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<SEC-DOCUMENT>0000950134-05-008216.txt : 20050427
<SEC-HEADER>0000950134-05-008216.hdr.sgml : 20050427
<ACCEPTANCE-DATETIME>20050427150028
ACCESSION NUMBER:		0000950134-05-008216
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20050331
FILED AS OF DATE:		20050427
DATE AS OF CHANGE:		20050427

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:		05776082

	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>f08326e6vk.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">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>








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

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

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


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



<P align="center" style="font-size: 10pt"><B>For the quarter ended March&nbsp;31, 2005</B>



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


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


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



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



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



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



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


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



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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

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<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="f08326exv99w1.htm">EXHIBIT 99.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08326exv99w2.htm">EXHIBIT 99.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08326exv99w3.htm">EXHIBIT 99.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08326exv99w4.htm">EXHIBIT 99.4</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08326exv99w5.htm">EXHIBIT 99.5</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08326exv99w6.htm">EXHIBIT 99.6</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08326exv99w7.htm">EXHIBIT 99.7</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08326exv99w8.htm">EXHIBIT 99.8</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08326exv99w9.htm">EXHIBIT 99.9</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08326exv99w10.htm">EXHIBIT 99.10</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08326exv99w11.htm">EXHIBIT 99.11</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08326exv99w12.htm">EXHIBIT 99.12</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08326exv99w13.htm">EXHIBIT 99.13</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 and financial year ended March&nbsp;31,
2005. 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
April&nbsp;22, 2005, we announced our results of operations for the three months and financial year ended
March&nbsp;31, 2005. 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 April&nbsp;22, 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 Economic
Times, TV Channel NDTV, the Financial Times and Bloomberg concerning our results. Copies of
the transcripts of these interviews are attached as Exhibits 99.6, 99.7, 99.8, 99.9, 99.10, 99.11 &#038;
99.12 respectively, 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 and financial year ended March&nbsp;31, 2005 under Indian GAAP. A copy of the form
of this advertisement is attached to this Form 6-K as Exhibit 99.13.


<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="50%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&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"><!-- Blank Space -->
    <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><td>&nbsp;</td></tr>


<tr><td>&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: April&nbsp;27, 2005



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

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<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="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibits</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"><!-- Blank Space -->
    <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"><!-- Blank Space -->
    <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 April&nbsp;22, 2005 Press Conference</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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 April&nbsp;22, 2005 11:30 a.m. Earnings Call</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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 April&nbsp;22, 2005 7:15 p.m. Earnings Call</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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 April&nbsp;22, 2005 Dow Jones Interview with Suresh Senapaty,
Corporate Executive Vice President, Finance &#038; CFO of Wipro Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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 April&nbsp;22, 2005 Reuters Interview with Vivek Paul, Vice Chairman
of Wipro Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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 April&nbsp;22, 2005 CNBC India Question-and-Answer Session with
Company&#146;s Officers</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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 April&nbsp;22, 2005 Economic Times Interview with Suresh Vaswani,
President of Wipro Limited (Infotech Division)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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 April&nbsp;22, 2005 TV Channel NDTV Interview with Suresh Senapaty,
Corporate Executive Vice President, Finance &#038; CFO of Wipro Limited and Raman Roy,
Chairman, Wipro BPO Solutions Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">Transcript of April&nbsp;22, 2005 Financial Times Interview with Vivek Paul,
Vice-Chairman of Wipro Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">99.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of April&nbsp;22, 2005 Bloomberg Interview with Suresh Senapaty,
Corporate Executive Vice President, Finance &#038; CFO of Wipro Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">99.13
</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>f08326exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

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

<P align="center" style="font-size: 10pt"><IMG src="f08326f0832601.gif" alt="(WIPRO LOGO)">

<P align="left" style="font-size: 10pt"><U><B>FOR IMMEDIATE RELEASE </B></U>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="8%">&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 valign="bottom"><B>Contact: </B>&nbsp;</TD>
    <TD align="right" valign="top" nowrap><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="right" valign="bottom">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="right" valign="bottom">650-316-3537</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">Results for the year ended March&nbsp;31, 2005 under US GAAP<BR>
<U><B>WIPRO RECORDS 58%GROWTH IN NET INCOME </B></U>

<P align="left" style="font-size: 10pt"><B>Bangalore, India and
Mountain View, California &#150; April&nbsp;22, 2005</B>&#150; Wipro Limited (NYSE:<B>WIT</B>) today
announced financial results under US GAAP for its fourth fiscal quarter and year ended March&nbsp;31,
2005.

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

<P align="left" style="font-size: 10pt"><B>Results for the year ended March&nbsp;31, 2005</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"><FONT face="wingdings">&#216;</FONT></TD>
    <TD>Net Income was Rs. 15.83&nbsp;billion ($363&nbsp;million), representing an increase of 58% over
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"><FONT face="wingdings">&#216;</FONT></TD>
    <TD>Revenue was Rs. 81.35&nbsp;billion ($1.87&nbsp;billion), representing 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><FONT face="wingdings">&#216;</FONT></TD>
    <TD>Global IT Services &#038; Products Revenue was Rs.60.71&nbsp;billion ($1.39&nbsp;billion),
representing an increase of 40% over 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"><FONT face="wingdings">&#216;</FONT></TD>
    <TD>Global IT Services &#038; Products Earnings Before Interest and Tax (EBIT)&nbsp;was Rs. 15.83
billion ($363&nbsp;million), representing an increase of 70% over 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"><FONT face="wingdings">&#216;</FONT></TD>
    <TD>Rs. 19&nbsp;billion ($436&nbsp;million) cash generated from continuing operations.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><FONT face="wingdings">&#216;</FONT></TD>
    <TD>The Board of Directors recommends a stock dividend on shares to shareholders (including
to ADS holders) in the ratio of one additional share for every one share held subject to
shareholder approval in the Annual General Meeting scheduled in July&nbsp;2005.</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"><FONT face="wingdings">&#216;</FONT></TD>
    <TD>Board of Directors also recommends a cash dividend of Rs. 5 per share/ADS ($ 0.11) on
existing paid up capital (equivalent of Rs. 2.50 per share/ADS ($0.06) on the expanded
capital) subject to shareholder approval in the Annual General Meeting scheduled in July
2005.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B>Results for the quarter ended March&nbsp;31, 2005</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"><FONT face="wingdings">&#216;</FONT></TD>
    <TD>Global IT Services &#038; Products Revenue was Rs.16.47&nbsp;billion ($378&nbsp;million), representing
an increase of 31% 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"><FONT face="wingdings">&#216;</FONT></TD>
    <TD>Global IT Services &#038; Products Earnings Before Interest and Tax (EBIT)&nbsp;was Rs. 4.35
billion ($100&nbsp;million), representing an increase of 47% over the same period last year</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><FONT face="wingdings">&#216;</FONT></TD>
    <TD>Global IT Services &#038; Products added 41 new clients in the quarter</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B>Outlook for the Quarter ending June&nbsp;30, 2005</B>

<P align="left" style="font-size: 10pt">Azim Premji, Chairman of Wipro commenting on the results said &#147;Wipro recorded yet another year of
very good performance. The results of Wipro Limited once again reflect the passion of Wiproites&#146;
for facing challenges and triumphing over them. During the year, our Global IT business posted
healthy growth in Revenues, expanded Operating Margin and virtually improved all operating
parameters. Coupled with robust performance by other businesses as well, we reported a strong
growth in our Net Income . Considering the emerging opportunities in the Global market and our
unique business model, the future outlook looks as exciting as journey has been so far. Looking
ahead, for the quarter ending June&nbsp;2005, we expect our Revenue from Global IT services business to
be approximately $395&nbsp;million.&#148;

<P align="left" style="font-size: 10pt">Vivek Paul, Vice Chairman, said &#147;The last quarter witnessed continued customer confidence in our
wide portfolio of service lines. Strong sequential volume growth of 8.5% led to the highest ever
addition in billed manmonths in a quarter. We saw healthy growth in the number of new customers as
well as the deepening of our presence in existing customers, as we saw growth in the number of
customer with revenue run rates
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">greater than $1&nbsp;million, $3million, $10&nbsp;million and $20&nbsp;million annualized. In terms of verticals,
Telecom OEM and Finance Solutions sustained their momentum, while Embedded Systems &#038; Product
Engineering bounced back with a decent sequential growth. Our differentiated Testing Services
continued to grow ahead of our overall growth rates. This broad -based growth resulted in Revenues
of $375&nbsp;million, ahead of our guidance of $370&nbsp;million.&#148;


<P align="left" style="font-size: 10pt">Suresh Senapaty, Corporate
Executive Vice President - Finance said, &#147;We were able to significantly
offset the pressure on Operating Margins arising from currency appreciation and decrease in price
realizations through improvement in utilization, increased proportion of Offshore projects and
continued operational improvements.&#148;


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


<P align="left" style="font-size: 10pt">Total Revenues for the year ended March&nbsp;31, 2005, were Rs. 81.35&nbsp;billion ($1.87&nbsp;billion),
representing a 39% increase over the corresponding period in the last year. Net Income for the year
ended March&nbsp;31, 2005 was Rs. 15.83&nbsp;billion ($363&nbsp;million), representing an increase of 58% over Net
Income for the year ended March&nbsp;31, 2004. Earnings Per Share was Rs. 22.76 ($0.52) for the year
ended March&nbsp;31, 2005, representing an increase of 58% over the Earnings Per Share of Rs. 14.40, for
the corresponding period last year.


<P align="left" style="font-size: 10pt">Total Revenues for the quarter ended March&nbsp;31, 2005 were Rs.22.96&nbsp;billion ($526&nbsp;million),
representing a 30% increase over the corresponding period in the previous year. Net Income was Rs.
4.47&nbsp;billion ($103&nbsp;million), representing an increase of 37% over the same period last year.
Earnings per share was Rs. 6.40 ($0.15) for the quarter ended March&nbsp;31, 2005, representing an
increase of 36% over the earnings per share of Rs.4.69 for the quarter ended March&nbsp;31, 2004.


<P align="left" style="font-size: 10pt"><B>Global IT Services and Products (75% of Revenues and 89% of Operating Income for year ended March&nbsp;31, 2005)</B>


<P align="left" style="font-size: 10pt">Our Global IT Services and Products business segment recorded Revenue of Rs. 60.69.
billion<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> ($1.39&nbsp;billion) for the year ended March&nbsp;31, 2005, representing an increase of
39% over the same period last year. EBIT was Rs.15.83&nbsp;billion ($ 363&nbsp;million) for the year ended
March&nbsp;31, 2005, representing an increase of 70% over last year. Operating Income to Revenue for
the year ended March&nbsp;31, 2005 was 26.1%, representing an increase of approximately 4.8&nbsp;percent from
the year ended March&nbsp;31, 2004. This increase was primarily due to improvement in price realization,
increased utilization of professionals and lower Selling, General and Administrative costs,
partially
offset by currency exchange rate appreciation of the Rupee against the Dollar and an increase in
compensation costs. Return on Capital Employed (ROCE)&nbsp;for the year was 60% compared to 44% for the
year ended March&nbsp;31, 2004.


<P align="left" style="font-size: 10pt">We had 41,857 employees as of March&nbsp;31, 2005, which includes 26,184 employees in IT Services
business and 15,673 employees in Business Process Outsourcing (BPO)&nbsp;business. This represents a
net addition of 13,355 people comprising of 6,982 in IT Services and 6,373 people in BPO for the
year.


<P align="left" style="font-size: 10pt"><B>India and Asia-Pac IT Services and Products (16% of Revenue and 5% of Operating Income for year
ended March&nbsp;31, 2005)</B>


<P align="left" style="font-size: 10pt">Our India and Asia-Pac Services and Products business segment (Wipro Infotech) recorded Revenue of
Rs. 13.39&nbsp;billion ($307&nbsp;million) for the year ended March&nbsp;31, 2005, representing an increase of 42%
over the year ended March&nbsp;31, 2004. EBIT for the year ended March&nbsp;31, 2005, was Rs. 970&nbsp;million
($22&nbsp;million), representing an increase of 27% over the previous year.

<P align="left" style="font-size: 10pt">Operating Margin for the
year ended March&nbsp;31, 2005 was 7.2%, representing a decrease of approximately 0.8&nbsp;percent compared
to the year ended March&nbsp;31, 2004. ROCE for the year was 52% compared to 49% for the year ended
March&nbsp;31, 2004.




<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"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Global IT Services &#038; Products segment Revenues were Rs. 60.75&nbsp;billion for the
year ended March&nbsp;31, 2005 under the Indian GAAP. The difference of Rs. 64&nbsp;million ($ 1.5&nbsp;million)
is primarily attributable to difference in accounting standards for forward contracts under Indian
GAAP and US GAAP.</TD>
</TR>

</TABLE>


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

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





<P align="left" style="font-size: 10pt"><B>Consumer Care &#038; Lighting (6% of Revenue and 4% of Operating Income for year ended March&nbsp;31,
2005)</B>


<P align="left" style="font-size: 10pt">Our Consumer Care &#038; Lighting business segment recorded Revenue of Rs. 4.56&nbsp;billion ($104&nbsp;million)
for the year ended March&nbsp;31, 2005, representing a 28% increase over Revenue of Rs. 3.57&nbsp;billion for
the year ended March&nbsp;31, 2004. EBIT was Rs. 671&nbsp;million ($15&nbsp;million) for the year ended March&nbsp;31,
2005, representing a 23% increase over EBIT of Rs.546&nbsp;million for the year ended March&nbsp;31, 2004.
ROCE for the year was 86% compared to 85% for the year ended March&nbsp;31, 2004.


<P align="left" style="font-size: 10pt"><B>Our results for the year ended March&nbsp;31, 2005, 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"><B>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 March&nbsp;31, 2005,
for cable transfers in Indian rupees, as certified by the Federal Reserve Bank of New York which is
$1=Rs.43.62. However, the realized exchange rate in our Global IT Services &#038; Products segment for
the quarter ended March&nbsp;31, 2005 is $1=Rs.44.44</B>


<P align="left" style="font-size: 10pt"><B>Quarterly Conference call</B><BR>
Wipro will hold conference calls today at 11:30 AM Indian Standard Time (2:00 AM US Eastern Time)
and at 7:15 PM Indian Standard Time (9:45 AM US Eastern Time) to discuss the company&#146;s performance
for the quarter and answer questions sent to email ID:: Sridhar.ramasubbu@wipro.com An audio recording of the management discussions and the question and
answer session will be available online and will be accessible in the Investor Relations section of
the company website at www.wipro.com shortly after the live broadcast.


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


<P align="left" style="font-size: 10pt">We are the first PCMM 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. In the Asia Pacific and Middle East markets, we provide IT solutions and services for
global corporations. 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 &#151; Mumbai, and the National Stock Exchange, among others. For more information,
please visit our websites at <U>www.wipro.com</U> and
<U>www.wiprocorporate.com</U>


<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



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

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



<P align="left" style="font-size: 10pt">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 forward-looking statement that may be made from time to time by us
or on our behalf.



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



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



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

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




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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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 March 31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year ended March 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: 0px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2005</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>&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"><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">12,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">16,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">43,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">60,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,388</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">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</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">2,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,087</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">6,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199</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">989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</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">613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</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:60px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,958</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,865</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">8,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">880</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">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">834</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">1,661</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</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">2,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</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">705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</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">434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,914</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:60px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,235</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">5,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">630</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">(1,403</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,464</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,278</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,466</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(125</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">(696</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,054</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,172</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,744</TD>
    <TD nowrap>)</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:30px; text-indent:-15px">Research and development expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72</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">(232</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(274</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6</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">(85</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18</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">(308</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(140</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">176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195</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">377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(92</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2</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">11</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</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">3,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">409</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>&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">&#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">319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</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">101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</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">4,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">427</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">(761</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(722</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,611</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,694</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:15px; text-indent:-15px">Minority interest</DIV></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">(14</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">(56</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(81</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">3,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">4,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">9,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">15,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD align="right">363</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">4.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.52</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">4.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.52</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 valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Global IT Services &#038; Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>2,960</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>4,352</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">9,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">15,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">363</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"><B>382</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>373</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</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"><B>136</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>176</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">546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</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"><B>87</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>84</B></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">308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</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>&nbsp;</TD>
    <TD align="right"><B>53</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(6</B></TD>
    <TD nowrap><B>)</B></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">(14</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(75</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" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>RS.</B></TD>
    <TD align="right"><B>3,618</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>4,979</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">10,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">17,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">409</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: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>WIPRO LIMITED &#038; SUBSIDIARIES</B>



<DIV align="center" style="font-size: 10pt"><B>CONDENSED CONSOLIDATED BALANCE SHEETS<BR>(in millions,
except share data and unless stated otherwise)</B>
</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="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 March 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>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>2005</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>2005</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>&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"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">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">3,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>5,671</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">130</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">10,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,806</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339</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">2,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,740</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</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">1,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,769</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</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">18,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22,957</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526</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">280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>242</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</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">4,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,951</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</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">41,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51,136</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,172</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">9,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,201</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303</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">619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>769</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</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">162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>210</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">223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>363</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">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,615</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">769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>781</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</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">57,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>72,075</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,652</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 align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" 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">969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>564</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts Payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,713</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,882</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued employee cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,113</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advances from customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,280</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,135</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</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 liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,687</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337</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">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>126</B></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="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 liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,813</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340</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">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>533</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-0px">Equity shares at Rs. 2 par value: 750,000,000 shares
authorized; Issued and outstanding: 698,277,456 and
703,570,522 shares as of March&nbsp;31, 2004 and 2005</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>1,407</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,273</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:15px; text-indent:-15px">Deferred stock compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(3,185</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(73</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income /
(loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>96</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>45,138</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Equity shares held by a controlled Trust: 3,943,530 and
3,946,530 shares as of March&nbsp;31, 2004 and
2005</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" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>56,729</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,301</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 liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Rs.</TD>
    <TD align="right">57,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Rs.</B></TD>
    <TD align="right"><B>72,075</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,652</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" style="background: #cceeff">
    <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">(1,719</TD>
    <TD nowrap>)</TD>
</TR>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>f08326exv99w2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<TITLE>exv99w2</TITLE>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.2 </B>


<P align="center" style="font-size: 10pt"><IMG src="f08326f0832602.gif" alt="(WIPRO LOGO)">



<P align="left" style="font-size: 10pt"><U><B>FOR IMMEDIATE RELEASE </B></U>



<P align="center" style="font-size: 10pt"><U>Results for the quarter and year ended March&nbsp;31, 2005 under Consolidated Indian GAAP</U><BR>
<B>Wipro records 58% growth in Profit After Tax for 2004-05<BR>
Dollar Revenue in Global IT business grows 43%; Global IT business PBIT grows 68%</B>


<P align="left" style="font-size: 10pt"><B>Bangalore, April&nbsp;22, 2005 </B>&#150;Wipro Limited today announced its audited results approved by the Board
of Directors for the quarter and year ended March&nbsp;2005.


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


<P align="left" style="font-size: 10pt"><B>Results for the year ended March&nbsp;31, 2005</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>Profit Before Interest &#038; Tax (PBIT)&nbsp;grew by <B>63% </B>year on year (YoY) to Rs. 18.2&nbsp;billion
(Rs. 1,815 Crores); Revenue for the year was Rs. 81.7&nbsp;billion (Rs. 8,170 Crores), an
increase of <B>39% </B>YoY.</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>Profit After Tax grew by <B>58% </B>YoY to Rs. 16.3&nbsp;billion (Rs. 1,629 Crores)</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 PBIT was Rs. 16.0&nbsp;billion (Rs. 1 ,604 Crores), an
increase of <B>68% </B>YoY; Global IT Services &#038; Products Revenue increased <B>39% </B>YoY, at Rs. 60.8
billion (Rs. 6 ,075 Crores)</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, Asia Pac &#038; Middle East IT Services and Products Revenues grew by 43% YoY; PBIT
growth was 32%</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>Board of Directors recommends issue of bonus shares to shareholders (including to ADS
holders) in the ratio of one additional shares for every one share held subject to
shareholder approval in the Annual General Meeting scheduled in July&nbsp;2005</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>Board of Directors also recommends a cash dividend of Rs. 5 per share/ADS on existing
paid-up capital (equivalent of Rs. 2.5 per share on the expanded capital), subject to
shareholder approval in the Annual General Meeting scheduled in July&nbsp;2005</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Results for the Quarter ended March&nbsp;31, 2005</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>Profit After Tax was Rs. 4.33&nbsp;billion (Rs. 433 Crores)</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 PBIT increased to Rs. 4.1&nbsp;billion (Rs. 415 Crores)</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 Revenue was Rs. 16.4&nbsp;billion (Rs. 1,641 Crores),
primarily contributed by volume growth</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 Operating Margin was <B>25%</B>, despite Rupee appreciation</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 <B>41 </B>new clients in the quarter</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Outlook for the Quarter ending June&nbsp;30, 2005</B>


<P align="left" style="font-size: 10pt"><B>Azim Premji, Chairman of Wipro commenting on the results said &#147;Wipro recorded yet another year of
very good performance. The results of Wipro Limited once again reflect the passion of Wiproites&#146;
for facing challenges and triumphing over them. During the year, our Global IT business posted
healthy growth in Revenues, expanded Operating Margin and virtually improved all operating
parameters. Coupled with robust performance by other businesses as well, we reported a strong
growth in our Profit After Tax. Considering the emerging opportunities in the Global market and our
unique business model, the future outlook looks as exciting as journey has been so far. Looking
ahead, for the quarter ending June&nbsp;2005, we expect our Revenue from Global IT services business to
be approximately $395&nbsp;million.&#148;</B>


<P align="left" style="font-size: 10pt"><B>Vivek Paul, Vice Chairman, said &#147;The last quarter witnessed
continued customer confidence in our wide portfolio of service lines. Strong sequential volume
growth of 8.5% led to the highest ever addition in billed manmonths in a quarter. We saw healthy
growth in the number of new customers as well as the deepening of our presence in existing
customers, as we saw growth in
the number of customer with revenue run rates greater than $1&nbsp;million, $3&nbsp;million, $10&nbsp;million and
$20&nbsp;million annualized. In terms of</B>



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<P align="left" style="font-size: 10pt"><B>verticals, Telecom OEM and Finance Solutions sustained their momentum, while Embedded Systems &#038;
Product Engineering bounced back with a decent sequential growth. Our differentiated Testing
Services continued to grow ahead of our overall growth rates. This broad -based growth resulted in
Revenues of $375&nbsp;million, ahead of our guidance of $370&nbsp;million.&#148;</B>


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty, Corporate Executive Vice President &#151; Finance said, &#147;We were able to significantly
offset the pressure on Operating Margins arising from currency appreciation and decrease in price
realizations through improvement in utilization, increased proportion of Offshore projects and
continued operational improvements.&#148;</B>


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


<P align="left" style="font-size: 10pt">Revenues for the year ended March&nbsp;31, 2005, were Rs. 81.70&nbsp;billion, representing a 39% increase
YoY. Profit after Tax for the year was Rs. 16.29&nbsp;billion, an increase of 58% YoY. Revenues for the
quarter ended March&nbsp;31, 2005, were Rs. 23.12&nbsp;billion and Profit after Tax was Rs. 4.33&nbsp;billion.


<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 reported Revenues of Rs. 60.75&nbsp;billion for the year ended March&nbsp;31,
2005, representing an increase of 39% YoY and PBIT of Rs. 16.04&nbsp;billion, an increase of 68% YoY.
Operating Income to Revenue for the year was 26.4%, an improvement of approximately 4.5&nbsp;percentover the previous year.


<P align="left" style="font-size: 10pt">For the quarter ended March&nbsp;31, 2005, Global IT Services &#038; Products grew its Revenue to Rs. 16.41
billion and PBIT increased to Rs. 4.15&nbsp;billion. Operating Income to Revenue at 25.3% increased by
approximately 1.6&nbsp;percent YoY and decreased by approximately 0.8&nbsp;percent sequentially. R&#038;D Services
contributed 33% of the Revenue of Global IT Services . Enterprise Business contributed 56% of
Revenues with the balance 11% being contributed by Business Process Outsourcing (BPO)&nbsp;services.


<P align="left" style="font-size: 10pt">We had 41,857 employees as of March&nbsp;31, 2005, which includes 26,184 employees in IT Services
business and 15,673 employees in BPO business. This represents a net addition of 2,520 people
comprising of 1,187 in IT Services and 1,333 people in BPO for the quarter .


<P align="left" style="font-size: 10pt">Global IT Services and Products accounted for 71% of the Revenue and 86% of the PBIT for the
quarter ended March&nbsp;31, 2005.


