</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Complaints with respect to
Dematerialisation /Rematerialisation
of shares</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Complaints with regard to non-receipt
of Corporate benefits like Dividend /
Dividend Warrants / Interest / Bonus Shares</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">78</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">78</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">78</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">78</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

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

<TR valign="top">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">PBIT is after considering stock compensation expense of Rs. 168 Mn for three months ended
and Rs. 169 Mn for nine months
ended December&nbsp;31, 2004. PBIT of Global IT Services and Products is after considering stock
compensation expense of Rs. 151 Mn
for three months and nine months ended December&nbsp;31, 2004.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">This includes cash and cash equivalents of Rs. 24,845 Mn (2004: Rs. 21,760 Mn and 2003: Rs.
21,247 Mn).</TD>
</TR>

</TABLE>



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

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="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.



<P align="right" style="font-size: 10pt"><B>(In Rs. Million)</B>


<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>Quarter ended</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>Nine months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Geography</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2004</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">%</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2003</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">%</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2004</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">%</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2003</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">%</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,588</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,506</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,956</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,479</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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:15px; text-indent:-15px">USA</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,998</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,276</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,734</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,131</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rest of the world</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,515</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,432</TD>
    <TD>&nbsp;</TD>

    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,887</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,339</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,101</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,214</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,577</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,949</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>


<P align="left" style="font-size: 10pt">3. For the purpose at
reporting, business segments are considered as primary segments and
geographic segments are considered as secondary segment.



<P align="left" style="font-size: 10pt">4. As of December&nbsp;31, 2004, forward contracts to the extent of USD 258 Mn have been assigned to the
foreign currency assets as on the balance sheet date.
These assets are valued at the forward contract rate, adjusted for premium / discount in respect of
the expired period.



<P align="left" style="font-size: 10pt">The Company has designated certain forward contracts to hedge 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 / expiry of such contracts is recognized in the profit and loss account in the period
in which the forecasted transaction is expected to occur,
till such time the same is grouped under Loans and Advances.

<P align="left" style="font-size: 10pt">The Company has also entered into option / forward contracts which are not designated as hedge.
Gain or loss on such contracts is recognized in the
profit and loss account of the respective periods. The outstanding contracts as at the balance
sheet date are marked to market, the impact of which is
taken to profit and loss account. Consequently, the Company has recognized marked to market gain of
Rs. 13.41 Mn in the current quarter ended
December&nbsp;31, 2004.



<P align="left" style="font-size: 10pt">As at the balance sheet date, the Company had forward contracts to sell USD 614 Mn in respect of
forecasted transactions. The effect of marked to market
and of intermediary roll over / expiry of the said forward contracts is a gain of Rs. 233.97 Mn.
The final impact of such contracts 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="font-size: 10pt">Had the Company continued to follow the earlier accounting policy, the profit for the
quarter would have been higher by Rs. 297 Mn (lower by Rs. 197 Mn for the nine months
period ended December&nbsp;31, 2004).



<P align="left" style="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="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="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; WcP Peripherals
have been accounted for by equity method of accounting.



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



<P align="left" style="font-size: 10pt">1. The above financial results were approved by the Board of Directors of the Company
at its meeting held on January&nbsp;21, 2005.



<P align="left" style="font-size: 10pt">2. There are no qualifications in the report issued by the Auditors for these periods.



<P align="left" style="font-size: 10pt">3. 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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&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">Azim H Premji</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: January&nbsp;21, 2005
</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="right" style="font-size: 10pt"><IMG src="f04911f0491100.gif" alt="(WIPRO LOGO)">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="94%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
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<!-- 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="center" nowrap valign="bottom">WIPRO LIMITED<BR>Regd.
Office: Doddakannelli,<BR>Sarjapur Road Banglore-
550 035.<BR>www.wipro.com
</TD>
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
