exv99w11

EXHIBIT 99.11

Wipro Limited - Results for the quarter and nine months ended December 31, 2004

Wipro Limited- Consolidated
Audited Segment - wise Business Performance for the quarter and nine months ended
December 31, 2004 (In Rs. Million)


	Quarter ended December 31,									Nine months ended December 31,								Year ended
Particulars		2004			2003			Growth %		2004			2003			Growth %		March 31, 2004

Segment Revenue
Global IT Services and Products			15,888			11,472			38		44,344			31,026			43		43,575
India and AsiaPac IT Services and Products			3,421			2,355			45		9,122			6,096			50		9,762
Consumer Care and Lighting			1,289			949			36		3,496			2,629			33		3,649
Others			503			438			15		1,615			1,198			35		1,826
Total			21,101			15,214			39		58,577			40,949			43		58,812
Profit Before Interest and Tax - PBIT ⁽¹⁾
Global IT Services and Products			4,139			2,514			65		11,893			6,573			81		9,539
India and AsiaPac IT Services and Products			272			161			69		627			393			60		792
Consumer Care and Lighting			175			141			24		495			415			19		551
Others			176			48			267		316			158			100		277
Total			4,762			2,864			66		13,331			7,539			77		11,159
Interest (net) and Other Income			185			187					598			530					873
PROFIT BEFORE TAX			4,947			3,051			62		13,929			8,069			73		12,032
Income Tax expense			(722	)		(330	)				(2,035	)		(922	)				(1,681	)
Profit before share in earnings / (losses) of affiliates and minority interest			4,225			2,721			55		11,894			7,147			66		10,351
Share in earnings of affiliates			71			43					133			(5	)				23
Minority interest			(28	)		(21	)				(72	)		(35	)				(59	)
PROFIT AFTER TAX			4,268			2,743			56		11,955			7,107			68		10,315
Earnings per share - EPS
(PY: Adjusted EPS for bonus issue in ratio of 2:1) - in Rs.
Basic			6.14			3.96					17.21			10.24					14.87
Diluted			6.04			3.95					17.08			10.24					14.85
Operating Margin
Global IT Services and Products			26	%		22	%				27	%		21	%				22	%
India and AsiaPac IT Services and Products			8	%		7	%				7	%		6	%				8	%
Consumer Care and Lighting			14	%		15	%				14	%		16	%				15	%
Total			23	%		19	%				23	%		18	%				19	%
Capital employed ⁽²⁾
Global IT Services and Products			26,709			19,163					26,709			19,163					21,732
India and AsiaPac IT Services and Products			1,417			1,496					1,417			1,496					1,941
Consumer Care and Lighting			659			520					659			520					596
Others			23,733			22,552					23,733			22,552					14,498
Total			52,518			43,731					52,518			43,731					38,767
Capital Employed Composition
Global IT Services and Products			51	%		44	%				51	%		44	%				56	%
India and AsiaPac IT Services and Products			3	%		3	%				3	%		3	%				5	%
Consumer Care and Lighting			1	%		1	%				1	%		1	%				2	%
Others			45	%		52	%				45	%		52	%				37	%
Total			100	%		100	%				100	%		100	%				100	%
Return on average capital employed:
Global IT Services and Products			66	%		52	%				65	%		46	%				47	%
India and AsiaPac IT Services and Products			67	%		47	%				50	%		41	%				53	%
Consumer Care and Lighting			101	%		107	%				105	%		92	%				86	%
Total			38	%		27	%				39	%		25	%				30	%

Wipro Limited – Stand alone – Parent Company
Audited Financial Results for the quarter & nine months ended
December 31, 2004 (In Rs. Million)


		Quarter ended					Nine months ended					Year ended
	December 31,					December 31,					March 31,
Particulars		2004		2003			2004		2003			2004