<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 year ended March&nbsp;31, 2005, Wipro Infotech recorded Revenues of Rs. 13.96&nbsp;billion,
representing an increase of 43% YoY. PBIT grew by 32% YoY to Rs. 1.04&nbsp;billion. Services business
contributed to <B>35% </B>of total Revenue during the year. Services Revenues grew by <B>52</B>% YoY. APAC and ME
Revenues grew by <B>85</B>% YoY.


<P align="left" style="font-size: 10pt">For the quarter ended March&nbsp;31, 2005, Wipro Infotech recorded Revenues of Rs. 4.84&nbsp;billion and PBIT
of Rs. 415 million.


<P align="left" style="font-size: 10pt">Key Wins for the quarter include first of its kind Business Strategy Consulting project for an FMCG
company in consulting business and one of the first public sector bank SAP HRMS implementations
for Indian Bank. Wipro Infotech was awarded the &#147;Best Gold Partner for South Asia&#148; for the year by
Cisco and &#147;Largest Partner of Sun in South Asia&#148; for the year by Sun and accorded &#147;Premium System
Provider&#148; status. Additionally, Wipro PC division bagged the worldwide &#147;Value Buy Award&#148; from GE.


<P align="left" style="font-size: 10pt">Wipro Infotech accounted for 21% of Revenue and 9% of the PBIT for the quarter ended March&nbsp;31, 2005.


<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. 4.72&nbsp;billion with PBIT of Rs. 672
million for the year ended March&nbsp;31, 2005, a YoY increase of 29% and 22% respectively. PBIT to
Revenue was 14% for the year.



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<P align="left" style="font-size: 10pt">For the quarter ended March&nbsp;31, 2005, Wipro Consumer Care and Lighting business recorded Revenue of
Rs. 1.23&nbsp;billion with PBIT of Rs.177&nbsp;million contributing 5% of total Revenue and 4% of the PBIT
for the quarter. PBIT to Revenue 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 year ended March&nbsp;31, 2005, the Return on Capital Employed in Global IT Services was 62%,
Wipro Infotech was 63% and Consumer Care and Lighting was 89%. At the Company level, the Return on
Capital Employed was 39%, lower due to inclusion of cash and cash equivalents of Rs. 28.5&nbsp;billion
in Capital Employed (53% of Capital Employed).<BR>
<BR>
For Wipro Limited, Profit after Tax computed in
accordance with US GAAP for the year ended March&nbsp;31, 2005, was Rs. 15.83&nbsp;billion, an increase of
58% YoY. The net difference 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 BPO Solutions,
amortization of intangible assets and accounting for forward
contracts.<BR>
<BR>
Global IT Services &#038;
Products segment Revenues were Rs. 60.69&nbsp;billion for the year ended March&nbsp;31, 2005, under US GAAP.
The difference of Rs. 64&nbsp;million is primarily attributable to difference in accounting standards
for forward contracts under Indian GAAP and US GAAP .


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


<P align="left" style="font-size: 10pt">Wipro will hold conference calls today at 11:30 AM Indian Standard Time (2:00 AM US Eastern Time)
and at 7:15 PM Indian Standard Time (9:45 AM US Eastern Time) to discuss the company&#146;s performance
for the quarter and answer questions sent to 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
www.wipro.com shortly after the live broadcast.


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


<P align="left" style="font-size: 10pt">We are the first PCMM 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. In the Asia Pacific and Middle East markets, we provide IT solutions and services for
global corporations. 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 &#151; Mumbai, and the National Stock Exchange, among others. For more information,
please visit our websites at <U>www.wipro.com</U> and <U>www.wipro.co.in </U>


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


<P align="left" style="font-size: 10pt"><B>Condensed financial statements of Wipro Limited computed under the US GAAP along with individual
business segment reports are available in the Investor Relations section at <U>www.wipro.com</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Contact for Investor Relation</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Contact for Media &#038; Press</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K R Lakshminarayana
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sandhya Ranjit</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Corporate Treasurer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manager-Corporate Communications</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phone: &#043;91 -80-2844-0079
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;91 -80-2844-0056</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax: &#043;91-80-2844-0051
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;91 -80-2844-0350</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><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>


<P align="right" style="font-size: 10pt">3
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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="center" style="font-size: 10pt">###

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


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<DIV style="font-family: 'Times New Roman',Times,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; YEAR ENDED MARCH, 2005</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" style="font-size: 10pt">
    <TD width="46%">&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%">&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%">&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%">&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%">&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 style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="12" style="border-bottom: 1px solid #000000"><B>Quarter ended March 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>Year ended March 31,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Particulars </B></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>2005</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>2004</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>Growth %</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>2005</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>2004</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>Growth %</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">16,409</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,549</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">31</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,753</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>
    <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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; 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>&nbsp;</TD>
    <TD align="right">4,842</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,666</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">32</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,964</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>
    <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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">1,227</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,020</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">20</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,723</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">29</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Others</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">643</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">628</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,258</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>
    <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>
</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>
</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>&nbsp;</TD>
    <TD align="right"><B>23,121</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,863</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">29</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>81,698</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>
    <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>
</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Profit before Interest and Tax &#151; 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>&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:30px; 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">4,148</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,966</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">40</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,041</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">68</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; 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>&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">399</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">4</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,042</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">177</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</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">30</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">672</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>
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Others</DIV></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">119</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-32</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">397</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>
    <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>
</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>
</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>4,821</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,620</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>33</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>18,152</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>63</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest (Net) and Other Income</DIV></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">343</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">796</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>
    <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>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>5,019</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,963</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>27</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>18,948</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>57</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>
</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">(715</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">(759</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">(2,750</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">(1,681</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>
</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>
</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>4,304</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,204</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>34</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>16,198</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>
    <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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; 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">42</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</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">175</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">(16</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">(24</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">(88</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">(59</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>
</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>
</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>4,330</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,208</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>35</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>16,285</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>58</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>
</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; 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">25</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">24</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">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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">&nbsp;</TD>
    <TD align="right">9</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">11</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">8</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; 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">13</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">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>
</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; 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>21</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>20</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>22</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>
</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; 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>&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:30px; 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">29,888</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>
    <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">29,888</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>
    <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">India &#038; 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">1,370</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>
    <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">1,370</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>
    <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">Consumer Care and Lighting</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917</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>
    <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">917</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>
    <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">Others</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,538</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>
    <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">21,538</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>
    <TD style="border-right: 1px solid #000000">&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 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:45px; 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>53,713</B></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>
    <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>53,713</B></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>
    <TD style="border-right: 1px solid #000000">&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 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: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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">56</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">56</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>
    <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>
    <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">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">&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">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 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">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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">2</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">2</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>
    <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>
    <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">Others</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">40</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">37</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">40</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">37</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>
</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>
</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 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>
</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>
</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">59</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">58</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">62</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; 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">&nbsp;</TD>
    <TD align="right">119</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">93</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">63</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">53</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">90</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">97</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">89</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">86</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>
</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>36</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>35</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>30</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>
</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 restricted stock unit amortisation of Rs. 177 Mn for three
months ended and Rs. 346 Mn for the year ended March&nbsp;31, 2005. PBIT of Global IT Services and
Products is after considering restricted stock unit amortisation of Rs. 159 Mn for three months
ended and Rs. 310 Mn for the year ended March&nbsp;31, 2005.</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. 28,497 Mn (2004: Rs. 21,760 Mn).</TD>
</TR>

</TABLE>



<P align="right" style="font-size: 10pt">5
</DIV>

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

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

<P align="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>The segment report of Wipro Limited and its consolidated subsidiaries and associates has
been prepared in accordance with the Accounting Standard 17 &#147;Segment Reporting&#148; issued by the
Institute of Chartered Accountants of India.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.&nbsp;&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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>Quarter ended March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>Year ended March 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>2005</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>2005</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>
</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">6,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">29</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,513</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">15,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">26</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">11,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">49</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">51</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">52</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">5,362</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">3,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,249</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">12,739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22</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>23,121</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>17,863</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>81,698</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>101</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,812</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>For the purpose of reporting, business segments are considered as primary segments and
geographic segments are considered as secondary segment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>As of March&nbsp;31, 2005, forward contracts to the extent of USD 318 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="5">&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>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 / Current liabilities.</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">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Company has also entered into option / forward contracts which are not designated as hedge
of highly probable forecasted transactions. 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. 1.03 Mn in the
current period.</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">&nbsp;&nbsp;&nbsp;</TD>
    <TD>As at the balance sheet date, the Company had forward contracts to sell USD 503 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. 275.31 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="5">&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>Had the Company continued to follow the earlier year&#146;s accounting policy, the profit for the
quarter would have been higher by Rs. 280.22 Mn (higher by Rs. 83.22 Mn for the year ended
March&nbsp;31, 2005).</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="right">5.&nbsp;&nbsp;a)&nbsp;&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="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">b)&nbsp;&nbsp;</TD>
    <TD>The company has a 49% equity interest in Wipro GE Medical Systems Private Limited (WGE), a
joint venture with General Electric, USA. The joint venture agreement provides specific rights to
the joint venture partners. The Management believes that these specific rights do not confer joint control as defined in
Accounting Standard 27 &#147;Financial Reporting of Interest in Joint Venture&#148;. Consequently, WGE
is not considered as a joint venture and consolidation of financial statements are carried out
as per equity method in terms of Accounting Standard 23 &#147;Accounting for Investments in
Associates in Consolidated Financial statements&#148;</TD>
</TR>

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

</TABLE>



<P align="right" style="font-size: 10pt">6
</DIV>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>f08326exv99w3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w3</TITLE>
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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&nbsp;99.3</B>



<P align="left" style="font-size: 10pt"><B>Press Conference for Management Discussion on Earnings Release for quarter &#038; year ended March
31, 2005 of Wipro Limited</B>



<P align="left" style="font-size: 10pt"><B>Present:<BR>
Azim Premji, Chairman, Wipro Limited<BR>
Vivek Paul, Vice Chairman, Wipro Limited<BR>
Suresh Senapaty, CFO, Wipro Limited<BR>
Raman Roy, Chairman, Wipro BPO Solutions Limited<BR>
Suresh Vaswani, President, Wipro Limited (Infotech Division)<BR>
Vineet Agrawal, President, Wipro Limited (Consumer Care and Lighting Division)</B><BR>
<HR size="1" noshade width="100%" align="center" 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. A warm welcome to the Wipro campus. As you see, some work has started
on the Sarjapur Road. You can perhaps report that as your headline.



<P align="left" style="font-size: 10pt">The detailed results for the quarter ended March&nbsp;31, 2005, are with you in your press dockets. Let
me share with you some of the thoughts on our performance as well as on our prospects.



<P align="left" style="font-size: 10pt">The results of 2004-05 were satisfying from many perspectives. Our Global IT business grew Revenue
in dollar terms by 43%. Growth was broad-based in terms of verticals, geographies and service
lines. Our differentiated services such as Technology Infrastructure Services and Testing Services
grew ahead of the overall growth rate, as did our Europe geography where we invested early. We
improved our client mining as indicated by the substantial increase in the number of customers
contributing annual Revenues of over $1&nbsp;million, $3&nbsp;million, $10&nbsp;million and $20&nbsp;million. We raised
the bar on operational efficiency leading to improved price realizations and enhanced proportion of
Revenues from Offshore projects, resulting in a far healthier Operating Margin, despite increase in
compensation cost, non-cash charge of Restricted Stock Units and a sharply appreciating Rupee.



<P align="left" style="font-size: 10pt">The process of strategic transformation in our BPO business continues. A key aspect of this
transformation, apart from changing the Revenue profile, is tighter integration with our Vertical
Businesses. This will help us in not only building domain competency in our BPO business, but also
ensure a far superior go to market approach.





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<P align="left" style="font-size: 10pt">Our India, Middle East and Asia Pac IT business recorded Revenue growth of 43% and Operating
Profits growth of 32%. Equally importantly, the investments we made in newer service lines and
newer geographies in this business have started reflecting in the operating results of that
business. Our Consumer Care &#038; Lighting and Fluid Power businesses delivered robust results too.



<P align="left" style="font-size: 10pt">Prospects for 2005-06 are exciting. Our success in strategy execution in 2004-05 and the tangible
results that it has delivered in terms of our operating performance has reinforced our confidence
that we are on track to achieve our Vision of global leadership. As customers make increasing
demands in terms of integrated solutions and improved cost performance, we are well positioned to
meet them based on our unique business model of diversified services coupled with proven benefits
for our customers.



<P align="left" style="font-size: 10pt">We are aware that these future opportunities will also bring in challenges. Managing scale,
combating the uncertainties on currency front and executing the strategic transformation in our
Business Process Outsourcing business are some of the immediate challenges that we face. Over the
past 59&nbsp;years of our existence, we have encountered many opportunities and challenges in our
business. Every single time, we have seized the opportunity and triumphed over the challenges. We
see no reason why we should not be able to do it again and again.
Thank you very much. We would be very happy to take questions now.



<P align="left" style="font-size: 10pt"><B>Moderator: </B>Speak into the mike, and we have cordless mikes here.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Mr.&nbsp;Premji. First of all congratulations on outstanding numbers for the year, but
quarter on quarter the growth has been very muted, less than 6%. In the global IT business it has
been just around less than 4%. Your guidance for the first quarter of FY05 has also been very
conservative, what is the outlook ahead, what is the road map? Are you seeing increasing pressure
in terms of margins as you go ahead, what is the outlook for the corresponding quarters?



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>Let me request my colleague, Chief Executive Officer, Wipro Technologies, Vivek Paul,
to answer the questions.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>First up all I would like to stay away from evaluative or qualitative terms like weak,
moderate, strong, etc. The numbers are in front of you, they are what they are, so you can attach
whatever label you would like with them, but we feel pretty good. We feel pretty good about the
fact that on a quarter on quarter basis we grew 8.5% in volume terms. We feel pretty good about the
fact that last quarter we talked about the fact that we were seeing technology spending beginning
to moderate and frankly feel that as a result of that we were able to anticipate some of the issues
and take action, so the joy of anticipation is that if you can plan for it. If you take a look



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<P align="left" style="font-size: 10pt">at the expectation that the technology spending would come down, we focused more heavily on
existing accounts. As a result, our accounts in every category greater than one million, greater
than five million, greater than 10&nbsp;million, greater than 20&nbsp;million, all of them rose in number.
If you look at our top 10 accounts, our top 10 accounts grew faster than Wipro Technologies
average. If you look at our top 50 accounts, 22 of them grew in double digit sequential terms. So
we thought that was a very nice kind of broad based growth that we saw.



<P align="left" style="font-size: 10pt">The second element that I pointed out in terms of the joy of anticipation is that we saw that the
R&#038;D spending would moderate. We talked last quarter about the fact that we are going to see
semiconductor being a weakness. So on the embedded side we pushed hard, on the computing
platforms, we pushed harder on the telecom, and as a result we are able to get a pretty good growth
on the technology business as well. So I think all in all we feel pretty good about what we were
able to do. In terms of the highlights on the growth side, we saw on the service lines, we saw
testing be a very nice piece of our business.



<P align="left" style="font-size: 10pt">On the geography side, we saw Europe grow at almost double-digit growth rate. I mean, I could
easily round it up double digits but I won&#146;t, so it is almost double digits rates, and we saw on
the verticals line that our financial services business continues to do really as well as the
telecom business. So I think all in all pretty good.



<P align="left" style="font-size: 10pt">If I was to now take a look at the guidance and talk about that, our guidance has not been
inconsistent with the kind of guidance that we have given in the past, and our performance has also
been relatively in line with guidance. So our guidance is neither a reading of chicken and trails,
nor is it some sort of a secret message we give, it is purely a reflection of what we think is a
realistic expectation of the future quarter. That is the way we look at the guidance, that is how
we provide it, and again the labels you wish to attach to that are entirely yours to do.



<P align="left" style="font-size: 10pt">In terms of the outlook for the year on the margin side or outlook for the year on the growth side,
as you all know, we do not give guidance for full year on either of those two things. As far as the
margin outlook is concerned what we have indicated is that holding aside the effect of foreign
exchange we will continue to drive operational efficiencies so that our margins stay flattish.
Taking into account the fact that we will have the compensation increases etc.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>I just wanted to get answers regarding some of your clients like, say for example GM,
which is not really coming out with really good results. Do you expect that to have any impact on
your future earnings?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>First of all, we do not comment on any specific customer. We have had in our top ten
customer list, customers cycling in and out. We have had customers go through good phases and bad
phases that is just the rhythm of business. But as I mentioned earlier if you look at our top ten
customer base on a quarter on quarter basis it grew over 9% sequentially.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Can you please explain on the changing revenue profile, including the BPO business?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>On the number of clients accredited, we have had 41 new customers added and that has
been across the board. If I look at the IT space it was 24, R&#038;D space was 17. If I look at the US
it was 23, Europe was 14, so we had a very nice, and I think, more than we have had in the




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<P align="left" style="font-size: 10pt">past, accretion of new customers. On the BPO side, I will invite my colleague Raman to speak about
that.



<P align="left" style="font-size: 10pt"><B>Raman: </B>On the BPO side, we have started doing business with two incremental customers that are new
for BPO, but they were existing customers on our technology side. As on March&nbsp;31, 2005, 9 out of
our 24 customers, that is about 38% of our customer base in the BPO business, are customers who are
existing customers of our IT business and 13% of our revenue for the quarter came from customers
who are also customers on the IT side of the business. We grew the number of processes that we
handle for our customers to 88 processes.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>There is some sophistry this time on the whole business of price realization versus,
there is no pressure on pricing but your price realization is down. So could we have some more
elaboration exactly what is going on? Is this basically because of higher share of lower margin
businesses or is it like say testing as opposed to integrated solutions having higher share, is it
the weighted averages issue, could you please explain a bit more on what caused this to happen?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Actually you are right. I think it is a function of the range of services
that we have in terms of the mix as well as the fixed price projects versus time and material. It
is a combination of both of these factors whether there has been a movement of the price line.
Like I said the billing rates with the customers has not changed. It is only because of the
particular mix that particular change has been impacted.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Is it the alternation of margins or it is just overall top line and bottom line or
both?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Therefore it also flows through in terms of the operating margin, yes.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>But this is not as if margins are down, it is just that margins which were overall
always lower has a higher share now. I have a question for Mr.&nbsp;Raman Roy about two things: one is
apple on apple quarter on quarter what are the attrition rates last quarter Q4 versus Q3? And in
plain English, this whole business of strategic transformation, what kind of businesses will you do
more and what will you do less?



<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>Okay, only the second one you want in plain English. This I can give in complicated
English. Our attrition for the quarter ended March&nbsp;31, 2005, was 22.8% of which 9.7% was the
attrition during training that is people who did not measure up to the needs or decided to leave
while they were in training. The similar number of last quarter was 25.4% which means we had a
2.8% reduction in attrition, and during training number for the last quarter was 10.7%. We see
that as an improvement in the mix of the quality of the people that we were hiring, we have
improved a little on that. In plain English what the strategic transformation means is that, we
are looking at aspects that add more value to our customers. We see transaction processing or
non-voice business as something that is more dear to the customers that is more important for them
that requires greater competency and capability, and has a long-term traction. And what we are
re-architecting our business is to cater to those needs of the customer. This is in response to
what the customers&#146; feel that brings in greater value to them, and we are architecting the
fulfillment needs of being able to offer them technology services, platform services, integration
services and now with this transformation fulfillment services as a single point from Wipro.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Now that you mentioned, all the technological components, does that mean the
processes themselves will have more of technological domain knowledge as opposed to more of
accounting and English language kind of skills, is that correct?



<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>Not necessarily, you may still do a vendor payable process that requires skills in
accounting or you may do a receivable process, so that still requires process knowledge, but the




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<P align="left" style="font-size: 10pt">platforms they run on is a demonstrated competency and capability that we have within Wipro, of
integrating those systems or making them speak to the legacy systems. The fulfillment on those
platforms is what this transformation will bring.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Okay, one small question on Spectramind perhaps for Mr.&nbsp;Premji because we want to
know what is the logic behind the integration of Spectramind into Wipro right now as a corporate
restructuring, what is the need? In accounting terms, I think Spectramind no longer is going to be
a subsidiary. I wanted to know the parameters of the integration and the logic behind it?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>First of all the name of the company has been changed to Wipro BPO, and we have
taken the board approval and therefore we will go to the shareholders as well as the high court of
Karnataka for a merger. The reason we are doing that is I think the way interchangeability, the
way integration, the way the commonality of the facilities etc., etc. that is happening that
becomes much more easier when the whole thing folds into one entity as opposed to two multiple
entities.



<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>If I may just add to that, as I said earlier, 38% of our business today, 38% of the
customers today are customers where we do IT work. They want to get a single invoice; they want to
see a single face. They want to see one aspect of that relationship. So while we have been able to
bring that one aspect of relationship working practically as a division of Wipro, the legal aspects
of being able to offer single invoice and all those aspects have to be taken care of. These are the
administrative aspects that will become easier as we merge.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Vivek, would you expand on what you said before about the macro IT environment, so I
just wanted to know what are you feeling. Last quarter you said that there is a slight downturn in
the IT spending. Do you see any reasons to change your view on that? Does the news that is flowing
out of the US and other global economies make you more pessimistic about the year going ahead?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>No, I think there still will be growth. I think it will be more moderate than it was
last year, so there is really no change versus what we call last quarter.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>How do you see the movement of rupee this year, Vivek?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>That is really tough one to call. You think rupee is stabilizing, then you wake up in
the morning and you read that Greenspan made some comment about China re-valuing and all of a
sudden the exchange market go hay wire. The reality is that if you look at it on a pure analytical
basis, if you look at the real exchange rate, real effective exchange rate on a purchasing power
parity basis, the rupee is not very far from where it should be. But again how trade flows affect
that is anybody&#146;s call.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>What is the benchmark value that you have?



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>We do not have a benchmark value. The rupee will go up, the rupee will go down, and
the rupee will go steady.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>We can not call the rupee-dollar exchange in a particular manner. The reason why we are
hedging forward is exactly that. As of March&nbsp;31, 2005, we have about 500&nbsp;million dollars of hedges
outside of what has been assigned to the existing outstandings on the balance sheet as of March&nbsp;31,
2005.



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>We have customers, we have a plan, and we have expectations of cost increases, cost
decreases. Our job is to mitigate the amount of uncertainty that is there in exchange



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<P align="left" style="font-size: 10pt">fluctuations and that is how we determine foreign exchange policy in terms of what we hedge, when
we hedge, and how much we hedge.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>How has the India business grown?



<P align="left" style="font-size: 10pt"><B>Suresh Vaswani: </B>A lot of good things have happened in our domestic business last year. We have
gone past the 1000 crore mark and we are 1400 crores this year. So Wipro Infotech crosses a 1000
crore mark. We have gone past the 100 crore mark in terms of profit, so we are at a 105 crores in
terms of profit. We have had a great year. Our year on year growth is 43%. Operating margin
growth is 32%. We have grown both in the products and the services business, so the product
business has grown 40%, services business has grown 40%, and the Asia Pac and Middle East business
has grown 85%. We have also been rated as the number one partner for Sun in all of South Asia and
the number one partner for Cisco for whom we do a lot of network integration in all of south India,
so all in all it has been a great year in the domestic market.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Two questions, Vivek, could you also comment on year on year basis about your margins
and your volumes growth. How has it been vis-a-vis the last financial year? And secondly, we are
told that lot of companies in the US in the Q4 they spent a lot of time adhering to lot of
compliance issues and stuff like that. Now, do you see the impact of that whole thing in terms of
spending and going forward for your Q1 revenue, is that going to have some kind of an impact?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Let me first start, with year on year comparison. Our earnings before income taxes for
the global services business grew 68%, so that was a pretty healthy clip. Our operating margin in
percentage terms increased by 4.5 points so that was also pretty healthy. In terms of compliance
related issues we see that as being more accounts specific than industry general. I think that you
know certainly every company has to comply with Sarbanes-Oxley, new IP or new security regulations,
etc., etc.But I think that we have been fortunate that in the accounts that we serve we have either
been able to make up elsewhere or it has not affected us to a great degree.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Mr.&nbsp;Premji, are you happy with the Bangalore infrastructure.



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>No comments.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Mr.&nbsp;Senapaty, I just wanted to get an idea &#151; what is the idea behind having the bonus
shares as, what are you trying to achieve through this. Is it to impart more liquidity to the
market?



<P align="left" style="font-size: 10pt"><B>Suresh Senapathy: </B>Absolutely, you are right. I think we did that last year in terms of 2:1 and
this time also we did so that overall it increases the number of shares, and therefore brings down
the per unit price in terms. Therefore the ability for many people to be able to enter Wipro
becomes that much better. So it is to overall increase the liquidity that is right.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Follow-up on this is, will you do some of the share conversion that some of your
peers are doing in India? The share conversion, ADR conversion.



<P align="left" style="font-size: 10pt"><B>Suresh Senapathy: </B>No, we have not taken any decision to that effect as yet.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Just wanted to get an idea . Are you seeing any niche services or streams where you
can offer some services, where you can grow your business rapidly, which may not necessarily be
very feasible for your larger competitors in the global IT services businesses. Also in terms of
the value chain, is there a clear direction that you have chosen whether you are planning to offer





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<P align="left" style="font-size: 10pt">end to end services, or whether you would want to partner in some, and build up capabilities in
some others?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I think that there is really nothing that is completely defensible, in other words,
there is nothing you do that nobody else could possibly do in the services business. So your
advantage comes not from the uniqueness but by your earliness, by being the first to move. I think
that there we have had a great track record. We were the first ones to go after the package
implementation business, first ones to go after the infrastructure services, and now testing which
we segregated as a service line just a couple of quarters ago, has given us a real boost on growth
this quarter. So I think that it is not that you have a infinitely defensible service line, it is
that you have the early mover advantage. We plan to continue to focus on that early mover
advantage. What was the second part of your question again?



<P align="left" style="font-size: 10pt"><B>Media Person: </B>In terms of offering end-to-end services or whether you are planning to build up
capabilities in some very specific ones and then form alliances, and who are these potential
alliances?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>So our goal is that we should be able to have our service lines, primarily internally
generated, not so much through alliances, that covers a full range of what a customer buys. But we
have to recognize that some customers will buy from the menu and some customers will buy a &#145;Thali&#146;
(Indian system of serving according to a standard menu), and we should be able to sell both.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Does that mean there is no one clear direction that you are choosing, it is an either
or not situation...



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Flexibility. Flexibility and being among the first to move.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>So how would you actually build these capabilities?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>It is a pretty long question, long answer. But basically the way you do is, you first
do a scan in terms of what are the areas that you think might be interesting. Then you build a
center of excellence, then you build capability, then you start marketing it to customers, then
you propagate that success story to other customers, then you roll it out on a global basis, and
then you accretion more customers...



<P align="left" style="font-size: 10pt"><B>Media Person: </B>So acquisitions and so on would still be on your agenda.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Yes, acquisitions, as we maintained from the very beginning, is not an alternative to
organic growth. So organic growth has to be the baseline, and if acquisitions can be an
acceleration factor, we will do them, but never because we do not know how to do a particular
business, because if we went with that altitude whatever we buy we will never be able to manage.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>I wanted to number on the year on year net addition of employees, both in the IT and
the BPO business, as well as the kind of salary hikes that was factored in both the businesses
offshore and onsite?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>For this year, coming year?



<P align="left" style="font-size: 10pt"><B>Media Person: </B>The year that has gone by in terms of net additions and the salary hikes.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>In Wipro BPO the net additions for the whole financial year was 6373 people, and
in the IT services was 6982 people. Was there any other question there?




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<P align="left" style="font-size: 10pt"><B>Media Person: </B>In terms of salary hikes, what kind of an impact was seen in offshore and onsite in
terms of percentage hikes across the year.



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>But that was the thing of the past in the sense that in the quarter ending
December there were compensation increases given in the offshore in the IT services. Actually it
was in September, October, and November and it was ranging between 12 to 17% depending upon various
grades.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>And going forward in the coming financial year...



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>You know, the way to get about cost management or manpower cost management is the
function of how much price increase you give as well as how do you manage the mix of people in
terms of experience versus non experience because with the period of time, we have found that the
cost differences for less experienced person versus more experienced person is significantly
different. So you keep on managing that mix as well as the price increases. The combination of
this is what you finally manage because given the revenue line you have, that is how it has to be
managed. So it is a combination of all factors.
As of now, only thing we can say is that the compensation increase was given in the quarter
ending December. There is no such decision taken as to when we would give the next one. Typically
we give once a year, but there have been occasions where it has been given in 15&nbsp;months, 18&nbsp;months,
and 21&nbsp;months gaps.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>The Chinese premier was here, and he sought Indian investment, IT investment in
China, and you also gave a statement in Calcutta, I remember, that you know, China is a threat to
India kind of a thing. How do you look at it?



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>China is a threat in global competition for everything, and I think the more you
overestimate that the less you have complacency in the Indian industry, the less you have
complacency in your own company. They are aggressive competitors in the global market in
everything.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Mr.&nbsp;Paul, just wanted some details about the consulting business. Has the consulting
business grown, and how much has it helped the other business grow, and have you also got clients
who have not been your IT services clients?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>We have a sort of separate elements in the organization; we have a quality consulting
organization, we have an organization that does pure consulting, we also have embedded consultants
in all of our business units. In aggregate that number comes to about a 70&nbsp;million dollar a year.
So we do a fair amount of consulting, and particular reason why we have embedded a lot of them in
the business units is because they drive a lot of follow through revenue.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Is it a good idea that the 100 Chinese engineering students will come and get trained
in one of our premier companies and some of China&#146;s scientists will come and get trained in IISC?
Speaking in general for the IT industry...



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>Is that a good idea or a bad idea?



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Is it a good idea, I am asking you...



<P align="left" style="font-size: 10pt"><B>Azim Premji:</B>I think you should ask the companies who are doing that. It is a point of view, we are
not doing that.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>Speaking of IT industry in general, is that a good idea?




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<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>I do not have views strongly one way or the other that is really an honest answer. It
depends upon what your objectives are.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>The reality is that the planet is a very small place, and so you have to learn to live
with people that you collaborate with, compete with, and sell to, and buy from all the time. And so
there is no, good-guy bad-guy relationships left anymore. In that context though, in some sense,
you learn more about each other through whatever process you can, because eventually the only thing
that is sustainable is the competitive advantage and how well you execute, because everything else
is learnable.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>I just wanted to push you once again on the margin outlook. If you can give at least
in terms of whether it is going in the south or north direction....The second question is about the
telecom service providers business, it is going through a wave of consolidation in the US, is that
going to have an impact on sales?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>just to repeat what we said &#151; but for the exchange, the margin for the current
quarter is likely to be flattish.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>So in the range from Kashmir to Kanyakumari, (northern and southern tips of India), we
will be in Bhopal. The outlook we have given takes into account all the account ups and downs. The
reality is, as I mentioned earlier, accounts have their own rhythms. If you have a diversified
portfolio, you have the ability to balance those out.



<P align="left" style="font-size: 10pt"><B>Azim Premji:</B>I request my colleague Vineet Agarwal to tell us a little bit about the year gone by
and the future vis-a-vis our Consumer Care and Lighting business. It has had a exceptionally good
year.



<P align="left" style="font-size: 10pt"><B>Vineet Agarwal: </B>This year, the Consumer Care and Lighting business grew by about 29% on top line,
which is reasonably good because the industry is growing more like 4 to 5%. We have had good
successes in Santoor, which has grown by about 24% in value terms, by 22% in volume terms, again in
a category which is growing at a flat and 2% growth. Our commercial institution business has also
grown well at about 38% &#151; this is a lighting business which we supply to offices, streetlights,
stadiums, etc., and that has grown by about 38%. We had a successful launch of modular furniture
for offices wherein we started in Bangalore and we have got now about 30 non-Wipro customers. We
placed close to about 10000 workstations in and around Bangalore.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>You have mentioned that despite the increased cost due to wages and other things
going up, you mentioned that you had managed to keep the margins high because of the operational
efficiencies. Could you give an idea what these are &#151; the operational efficiencies. Did they
involve a lot of technology, or was it more managerial expertise.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Basically, the operational efficiencies come down to three factors that have really
helped us. One has been the utilization improvement. The second has been doing more work offshore,
and the third has been that even though salary costs have gone up, by being able to balance the mix
of people who execute a particular project towards more of the new hires, which are primarily more
juniors and freshers, the average cost to the company of an average employee has actually come down
in Q4 of this year versus Q4 of last year despite the increase in salary.



<P align="left" style="font-size: 10pt"><B>Azim Premji: </B>Are there more questions? Well, if there are no more questions, we will end here.
Thank you very much.




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



<P align="center" style="font-size: 10pt"><IMG src="f08326f0832603.gif" alt="(WIPRO LOGO)">



<P align="center" style="font-size: 10pt"><B>Q4 &#038; Full Year 2005-Q4 Analysts / Investors Conference Call<BR>
11:30 AM IST, April&nbsp;22, 2005</B>


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



<P align="left" style="font-size: 10pt">Good morning ladies and gentlemen. I am Pratibha, the moderator for this conference. Welcome to
Wipro&#146;s fourth quarter results 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 turn over the call to the Wipro management. Thank you and
over to Wipro.



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



<P align="left" style="font-size: 10pt">Thank you Pratibha. Ladies and gentlemen, a very good morning to you in India, 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 and would like to welcome you to this
teleconference post our results for the quarter and year ended March&nbsp;31, 2005. We have with us
Mr.&nbsp;Azim Premji, Chairman Wipro, Mr.&nbsp;Suresh Senapaty, CFO, who will comment on the results of
Wipro for the quarter and the year. They are joined by Mr.&nbsp;Vivek Paul, Mr.&nbsp;Suresh Vaswani, Mr.
Vineet Agarwal, Mr.&nbsp;Raman Roy, and other members of company&#146;s senior management who will answer
any questions that you may have. The conference call is of course archived and a 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 the call, we might make certain forward-looking statements within the
meaning of Private Securities Litigation Reforms Act of 1995. These statements are based on
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. 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, Wipro.


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



<P align="left" style="font-size: 10pt">Good morning. By this time, you would have had an opportunity to study our financial results for
the quarter and year ended March&nbsp;31, 2005. Hence, I would like to take this opportunity to share
with you some of our thoughts on our performance and our prospects.



<P align="left" style="font-size: 10pt">The results of 2004-2005 were satisfying from many perspectives. Our global IT business grew
revenue in dollar terms by 43%. Growth was broad based in terms of verticals, geographies, and
service lines. Our differentiated services such as technology infrastructure services and
testing services grew ahead of the overall growth rate as did our Europe geography where we
invested early.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited<BR><BR>
Page 1 of 26


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<P align="left" style="font-size: 10pt">We improved our client mining as indicated by the substantial increase in the number of
customers contributing revenues of over $1&nbsp;million, $3&nbsp;million, $10&nbsp;million, and $20&nbsp;million.



<P align="left" style="font-size: 10pt">We raised a bar on operational efficiency leading to improved price realization and enhanced
proportion of revenues from offshore projects, resulting in a far healthier operating margin
despite increase in compensation cost, non-cash charge of restricted stock units and a sharply
appreciating rupee.



<P align="left" style="font-size: 10pt">The process of strategic transformation in our BPO business continues. The key aspect of this
transformation, apart from changing the revenue profile, is tighter integration with our
verticals. This will help us not only building domain competency in our BPO business but also
ensure a far superior go to market approach.



<P align="left" style="font-size: 10pt">Our India, Middle East, and Asia Pac IT business recorded revenue growth of 43%, and operating
profits growth of 32%. Equally important the investments we made in newer service lines and
newer geographies in this business have started reflecting in the operational results of that
business. Our Consumer Care and Lighting and Fluid power businesses delivered robust results
also.



<P align="left" style="font-size: 10pt">Prospects for 2005-2006 are exciting. Our success in strategy execution in 2004-2005 and the
tangible results that it has delivered in terms of our operating performance has reinforced our
confidence that we are on the track to achieve our vision of global leadership. As customers
make increasing demands in terms of integrated solutions and improved cost performance, we are
well positioned to meet them based on our unique business model of diversified services coupled
with proven benefits to our customers. We are aware that these future opportunities will also
bring in challenges. Managing scale, combating the uncertainties on currency front, and
executing the strategic transformation in our business process outsourcing business are some of
the immediate challenges that we face. Over the past 59&nbsp;years of our existence, we have
encountered many opportunities and challenges in our business. Every single time we have seized
the opportunity and won over the challenges. We see no reason why we should not be able to do it
again and again.



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


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



<P align="left" style="font-size: 10pt">A very good morning to all of you ladies and gentlemen. Before we take on questions I thought I
would touch upon areas in our performance and financials that would be of interest to you all.
Let me start with giving the composition of our growth.



<P align="left" style="font-size: 10pt">During the quarter ended March&nbsp;31, 2005, we had sequential revenue growth of 6.4% in our global
IT services business which comprised of 6.8% revenue growth in the IT services and 3% growth in
the BPO services. The 6.8% growth in the services component was driven by a 8.5% growth in the
volume of business partially offset by a 2.1% decline in realization of work performed onsite and
0.9% decline in work performed offshore. The decline in realization was primarily due to closure
of certain fixed price projects and shift in the mix of customers.



<P align="left" style="font-size: 10pt">On forex front, our realized rate for the quarter was Rs. 43.80 a dollar versus the rate of
Rs.45.11 a dollar last quarter, that is quarter ending December&nbsp;2004, representing a decline of
2.9% sequentially. As of March&nbsp;31, 2005, after allocation of foreign currency assets on balance
sheet, we have outstanding hedges of about 503&nbsp;million dollars deliverable over the next four
quarters.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited<BR><BR>
Page 2 of 26


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<P align="left" style="font-size: 10pt">Operating margin for our global IT business for the quarter was 25.3%. We were able to
broadly maintain our profitability and gross margin levels despite lower price realization and
impact of currency appreciation through higher utilization, increase in the proportion of
revenues from offshore projects, and operational improvements. However, we continue to invest
for the future resulting in an increase in the G&#038;A cost as proportion of our revenues.



<P align="left" style="font-size: 10pt">During the quarter we obtained permission for change of name of Wipro Spectramind Services
Limited to Wipro BPO Solutions Limited. Further, in line with the strategic transformation
initiative, we propose to merge the Wipro BPO with Wipro Limited. Apart from the benefits
indicated by Mr.&nbsp;Premji, this merger will strengthen the integration process in terms of
facilities, infrastructure, and people, thereby providing a superior value proposition to
customers and shareholders. The merger is subject to approval from the shareholders and the
courts.



<P align="left" style="font-size: 10pt">For the quarter ended June&nbsp;2005, we expect volume led growth with broadly stable price
realization. We expect operating margins to be flattish excluding the impact of currency
appreciation.



<P align="left" style="font-size: 10pt">We would be glad to take questions now.


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



<P align="left" style="font-size: 10pt">We will start with the Q&#038;A session now. We will now begin the Q&#038;A interactive session.
Participants who wish to ask questions, please press *1 on your touchtone enabled telephone
keypad. On pressing *1, participants will get a chance to present their questions on a
first-in-line basis. Participants are requested to kindly use handsets while asking a question.
To ask a question, please press *1 now. First in line, we have Mr.&nbsp;Ashish Agarwal from IL&#038;FS
Investsmart.



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



<P align="left" style="font-size: 10pt">My first question is regarding Wipro BPO, Spectramind basically, what is the reason that it has
grown only 3% sequentially as against 9% last quarter?



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



<P align="left" style="font-size: 10pt">Hi Ashish, this is Raman. We had indicated at last quarter that based on the transformation that
we are taking the business through, and based on the cyclical nature of the business of some of
our customers where post the holiday season some of the retail business decline, we would expect
a sluggish quarter and our revenues for this quarter have been in line with what we had indicated
at that time, showing a 3% increase quarter on quarter and a 56% in increase for the full year on
the basis. Some of our major customers made a change in their business strategy and that also
made a shrinkage in some of their business, leading to the reallocation of some of those people.



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



<P align="left" style="font-size: 10pt">Okay, that is fine. Another thing regarding the IT business, are you seeing any slowdown in any
of your verticals like last quarter, Mr.&nbsp;Vivek Paul has said about some slowdown you are seeing
in telecom business, any such concerns.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited<BR><BR>
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<P align="left" style="font-size: 10pt">Vivek Paul



<P align="left" style="font-size: 10pt">What we said last quarter was that we were seeing a moderation in the growth and we took some
evasive action on that and as a result were able to get 8.5% volume growth this quarter. Going
forward, we continue to see the same environment of growth moderating from last year, on an
overall spending basis. In terms of the offshore opportunity, it continues to be significant.



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



<P align="left" style="font-size: 10pt">Okay. Just one last question, any impact you see due to the FASB-123.



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



<P align="left" style="font-size: 10pt">Yeah, actually we spoken it, impact of FASB-123 on us is concerned, the latest communication that
we have is that the applicability of that has been postponed, which means as it stands today, it
will apply for us in the financial year 06-07, April&nbsp;06 to March&nbsp;07.



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



<P align="left" style="font-size: 10pt">What is the capex plan now going forward?



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



<P align="left" style="font-size: 10pt">See, capex plan is not something that we share but as we have indicated before, compared to the
last few years, we will be able to do, we will be spending little more than what we have been
doing in the last few years in terms of trying to build facilities in anticipation of business,
but eventually it will be more driven by the business that we have.



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



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. Our next question comes from Mr.&nbsp;Mahesh Vaze of Brics Securities.



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



<P align="left" style="font-size: 10pt">Hi. Before my question, I would like to mention something. In terms of the speed of
dissemination of results as well as other details, Wipro is by far the best in the industry and
your IR team does a great job. Coming to the question, if one looks at the movement in the
margins over last 8 quarters, then your gross margins have moved in a very narrow margin, but
SG&#038;A which used to be 16.7% of the revenues in first quarter 04 was down to 8.7% in third quarter
05, and it has stepped up a bit this time around. So just wanted to understand, it is a
sustained and almost continuous decline, so while there could be some efficiencies could be
gained, one wonders whether there has been some under investment on the business development
side.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
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<P align="left" style="font-size: 10pt">Vivek Paul



<P align="left" style="font-size: 10pt">I think clearly that is a relative term. I think that what we are seeing is that going forward
we expect that SG&#038;A will rise very slightly as a percentage of sales.



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



<P align="left" style="font-size: 10pt">Okay. But Vivek at the same time 16.7 coming to almost 9, is a very significant
move.



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



<P align="left" style="font-size: 10pt">But quarter 4 we went up......



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



<P align="left" style="font-size: 10pt">Yeah, it did go up.



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



<P align="left" style="font-size: 10pt">.....and what Vivek is indicating is that it could be again on the side of going up going forward
because we did add many people on the business development side.



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



<P align="left" style="font-size: 10pt">Okay. I just wanted to understand the trend, meaning, what is it that has been happening when it
has been going down. I have seen that it has gone up and it is expected to go up....



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



<P align="left" style="font-size: 10pt">Partially the decline was sharper because if you look at the previous years, when we did the
acquisitions, there were lot of retention bonuses which were linked up there and certain other
acquisition related expenses also where lumped under the SG&#038;A and some of that got phased out and
also some of the initiatives to be able to take up the operating parameters... but eventually we
are seeing partly loosening of that last quarter and going forward....will happen.



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



<P align="left" style="font-size: 10pt">Okay. Secondly, on the BPO side of the business, the new customers being transitioned, engaged,
there hasn&#146;t been any number there for last couple of quarters. So while Raman did discuss about
the existing business having some issues, some seasonal issues, even newer customers do not seem
to be coming in, any reasons here.



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



<P align="left" style="font-size: 10pt">Mahesh, basically, as we articulated as a part of the strategy, we are catering to the BPO needs
of our existing customers, so at a Wipro level there are no new customers for us. In the quarter
gone by, we started doing BPO business for 2 additional customers and we added 3 additional
processes for our existing and our new customers. At this point of time, the BPO business has 24
separate customers, 9 of which, 38% of our customer base is existing Wipro customers, and we hope
to increase that and



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited<BR><BR>
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<P align="left" style="font-size: 10pt">penetrate more and more as we take our offerings to the customers to bring them a single
point of contact for multiple offerings from Wipro corporation.



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



<P align="left" style="font-size: 10pt">Raman, if one looks at the macro picture compared to let us say a year ago, year ago there was
lots of optimism on growth and since then the growth optimism seems to have tapered off, the
numbers have been a bit disappointing, not just from Spectramind but from some of the other BPO
guys as well. Also, the attrition has been worse than expected, and at least in one or two
cases, there have been some issues. So, how does it look from the customers&#146; perspective. Are
customers less inclined or less eager to move to India their back office now?



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



<P align="left" style="font-size: 10pt">Mahesh from the customer&#146;s viewpoint, I think the customer has tasted the offerings from India.
They have seen the pros and cons, majority pros we would like to believe. They realize that
there are aspects of training where they have to participate and what they have to see, and from
our little window what we are seeing is an increased traction. As we go through our
transformation, that is in response to what the customers are asking because their more tricky
business, or their more sticky business is in the non-voice side and they are saying based on
demonstrated competencies of what India can offer and within that what Wipro can offer, they are
asking for those kinds of services. So I do not see any decline in interest, but the quality of
the need is undergoing a change.



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



<P align="left" style="font-size: 10pt">Okay. Thanks a lot and all the best.


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



<P align="left" style="font-size: 10pt">Thank you very much sir. Next in line, we have a question from Mr.&nbsp;Shekhar Singh of ICICI
Securities.



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



<P align="left" style="font-size: 10pt">Hi sir. Just wanted to know like, in the software business, which are the key verticals where
you expect growth to be strong in the coming year.



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



<P align="left" style="font-size: 10pt">Our financial services business has had a pretty good momentum, and although we do not break our
guidance by vertical, maybe Girish can talk a little bit about what we are seeing there.



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



<P align="left" style="font-size: 10pt">We have had a fantastic year, last year. And at this moment, the demand environment is pretty
robust. So, barring any unforeseen situation, we think that business will continue to be very
strong.



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



<P align="left" style="font-size: 10pt">Okay. Secondly, just wanted to know like, on the telecom OEM side, how does the environment look
like in terms of flow of fresh development contracts.



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



<P align="left" style="font-size: 10pt">As far as telecom OEM vendors are concerned, definitely there are a lot of development programs,
initiatives. You may be hearing for the last few quarters, all in the area of convergence,
seamless mobility, and of course voice over IP. These three are the strong drivers for more and
more development programs. Accordingly, we also see a trend in terms of business mix for us, in
terms of more of the new development as compared to earlier days of more of sustenance and less
of development. So we see that the business mix is changed but the development programs will
continue.



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



<P align="left" style="font-size: 10pt">So does it mean like, okay, some of your IPRs might actually be getting a, might be finding a
good market now and therefore the possibility of margin expansion because of some IPR sales.



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



<P align="left" style="font-size: 10pt">I am not able to comment on margin expansion, definitely, IPRs will definitely play a role
because everybody has got this problem of time to market, you know, whenever a new product
development is initiated. So definitely this would be an advantage for us, if at all we have any
few reusable components.



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



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. Participants are requested to kindly restricted to one question in the
initial round of Q&#038;A session. Follow-up questions will be taken later. Next in line, we have
Ms.&nbsp;Mitali Ghosh from DSP Merrill Lynch.



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



<P align="left" style="font-size: 10pt">Yes Good morning. I wanted to understand a bit from Vivek as to what are the changes that you
have seen in the last....in the demand environment, I mean, that has been strong for a long time
but incrementally what are you seeing in terms of sale cycles or ramp ups, you know, both from a
volume and pricing perspective



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



<P align="left" style="font-size: 10pt">What we are seeing is, if I must give you kind of a tour of what is going on here, I think that
we are seeing continued slowness on the R&#038;D spending side in terms of the product engineering
businesses,



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<P align="left" style="font-size: 10pt">and there we are trying to go after particular verticals that may be pockets of growth.
As I mentioned earlier, if we saw semiconductor software in our embedded business, we went after
computing platforms. So I think we are trying to pick &#038; choose the components that still have
good growth element in there but we are seeing overall R&#038;D spending beginning to get constrained.



<P align="left" style="font-size: 10pt">On the IT side, we have talked last quarter about this moderation of growth. We continue to see
that. I think that what we are seeing is that there is still growth in IT spending, but much
more around, and fortunately for us much more on development projects but at a muted level. So
what we are doing is we are continuing to be able to use our services, continuing to be able to
use the wide range of services, continuing to be able to go after the new service lines like
testing so that we can continue to drive our growth. So there I would say on the demand side, we
are beginning to see the moderation that we talked about but offset by our ability to again find
the right sort of services and pockets that keep our growth going. If you look at it on a ramp
up basis, I do not think we have seen any substantial changes in customer either slowing down
ramp ups or anything like that. And finally, with regard to the sales cycles, again, there has
not been anything specific that we have seen in terms of a trend shift on the sales cycle.