Net Income from Sales / Services			18,735		13,273			51,800		35,898			51,685
Cost of Sales / Services
a. Consumption of raw materials			2,866		1,956			7,591		5,170			8,209
b. Other expenditure			9,001		6,627			24,863		17,587			24,791
Gross Profit			6,868		4,690			19,346		13,141			18,685
Selling and Marketing expenses			1,335		1,074			3,831		3,272			4,506
General and Administrative expenses			738		644			2,098		1,825			2,717
Operating Profit before interest and depreciation			4,795		2,972			13,417		8,044			11,462
Interest expense			19		12			46		24			35
Depreciation			498		393			1,296		1,073			1,516
Operating Profit after interest and depreciation			4,278		2,567			12,075		6,947			9,911
Other income			187		198			624		544			912
Profit before tax			4,465		2,765			12,699		7,491			10,823
Provision for tax			700		319			1,965		930			1,674
PROFIT FOR THE QUARTER			3,765		2,446			10,734		6,561			9,149
Paid up equity share capital			1,404		465			1,404		465			466
Reserves			43,117		39,468			43,117		39,468			34,610
Earnings per share (EPS) • in Rs.
(PY: Adjusted EPS for bonus issue in ratio of 2:1)
Basic			5.41		3.53			15.45		9.46			13.19
Diluted			5.33		3.52			15.34		9.45			13.17
Aggregate of non-promoters shareholding
Number of shares			117,382,801		112,504,347			117,382,801		112,504,347			113,539,326
(PY: Adjusted for bonus issue in ratio of 2:1)
Percentage of holding			16.72		16.12			16.72		16.12			16.26
Details of expenditure
Items exceeding 10% of total expenditure
Staff Cost			7,716		5,684			20,861		14,613			20,718
Travel			1,243		815			3,488		3,247			4,320

Status of Redressal of Complaints received for the period
from October 1, 2004 to December 31, 2004


	Opening balance	Complaints received	Complaints disposed
Nature of Complaints	for the quarter	during the quarter	during the quarter	Unresolved

Complaints with respect to transfer / transmission / split / consolidation / exchange / duplicate issue of shares	0	0	0	0

Complaints with respect to Dematerialisation /Rematerialisation of shares	0	0	0	0

Complaints with regard to non-receipt of Corporate benefits like Dividend / Dividend Warrants / Interest / Bonus Shares	0	78	78	0

Total	0	78	78	0

(1)		PBIT is after considering stock compensation expense of Rs. 168 Mn for three months ended and Rs. 169 Mn for nine months ended December 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 31, 2004.

(2)		This includes cash and cash equivalents of Rs. 24,845 Mn (2004: Rs. 21,760 Mn and 2003: Rs. 21,247 Mn).

Notes to segment report:

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

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

(In Rs. Million)


	Quarter ended									Nine months ended
Geography	December 31,									December 31,
		2004		%		2003		%			2004		%		2003		%

India			4,588		22		3,506		23			12,956		23		9,479		23
USA			10,998		52		8,276		54			30,734		52		22,131		54
Rest of the world			5,515		26		3,432		23			14,887		25		9,339		23

Total			21,101		100		15,214		100			58,577		100		40,949		100

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

4. As of December 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.

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.

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 31, 2004.

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.

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 31, 2004).

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

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 “Financial Reporting of Interest in Joint Venture”. 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 “Accounting for Investments in Associates in Consolidated Financial Statements”.

c) In accordance with the guidance provided in Accounting Standard 23 “Accounting for Investments in Associates in Consolidated Financial Statements” WcP Peripherals have been accounted for by equity method of accounting.

Notes:

1. The above financial results were approved by the Board of Directors of the Company at its meeting held on January 21, 2005.

2. There are no qualifications in the report issued by the Auditors for these periods.

3. Corresponding figures for previous periods presented have been regrouped, where necessary, to confirm to this period classification.


		By order of the Board
Place: Bangalore		Azim H Premji
Date: January 21, 2005		Chairman and Managing Director

(WIPRO LOGO)


		WIPRO LIMITED Regd. Office: Doddakannelli, Sarjapur Road Banglore- 550 035. www.wipro.com