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



<P align="left" style="font-size: 10pt">If you can comment a bit on what you are seeing in terms of pricing, you know, while one has been
talking of stable prices, incrementally what does it look like especially from existing
customers?



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



<P align="left" style="font-size: 10pt">Sure. If you look at existing customers, where we have been out there asking for price
increases, we have been getting the resistance and, you know, it is kind of an inching forward
thing. We haven&#146;t seen any pressure on the other side, but certainly it has been very very tough
to make headway in terms of getting like on like price increases. I think that our realization
increases have come from being able to do more fixed price projects at an average higher
realization as well as the new business mixing in at higher realization rates. The third element
was service lines, as we expanded into service lines that are higher value, in some sense they
help us in terms of realization rate, but for example if you look at the testing service line,
the testing service line on general is a higher operating margin line but is not generally a
higher realization line. So as we see kind of mix shift around there, some of the stuff changes
on the realization line, but on the head to head pricing basis, we continue to see modest
improvements.



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



<P align="left" style="font-size: 10pt">That was very helpful. If I can just clarify what you said on the first part on the volume part,
is it, is my understanding correct that in a sense therefore the additions to the pipeline maybe
slower this quarter than it was in the previous quarter given the moderation in project spending.



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



<P align="left" style="font-size: 10pt">Yes, I think that you know, you have kind of balance what you see in terms of overall budget
spending with the growing momentum of offshore. So I think that what is happening is that, you
know, I mean, we have talked about this many times before, the widespread acceptance of offshore,
the familiarity and confidence in companies like Wipro, all that helps us to do more. In some
sense, if you think about our business, good times are good for us, bad times are good for us,
moderate times are good for us, uncertain times are the only times that are bad for us because
people just freeze. We are seeing, as I



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<P align="left" style="font-size: 10pt">said, a moderateness being offset by higher propensity to offshore, but it is not in
anyway freezing spending.



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



<P align="left" style="font-size: 10pt">Thank you very much ma&#146;m. Participants are requested to kindly restrict to one question in the
initial round. Our next question comes from Mr.&nbsp;Dipen Shah of Kotak Securities.



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



<P align="left" style="font-size: 10pt">I had some questions on the macro basis, which have been eluded to by the management and asked by
my predecessors, but just if we can throw some light more on the testing services business, like
what exactly is the kind of work which you are doing, and Vivek just stated that testing services
is a higher margin business, so just wanted to understand the reasons behind, how is it higher
margin business as compared to others. Thank you.



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



<P align="left" style="font-size: 10pt">On testing services, we do a range of testing services across our product engineering business as
well as our enterprise business. It is all about testing application software, it is about
testing products, it is about leveraging on testing technology, testing tools, and test
automation. And testing is becoming more and more critical as applications more mission
critical. The testing business actually lends itself to a lot of offshoring and you know, which
is why the margin structure on testing tends to be higher than most of the other service lines
because here we are able to drive testing to as much as 80% offshore and 20% onsite.



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



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. Next in line we have Mr.&nbsp;Pratik Gupta from Citigroup.



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



<P align="left" style="font-size: 10pt">Just wondering if you could elaborate a bit more on the interplay between pricing and cost and
the implication thereof on the margin front, specifically you mentioned earlier that in this
quarter you have seen pricing come off, or the realized pricing come off mainly because of the
impact of FPPs and some customer mix issues, as the same time, I was just wondering if you could
elaborate a bit more on the trend going forward, not just for the current quarter but for the
year as a whole, do you expect further ramp downs in some of your fixed price projects which may
affect the overall pricing, and also what does that do to your margins on a full year basis, I
know, you don&#146;t give a exact guidance, but if you can just give some sort of trends on the
margins overall, especially given that in your case the wage hikes come in at the later part of
this year.



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



<P align="left" style="font-size: 10pt">I think that if you look at the mix shift in terms of either service lines or customers of fixed
price projects that has inversely affected realizations. There are no trend lines there, you
know, that mix is in some sense not something you manage, it is what sort of comes out, so I
think that we are not seeing any big reductions in fixed priced projects, we are not seeing
substantial major shifts in volume, etc, so I do not think that we are seeing that as being a
secular trend line in any way. As far as the pricing itself is concerned as I said, the secular
trend lines we are seeing is that we are making very slow progress on like to like
re-negotiations and we are getting new business in at higher rates than we have our existing
businesses. So I think in aggregate on the pricing and realization, I would say that that would
be the view. In terms of overall margins, I am going to allow Suresh Senapaty to comment on that.



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



<P align="left" style="font-size: 10pt">So far as margin is concerned, like you said, there is impact of the exchange; there will be
operational issues like the utilization, offshore mix, lever on the SG&#038;A and so on and so forth.
I think it will be our continued endeavor to be able to pull all these levers to be able to
mitigate any of the downsides that we could see in mix change and also with compensation increase
like we said that the thing to manage is the cost per person per month, and on that front on one
hand you pay higher compensation increase per person, but you try to change the mix of the people
in terms of the profile of experience and so that net-net you should be able to get that at a
stable sort of level. So, like we said this quarter, we will be but for the exchange we expect to
be about flattish in terms of the operating margin.



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



<P align="left" style="font-size: 10pt">Right. If I could just ask a quick follow-up question, we think some of your competitors like
Infosys, and also in the US, IBM, talking about bit of a slowdown in the short term, I was just
wondering if you would care to comment on that any particular areas where you are seeing any
weakness in the IT services side.



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



<P align="left" style="font-size: 10pt">I think that we have given the guidance for next quarter, and that really is sort of a
quantification of our expectation.



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. We have our next question from Mr.&nbsp;Trideep Bhattacharya of UBS.



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



<P align="left" style="font-size: 10pt">Hi, good morning gentlemen. I also wanted to complement in terms of your timeliness of
information dissemination &#151; good job done by IR team. The first question is, like you know, as
the company grows bigger, what is the kind of change in profile of the projects that you are
seeing that you are now taking out today vis-&#224;-vis let us say one year back.



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



<P align="left" style="font-size: 10pt">Can you speak into the mike
please.



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



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



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



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



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



<P align="left" style="font-size: 10pt">Okay, sorry for that. I was wondering if you could comment on the change in the profile of the
projects taken up by your company given the fact that the size is increasing and which, the
changing profile of the project that the customers want you to do today vis-&#224;-vis about one year
back, now that you have wider service offering and....



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



<P align="left" style="font-size: 10pt">The profile of projects that we are seeing across the board is actually changing from lot of low
end work moving to high end services. So we are doing a lot more development projects now as
compared to maintenance projects. The component of fixed price projects as you see, is only
seasonal for this quarter, there is still a lot of traction in fixed priced projects, and also we
are seeing that we are selling a lot of our new service lines much more than our older service
lines like application development and maintenance. So we are selling lot more of infrastructure
services, lot more on the package implementation services, and a lot more in the testing services
area.



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



<P align="left" style="font-size: 10pt">Do you see customers increasingly asking for multi-country delivery or, like you know, as some of
your multinational counterparts can provide, is that increasingly being seen or still mainly
India.



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



<P align="left" style="font-size: 10pt">We have been doing multi-country delivery for our projects for quite a few years now, and the
trend is no different now or expected in the near future because we are currently doing projects
which have rollouts across North America, Europe, other regions in Asia, and sometimes even in
Latin America.



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



<P align="left" style="font-size: 10pt">Right. Any comments on, I mean, do you think that the size of the deal or the number of large
size deals in the pipeline has increased this increase vis-&#224;-vis last year, gone down, or any
comments on that.



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



<P align="left" style="font-size: 10pt">Well I think what is happening is that customers are today selecting their partners as opposed to
handing out very large contracts, and the good news for us is that in recent times, we have had
several large fortune 100 customers selecting us as partners.



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



<P align="left" style="font-size: 10pt">At least we are seeing that the revenue that we are getting per customer has been inching up from
about 3.14&nbsp;million dollar in quarter three to 3.23&nbsp;million dollars in quarter four.



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



<P align="left" style="font-size: 10pt">Thanks a lot. Best of
luck



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. Participants are requested to kindly restrict to one question in the
initial round. We have our next quarter from Mr.&nbsp;Anthony Miller of Arete Research.



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



<P align="left" style="font-size: 10pt">Hello gentlemen. My main question is on recruitment, can you just first quickly.., have you
noticed any change in either the intensity or the mix of competition that you are meeting in the
major markets?



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



<P align="left" style="font-size: 10pt">Are you talking about it from a recruitment perspective or sales perspective?



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



<P align="left" style="font-size: 10pt">Sorry, the sales perspective.



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



<P align="left" style="font-size: 10pt">No, I don&#146;t think there is any increase in intensity. I think it has been same old competitors
with the, you know, same old competitive intensity, not much of a change. If anything, couple of
the big companies, SI firms that have been undergoing financial pressure have backed off like
Barring Point or Cap Gemini, so we see less of those.



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



<P align="left" style="font-size: 10pt">Right. Okay, and one question on recruitment, can you just give us an idea or the numbers of
staff you are expecting to recruit in FY06 and if you haven&#146;t said it already but your guidance
on salary increases?



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



<P align="left" style="font-size: 10pt">I don&#146;t think we can give any numbers, forward looking, except the guidance which has been given,
but in terms of the recruitment market, I would say that we have not seen major increases either
at the campus or at the low end level, but definitely the senior project management architects
and so on, depending on the expertise and demand at that point of time, it is a call we have to
make depending on, but the numbers will be relatively small in terms of recruitment for those....



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. Next in line, we have Mr.&nbsp;Anantha Narayan from JM Morgan Stanley.



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



<P align="left" style="font-size: 10pt">Thanks and good afternoon everyone. It is related to the plans to merge Wipro BPO with Wipro
Limited, do you foresee any significant organizational changes in either of these entities, and
just a related question on the BPO business, and has the recent incident involving MsourcE and
Citigroup changed the perceptions of customers significantly?



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



<P align="left" style="font-size: 10pt">This formal merger that is happening right now is the culmination of a process that we started
with the acquisition, and over a period of time we have been realigning the BPO business along
what our customers&#146; need, along with the vertical architecture we have. So we have been making
those changes whether it was in terms of go to market, whether it was in terms of fulfillment, so
this will not lead to any major changes immediately as we merge. In terms of the Pune incident of
what has been reported and what is alleged to have happened. Fraud is an unfortunate reality of
the financial services business. It happens all over the world, unfortunately billions of
dollars are lost. Our customers are well aware of these challenges; they are not linked to a
particular geography or fulfillment. They are not linked to a particular nationality. So, there
is a desire for customers to understand what happened and whether there was any kind of laxity,
there is a desire to understand that the security norms that we at Wipro have in place are being
regularly monitored and seen. So do we see any change in intention? No, we do not.



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. Our next question comes from Mr.&nbsp;Nimesh Mistry of Network Stock Broking.



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



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited



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<P align="left" style="font-size: 10pt">Hello everyone. I just wanted to know, your Asia pacific business is doing very good, and
we have seen some good growth in this business. So, can you kind of give some kind of color on
how we are going to see this particular Asia Pacific business going ahead, and what will be the
margins in this particular business?




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



<P align="left" style="font-size: 10pt">Suresh Vaswani will answer that question, but could you repeat the question please.



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



<P align="left" style="font-size: 10pt">Yeah. Actually I just wanted to have some color on the Asia pacific business which is growing
very well, and how do you see the business in Asia pacific going ahead, and in terms of margins
what is the contribution of margins and what would be the business from India especially in this
particular segment?



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



<P align="left" style="font-size: 10pt">Let me just step back a bit, in Wipro Infotech which handles India, Middle East, and Asia
Pacific, we do the technology products business and we do, large proportion of our business today
is really in the area of services software and consulting. We have been having good growths in
India, something like 40%&#043; in terms of services growth, and Asia Pac and Middle East we have
expanded over the last three years into this market, and we have been seeing significant growth
both in Asia pacific and Middle East and we spoke about earlier growth of 85%. What we are
offering in these markets, in all these markets, is a lot of software integration services, and a
lot of application development maintenance services very similar to what we do in the global
market. We also offer pretty intensive infrastructure management services as well as
specifically in India we do a lot of maintenance services and product integration services. So
this is broadly the spectrum of what we do in these markets. In India, our focus is a lot also on
products and services in addition to services and software, while globally Asia Pacific and
Middle East it pretty much resembles the footprint of our global markets.



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



<P align="left" style="font-size: 10pt">And your question of revenue from Asia pac and Middle East is about 7.4% of the revenue of Wipro
Infotech, and in terms of the margin point that you talked about, we do not specifically share
the margin on Asia Pac per se, but if you look at the onsite rate, this is typically at this
point in time is highly onsite centric, but the realizations there are comparable to our Wipro
global IT business realizations, and therefore the margins are, in particular the gross margins
are at least in commensurate with that.



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



<P align="left" style="font-size: 10pt">Right, and is it the same scene in case of business from India, regarding the margins?



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



<P align="left" style="font-size: 10pt">See, India has got a significant element of products, so the margins, the overall operating
margins that we operate in, in Wipro Infotech businesses is close to 10%. But the margin
structure is higher on services and as expected, lower on products, because the significant part
of our business is also PC business.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
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<P align="left" style="font-size: 10pt">Nimesh Mistry



<P align="left" style="font-size: 10pt">Okay. And one more thing, I wanted to, just a data point, could you just tell me what would be
the attrition rate in your BPO side?



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



<P align="left" style="font-size: 10pt">For the quarter ended March&nbsp;31, 2005, our attrition rate for the BPO business was 22.8%, for the
quarter which included 9.7% of people in training and 13.1% of people post training. This
compares with 25.4% of last quarter. So we had a reduction of about 2.8%.



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. Our next question comes from Mr.&nbsp;D. Irani of Share
Khan.
<P align="left" style="font-size: 10pt">D. Irani
<P align="left" style="font-size: 10pt">Hello
<P align="left" style="font-size: 10pt">Sudip Banerjee
<P align="left" style="font-size: 10pt"> Yeah, please go ahead.



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



<P align="left" style="font-size: 10pt">I just wanted to understand, you spoke about 6.4% growth in global IT business and in rupee terms
if I look at it, comes out to be somewhere around low 3 or 4%, can you just tell me what rate,
exchange rates you have taken...



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



<P align="left" style="font-size: 10pt">The exchange rate in the quarter ending December was 45.14. The exchange rate in quarter ending
March was 43.80. So that accounts for 3% depreciation. Therefore 6.4 minus 3 is the amount you
are getting in rupee terms.



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. Next quarter comes from Mr.&nbsp;Pankaj Kapoor of ABN Amro.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited



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



<P align="left" style="font-size: 10pt">Can you give some color on the differences that you see in selling of traditional services versus
the new set of services that we have been talking about like infrastructure management, testing
and all. Like in terms of elements like, what is the customers&#146; willingness to offshore, what is
the average deal size, what is the competition profile, and especially what is the intensity of
pricing negotiation.



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



<P align="left" style="font-size: 10pt">It is a fairly broad question. What we did see is that customers are looking to partner, as
Sudip Banerjee talked about earlier, look for partners that provide breadth of capabilities
versus selecting discrete components as one off as they look to solve business problems, the
business problems revolving around technology, IT, business process outsourcing, training and
transformation opportunity to the business. So, from a standpoint of the sales process we are
seeing a change the mix from one where historically, if you go back four-five years ago, offshore
was a model of building competencies and capabilities, receiving RFPs, answering to those
requests and meeting those requests. Our business today is moving towards where we understand
our customer&#146;s needs more and provide rapid capabilities and provide solutions to meet those
needs whether they are at any one of those component levels and the competitive nature of who do
we compete with can be more and more, we see competition not only from the Indian sector but the
multinationals, the global IT service providers like IBM, Accenture, EDS, and others, and we are
winning as much as, given the growth rates that we had, we are winning many of these
opportunities.



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



<P align="left" style="font-size: 10pt">So, do you see that as we get more aligned to the customer&#146;s basic business operation, does that
also expose us to risk of elongated decision making cycles because of the issues that a customer
may be facing in their businesses?



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



<P align="left" style="font-size: 10pt">Actually we are seeing, in some cases, you can see longer, in some cases we are seeing it shorter
because in fact we are going in and helping them define what their problems are,
consulting offering goes in there and does large scale diagnostics, evaluating the business
problems and then bringing in our capability to execute and implement those projects. So some
cases were getting engaged faster at the consulting side.



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



<P align="left" style="font-size: 10pt">Just one last question, are there any instances of a deal in which a customer is asking for a
integrated offering in terms of a BPO as well as an IT as well as the infrastructure part,
whereas we are looking at a single service contract and a single point of interaction. So are
there any increases in terms of such instances, and if yes, what will be the typical deal sizes
of this kind and the closure time of these deals?



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



<P align="left" style="font-size: 10pt">First up, the overall strategy that we have been employing, we talked about it, is the growth of
our existing customer base, and you are seeing that by, one, that existing customer base will
penetrating across our service offerings.., you know, it is hard to define a sales cycle
specifically because there is no clear start and stop. We are involved in a partnership and we
engage in ongoing basis. With regard



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
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<P align="left" style="font-size: 10pt">to the integration of opportunities, Raman spoke about it earlier, as being 38% of his
business comes from Wipro Technology&#146;s existing customer base. So, we are seeing, and we believe
that the merger will enhance our go to market effort in bringing the verticalization, the domain
expertise, and bringing the ability to transform client&#146;s business, and from IT to the IT-enabled
services, and helping them build business solutions that either help them on their top line or
reduce their cost improving the bottom line.



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. Participants are requested to kindly restrict to one question in the
initial round. Coming up next is a question from Mr.&nbsp;Nimesh Chandan of Strategic Capital.



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



<P align="left" style="font-size: 10pt">Yeah, Hi! My question is also on the services side. Now, for services like consulting and
package implementation, we have seen a sequential decline as a concentration percentage of
revenues, and we have also been talking about interesting concept of partnering with our clients.
The clients are looking at us as a partner and not just a vendor. So, should we be actually
seeing more diversified services mix to get a better share of the client&#146;s wallet?



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



<P align="left" style="font-size: 10pt">This is Sudip Banerjee. I will answer the consulting part and Rich will take over for the
package implementation part. On the consulting part, what we have done is we have repositioned
the consulting service line. Earlier we were showing the consulting services revenue under one
head. In the last 12&nbsp;months, we have progressively put the consulting services line into
different vertical domains. So, as a result, much of consulting revenue, if you compare with the
earlier base is now under the vertical revenue. It is very difficult to segregate the two. But I
think going forward we will see much more of that. So we will have pure play consulting as a much
lower component than the overall consulting that we are doing. In fact, what we have found is
that the total consulting revenue across all these areas, verticals, and practices within Wipro
has now gone up to about 5% of our total revenues.



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



<P align="left" style="font-size: 10pt">And on the a package implementation business, only clarification is that, sequentially we grew
last quarter again, little bit muted quarter, we recorded 3.2%, however, on a year-on-year basis
we grew over 45% exceeding our plans and achieving improved business parameters as we focus on
bringing this improved operations at the same time improved prospects going forward. Going
forward, yes, we stated our guidance that package implementation will be part of the business-mix
to meet our guidance expectations.



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



<P align="left" style="font-size: 10pt">Okay, any comments on whether, you know, we will see, we have added good number of clients, new
clients last year. Now, I mean, what strategy do we have to mine these clients and get to a
better share of their budgets? And some thoughts on, further thoughts on this looking at
expanding our service lines?



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
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<P align="left" style="font-size: 10pt">Sudip Banerjee



<P align="left" style="font-size: 10pt">Yes, Sudip Banerjee again. The question, if I understand it right is basically you are asking our
strategy for mining existing clients.



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



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



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



<P align="left" style="font-size: 10pt">You know, compared to the previous quarter, our top ten clients have shown a sequential growth of
more than 9%, about 9.6%. So that is evidence of our mining our existing client base. Also, 22 of
our top 50 clients have shown sequential double-digit growth this quarter. So, we have, as Vivek
had earlier pointed out, anticipated what is happening in different segments of the market and
then take an action to address our existing client base much more effectively, and that is paying
results now. And, this mining that we are doing in the existing client base is across all service
lines. So, we are selling multiple service lines to the same client, and that is what has given
us the volume growth in this quarter, which is 8.5%.



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


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

<P align="left" style="font-size: 10pt">Thank you very much sir. Participants are requested to kindly restrict to one question in the
initial round. We have our next question from Mr.&nbsp;Elroy Lobo of Kotak.



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



<P align="left" style="font-size: 10pt">Yeah, Hi! I have just one question. I just wanted to know if there is, you know, a very distinct
trend between customers moving away from full service providers to best of breed vendors? And is
that having an impact on deal sizes?



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



<P align="left" style="font-size: 10pt">The trends in the marketplace that we are seeing is that customers are looking to optimize their
mix of providers and look to best, you know, the optimal solution of meet the specific business
requirement. In many cases, the trends of global sourcing and looking to a partner that has
aggressive capabilities as I mentioned earlier that can provide end-to-end services such that
when they select that partner, they can grow over time and expand the capabilities that is what
we are seeing consistently.



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



<P align="left" style="font-size: 10pt">You are saying that......



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



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
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<P align="left" style="font-size: 10pt">....... one specific
category.....



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. Next question comes from Mr.&nbsp;Manoj Singla of JP Morgan.



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



<P align="left" style="font-size: 10pt">Yeah, Hi! Congratulations on an excellent quarter. Just the first question on the pricing side,
you have seen some drop quarter-on-quarter. One, what do you attribute this to? And secondly, do
you expect it to get it back to the levels that we had a quarter ago?



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



<P align="left" style="font-size: 10pt">Hi! Thanks for the complement. Vivek here, and I think you might have missed the early
part of the call because we actually went through this in some great detail. If it is all right,
since we do have many questions lined up, would it be possible for you to take this Lan
separately since we have already did cover this earlier on?



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



<P align="left" style="font-size: 10pt">Sure, actually I did dial into the call little bit late. Just the second question I had on the
ADR side, given moves by some of our other peer group, do we have any plans to increase our ADR
free float? Thank you.



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



<P align="left" style="font-size: 10pt">No, we have not taken any decision to that extent as yet.



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. We take our next question from Mr.&nbsp;Hitesh Zaveri of Edelweiss.



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



<P align="left" style="font-size: 10pt">Yeah, Hi! Actually, I could not hear properly the response with regard to the integrated
offerings when it comes to IT, BPO, as well as the infrastructure services. But, if we broaden
the question, what trends do you see, if at all, in terms of business service provisioning and
whether you think that could be an important trend contributing to a meaningful portion of your
revenue in couple of years?



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
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<P align="left" style="font-size: 10pt">Raman



<P align="left" style="font-size: 10pt">Hitesh, this is Raman. Let me give you a little flavor over to what was said earlier. Sudip
brought out the fact that what the customers are looking for today are partners. They are
identifying partners who have demonstrated competency and capability across multiple needs that
they have now and that they are likely to have in the future, and that customers are working on
those partnership making their own investments in building up a knowledge base and the domain
capability. So, we are seeing that traction where there is, the partnership as co-reliance, and
there is investment on both sides in building competence-capability, and therefore, you know, as
Rich also brought out earlier, 38% of the customer base on our BPO business are the existing
customers of Wipro Technology where there is a knowledge resident within Wipro for their
business, and are we seeing traction into the future for this? Yes, we are. And if we are able to
leverage that, if we are able to mine that capability, we think it will be mutually beneficial
for us and for our customers.



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



<P align="left" style="font-size: 10pt">Sure, thanks for that. If could I ask a couple of more questions, one is actually, if you could
elaborate on outlook for the financial services for next year, qualitatively, and also on the
horizontal actually. I would be interested in what is your outlook for enterprise service
implementation business, EI business overall, how does that vertical and horizontal look to you?



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



<P align="left" style="font-size: 10pt">Let me speak to you about financial services business on the outlook. As I said earlier, we had a
very good year, and at this moment at least it looks like we have another good year ahead of us.
I do not intend to give any specific numbers but if I look at the customers, the expanding
clients, what is the kind of depth of relationship we have with them, our execution track record,
everything seems to be positive at this point of time.



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



<P align="left" style="font-size: 10pt">On the package implementation side, we had a..., current quarter the growth rate has somewhat
slowed down, you know, going forward, we still see that we have a good performance overall, and
outlook for the next year is challenging but we believe we are committed to doing the right thing
to get back the growth rates that we have seen in the past.



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


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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sure, thank you so much.</DIV></TD>
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<P align="left" style="font-size: 10pt">Moderator



<P align="left" style="font-size: 10pt">Thank you very much sir. Our next question comes from Mr.&nbsp;Sudhakar of Span Capital.



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



<P align="left" style="font-size: 10pt">Yeah, Hi! Can you throw some light on your consumer care and lighting business as to how that
segment is doing?



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited



<P align="center" style="font-size: 10pt">Page 20 of 26

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



<P align="left" style="font-size: 10pt">We will just come to that
question.



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



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



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



<P align="left" style="font-size: 10pt">Yeah, we will have Mr.&nbsp;Vineet Agarwal in five minutes. Can we take the next question so that we
will answer that little later.



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


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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yeah, sure.</DIV></TD>
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<P align="left" style="font-size: 10pt">Moderator



<P align="left" style="font-size: 10pt">Sure sir, we will move over to the next question. Next in line, we have Mr.&nbsp;Sandeep Shah from
Tower Capital.



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



<P align="left" style="font-size: 10pt">Yes sir, as the management and the other competitors have sounded that the IT spending is not
increasing or decreasing moderately, but at the same time the offshore momentum is very high. But
if that is the case, does that mean that the wallet share of the Indian IT from all the vendors
is increasing? And if that is the case, why with Wipro and the other competitors, the
concentration of the top 10 clients is decreasing? What I mean to say is, for example, in Wipro,
the IT services, the top 10 clients have grown at 16% YOY, but overall the IT services growth was
42% for the company.



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



<P align="left" style="font-size: 10pt">You know, this is a reflection of churn and there is no pattern. As I said earlier that in the
quarter that was just concluded, out top ten clients grew sequentially in double-digit terms and
that is a reflection of the account mining that we have started doing with our existing customer
base.



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



<P align="left" style="font-size: 10pt">Okay, but does that mean that the offshore momentum is so strong that the wallet share with the
global or fortune companies is increasing or will increase at a faster pace going forward?



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



<P align="left" style="font-size: 10pt">Well Vivek has already answered that in terms of saying that there is a moderation, which is
coming into the market in terms of the growth that can be expected. And what will happen is very
much in line with that. I think it will perhaps be fair to say that the larger fortune 100
companies are looking at much more offshoring now than they have been at any point in time in the
past. And that is reflected in the, you know, their selection of partners as opposed to just
doing one-off projects with IT companies.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited



<P align="center" style="font-size: 10pt">Page 21 of 26



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



<P align="left" style="font-size: 10pt">And at this time, Vineet Agarwal just walked, so maybe we can answer the Consumer Care and
Lighting question about the general outlook and color on the business.



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


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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consumer Care has grown well this year. We have done about 29% growth and we would rate
ourselves as one of the fastest FMCG companies in India today. This is led by our toilet
soap brand Santoor, which has grown by about 24%. Our Commercial and Lighting Business, which is
largely lighting for offices, street lights, architectural lighting for landscape, that has done
well at about 38%. We entered the modular furniture business last year in a small way in
Bangalore, and we have got about 30 non-Wipro customers and installations of about 10,000
workstations. We would plan to expand that to the rest of the country this year. In terms of
acquisitions, both our Glucovita and Chandrika acquisitions which we had over the last two years
have done well. We plan to re-launch Chandrika in the new advertising, new packaging, new shape,
etc. during the course of this year.</DIV></TD>
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<P align="left" style="font-size: 10pt">Moderator



<P align="left" style="font-size: 10pt">Thank you very much sir. Next in line, we have a question from Mr.&nbsp;Vipin Khare of Citigroup.



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



<P align="left" style="font-size: 10pt">You mentioned about lowering the cost per employee because of the employee pyramid, can you
elaborate on that? What is the percentage of employees in 0-3 and 3-5&nbsp;years compared to what it
was last year? Secondly, what is the total number of offers in colleges you have given as a
number of fresh level people you expect to join in the next two quarters?



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



<P align="left" style="font-size: 10pt">He will answer the second part of the question, the first part we have not shared the mix of
people in the past



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



<P align="left" style="font-size: 10pt">We have roughly around 7000 offers in the campus.



<P align="left" style="font-size: 10pt">Moderator
<P align="left" style="font-size: 10pt"> Hello sir?
<P align="left" style="font-size: 10pt">Vipin Khare



<P align="left" style="font-size: 10pt">And secondly, Raman, if you can share something on what is the target percentage of non-voice
business that you will target for Spectramind, what is it currently?



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited



<P align="center" style="font-size: 10pt">Page 22 of 26



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



<P align="left" style="font-size: 10pt">No, we do not give any guidance on specific numbers for any business line, but what we have
stated is that last quarter, we have initiated the transformation of the business and we have
stated that our focus is going to be to increase the non-voice component of the business and as I
have stated earlier we have seen traction of that with our customers. We are heading towards
their needs and building competency to fulfill those needs.



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



<P align="left" style="font-size: 10pt">One last question, what was the percentage of lateral employees hired in last year?



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



<P align="left" style="font-size: 10pt">60% is the lateral.



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



<P align="left" style="font-size: 10pt">60?



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



<DIV align="left" style="font-size: 10pt">Yeah.</DIV>



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


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



<P align="left" style="font-size: 10pt">Thank you very much sir. Next in line, we have a question from Jyothi Roy of Mata
Securities.


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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The line of Jyothi Roy has disconnected. We will move over to the next question,
Mr.&nbsp;Amit Khurana
from IL&#038;FS corporate.</DIV></TD>
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    <TD align="left" valign="top">&nbsp;</TD>
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<P align="left" style="font-size: 10pt">Lakshminarayana



<P align="left" style="font-size: 10pt">Yeah, Pratibha, after Amit&#146;s question, we will take the last question please?



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



<P align="left" style="font-size: 10pt">Sure sir, we will do that.



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



<P align="left" style="font-size: 10pt">Yeah, this is Amit here for IL&#038;FS Corporate. Just wanted to get a sense, while you do not give
the capex number as such, I was just wondering what is the kind of, you know, percentage
utilization of the kind of seats that you have currently on IT services, a sense of that would
help?



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited



<P align="center" style="font-size: 10pt">Page 23 of 26



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



<P align="left" style="font-size: 10pt">Amit, we do give the capex, that we have sent in the past and I will just give it to you in a
moment.



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



<P align="left" style="font-size: 10pt">For... seat utilization, you know, we haven&#146;t published that number, but it is very high because we
are constantly running short of seats. I do not know what the exact number is, but we do not have
a large inventory of seats.



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



<P align="left" style="font-size: 10pt">Okay, currently the number of people that we have, we do not have that many seats to provision
them. Is that a fair assessment?



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



<P align="left" style="font-size: 10pt">I would say that we run out of seats three months in advance, let me put it that way.



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



<P align="left" style="font-size: 10pt">What happens is typically for any reason our seats are yet to be done, then we take a rented
premises and then do the shifting.



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



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



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



<P align="left" style="font-size: 10pt">So it is just in time. So we try to make sure that the facilities are constructed by ourselves,
but if for any reason it is not been done, temporarily, we fill it in through hiring, leasing...



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



<P align="left" style="font-size: 10pt">Okay, all right. Fair enough. Can we have the capex number?



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



<P align="left" style="font-size: 10pt">...So that the utilization is very very high.



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



<P align="left" style="font-size: 10pt">And Amit, capex for last quarter in global IT was Rs. 1.437&nbsp;billion, Indian IT was Rs. 38
million, consumer care and lighting was Rs. 56&nbsp;million, and all others were Rs. 127&nbsp;million.



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


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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All right, thank you very much.</DIV></TD>
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<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited


<P align="center" style="font-size: 10pt">Page 24 of 26

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



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



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



<P align="left" style="font-size: 10pt">The last question Pratibha.



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



<P align="left" style="font-size: 10pt">Yes sir, the last question comes from the line of Ms.&nbsp;Mitali Ghosh of DSP Merrill Lynch.



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



<P align="left" style="font-size: 10pt">Thanks for getting me the last one. I had a question on the taxation. If you could give us any
update on the, you know, the taxation litigation one that is going on? Secondly, to what extent
is your tax rate likely to move up this year, you know, based on the 10-A probably going away?
And third, any estimate on fringe benefit tax?



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



<P align="left" style="font-size: 10pt">Yeah, So far as the legal issue on the taxation is concerned, in line with what happened in the
previous year, we got a similar order, but as you know, there wasn&#146;t any appeal disposal on that
matter. So, we hope some of the disposal could happen in the current year, but we never say for
sure. And so far as the FBT is concerned, we have not factored in the FBT, because you know that
the government is re-looking at this, there is a high power committee sitting on re-looking at
it. There have been promises made that the genuine business expenditure will not be subjected to
fringe benefit tax, and we hope the impact of that to our kind of companies is very minimal.



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


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



<P align="left" style="font-size: 10pt">Thank you very much ma&#146;am. At this moment, I would like to hand over the floor back to the Wipro
management for final remarks.



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



<P align="left" style="font-size: 10pt">Thank you Pratibha. Thank you ladies and gentlemen for participating in the call. Should you
have missed anything during in the call, the audio archive of this call will be available on our
website and we will also be putting up a transcript very shortly. And of course, you can always
talk to investor relations team, we will be more than happy to clarify your doubts. We look
forward to talking to you again next quarter. Thank you and have a nice day.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited



<P align="center" style="font-size: 10pt">Page 25 of 26



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



<P align="left" style="font-size: 10pt">Ladies and gentlemen, thank you for choosing WebEx 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="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -11:30 AM IST, April&nbsp;22, 2005<BR>
Wipro Limited



<P align="center" style="font-size: 10pt">Page 26 of 26




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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="f08326f0832603.gif" alt="(WIPRO LOGO)">



<P align="center" style="font-size: 10pt"><B>Q4 &#038; Full Year &#038; 2005-Q4 Analysts / Investors Conference Call</B>



<P align="center" style="font-size: 10pt"><B>7:15 PM IST, April&nbsp;22, 2005</B>



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



<P align="left" style="font-size: 10pt">If you should require assistance during the call, please press * then 0. As a reminder this
conference is being recorded. I would now like to turn the conference to your host, Sridhar
Ramasubbu, please go ahead.



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


<DIV align="center">
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Good morning. Jatin, Lan, and myself in the IR team, extend a warm welcome to all the
participants to Wipro&#146;s fourth quarter results and earnings call for quarter ended March&nbsp;2005. We
have here the entire senior management team from Wipro, Azim Premji, Vivek Paul, Suresh Senapaty,
Suresh Vaswani, and others. 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 March&nbsp;2005. 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, 1995. These statements are based on managements current expectations and
are associated with uncertainty and risks, and we do not undertake any obligations to update
forward-looking statements to reflect events or circumstances after the date of filing thereof
with SEC. The call is scheduled for one hour. The presentation of the fourth quarter results will
be followed by a Q&#038;A session. The operator will walk you through the procedure of asking
questions. The entire earnings call proceeding 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 an email and we will address those
questions as well at the end of the Q&#038;A. Ladies and gentlemen, over to Mr.&nbsp;Azim Premji, Chairman,
Wipro.</DIV></TD>
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<P align="left" style="font-size: 10pt">Azim Premji



<P align="left" style="font-size: 10pt">Good morning to all of you all. By this time, you would have had an opportunity to study our
financial results for the quarter and year ended March&nbsp;31, 2005. Hence, I would like to take this
opportunity to share with you some of our thoughts on our performance and on our
prospects.



<P align="left" style="font-size: 10pt">The results of 2004-2005 were satisfying from many perspectives. Our global IT business grew
revenue in dollar terms by 43%. Growth was broad based in terms of verticals, geographies, and
service lines. Our differentiated services such as technology infrastructure services and
testing services grew ahead of the overall growth rate as did our Europe geography where we
invested early.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -7:15 PM IST, April&nbsp;22, 2005<BR>
Wipro Limited



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<P align="left" style="font-size: 10pt">We improved our client mining as indicated by the substantial increase in the number of
customers contributing revenue of over $1&nbsp;million, $3&nbsp;million, $10&nbsp;million, and $20&nbsp;million.



<P align="left" style="font-size: 10pt">We raised a bar on operational efficiency leading to improved price realization and enhanced
proportion of revenues from offshore projects, resulting in a far healthier operating margin
despite increase in compensation cost, non-cash charge of restricted stock units and a sharply
appreciating rupee.



<P align="left" style="font-size: 10pt">The process of strategic transformation in our BPO business continues. The key aspect of this
transformation, apart from changing the revenue profile, is tighter integration with our
verticals. This will help us not only in building domain competency in our BPO business but also
ensure a far superior go-to-market approach.



<P align="left" style="font-size: 10pt">Our India, Middle East, and Asia Pac IT business recorded revenue growth of 42%, and operating
profits growth of 27%. Equally importantly the investments we made in newer service lines and
newer geographies in this business, have started reflecting in the operating results of that
business. Our Consumer Care, Lighting, and Fluid power business delivered robust results also.



<P align="left" style="font-size: 10pt">Prospects for 2005-2006 are exciting. Our success in strategy execution in 2004-2005 and the
tangible results that it has delivered in terms of our operating performance has reinforced our
confidence that we are on the track to achieve our vision of global leadership. As customers make
increasing demands in terms of integrated solutions and improved cost performance, we are well
positioned to meet them based on our unique business model of diversified services coupled with
proven benefits for our customers. We are aware that these future opportunities will also bring
in challenges. Managing scale, combating the uncertainties on currency front, and executing the
strategic transformation in our business process outsourcing business are some of the immediate
challenges that we face. Over the last 59&nbsp;years of our experience, we have encountered many
opportunities and challenges in our business. Every single time we have seized the opportunity
and triumphed over the challenges. We see no reason why we should not be able to do it again and
again in the future.


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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">I will now request Suresh Senapaty, our CFO, to comment on our financial results.</DIV></TD>
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<P align="left" style="font-size: 10pt">Suresh Senapaty



<P align="left" style="font-size: 10pt">Good morning everybody. Before we take on questions I thought I would touch upon areas in our
performance and financials that would be of interest to you all. Let me start with giving the
composition of our growth.



<P align="left" style="font-size: 10pt">During the quarter ended March&nbsp;31, 2005, we had sequential revenue growth of 6.4% in our global
IT services business which comprised of 6.8% revenue growth in the IT services and 3% growth in
the BPO services. The 6.8% growth in the services component was driven by a 8.5% growth in the
volume of business partially offset by a 2.1% decline in realization for work performed onsite
and 0.9% decline in work performed offshore. The decline in realization was primarily due to
closure of certain fixed price projects and shift in the mix of customers.



<P align="left" style="font-size: 10pt">On forex front, our realized rate for the quarter was Rs. 44.44 a dollar versus the rate of
Rs.45.11 a dollar the earlier quarter. Realization for the quarter ended December&nbsp;2004
representing a decline of 1.5% sequentially. As of March&nbsp;31, 2005, after allocation of foreign
currency assets on balance sheet, we have outstanding hedges of about $503&nbsp;million deliverable
over the next four quarters.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -7:15 PM IST, April&nbsp;22, 2005<BR>
Wipro Limited



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<P align="left" style="font-size: 10pt">Operating margin for our global IT business for the quarter was 26.1%. We were able to
broadly maintain our profitability and gross margin levels despite lower price realization and
impact of currency appreciation through higher utilization, increase in the proportion of
revenues from offshore projects, and operational improvements. However, we continue to invest for
the future resulting in an increase in the SG&#038;A cost as proportion of our revenues.



<P align="left" style="font-size: 10pt">During the quarter we obtained permission for change of name of Wipro Spectramind Services
Limited to Wipro BPO Solutions Limited. Further, in line with the strategic transformation
initiative, we propose to merge the Wipro BPO with Wipro Limited. Apart from the benefits
indicated by Mr.&nbsp;Premji, this merger will strengthen the integration process in terms of
facilities, infrastructure and people, thereby providing a superior value proposition to
customers and shareholders. The merger is subject to approval from shareholders and the Board.



<P align="left" style="font-size: 10pt">For the quarter ended June&nbsp;2005, we expect volume led growth with broadly stable price
realization. We expect operating margins to be flattish excluding the impact of currency
appreciation.


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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">We would be glad to take questions now.</DIV></TD>
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<P align="left" style="font-size: 10pt">Moderator



<P align="left" style="font-size: 10pt">Ladies and gentlemen if you wish to ask any questions, please press * then 1 on your touchtone
phone. You will hear a tone indicating that you have been placed in queue. You may remove
yourself from queue at anytime by pressing the &#163; key. If you are using a speakerphone, please
pick up the handset before pressing numbers. Once again, if you a have question, please press *1
at this time. Your first question comes from the line of
Moshe Katri from SG Cowen, please go ahead.



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



<P align="left" style="font-size: 10pt">Thanks operator, and congratulations for a very nice quarter gentleman. I wanted to first talk
about the demand environment, maybe you can talk about demand by the various verticals that Wipro
focusses on.



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



<P align="left" style="font-size: 10pt">Sure, maybe what we can do is we will ask our different SBU heads to speak about their verticals.
We will start with Sudip Banerjee who will talk about Enterprise, Girish, who runs our Financial
Services Business had a conflict so I will cover that for him.



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



<P align="left" style="font-size: 10pt">Within enterprise solutions, the verticals that we service are manufacturing, retail, energy and
utilities, travel and transportation, media and services, and healthcare. If you look at each of
these verticals, in the past year we found that our travel transportation, media and services
vertical grew year on year by 84%. So we have had a very strong demand engine, and as we look
into the year ahead, we think that we are going to see growth in that sector as well.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -7:15 PM IST, April&nbsp;22, 2005<BR>
Wipro Limited



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<P align="left" style="font-size: 10pt">Retail is another area where we are finding a lot of traction. Customers are coming back
for the industry solutions and our focus on solutions with respect to RFID or global data
synchronization are creating demand for us in that space.



<P align="left" style="font-size: 10pt">In the energy and utilities space, within that the oil sector is showing a lot of buoyancy. We
have had strong client additions and in that particular sector we think that the demand will
continue to be high.



<P align="left" style="font-size: 10pt">As far as manufacturing is concerned, it is broken up into several sub-practices like automotive
and pharma, and the ones which I would like to pickup are really pharmaceuticals where we find
that there is great interest from the pharma companies in the last six months and they are coming
onto offshoring bandwagon, which they weren&#146;t there earlier.



<P align="left" style="font-size: 10pt">So that covers the enterprise space, and I will hand it back to Vivek to cover the Financial
Services.



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



<P align="left" style="font-size: 10pt">On the financial services side what we are seeing is that our insurance business where we have a
very strong position continues to be the driver for growth, particularly in Europe where we have
relationships with pretty much every insurance company, and we are seeing growth there.



<P align="left" style="font-size: 10pt">In terms of banking, we are seeing us beginning to enter multi-vendor situations where we were
out all together, in other words, companies that were sole sourcing are now multiple sourcing and
as a result we are able to get some breaks in there.



<P align="left" style="font-size: 10pt">On the securities business, while we have done well, we see a little bit of a slowdown, not a
slowdown in terms of reduction, but a slowdown in terms of the rate of the growth. I think that
that is still a decent business for us and we continue to have a strong position with big
securities players.



<P align="left" style="font-size: 10pt">In terms of the R&#038;D businesses, I will now ask Ramesh Emani to talk about embedded and Dr.&nbsp;Rao
will talk about the telecom business.



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



<P align="left" style="font-size: 10pt">In the embedded business, you can broadly classify the work what we do under one segment what I
call the computing segment, which includes the computing server, software products, and then the
storage and the peripheral companies; that is one category. And the other category around the
semiconductor companies and the associated work like consumer electronics, automotive, industrial
automation, and the avionics.



<P align="left" style="font-size: 10pt">We have seen a revival in the semiconductor business. We have seen some slowdown in that market
in the earlier quarters. This quarter we have seen a revival happening and we have seen good
growth. We have seen a very good growth in the storage space, where we are working with a number
of storage companies. We are seeing a moderate kind of a growth in the consumer and the
automotive space and we are yet to make a big impact in the automation and the avionics market.
But because we are addressing so many varieties of verticals, wherever there is some dip in one
of the verticals we are able to be recovering in the other areas. But overall, the R&#038;D space is
very dependent on the market feel in terms of the overall GDP growth and other parameters, so in
that sense I will definitely say this market has a..., will have a little lower growth compared to
may be some other verticals.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -7:15 PM IST, April&nbsp;22, 2005<BR>
Wipro Limited



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



<P align="left" style="font-size: 10pt">And then if we are looking at your top 5 or top 10 clients for the quarter, are we seeing at this
point stable demand, increasing demand? What should we model for going forward do you think,
maybe moderate growth on a sequential basis?



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



<P align="left" style="font-size: 10pt">I think if you look at our top 10 accounts they grew at 9.5% or so, sequential basis. So I think
we have had pretty good growth. I think that it is really difficult for me to be able to give you
guidance that such a precise level down to account wise for you to be able to do your modeling, I
think that what I could do is just pull back, and I am sorry, I cannot help you anymore on that
to say that we are seeing growth, we are seeing the overall spend moderate, we are seeing more
offshore intensity, and as a result as this quarter has indicated, kind of a steady as ship goes
performance.



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



<P align="left" style="font-size: 10pt">And then finally, obviously we can&#146;t live without talking about pricing, maybe talk a bit about
the general pricing environment or get new deals, and maybe pricing of your top 5, top 10
clients.



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



<P align="left" style="font-size: 10pt">Sure. What we will do is, first we will talk about the fact that the difference as we talked
many time before between realization and pricing. This quarter we did see a drop in realization,
and that realization was driven on the back of not at all any head to head price negotiations
where we have lowered price, not at all any reduction in new account pricing, in fact the new
account pricing continues to run nicely ahead of our overall average. It was purely the result of
a mix resulting from two factors, one is the service line mix and the second is a lower fixed
price project mix into the overall revenues. That stuff is difficult to call. That stuff is, you
know, sort of, you just collect whatever revenue come in, you kind of do the percentages at the
end. We try to sell every service as much as we can. So I think that having said that, I will now
focus in on pricing and answering your question about what is the outlook for pricing. While we
are proud that we have had a very good track record of raising prices and realizations over the
past several quarters, we have always maintained that this is not something that we want to
forecast, but we will take to the bank as and when we can get. And the reason for that is that we
want to be very flexible, competitive environments change, competitive dynamics change, and we
want to be flexible. And as things stand today, in the war for new accounts, we haven&#146;t seen any
change in pricing intensity. In terms of existing accounts coming back and asking for price
reductions, we haven&#146;t seen any change in that push. And finally, and unfortunately, in our quest
for getting price increases and the customer resistance there too, we have also not seen any
reduction in that resistance. So I think it is a pricing environment where we continue to push
every button we can get. We have had a pretty good track record, but we are just not going to
call that one.



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



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



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



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



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -7:15 PM IST, April&nbsp;22, 2005<BR>
Wipro Limited



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



<P align="left" style="font-size: 10pt">Your next question comes from Edward Caso from Wachovia Securities, please go ahead.



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



<P align="left" style="font-size: 10pt">Good evening. Thank you for taking my call. A few questions, one is, if you could get us updated
on the Indian government budget, what is the timing, what the implications are particularly on
the tax side, what implications that would be there, and then I have one other question.



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



<P align="left" style="font-size: 10pt">We had a demand last year for financial year 1999-2000...



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



<P align="left" style="font-size: 10pt">Senapaty, I think he is
talking about the FBT tax..



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



<P align="left" style="font-size: 10pt">Okay, I am sure. So far as the fringe benefit tax is concerned, as you know the government of
India has set up a high level committee to talk with industry and get into details to be able to
say what are the kind of changes that has to be brought out, and one of the statements this
committee did make was that the genuine business expenditure will not be subjected to fringe
benefit tax. So at this point of time, one is unsure. We expect much more clarity in the middle
to end of May, when the final finance bill will get passed. At this point in time, we haven&#146;t
sort of factored any of that because in any case we expect the fringe benefit tax whatever it is,
it will finally come to will be not significant, and if and when it comes it will be in the tax
line.



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



<P align="left" style="font-size: 10pt">One other question, you mentioned that you were getting traction getting into multi-vendor
situation that have previously been someone else&#146;s sole opportunity. Is it that sole
opportunity, was it of the multinationals or was it of some of your peers?



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



<P align="left" style="font-size: 10pt">A little bit of both.



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


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<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -7:15 PM IST, April&nbsp;22, 2005<BR>
Wipro Limited



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



<P align="left" style="font-size: 10pt">Your next question comes from the line of Ashish Thadhani from Gilford Securities, please go ahead.



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



<P align="left" style="font-size: 10pt">Yes, good morning. There have been some hints of erratic revenue growth at some of your larger
peers. Just wanted to know if Wipro was experiencing any negative effects on revenue from
certain trends, specifically three, which you can turn. First, if there is any diminished
urgency or diminished cost pressure at some of your clients. Number two, is the rapid transfer of
work to offshore centers with lower billing rates is having any impact on revenue, any serious
impact. And number three, if vendor diversification by clients to hold pricing down is having any
impact?



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



<P align="left" style="font-size: 10pt">Let me take first of all on an overall trend. I think that what we are seeing is that there is
no overwhelming customer trend that is changing by behavior. I think whether it is them buying
offshore, whether it is them taking a look at doing more with us, I mean, we are not seeing any
significant trend. I mean, you perspective of offshore, frankly, our revenue growth for this year
did seem to account the fact that our offshore component grew from 42 to 45% versus the year ago.
So I think that we are not seeing any significant shift.



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



<P align="left" style="font-size: 10pt">Okay. And also, just to move forward, is it realistic to expect a full blown consulting
revolution towards offshoring, in broad terms, how large is the addressable market in consulting
relative to the present, and what are some of the key challenges that you might face and the
timeframe during which your progress should be judged?



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



<P align="left" style="font-size: 10pt">I think that, first of all, the big question really becomes, how do you define consulting, you
know, I think if you take a look at consulting being, you know, on the one side, IT governance,
IT architecture, IT strategy, the next level being business process and functional excellence,
the third being competitive strategy and the fourth being corporate strategy. I think that most
of our revenue comes from the first two, and I think that as you climb up that piece, the amount
of offshorability declines. If you look at the total consulting revenue we get across all of the
consulting lines we have, the Wipro Consulting piece that is under banking international
services, the energy and utilities consulting, the quality consulting, the technology consulting,
and then consultants we have embedded into different verticals, we get about 70&nbsp;million dollars a
year in overall revenue. So I think that.., and a lot of it is in the first couple of categories
that I talked about, so there the offshore component is reasonable but it also has much higher
onsite component than our normal ADM practice. Having said that, in terms of our outlook for the
overall industry, I do not think we know enough yet to be able to answer that. I mean if I think
about it in the very large, you know, multi billion dollar market when we are at 70&nbsp;million
dollars, I do not think we have as good a view of the overall capability as you might be
expecting. I think that you just have to do this step at a time, and once you get a real view on
the market, we will share it.



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Wipro Limited



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



<P align="left" style="font-size: 10pt">I understood. Very helpful. And a quick one for Suresh, you know, the tax rate is expected to
rise as some of your exemptions expire through 2009, do you have any feel for what level and what
timeframe your affective tax rate might peak?



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



<P align="left" style="font-size: 10pt">I think, as you know that the tax concessions will seize to be by 2009 as, we are expecting it to
peak soon after that year, that means the financial year 2009-2010. And from now to then, of
course, we will have unit by unit some of them coming out and tax the effective tax rate, but
more of it would be fairly rear-ended.



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



<P align="left" style="font-size: 10pt">Would it be a gradual increase or would it be a major step function in that 2009-2010 timeframe.



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



<P align="left" style="font-size: 10pt">Yeah, it will be very gradual movement, and also if you have seen, now there are units being set
up in SEZ, which is called Special Export Zone, which are export zones, and that tends to have a
little different kind of a tax holiday, but net-net I think fair amount of tax rates will go up
by 2009-2010.



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



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


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



<P align="left" style="font-size: 10pt">Your next question comes from the line of Trip Choudhary from Midwest Securities, please go ahead.



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



<P align="left" style="font-size: 10pt">Thank you. Again, congratulations on a very good quarter here and a very phenomenal growth
execution I would say. A few questions here, first of all, Vivek, it seems your Indian
counterpart had a problem realizing the opportunities presented by compliance, especially they
gave a reason that there quarter was not so great because of Sarbanes-Oxley issue, and it seems
to me based on some comments that have come out of Wipro is that you were proactive and you had
something to use the Sarbanes Oxley as a leverage and as an opportunity, I was wondering what
prompted your thought process and how where you proactive while the other were not?



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



<P align="left" style="font-size: 10pt">First of all, I want to give a lot of credit to everybody else, I mean, you know, I think we are
very fortunate to be in this position and having been on the other side many times as well, I can
tell you that



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<P align="left" style="font-size: 10pt">there is no sort of singularity. I think that the way that we are looking at it is, we
launched SOX practice about year ago, and you know, as a go-to-market, and I will ask Sudip
Banerjee really under whom, it has been launched to speak about it for a moment, but it was just
purely that we saw the spend increasing on the SOX side, and there was an opportunity to go
after. Having said that, with regards to this particular quarter, I also want to be sympathetic
that, you know, while SOX may not have been an industry wide issue, it could be an account
specific issue in several accounts. We have been fortunate that it wasn&#146;t an issue in any of our
accounts, and if it was, it wasn&#146;t as big an issue, and we were able to offset it elsewhere, but
it is definitely an account specific possibility. I will turn over to Sudip who can talk about
the SOX practice.



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



<P align="left" style="font-size: 10pt">We started the SOX practice about little over a year ago, and we saw a market opportunity because
there was a lot of work which companies were wanting to give out to people who had the expertise
to be able to do this documentation, fill in those templates, make sure the reports are as per
the required formats, etc. So we started by developing our own team of consultants, who then did
assessment studies, and finally we started winning projects, and those projects we started
winning about 9&nbsp;months back. The nature of the projects first where purely consulting projects,
which means, 4-6&nbsp;weeks type of projects, but they have now moved on to projects where we are
doing a lot of work for clients, and our entire team on the SOX consulting side has gone up to
over 200, and we are working today with a large number of clients in North America, providing SOX
consulting and SOX execution. We look at this as an opportunity, where we invested early and we
are hopeful that during the course of the next 12-15&nbsp;months, when this activity peaks, we will be
able to realize the opportunity in terms of having fairly good growth from this particular
segment of the market.



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



<P align="left" style="font-size: 10pt">Excellent. Second question I have was regarding the competitive dynamics in which we play here,
especially in Europe as well as in US, I was wondering how is your win rate against the domestic,
I mean, the US based big 5 companies, and how do you see that changing say over the next 11
months to 24&nbsp;months.



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



<P align="left" style="font-size: 10pt">From a competitive landscape standpoint you know I think, you know, just to Vivek&#146;s point
regarding consulting even with the scale that we have achieved as a business, we still as a
company represent a small percentage of the overall IT services market. So to say, you know, what
the broad trends are, I do not know if we could really answer that, I think we
can first look at our own results. I think we are winning against multinationals as often as I am
sure we are losing. We keep the statistics, our win rates continue to grow. Our focus has been
for the past year or so to penetrate deeper our existing customers and on a strategic basis win
new customers that match our ideal client profile so that we can grow and scale our opportunities
within these customers based on a partnership model instead of a transactional and discrete
customer by customer engagement. So, from our own internal view point we are winning more than we
are losing.



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



<P align="left" style="font-size: 10pt">And the last question would be for AHP. I was wondering like on your top 10 customers you have,
you have been getting a lot of deals from them, I was wondering, do you think you may have, those



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<P align="left" style="font-size: 10pt">customers may have totally saturated amount of IT spend they need to outsource and
probably in some situations as another analyst pointed out there may be a trend towards
mutli-sourcing. I was wondering what is Wipro&#146;s strategy to, number one, to probably in some
situation say multi-sourcing as an advantage, and in certain situations pick your single sources,
like in certain customer base, you are primarily almost 80 or 90% of their IT spend, I was
wondering what dynamics you are seeing and how do you see you know this industry evolving over
the next few years.



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



<P align="left" style="font-size: 10pt">You know, just let me give you a broad comment on this, and I will ask Vivek to give you some
more details on this. Frankly, we see a large opportunity in mining our large customers. We think
we are nowhere anywhere saturation levels. We are nowhere near saturation levels vis-&#224;-vis cross
selling across geographies. We are nowhere near saturation level vis-&#224;-vis cross selling across
verticals. And many of our large customers are multi-sourcing now any way. Let me just have Vivek
supplement this answer.



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



<P align="left" style="font-size: 10pt">I think that, Azim pretty much covered it, I think that we are not convinced all that we are
reaching a saturation point either in terms of our share of spend or their overall spend that can
be moved offshore. And also, you could see the demonstration of that in the last quarter, where
the top 10 we have grown about 9&#043; percent, about 9.6%, which is much better rate than what our
average growth has been sequentially.



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



<P align="left" style="font-size: 10pt">In 22 of our top 50 accounts, we had double digit growth.



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



<P align="left" style="font-size: 10pt">I don&#146;t think you should underestimate the amount of shift, which is taking place to global
sourcing versus sourcing in the locale in which these companies are located. There is a major
opportunity in them shifting from partners who have not yet, built up very competent offshore
centers.



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

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Okay, congratulations.</DIV></TD>
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<P align="left" style="font-size: 10pt">Moderator



<P align="left" style="font-size: 10pt">Next question comes from the line of Louis Miscioscia, from Lehman Brothers. Please go
ahead. <BR><BR>Louis:<BR><BR> Yes, thank you. If you look back at the fiscal you just ended, I guess..



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



<P align="left" style="font-size: 10pt">Louis, can you speak up a little bit.



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



<P align="left" style="font-size: 10pt">Sure, is this
better?



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



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



<P align="left" style="font-size: 10pt">Okay. If we look back at the fiscal you just ended, broadly as an industry obviously it was a
fantastic year, but it does seem like growth....



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



<P align="left" style="font-size: 10pt">We cannot hear.



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



<P align="left" style="font-size: 10pt">.... on year to year comparison is growing for many of them...



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



<P align="left" style="font-size: 10pt">I think Louis they are not able to hear, I think you need to repeat the question, talk a little
bit, speak up, little more.



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



<P align="left" style="font-size: 10pt">Or if we have still difficulty, Sridhar, you will have to again repeat it to us.



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



<P align="left" style="font-size: 10pt">Okay not a problem.



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



<P align="left" style="font-size: 10pt">Can you here me now?



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



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



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



<P align="left" style="font-size: 10pt">Okay. Fiscal 05 was a fantastic year for many of the Indian providers, but when you look at
Fiscal 06, it does seem that there growth is slowing year over year and even on a
quarter-to-quarter basis, could you cover maybe top two or three reasons why we are seeing this
slowdown in growth?



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



<P align="left" style="font-size: 10pt">Are you asking about our sequential quarter growth going from lets say 9% to about 6%?



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



<P align="left" style="font-size: 10pt">He is talking about the industrial as such, where he sees the overall growth slowing down in the
past few quarters.



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



<P align="left" style="font-size: 10pt">I think that there is an overall moderation in technology spend. I mean, I think that you had a
bit of a snapback spend last year, which is not there this year, and I think that what we are
seeing is the overall economic environment in the US softening a little bit, I mean, we are
seeing that.



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



<P align="left" style="font-size: 10pt">Would do you think that, for that reason that the most companies would look to cut their costs,
and that the growth at least for something like this with the delta so significant would maintain
a higher level?



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



<P align="left" style="font-size: 10pt">I hate to be overly optimistic. But, if I look at our business and the great value proposition we
have, we are in a great position where, when the business is good for our customers, we do well.
When business is bad for them we do well, and when business is moderate for them we do well. The
only time we do not do well is when there is uncertainty. And, I think right now, nobody is
seeing any dramatic uncertainty, it is just a softening, and in that background I think that
customers are going to continue to push the lever for as much
productivity as they can do to fight off inflationary pressures...



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



<P align="left" style="font-size: 10pt">Okay, any other reasons two or three, do you think there was a bounce back just because of may be
a stagnation going into the election and after the... getting into the election.., unleashing of
more of an active business.



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



<P align="left" style="font-size: 10pt">See, Louis you are inviting me to play economist, which is always dangerous. I truly believe that
we have seen over the last quarter a softening on the consumer spending side and a softening on
the industrial spending side, and if you add on top of that the inflationary stuff has crept it,
companies are beginning to sort of you know tighten their sales, and we are seeing that, and we
are seeing them begin to take a much more cautious stance on spending.



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



<P align="left" style="font-size: 10pt">Just one more quick one on your India and APAC Technology business, which was quite strong, one,
can you explain why it was so strong? And two, would you expect that continuing into the new
fiscal year?



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



<P align="left" style="font-size: 10pt">Suresh, did you get the question.



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



<P align="left" style="font-size: 10pt">Ya, if you could repeat, that would be good.



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



<P align="left" style="font-size: 10pt">Ya, the question is that why are you seeing strong growth in APAC, and how do you see that going
forward this year, coming year?



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



<P align="left" style="font-size: 10pt">See, APAC and Middle East, we have been inventing for about the last three years now, and we
still have a lot of room to grow, lot more we could be doing and we are focusing on it in terms
of making sure that we have all our service lines focused in two specific markets, Australia, and
the middle east. In so far as the India is concerned, I think the market is certainly recovering,
and has done pretty well, and we have kept ahead of the market growth, consistently across all
our services lines, products, services, and software.



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



<P align="left" style="font-size: 10pt">And how do you look at the coming year?



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



<P align="left" style="font-size: 10pt">I think the India market continues to look positive, and we will continue to focus in terms of
making sure that we stay ahead of the market growth. In Asia PAC and Middle East, our presence is
growing, and I think we should be able to keep the same sort of pace in terms of growth.



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


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    <TD><DIV style="margin-left:15px; text-indent:-15px">Okay, thank you and good luck on the New Year.</DIV></TD>
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<P align="left" style="font-size: 10pt">Moderator:



<P align="left" style="font-size: 10pt">Your next question comes from line of Julio Quinteros, from Goldman Sachs, please go ahead.



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



<P align="left" style="font-size: 10pt">Hi gentlemen, this is Winston Lane sitting in for Julio. We just have a couple of question, the
first one, what are the margins in some sense that we need to factor in for the June quarter,
specifically would you provide us some more color on wages, discretionary spending, and then
depreciation trend that you are seeing for the June quarter?



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



<P align="left" style="font-size: 10pt">Our overall guidance is, as you know, we give guidance only for the quarter in terms of the
global IT services revenue only. But I believe, see, like we have been saying the past, there are
many levers on which we would still work on in terms of improving our operational efficiencies.
There are areas in terms of appreciation of the currency as well as the compensation price, which
will impact us. For the quarter 1, that is the coming quarter, our expectation is but for the
exchange impact that it would have, our margins would be flattish.



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



<P align="left" style="font-size: 10pt">Okay, great. Another question. How much more do you think that you can squeeze out from the
efficiency gains that you talk about?



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



<P align="left" style="font-size: 10pt">Let me talk about that. I think that last year we have seen a lot of stretching of the SG&#038;A line,
and I think this year what we are going to see is some re-investment, we are not going to do
much, but I think this may rise a little bit as a percentage of sales. I think that if you look
at the operational efficiencies that come from utilization, that come from the ability to do more
work offshore, that comes from balancing the skill mix and operating projects. I think those are
all areas that continue to be ones that we can push on, and finally what is
really exciting for us is early wins we have had, as we have embraced LEAN techniques into our
software development, we are beginning to see as much as 30% cycle time as well as cost
improvements, and if we can roll that out and capture that benefits, that is of enormous value,
so I think that is one that, you know, one we are going to give up on little bit, one we are
going to sort of continue to push on, and this one is pretty exciting.



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


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



<P align="left" style="font-size: 10pt">Next question comes from the line of Herschel, private investor, please go ahead.



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



<P align="left" style="font-size: 10pt">Hi, now I have a few questions, one is, how exposed are you to the US auto industry and what
impact have you seen?



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



<P align="left" style="font-size: 10pt">You know, we have a fairly strong business in the automotive sectors within our manufacturing
vertical, and that covers customers in the US, it covers customers in Europe and customers in
Japan. One of our clients is in the US, about whom you probably heard or read a lot, which is
General Motors, and we have fairly strong business with them. At this point in time, we do not
see any imminent change in the way that business is moving forward.



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




<P align="left" style="font-size: 10pt">Okay. And the next is, I had bought your shares quite a while back, and they are under
performing from the time I bought, now with this recent news of bonus share issue, I would think
that the share price would go down because there is going to be an over supply and may be the
demand is going to be flat or nearly flat. Now, with this in mind, what kind of confidence can
you instill in individual investors like me to keep us vested with your company, invested in your
company for a longer term, though the outlook for three year or five year period is really good,
but in the short term what would you say.



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



<P align="left" style="font-size: 10pt">I think if you look at the past few quarter we have been able to post a very very decent growth,
both in terms of revenue terms as well as in the net income terms. In terms of margin expansion
that we saw, we have been able to improve upon lot of operating parameters we have been able to
achieve it. If you look at the customer adds, service lines add, and the geography penetration.
I think, all in all, and despite this fact that there is a little bit of moderation in the demand
that we are talking about, we think that offshore continues to be the main thing. The value
proposition of the Indian IT services company
continues to be strong, and therefore in medium to long term, we see a very sustainable momentum
so far as the growth is concerned, and our objective of giving this particular bonus share is
primarily to make sure that we have more number of shares, it enhances liquidity in the system to
be able to ensure more participants in the owning of the company.



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



<P align="left" style="font-size: 10pt">Okay, and in addition to development centers in India, I believe you have a few other development
centers around the world, now what kind of a mix in terms of service offerings are you doing from
those development centers compared to those in India?



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



<P align="left" style="font-size: 10pt">Just to give everybody else a fair chance, I am afraid this will be the last question we will
answer for you. I think that in terms of development centers outside India, we already have
development centers in the US, in Europe. In US we have then Seattle, in Mountain View, and we
have it in New Jersey. And In Canada, we have it in Windsor Canada. In Europe, we have in
Reading, in Kiel and in Munich. And in Asia we have development centers obviously in India as
well as in China. We continue to balance the workload as customers require. We don&#146;t have
religion in terms of country versus another, and depending on where the demand comes in from, we
have been very open to move that around.



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    <TD><DIV style="margin-left:15px; text-indent:-15px">Okay, thanks.</DIV></TD>
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<P align="left" style="font-size: 10pt">Moderator:



<P align="left" style="font-size: 10pt">Your next question comes from Neil Mellquist from Alliance Capital Management. Please go ahead.



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



<P align="left" style="font-size: 10pt">Good morning and congratulations on excellent results. Two questions; one, could you go down a
little bit further into your different levers you have on margin, and which of those whether it
is utilization or the balance of, you know, onshore/offshore, which one, or even the 6 sigma,
which one do you sort of have the most confidence in that you can push more aggressively. That&#146;s
question one. And question two, could you talk little bit, within the pharmaceutical vertical
where you saw that uptick, was it coming from US or European, and any more specifics if you can
make on that would be appreciated. Thanks.



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



<P align="left" style="font-size: 10pt">I will handle the first portion of the question and my colleague Sudip Banerjee will handle the
second portion. In terms of the levers we have as Vivek explained, basically there are four major
levers, which he proposed. The first one is on the utilization, second one is on offshore mix,
and third one is in terms of the skill set mix, and fourth one is on the Lean
initiative. If you look at the utilization for the last quarter, we ended up at 68%, and at the
peak of levels we operated in, if you go back and see in the past is about 71 or 72%, that is the
headspace we have. And on the mix..



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



<P align="left" style="font-size: 10pt">You are talking about the gross utilization right?



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



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



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



<P align="left" style="font-size: 10pt">This is the gross utilization in terms of total head count billed versus total head count being
paid for including the support staff, including the training and everything else you can put
together.



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



<P align="left" style="font-size: 10pt">So on the utilization, we have over 3-4&nbsp;percentage point more, is the peak that we have achieved
in the past. So, that is the headspace we have. And the offshore mix, currently we are operating
at 45%. If you look at the many of our industry peers they are operating around 48-49%. We feel
at least 2 to 3% headspace is there on that front. On the skill-set, last 3-4&nbsp;years we weren&#146;t
there, where we are making progress and will continue to get a good amount of leverage on that
front.



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



<P align="left" style="font-size: 10pt">I am sorry, could you just repeat the offshore utilization again.



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



<P align="left" style="font-size: 10pt">Offshore, currently we are at 45% for the last quarter and we feel there are about 2-3% scope is
there in terms of improving it, may not happen in the immediate term but that is the scope which
is available.



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



<P align="left" style="font-size: 10pt">That is, the revenue mix between offshore/onsite is 45:55 and he says that the peers are doing
48%, so there is a headspace up to 3% for us to go from 45 to 48.



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



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



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



<P align="left" style="font-size: 10pt">And I will ask Sudip to handle the second question.



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



<P align="left" style="font-size: 10pt">Well, pharmaceutical is a new vertical for us, and we have acquired the first few customers
within the last 12&nbsp;months, and between US and Europe there is no particular pattern, they are
pretty much even in terms of the number of pharma customers that we have from the two
geographies. In terms of the prospects again, there is no particular pattern. We are having a
lot of traction. We are seeing traction from both customers in the US as well as from Europe.



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



<P align="left" style="font-size: 10pt">And what sort of functions are you guys doing from the pharma companies?



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



<P align="left" style="font-size: 10pt">Host of activities, we are doing work in the application development and maintenance area. We
are doing work in the package implementation area. We are running a lot of pilots on very
specific pharmaceutical applications like clinical data management.



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


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    <TD><DIV style="margin-left:15px; text-indent:-15px">Okay. Thank you very much.</DIV></TD>
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<P align="left" style="font-size: 10pt">Moderator:



<P align="left" style="font-size: 10pt">You next question comes from the line of Ajay Diwan from Seligman. Please go ahead.



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


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    <TD><DIV style="margin-left:15px; text-indent:-15px">Thank you. My questions have already been answered. Thank you.</DIV></TD>
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<P align="left" style="font-size: 10pt">Moderator:



<P align="left" style="font-size: 10pt">Okay, we will move on. Your next question comes from Bhuvnesh from CSFB, please go ahead.



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



<P align="left" style="font-size: 10pt">Hi sir, congratulation on good results. It is Bhuvnesh from CSFB. I was wondering that this
quarter our forex rate, the US dollar to rupee rate, suddenly dipped significantly. What was the
reason for that?



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



<P align="left" style="font-size: 10pt">Ya. The reasons primarily are three factors. One is the drop in the spot rate. Quarter ending
December, the average spot rate for rupee-dollar was 44.70, which dropped to about 43.70 for the
quarter ending March. The second factor was that there was similar significant drop in the rate
of currency for crosses, which is pound, sterling and the Euro. And the third reason was that as
we had taken the covers earlier, the rates at which we had the covers mature now are getting
progressively at lower rates. These three factors have contributed to the overall decline in
rate.



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



<P align="left" style="font-size: 10pt">But, if I may supplement, I think relatively it looks little higher decline because in quarter
ending December the rates were far superior in comparative terms as a result of which the data
looks higher.



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



<P align="left" style="font-size: 10pt">If I may just ask for a clarification, see, our forex rate, which we take is just based on the
forward rate which we have contracted earlier, and it was 45.1 last quarter. This quarter
suddenly dropped to 43.8. So, that seemed a significant fiscal drop to me as such.



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



<P align="left" style="font-size: 10pt">Ya, Bhuvnesh, the only...



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



<P align="left" style="font-size: 10pt">That was the Indian GAAP rates.



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



<P align="left" style="font-size: 10pt">The issue that you are missing out is that, what we have covered was primarily on the
rupee-dollar leg. We have close to 20% of our revenues are billed in non USD currency, those legs
are not covered, they are open to the fluctuations in the market. For instance, the average rate
on the pound sterling in the quarter ending December was 1.92 to 1.93 to the dollar. In the
quarter ending March was close to 1.87 to 1.88. Similarly, on the Euro, it dipped from about 1.33
to the dollar to about 1.27 to the dollar. So,



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<P align="left" style="font-size: 10pt">these significant movements on 20% of revenues coupled with a similar appreciation on the
dollar, all added to making this particular move.



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



<P align="left" style="font-size: 10pt">Can you just clarify that how much this movement, what was its impact on our margins. How much it
impacted our margin side?



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



<P align="left" style="font-size: 10pt">Basically on the margin front, the appreciation of currency impacted operating margins by 0.8%.



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


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    <TD><DIV style="margin-left:15px; text-indent:-15px">Okay. That&#146;s fine. Thanks a lot.</DIV></TD>
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<P align="left" style="font-size: 10pt">Moderator:



<P align="left" style="font-size: 10pt">We have time for just one last question, and it comes from line of Mayank Tandon from JMS. Please
go ahead.



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



<P align="left" style="font-size: 10pt">Thank you. Lan, I just wanted to get some clarity on that rupee-dollar impact. That is a negative
0.8% on the operating margin line, is what you said?



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



<P align="left" style="font-size: 10pt">Yes, that is right. On the operating margin line, but if you include at segment level, we have
include the currency and account for the changes between the Indian GAAP and the US GAAP, it kind
of gets negated for forward contracts between Indian GAAP and US GAAP on cash-hedge accounting.



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



<P align="left" style="font-size: 10pt">Okay, so on a consolidated basis, it is 0.8% negative percent impact on the operating line?



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



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



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



<P align="left" style="font-size: 10pt">Okay, and just if I could also get one more housekeeping item, could you or Suresh, please give
us the diluted share count that we should use for US GAAP purposes for the quarter-ended March?



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



<P align="left" style="font-size: 10pt">For the quarter ended March, going by the segment table, the rate you need to assume is 44.44.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -7:15 PM IST, April&nbsp;22, 2005<BR>
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<P align="left" style="font-size: 10pt">Mayank:



<P align="left" style="font-size: 10pt">I am sorry, the share account, the diluted share account.



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



<P align="left" style="font-size: 10pt">Diluted share account, I will just give it you in a moment.



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



<P align="left" style="font-size: 10pt">Well, the split will be impacted much later after the shareholder&#146;s approval, and this will be
sometime in about July-August timeframe. So, the number of shares outstanding will continue to be
broadly same as it was as of December end.



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



<P align="left" style="font-size: 10pt">Diluted shares for the year ending March&nbsp;31, is 699.92&nbsp;million shares.



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



<P align="left" style="font-size: 10pt">And that is what we should use for also the quarter ended March, just to be clear because it will
give us 15 cents in terms of GAAP EPS.



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



<P align="left" style="font-size: 10pt">We will just come back to you.



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



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



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



<P align="left" style="font-size: 10pt">If you don&#146;t mind, I will give you offline that information to you.



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



<P align="left" style="font-size: 10pt">Sure, just a final question here. Vivek, if you could please comment on Transco, your biggest
account, obviously this quarter seemed to actually grow almost in line with the company or little
bit lower and also if you could just talk about your BPO initiative that I think you mentioned
upfront in your initial comments. Thank you.



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



<P align="left" style="font-size: 10pt">Sudip Banerjee here. On Transco, you know, we do not have any specific comments on individual
customers. In general, I think we have had very good growth in all our top 10 customers, and the
volume growth for the top 10, average of the top 10 has been 9.6%. I will hand over to Raman for
the BPO.



<P align="center" style="font-size: 10pt">Q4 &#038; Full Year 2004-05 Earnings Call -7:15 PM IST, April&nbsp;22, 2005<BR>
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<P align="left" style="font-size: 10pt">Raman



<P align="left" style="font-size: 10pt">See, on the BPO strategy, at this point of time, out of the 24 customers that we service for BPO
business, about 38% of that business is the existing customers of our technology business. Also
in terms of the pipeline and what we are seeing and the traction that we are seeing, that is with
the existing technology customers. Customers are looking at higher value add and they are bring
in needs for transaction processing kind of business where the domain knowledge, which we have
demonstrated on the IT side of the business, they want to leverage that on the BPO side of the
business. So, what we are looking towards doing is consolidating that need and presenting a
single front to the customer as we transform our business towards the non-voice side of the
business in line with needs of our customers.



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



<P align="left" style="font-size: 10pt">Ya, and just to give the data that you asked before. For the quarter, the weighted average
diluted shares were 703&nbsp;million.



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



<P align="left" style="font-size: 10pt">Okay, that is very helpful. And, just one last question, can you comment on the hiring plans for
fiscal 06, at all, even broadly just in terms of how it breaks out seasonally as you look at
campus versus lateral recruiting.



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



<P align="left" style="font-size: 10pt">We do not specifically give any guidance with respect to the hiring plans, but all we are saying
is the guidance that we have given will be more volume driven and consequently the hiring would
be to the plan. And so far as the mix of lateral and fresh is concerned, we already have been
improving the percentage of mix of reduction in the lateral hiring, more of the fresh hiring. And
year on year, we have been able to improve it by about 10 to 15%, and we will continue to
optimize on that lever.



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



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



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



<P align="left" style="font-size: 10pt">If we don&#146;t have any other questions, I think. thank you very much. Do you have any other
questions operator?



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



<P align="left" style="font-size: 10pt">No, we do not.



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



<P align="left" style="font-size: 10pt">Okay. Thank you very much, and if you have any further questions, please do get in touch with me
on my cell phone and the entire proceedings are being archived, over to the operator.



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



<P align="left" style="font-size: 10pt">Ladies and gentlemen that does conclude our conference for today. Thank you for your
participation and for using AT&#038;T Executive Teleconference. You may now disconnect.



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<P align="right" style="font-size: 10pt"><B>EXHIBIT&nbsp;99.6</B>

<P align="center" style="font-size: 10pt"><U><B>April&nbsp;22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the<BR>
quarter &#038; year ended March&nbsp;31, 2005</B></U>



<P align="left" style="font-size: 10pt"><B>Dow Jones<BR>
Interviewee: Suresh Senapaty, CFO-Wipro Limited</B>


<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>How are you doing in terms of billing?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Billing rates, we had a short fall. There was a reduction in the billing rates,
both in the onsite as well as offshore. But we have customers with better pricing.



<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>How about getting new customers?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Increase in the count has been decent. We have added 41 new customers.



<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>What has been the increase in the headcount?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>We have added 1333 people in the BPO business and 1187 people in the IT Service.



<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>Do you have any plans for giving salary hike?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>There was a salary hike given in October &#150; December. In spite of the hike we were
able to reduce the cost per person. Currently we don&#146;t have plans for the same



<P align="left" style="font-size: 10pt"><B>Dow Jones: </B>What is the outlook for the future? Do you have any specific plans for expansion?



<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>There is no specific decision towards that direction. The environment is decent
for offshore to be the main stream as more and more customers are even looking forward and the
trend is also in this direction. We also have been able to grow existing account by 9.6% (top 10).
Top 22 accounts have given double digit growth



<P align="left" style="font-size: 10pt">Indian IT in APAC shows good growth. WCCLG, Lighting, and WFP also show good growth.



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<P align="right" style="font-size: 10pt"><B>EXHIBIT&nbsp;99.7</B>

<P align="center" style="font-size: 10pt"><U><B>April&nbsp;22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the quarter &#038;<BR>
year ended March&nbsp;31, 2005</B></U>



<P align="left" style="font-size: 10pt"><B>Reuters<BR>
Interviewee: Vivek Paul, Vice Chairman &#150; Wipro Limited</B>


<P align="left" style="font-size: 10pt"><B>Reuters</B>: Do you think technology spending will bounce back.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: That is right. I mean, when we said last quarter, that the growth in technology
spending was coming down this year, there were not a lot of takers of our position. And the
advantage of having said that early was that we were able to trim our sales in the direction we
needed to, to get the growth. If you think about this quarter, you have the highest ever billed man
month position, ever. You have a volume growth on IT side of 8.6%, and really what drove it is
because we saw that there seemed to be not a reduction in spending but a slowdown in the rate of
growth of spending. What we did is to focus hard on mining our existing accounts. And so if we
look at our existing accounts, it is pretty interesting. You will see that the number of customers
greater than 1&nbsp;million, greater than 3&nbsp;million, greater than 10, greater than 20, all those numbers
grew. So, as a result what we saw was good account only.



<P align="left" style="font-size: 10pt">If we look at our top 10 customers, they on average grew faster than the overall Wipro Technologies
have. So that means that we got more from our top 10 customers. And if you look at our top 50
customers, more than 22 customers grew more than double-digit sequentially. We saw that there was
some reduction in technology spending and we used that sort of anticipation to go after our
existing customers and that paid off for us.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>That means, you just ramped up the whole deals rather than spend management time on
getting ...



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>We had 41 new accounts, very high number. So, we did get new deals. But we knew that
the revenues we were counting on was going to come from existing accounts and that is where we went
to.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>What about the pricing because I know that last quarter you had said there was improvement
in pricing has there been a further sustaining of that?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>No, so the pricing actually came down this quarter, and the reason it came down had
nothing to do with price negotiations. It had entirely to do with the mix of business. Because
existing accounts pricing did not come down and new account pricing continues to run at a nice
premium to existing account pricing. What we saw was that the mix of our business in terms of
higher value added services as well as the mix of business in terms of fixed price projects came
down. So, to us, quarterly it is going to shift around. So, you cannot really call it
specifically, but the realization came down on a quarter on quarter basis. After many quarters of
going up, this time it was more a mix issue than a pricing issue.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>In simple terms because you mentioned fixed price and you mentioned new accounts, so
basically it is because we are shifting gears towards ...



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>No, it is transient. One thing is, it is not a trend. It is an outcome of whatever
happened. So, there is a difference between realization and pricing. Because if I buy these two
things and these costs more, this costs less, my average price is higher. But if I stop selling
this,




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<P align="left" style="font-size: 10pt">my average price falls. That does not mean that the price for this fell. So, that is the
difference between price and realization. So, our realization fell but not our pricing. Our
pricing for existing accounts continue to be better than the..



<P align="left" style="font-size: 10pt"><B>Reuters: </B>So there is no demand side pressure on that.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Yes, that is right. So, what we had was the mix of business drop; higher value added
services drop.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>Where are we on salary hikes? In October you had affected some. Has there been further
cost rise this April?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>No, I think that we are planning to do in mid October.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>But it does not affect you that you are in the company of those where hikes are given
recently?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>No, every company has its own cycles. We have ours, at the October cycle. I do not
worry about that.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>No immediate hike plan?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>No immediate hike plan. If you think about one interesting factor that over the last
year we were able to manage was the skill mix of our business in a way that despite the salary hike
our cost to company of the average employee was lower in Q4 than in Q1. So basically, if you can
manage the pyramid, flatten the pyramid a little bit more, you can actually get a lower salary hit.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>Basically that you have the cream and the bottom of the pyramid gets balanced out in an
optimal way.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Exactly, exactly. Coming back to the growth side, I just pick on three sorts of things
that stood out as highlights. On the vertical side, we saw our financial services business do
really well, and telecom is doing very well. On the geography side, we saw Europe do very well.
And on the practice line side, we saw testing business do very well.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>What about Europe versus America, is there any number mix that you want to mention?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Not an exact number mix but certainly Europe grew almost at double-digit rates. If I
was to round up, I could say 10%



<P align="left" style="font-size: 10pt"><B>Reuters</B>: Double digit, is year on year?



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



<P align="left" style="font-size: 10pt"><B>Reuters: </B>Talking of financial services, you know, Infosys has said something about Sarbanes Oxley
slowing down orders because managers and bandwidth is too preoccupied there. How do you see that,
does Wipro make any say out of that?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I think it is more an account specific issue perhaps than industry issue. I am not sure
that we have that same account in our customer base



<P align="left" style="font-size: 10pt"><B>Reuters: </B>So, basically US accounting need not necessarily hold up industry demand as such in that
sense. You were talking about price realization. The margins essentially aside from the factors
that you mentioned product mix or the service mix you want to call it, what is affecting the
margins.




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<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>First of all if you look at the year, our earnings grew 68%. So that is not a bad
situation to be in. And if you look at the margin growth, you know, in percentage terms, our
margin improved by 4.5%, that is a lot over one year. I am just giving you the first one-year
number, 68% year-on-year growth in our absolute margins. 4.5% improvement in OM percent.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>That is 21.5% a year ago roughly, or 20.5%.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I will give you that number. If you look at this quarter per se, what we saw was the
drags were the pricing, plus more offshore work, continued rebalancing of the skills, and better
utilization. And as a result if you look at the IT side of the business, on a quarter-on-quarter
business, our operating margin actually improved.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>In plain English it means efficiency has made up for any drags on pricing or currency.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Exactly, in the IT business. On BPO , it went the other way. It came down but on the
IT side, perfect the way you said.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>I have separated the Spectramind part because there is no point in adding apples with
oranges... even if they in revenue terms.



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



<P align="left" style="font-size: 10pt"><B>Reuters: </B>So what happens in Spectramind? Because, last time you were worried about the attrition,
is it 90% and odd. Where is Spectramind right now in terms of attrition



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Attrition rates annually haven&#146;t changed. So, they have not improved and we are still
struggling with that. And as I mentioned earlier, we did see both revenue slow down and a margin
decline on a quarter-on-quarter basis.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>Growth decline, you mean growth rate decline...



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Forget that, that is too complicated, people do not understand. So we should say that
you know we saw moderate growth and we saw a drop in margins.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>So that means Spectramind continues to be slow, except that you added new staff. So I
thought may be things were looking up because I think in the previous quarter even staff addition
had seemed to have come down?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>No, unfortunately even though we did add more staff, utilization fell. So that is why
the, the operating margin fell....



<P align="left" style="font-size: 10pt"><B>Reuters</B>: Coming back to one question in outlook terms in pricing, do you see further scope for
improvement ?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>You know, pricing we have always maintained a view that even though we have the best
performance in the industry in the past several quarters, we have never allowed ourselves to get
optimistic about that. Our view is very very opportunistic. We will manage this on a day-to-day
basis in a way that optimizes our overall growth and profitability. So we just refuse to get too
optimistic. We have always maintained that we have been taking this to the bank every quarter.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>So that means you are just watching space, but do you smell something?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>On a head-to-head pricing basis, so far there has not, we have not seen any danger
signal to worry, either from new accounts or existing accounts





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<P align="left" style="font-size: 10pt"><B>Reuters: </B>What about positive signals, because that is what right now people seem to be looking for.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Positive signals are scarce. You know, you have to sneak a price increase by. You
cannot negotiate a price increase. And by sneak, I do not mean it in a bad way. I mean, in a way
that gets a higher mix. Change some of the contract terms rather than have a head to head
negotiation.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>Tweaking at the edges rather than...



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Exactly. So, that is a good way to put it, I mean I tweak...



<P align="left" style="font-size: 10pt"><B>Reuters</B>: So stable is the word. If you don&#146;t see danger and no positive signals, you know it comes
to a stable environment. And what about the rupee &#151; that this quarter it has been hardening but
that has been very minor. So, is rupee worries behind you ?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: No, I will tell you it is &#151; that is just anybody&#146;s guess. You think rupee has settled
down then you wake up in the morning and you read that China is going to re-value shortly. What the
hell does that mean for the rupee... I don&#146;t know, I can&#146;t make sense of it.



<P align="left" style="font-size: 10pt"><B>Reuters</B>: What about coming back to the hard core high margin business. I am talking about R&#038;D and
embedded services in IT. How do you see the outlook? Because you know during the slow down Wipro
nearly reinvented itself to become more heavy IT enterprise kind of a company. But now you seem to
be doing well again in the embedded and R&#038;D. What is the outlook on that in terms of milking the
market and how it bounced back, general?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Well, if you look at the embedded business, it is really interesting, it is sort of a
joy of anticipation which is that because we saw the softness in semiconductor, we actually made
that up by driving harder into the computing platforms business. That is how we were able to get
that growth. What we are seeing is that looking forward, the growth is going to be moderate. So,
given that what we are trying to take a look at is what are the new areas that we can go into, for
example, our professional services for telecom equipment manufacturers and the installation and
management of their equipment. So we are trying to identify new areas to go after. We are trying
to continue to expand that footprint that we have so that in a moderate spending environment, how
can we keep using the values that we bring for maximum growth.



<P align="left" style="font-size: 10pt"><B>Reuters</B>: That means within the equipment&#146;s and R&#038;D space, you are looking for more product mix
story rather than a simply ramp up story in that business. And just one more point. It is
basically an efficiency story and with existing customers being ramped up.



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: And in the context of the market place, it really is a very decent growth rate.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>Outlook on hiring, what do you think this year will be?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Hiring is purely driven by business. We do not give an annual guidance on the revenue,
so it is tough for me to say. We do not hire to inventory, we hire to demand. So, as much as the
demand is we hire to that.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>Sarbanes Oxley does not seem to have worried you at all; does it worry you in any way?



<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: No it doesn&#146;t. I think it is customer specific.



<P align="left" style="font-size: 10pt"><B>Reuters</B>: I am talking about as a service provider rather than a company?





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<P align="left" style="font-size: 10pt"><B>Vivek Pau</B>l: May be it will come up. As I said, I think it is an account specific rather than
industry specific.



<P align="left" style="font-size: 10pt"><B>Reuters: </B>Do you see an opportunity there, given that it is so much of business process and IT
related?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>We have got pretty successful Sarbanes Oxley practice. So we do sell that services and
we have done quite well at it actually. Quite a lot of investment in different tools.




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<P align="right" style="font-size: 10pt"><B>EXHIBIT&nbsp;99.8</B>



<P align="center" style="font-size: 10pt"><U><B>April&nbsp;22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the<BR>
quarter &#038; year ended March&nbsp;31, 2005</B></U>



<P align="left" style="font-size: 10pt"><B>CNBC<BR>
Interviewee:<BR>
Vivek Paul, Vice Chairman, Wipro Limited<BR>
Suresh Senapaty, CFO, Wipro Limited<BR>
Raman Roy, Chairman, Wipro BPO Solutions Limited,<BR>
Sudip Banerjee, President, Enterprise Solutions, Wipro Limited</B>


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



<P align="left" style="font-size: 10pt"><B>CNBC</B>: It is time for Wipro. That&#146;s what we are going to discuss over the next few minutes because
the results are out and we&#146;ve the top management with us, Vivek Paul, Vice Chairman of Wipro, and
we have got Suresh Senapaty, Chief Finance Officer also joining in. In a bit we will also be joined
by Sudip Banerjee and Raman Roy of Wipro, BPO.<BR><BR>
Vivek, Suresh, good morning to you. Let me start with you Vivek. We&#146;ve seen good volume growth in
this quarter but a little bit of margin compression. How would you sum up what has gone through in
Q4.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>If you go back to the last quarter we talked about the fact that the spending in
technology growth was going to come off a little bit. In other words we would be seeing a moderate
spending environment, and the joy of anticipation is that you can take action in advance. So we
focused on our existing accounts, and as a result, a lot of our volume growth came from existing
accounts. We were able to grow virtually every category of account greater 1&nbsp;million, greater than
5, greater than 10, greater than 20. Something like 22 out of our Top 50 customers grew at a
double-digit sequential growth. What we were able to do was go after the existing accounts. If I
can just highlight by verticals, what we saw was financial services did really well for us this
quarter on a sequential basis as well as Telecom. On the practice line side, the testing business
unit did really well. And in geography, Europe was an outstanding winner for us. So we got good
growth along those lines. If you look at the operating margin line, we kind of had a balance. We
got actually operating margin improvements on the IT side off set by some declines on the BPO side.
Improvements on the IT side were driven primarily by the fact that you had utilization and offshore
improvement.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Suresh, good morning to you. Could you just take us through the complete margin picture?
Because I believe realizations have come up a little bit sequentially and off course the foreign
exchange side might have contributed to a little bit of dent there as well.



<P align="left" style="font-size: 10pt"><B>Suresh Senapathy: </B>We have said in the past that we continue to concentrate on the operating
efficiencies. We got that well on the offshore mix. We did well in terms of utilization and
various other parameters. Yes, we did have an adverse impact vis-a-vis the exchange which was about
80 basis points, and also we had a little bit of service mix related, or fixed price related,
little bit of price drop, that had an adverse impact. Net-net we have been able to contain the
overall margin decline to about 0.8% and I think going forward we will continue to have a fair
amount of flattish kind of an operating margin but for the exchange gains.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>If I may just add here on the pricing comment that you made. Actually, we have this
discussion every time &#151; it is really realization not pricing. On a head-to-head basis, we saw no
pricing declines. Our new accounts, our new business keeps coming in at a pricing that&#146;s higher
than the average existing. What we saw was that the realization fell this quarter on a quarter on



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<P align="left" style="font-size: 10pt">quarter basis related to two things, one is the mix of our business that comes in fixed price
projects, and the second is that we had a drop also in terms of the growth in the higher revenue
per employee lines.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Vivek, I will come to your Q1 guidance in a bit but just do speak your mind about FY06. I
know Wipro does not give specific guidance for the full year ahead, but in terms of volumes and
pricing trends, simply trends, what do you see ahead as you go into the new financial year?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I think that it is pretty consistent with what we said last time. We think that
technology spending is going to be moderate. We think that on the R&#038;D side particularly we are
going to see not the snap back that we saw, For example, if you look at the last quarter, we said
that semiconductor would see softness, but we still did reasonably well on the embedded side,
primarily because of the joy of anticipation. So, as we saw semiconductor was softening, we pushed
hard on the computing platform side and we were actually able to get growth. I think that the
environment for next year is what you might call an operating managers joy. Moderate growth, the
ability to have enough levers to be able to drive operational improvements and continue to try and
gain share by adding service lines.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Vivek, morning. Just getting back to the point that you made about pricing, give us a sense
of what we can expect from the quarter ahead because there has been a downtick in billing rates
onsite and offshore. You think of some stickiness there?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Again, I would like to make sure that it is not a pricing issue, it is a mix issue. So
it is not the realization rates rather than the billing rates. On a pricing head to head comparison
there has not been a pricing drop. If you think about the last several quarters, Wipro has had the
best performance in terms of pricing or realization improvement, but we have always maintained that
this is one thing that we will take to the bank every time we can, but we are absolutely not going
to count on it.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>The growth in the global IT Services, Vivek, did it face any compliance issues, SOX, the
Patriot Act, has that put a little bit of dent in the growth in IT services for you?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>What we see is that is more an account specific issue rather than industry general
issues, and we have been fortunate that the account mix we have had that has not cropped up as an
issue.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Suresh, just want to get you back on the margin outlook, you said flattish margin outlook.
Is that just for the quarter or for the foreseeable future, you think you can hold on to that 25%
number, give or take just a few basis points?



<P align="left" style="font-size: 10pt"><B>Suresh Senapathy: </B>We will keep to our guidance for a quarter, particularly in the revenue terms.
So we really do not get into the full year guidance at all.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>On the foreign exchange side, could you just take us through what you are doing right now,
are you cutting any of your hedges because the dollar snapped back? Have you had any reason to
change your forex management strategy?



<P align="left" style="font-size: 10pt"><B>Suresh Senapathy: </B>I think we are staying on course. We are not the experts to say that what rupee
dollar movement would be, and for the basic reason that we are not in that game, we do hedge
forward. We also have an accounting policy to match with that. As of 31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of March we
had about $503&nbsp;million of hedges over and above that has been assigned to the outstanding positions




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<P align="left" style="font-size: 10pt">on the balance sheet in terms of receivables, etc. They are fairly at a 43.50 to 44.20 levels and
they will come into the balance sheet, P&#038;L as and then those kinds of assignments fall due.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Suresh, morning. Any pressure on the margins coming in from the salary front? I know that
your hikes came in largely in the third quarter, but anything that has fallen through or filtered
through into the fourth quarter as well?



<P align="left" style="font-size: 10pt"><B>Suresh Senapathy: </B>Yes, you are right, that the increases were given in the quarter ending December.
There was nothing much done in Q4, and as of now it looks like we will get into a review down the
line, and there is no specific day that we have assigned in terms of when will look at these new
compensation increase.



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>If I may just add, one of the things that we tried this year was to manage the pyramid
if you will, to be able to get a lower cost to the company of an average employee. And even though
we had salary increases as we mentioned in the last call of 12-15%, our average cost per employee
for the quarter four was actually lower than the average cost per employee on the quarter four of
last year despite these salary increases.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Vivek, are you seeing any kind of ramp down on any of your key clients? When you look at your
basket of Top 10 clients, essentially more than $5&nbsp;million clients, do you see any sense of ramp
down at all for any reason?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Really searching for down sides, aren&#146;t you? You work with multiple customers;
obviously you&#146;re going to have some ups and downs. The key is how you manage the portfolio. The
beauty of our model is that we have the mix of all the businesses across verticals, across service
lines, across geographies, and so it&#146;s the portfolio factor that really we should look at.



<P align="left" style="font-size: 10pt"><B>Suresh Senapathy: </B>And if I can supplement, the top 10 customers have grown about 9.6%, which is
higher than the average sequential growth that we had for last quarter.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Any new additions in this quarter Suresh that have filtered into or gone into your top 10
now?



<P align="left" style="font-size: 10pt"><B>Suresh Senapathy: </B>We had about 41 new customers added on quarter ending March&nbsp;04-05, which is very
decent compared to the earlier quarters, and this has been fairly across in terms of both the US
geography as well as Europe and also across the verticals whether telecom OEM, financial services
or even enterprise space.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Vivek, you talked about Europe being one area where you have seen a fair amount of growth.
Take us through the picture you&#146;ve also seen in India and in the APAC region, is that area also
growing as a market now for Wipro?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>Absolutely. If you think about the growth that we have had in the Indian side, it has
been very much in line with what we are seeing as a big industrial recovery and a big spending
increase in this domestic market. You know, in some sense I think that you will see more and more
that the Indian presence that Wipro has will continue to be a source of great strength.



<P align="left" style="font-size: 10pt"><B>Suresh Senapathy: </B>Year on year the Indian IT business has grown about 32%, much ahead of the
industry. Particularly in the service lines part of the business, the growth has been significantly
higher at about 36%.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Vivek, just take us through what kind of capex you plan for 2006 and what kind of employee
addition picture do you see going into the New Year. It will give us some sense of how optimistic
you&#146;re feeling about this.



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<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>The reality is we are a cash-rich business, which is why we had the big dividend as
well as we continue to generate lot of cash. So the question we always ask ourselves is how can we
deploy this most productively. Nevertheless, we are not letting it get us into a position where
because we have cash in the pocket, we begin to feel an urge to spend it. As far as Capex is
concerned over the past few years I think we have made investments that were, very tight. I think
this year we want to loosen up a little bit in terms of spending more on infrastructure in
anticipation of future growth. On a capex perspective, we will probably see an increase. I don&#146;t
want to give an exact number because we don&#146;t give guidance on capex. As far as hiring is
concerned, again, you know, same line we have had many times before which is we do not hire to
inventory, or we do not hire to bench, we hire to demand. So it really is purely going to be a
matter of how much we grow, how we continue to manage recruit to induct cycle time, and that
continues to come down.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>When you sat and spoke to us in April&nbsp;2004, how are you feeling right now about the business?
Any changes at all with one year having past?



<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>You feel like a year older. So, I think that and I mean that both personally and as a
company. The reality is that this business is beginning to reach adolescence. So the growth curve
is still there. You are still seeing that opportunity, but now it is not sort of as easy to
collect up all that. You have a bigger base to work on. You have got more customers to work with;
you have got growth issues to resolve. So it is beginning to feel more sort of repetitive in some
sense. You might argue it is almost getting boring coming to the same thing again and again and do
it really well and do it without faltering.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Well I never thought that adolescence was boring at all Vivek, but I thought you were talking
about that in a professional context rather than personal, right? Thanks very much both of you for
joining in. We will see you next quarter again as always. Thanks very much for that chat. We
will come back after this break and carry on with Wipro but this time with Raman Roy of SpectraMind
and Sudip Banerjee.



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



<P align="left" style="font-size: 10pt"><B>CNBC: </B>We have just been talking to Vivek Paul of Wipro and Suresh Senapaty and they have pretty
much taken us through the volume, price, and margin picture for Q1 and for the year FY06. It is
time now to move on to the next leg of the Wipro Board Room. We have got Raman Roy, President of
Wipro BPO, and Sudip Banerjee who is President of Enterprise Solutions at Wipro. Raman, let me
start with you. Last quarter you were not feeling terribly good about Wipro BPO as you call it
now. What&#146;s been the picture in Q4 and how is it looking going forward?



<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>We have had a reasonable quarter; we showed a 38% growth against the same quarter last
year. We ended the year with 56% growth. We anticipated and worked on the change of strategy that
we articulated last time to say that we will go more for the non-voice business. That is where we
saw the future, and we had indicated that we will see a bit of a subdued quarter and we came across
along those lines slightly better. We added about 1300 plus employees and things are looking good.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>That&#146;s a bit of a departure from what you said last time, Raman. You spoke about people
issues, the employee hiring, and how difficult that is getting. Have things changed or are you
pretty much seeing the same thing as you told us last time that things are not so easy?



<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>Things are not easy. We are not getting as many employees in as much state of








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<P align="left" style="font-size: 10pt">readiness. Our average to train people has gone up because of the quality of the hires that we are
seeing. As on 31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> March, we have more than 4000 people in training, which is a large
number out of a base of little over 15000. So our investments into the training are increasing.
But are we able to get them to an international level, yes, we are, and we are being able to
service the needs of the customer. We are very delighted to see that on a global platform we are
tracking as number one or number two for majority of our customers



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Raman, good morning. Aside from not getting enough employees, there was also an attrition
rate that was concerning for you. Has that stemmed a little bit in this quarter. Give us a
picture in terms of your attrition?



<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>We had a decline in attrition for this quarter, the decline that equates to about little
more than 11% on an annualized basis as a decline, but attrition continues to be an issue. We had
22.8% attrition for this quarter, and that continues to be an element of concern. The only good
news is that against the last quarter we are seeing a decline, but there is still a lot of distance
to cover. A large portion of our decline, which is about 9.7% of the attrition happens during
training, which is where people do not measure up to the needs that we have on an international
platform, and we need to focus on finding ways to get the right kind of raw material to feed the
international market place.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Is that a cost concern for Wipro BPO, Raman, training issues as also attrition versus
retention measures?



<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>Yes, obviously. All of this impacts cost because we pay a salary to our staff while we
train them, and if they do not measure up to the needs and there is an attrition, whether voluntary
or involuntary, that impacts the cost.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>Sudip, good morning to you. Vivek spoke a little bit about the kind of change in mix that
might be happening out there and also the fact that a large part of the growth in this quarter came
from existing clients. Could you just elaborate on those two aspects?



<P align="left" style="font-size: 10pt"><B>Sudip Banerjee: </B>As you heard earlier we had volume growth of about 8.5 to 9% sequential quarter on
quarter and that has come across a broad range of existing customers. Our Top customers all grew.
And the top 10 customers grew much faster than the other customers. So if you recall the last time
we were here, we mentioned about our top customers, the top 10 customers which were not growing in
that quarter very well. This quarter we had a complete reversal of that. We had very strong
sequential volume growth which was led by growth in our top 10 customers, and that was spread
across all industry verticals.



<P align="left" style="font-size: 10pt"><B>CNBC: </B>When you look ahead into FY06, do you think your vertical composition as part of your revenue
composition will change significantly, the kind of signals that you are picking up at this point?



<P align="left" style="font-size: 10pt"><B>Sudip Banerjee: </B>I don&#146;t think the vertical composition of revenue next year will change that much
because what is happening is that we are seeing strong growth across all the enterprise verticals,
you know, financial services had an outstanding year and they continue to grow. Retail had a very
good year as well. The travel and media sub-segment grew very fast, and we are finding new traction
within manufacturing and sectors like automotive and pharma. So we do expect that across the board
all our verticals will show healthy growth next year, and therefore the overall composition as it
stands today will more or less be the same as we go into 05-06.



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<P align="left" style="font-size: 10pt"><B>CNBC: </B>Here is the point that was made by the Chairman of Wipro himself saying that perhaps going
ahead this is the end of mega deals. What is your sense? Are you sensing that there is a change
in the kind of deals and contacts you&#146;re getting into with new clients now?



<P align="left" style="font-size: 10pt"><B>Sudip Banerjee: </B>Yes, I think what is really happening is that clients are seeking out long term
partners. So they are not giving large 100&nbsp;million or 200&nbsp;million deals at one go, but they are
rather selecting two or three partners and then working with them in many-many deals. So that is
one change from the past. The other thing that we are noticing is that across industry verticals,
we are adding healthy customers in each of these industries. For example last quarter we added
seven customers across manufacturing and within manufacturing in sub segments like automotive and
pharma, we added about five in retail, we added about four or five in travel and media sub segment.
So every sub segment we are adding customers, and all these customers are very large organizations
who are seeking partners with whom they think that they will get into a long-term relationship.



<P align="left" style="font-size: 10pt">CNBC: Sudip, Raman, we will leave it there today. Thanks very much as always for talking to us.
Sudip, Raman: Thank you




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<P align="right" style="font-size: 10pt"><B>EXHIBIT&nbsp;99.9</B>



<P align="center" style="font-size: 10pt"><U><B>April&nbsp;22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the<BR>
quarter &#038; year ended March&nbsp;31, 2005</B></U>.



<P align="left" style="font-size: 10pt"><B>Newspapers: Economic Times and Times of India<BR>
Interviewee: Suresh Vaswani, President , Wipro Limited (Infotech Division)</B>


<P align="left" style="font-size: 10pt"><B>Media Person: </B>Please tell us about your performance this year?



<P align="left" style="font-size: 10pt"><B>Suresh Vaswani: </B>Wipro Infotech recorded good performance for 04-05. For the first time, we crossed
Rs.100 crore profitability mark and Rs.1000 crore net sales.



<P align="left" style="font-size: 10pt">For the year ended March&nbsp;31, 2005, Wipro Infotech recorded Revenues of Rs.13.96&nbsp;billion
representing a growth of 43% year-on-year. Profit before Interest and Tax at Rs.1042 Million grew
by 32<B>% </B>year-on-year<B>. </B>Services business contributed to 35% of total Revenue during the year.
Services revenues grew by 49% compared to the previous year, fuelled by growth in Software
Solutions, Infrastructure Management Services and Consulting. Products revenues grew by 40%
contributed by growth in manufactured PCs, platform and networking businesses. The APAC and ME
revenues grew by 85% compared to previous year.



<P align="left" style="font-size: 10pt">Key Wins for the quarter include first of its kind Business Strategy Consulting project for a FMCG
company in consulting business, one of the first public sector bank SAP HRMS implementations for
Indian Bank, implementation of an eProcurement solution in Municipal Corporation of Delhi, NTPC and
BEST and a complete call centre implementation at Centurion Bank. For the year we won 30 contracts
in Asia pacific, 43 contracts in Middle East and 272 contracts in India.



<P align="left" style="font-size: 10pt">Wipro Infotech was awarded the &#147;Best Gold Partner for South Asia&#148; for the year by Cisco and
&#147;Largest Partner of Sun in South Asia&#148; for the year by Sun and accorded &#147;Premium System
Provider&#148; status. Our Wipro PC division bagged the global &#147;Value Buy Award&#148; from GE,
reinforcing Wipro&#146;s commitment to quality, design and manufacturing capabilities and its
strong customer commitment.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>How has been the performance of the Services business?



<P align="left" style="font-size: 10pt"><B>Suresh Vaswani: </B>Our Services business continues to show a healthy growth of 37% in Q4 (full year
49%). Professional services grew by 33% contributed by growth in Infrastructure Management,
Availability Services &#038; Total outsourcing. Solutions and Consulting businesses grew by 67% and 77%
respectively. Revenues from both APAC and Middle East geographies grew by 36% mainly in Solutions &#038;
Consulting service lines.



<P align="left" style="font-size: 10pt">For the full year 04-05 our services business grew by 49%. Our Professional services grew by 35%
fuelled by growth in System Integration Services, Infrastructure Management and Availability
Services. Solutions and Consulting businesses grew by 122% and 35%. Revenues from APAC and Middle
East geographies have grown by 85% y-o-y.



<P align="left" style="font-size: 10pt">Many new initiatives that we adopted the last couple of years have beginning to bear fruit. Our
consulting business for example has been gaining greater acceptance and is able to build traction
with customers. The best illustration point is the fact that we have won a business consulting
project for a FMCG company to implement six sigma across the organization.



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<P align="left" style="font-size: 10pt"><B>Media Person: </B>What about products?



<P align="left" style="font-size: 10pt"><B>Suresh Vaswani: </B>Our products business has grown well in Q4. Overall Products increased by 30% (From
Rs. 2675 M to Rs. 3481 M) (Sequential growth 57%). Wipro branded Personal Computing business
increased by 26% YoY Enterprise platforms/networking revenues grew by 33% YoY.
The key thing about our products business is unlike market perception that our PC business is a
drain on the company, we have been successfully been able to focus this business on the SMB sector
and also on non-metro and out location geographies and get greater penetration into those accounts
where we have not done any business. So, WPC has provided us an entry into these accounts.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>What is the progress in Asia Pacific and the Middle East markets?



<P align="left" style="font-size: 10pt"><B>Suresh Vaswani: </B>Continued Investment in building the Software and Services business in APAC &#038; ME
has paid rich dividends this quarter. Our growth in the region is 36% YoY during the quarter and
85% for the year. During the quarter we won 23 projects (ME 10 and APAC 13) in the region.



<P align="left" style="font-size: 10pt"><B>Media Person: </B>How do you see the market in India next year?



<P align="left" style="font-size: 10pt"><B>Suresh Vaswani: </B>We are bullish about the domestic market. We have in the last couple of years have
made the right moves and investments to capitalize on this growth phase and move towards leadership
in the domestic market place. Our innovation initiatives last year has given us 15 new services
that we can offer to the market apart from what we are currently offering. Some of the key ones in
this are ATM Outsourcing, RFID, dealer management system, retail automation specific to petroleum
companies.



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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>April&nbsp;22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the<BR>
quarter &#038; year ended March&nbsp;31, 2004</B></U>.


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


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


<B>Suresh Senapaty CFO-Wipro Limited</B><BR>


<B>Raman Roy, Chairman, Wipro BPO Solutions Limited</B>


<P align="left" style="font-size: 10pt"><B>NDTV: </B>Can you give us a feel of what really drove the performance during the quarter?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>We continued to focus more this quarter on the operational side being the
utilization and the offshore mix.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>In terms of billing rates, how are you doing?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>There is a short fall in the billing rates but realization head to head with the
customer was not low. It was mainly due the T&#038;M and the FPP mix. We had more of T&#038;M projects
leading to a dip.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>How has the growth been for the last quarter and can you break it down to top customers?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>One can&#146;t comment on specific accounts but the top 22 accounts have given double
digit growth. So the overall picture is quite good. We have added 41 new customers. The number of 3
Mn, 10 Mn, 30 Mn Accounts has gone up.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>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>Suresh Senapaty: </B>The Operating Margin has been hurt due to the exchange impact. But we have about
503&nbsp;million dollars of hedges over the next four quarters, appearing in the Balance Sheet. Thus the
growth would be cross. OM growth would be flattish. Increase in revenue would be through volume.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>Will you be able to tell us, whether the growth would come from the new or the existing
accounts?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>The growth would be coming from the combination of new and the existing accounts.
The growth of 41 is a decent count and this is mainly from US/Europe. We have been able to get new
customers in Telecom, FS, E&#038;PE. We will continue to look up for revenues from new customers also.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>The next question would be for you Mr.&nbsp;Raman Roy. What do you comment about the day by day
increase in the frauds.


<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>Fraud is an unfortunate component globally. They don&#146;t come from particular geography.
It can be due to lack of control. But at Wipro, security is the basic hygiene. We are BS7799
certified.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>Where was the main focus in the last quarter?


<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>Last Quarter we indicated more towards Transaction processing/non voice processes. We
are getting good traction from the existing/new customers.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>What has been the attrition for the last quarter?


<P align="left" style="font-size: 10pt"><B>Raman Roy: </B>The Attrition was at 22.8% which shows about 2% decline sequential Quarter to Quarter.
The single business challenge we are facing today is training. Training them and getting them to
production is a great thing.



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<P align="left" style="font-size: 10pt"><B>NDTV: </B>How about the training in Wipro


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Out of the 16000 people we have 4000 people in training. Wipro is a company which
pays salary even during the training. We are now in competition with Philippines/ Mexico/Ireland.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>Mr.&nbsp;Senapathy, what are your expectations towards getting some new customers?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Our average per quarter addition ranges from 35-40. Last quarter the addition was
32 (including Wipro BPO). This year we had 41 new additions. 7 out of the 41 new additions are
fortune 1000 customers. The number of new additions will result into good business.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>What is the percent of business Wipro gets from the existing customers?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Q4, 93% of the revenues were from existing customers i.e. customers present on
31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> March&nbsp;2004. Going forward also we see the same trend. Our main concentration is how
to get it from the existing customers. Customers are also strategic. We try offering multiple
services to same customers to get high penetration.


<P align="left" style="font-size: 10pt"><B>NDTV: </B>Do we have cases where we have lost the customers totally?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>This kind of thing doesn&#146;t happen unless the company becomes bankrupt, or there is
major reconstruction. So we have not seen cases where the customer totally gets out except E&#038;PE
where they work on project basis and are also in niche activities.




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<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.11</B>



<P align="center" style="font-size: 10pt"><U><B>April&nbsp;22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the<BR>
quarter &#038; year ended March&nbsp;31, 2005</B></U>


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


<B>Interviewee: Vivek Paul, Vice Chairman &#150; Wipro Limited</B>


<P align="left" style="font-size: 10pt"><B>Financial Times: </B>I wonder whether we could just go through some sort of looking back and get a
sense of way of the business. First of all, what do you regard as the highlight?


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: If you remember last quarter we had talked about the fact that we were beginning to see
technology spending moderate. At that time, not a lot of people agreed with us or liked our story,
but you know, it gave us the joy of anticipation. So because we saw that that it is going to
moderate, we pushed harder on the existing accounts. If you look at this quarter&#146;s performance, the
highlight really is the 8.5% sequential improvement in terms of volume. We got that from existing
accounts where accounts in every category greater than 1&nbsp;million, 5&nbsp;million, 10&nbsp;million, 20
million, 30&nbsp;million, etc all grew in number. If you look at the top 10 accounts, that grew faster
than our overall mix. If you look at our top 50 accounts, 22 of those accounts grew sequentially
in double-digit terms. So I think that that really, that anticipation really helped.


<P align="left" style="font-size: 10pt">Also the second thing we had said was that on the technology side that we were beginning to
see that moderate, particularly in semiconductor, spending. And again, because we saw that coming,
we pushed harder on the telecom side and we pushed harder on the computing platform guys, and as a
result we had a fantastic year.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: Could you please repeat that?


<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>We actually got pretty nice growth on the telecom as well as the embedded side, and
finally I would say that we continue to see growth in financial services that has been a good
growing business for us, and it continued to be that way. I would say sort of story on the top line
really would be around that. If you look at the story on the operating margin, we actually had an
improvement on a quarter on quarter basis on the operating margin on the IT side of the business,
and overall we were negative because we had a pull down on the BPO side of the business, we shall
talk about in just a moment. If you look at the pure IT services side, we had an improvement, and
that was led by utilization and by more work being done offshore. So I think that that combination
is really what has helped us. I mean, if you think about this year that just ended, our earnings
growth over the year ago was 68%, which is not bad, we feel pretty good about that.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: Yes, it is huge. You mentioned that the offshore component has increased, what is
your ratio now?


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Hang on one second, I will give you that. While I am digging up, if you have any other
questions, why don&#146;t you keep firing.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: The joy of anticipation, how long do you think this will continue? This moderation
in IT spending, because if that is the case you must be looking at flattish growth for the next two
or three quarters for an industry which has been growing exponential in the recent years.


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Sure, let me answer that question, but first I will give you the number, offshore
revenue grew from 44.1% last quarter to 44.8% this quarter. And then to come back to your




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<P align="left" style="font-size: 10pt">question,
it is not that we are seeing technology spending flatten, it is that the growth rate that we had
last year in technology spending is going to moderate this year. To us, that is the environment in
which an operating manager makes a, you know, you have the ability to be able to gain share because
of the value of services, because in our business, particularly with the value proposition we have,
good times are good for us, bad times are good for us, moderate times are good for us, the only bad
times for us are uncertain times when people just freeze because they say, I don&#146;t know what to do.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: But uncertain times, do you think are behind you?


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: I think that what we are seeing is, we are seeing a moderation in the spending and
therefore not an uncertainty as much as a customer saying, &#147;I have less to spend.&#148; And if they
have less to spend, they are going to be saying that they have less of the more to spend.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: Couple of issues like security concerns, Vivek, is there a greater focus of
security requirements and compliance issues among the new customers that you have?


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Absolutely. I think that that is an issue, but we work it, and the bottom line is
that we work it in a way that it does not hurt our business. So, we spend lot of time in our own
intellectual property protection, due diligence, in our internal audits, in the external audits,
and again, when you have an industry with, 40,000 people, you are not going to find everybody be
blemish less just like you won&#146;t find 40,000 IT workers in the US be blemish less. The point is
that it is the process that reigns and we have been able to get the confidence of our customers
with our process.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: Right. You got a good quarter haven&#146;t you?


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Indeed, so if I look at sort of on the revenue side kind of which are pieces that
really stand out, I talked about the telecom and financial services, I would say on the service
line side, our testing business did really well this quarter. And in terms of region, Europe did
very well for us, so Europe you know grew sequentially at 9.6%, so I am tempted to round that up to
double digits but I am being very honest.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: But can you be specific about Europe. Is it in Germany, or the size of the
European market like Germany and so forth.


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Certainly, Germany has been very good to us. But we continue to see good strength in UK
and Scandinavia, which have been strong positions for us for many years.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: The Indian market has also been good for you, if that is a bit of fair attitude
towards the Indian market. You had a very good year in India, haven&#146;t you?


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Absolutely, and I think that, the reality is the Indian economy is poised for take off.
Part of that is going to be spending by corporate India and part of that is going to be a lot of
spending on productivity. Those are very nice environments to have in India, so just as I was
talking about technology spending moderating outside India, we are going to see technology spend
accelerate inside India, and so we are in a pole position in terms of being ready to serve that.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: Traditionally, how much has India generated for you?


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: In terms of revenue or profit.


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




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<P align="left" style="font-size: 10pt"><B>Vivek Paul: </B>I think it has about 30%, but may be I will ask somebody to check the number and get
back to you.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: Are you looking at any sort of new business initiatives in India, or is it pretty
much with existing sort of service lines?


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Yes, I think that what we are doing is, we are basically water falling all of our
learning from the global market into the Indian market very rapidly, and so for example, whether it
is total outsourcing, whether it is data warehousing, you know, the skills that we learn as we grow
globally, we bring to our customers in India.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: BPO has been a bit disappointing for you, especially on the HR side.


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: That is right, and frankly also on the margin side.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: Yes, why is that?


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Well, I think that what we saw this quarter was that our attrition rate continued sort
of at that unabated very high percentage terms. And the second is that we also saw that the
refocus we are trying to do in terms of building more transaction processing, also ended up costing
us some investment. Finally, we had couple of customer ramp downs that were sort of more kind of a
one off oriented, but still, you know, when you are a small business of that size, it begins to
hurt you.


<P align="left" style="font-size: 10pt"><B>Financial Times</B>: Some of your rivals, I mean, not just Infosys, I am sure you would have read it,
are saying that there could be a delay in contracts on Wall Street leading to slower growth in the
next quarter, are you seeing any of that hesitation or slowing down because of Sarbanes Oxley and
compliance issues.


<P align="left" style="font-size: 10pt"><B>Vivek Paul</B>: Well, you know, I think that we knew that it is more of a client specific issue than an
industry general issue, and we have seen that come up in customers. But it hasn&#146;t really hurt us to
a significant effect as I mentioned earlier. Our financial services business did quite healthy
this quarter.




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<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.12</B>



<P align="center" style="font-size: 10pt"><U><B>April&nbsp;22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the<BR>
quarter &#038; year ended March&nbsp;31, 2005</B></U>.


<P align="left" style="font-size: 10pt"><B>Bloomberg<BR>
Interviewee: Suresh Senapaty, CFO-Wipro Limited</B>


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>There were some concerns in the US geography and the OEM part but Wipro says that things
look to be very good.


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>No, I think telecom OEM has given a double-digit sequential growth to us. Most of
it has also been because of the wireless segment. In the mobility segment, there has been
significant amount of developmental activities that the customers are getting into and that has led
to a very decent growth for us. So I think that momentum will continue, though of course the pace
will go down, and also there is a little bit of time lag in terms of converting the development
into maintenance, but we are finding the telecom OEM fairly exciting.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>On the R&#038;D side, I mean specially the semiconductor side, what is the scene?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>In the embedded space we have again seen decent growths, about 7% sequential
growth. The reason for that has been while we had got a different growth in the computing part of
the sub-segment on the embedded side of the business, the semiconductor part, particularly in
Japan, has given us a very good growth. The combination of these two factors has been able to give
us a decent sequential growth.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>And as for the outlook out there?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Outlook, again, I would say that, very decent, because the embedded part of our
business has sub-segments of computing, semiconductor, consumer electronics, avionics, automotive,
etc, so that is a fair amount of de-risking within because of the diversified portfolio. But we
will see the impact of an increased base. The momentum continues in some form and we look forward
to Japan which has a fairly decent potential for us to exploit more.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>Infosys has been saying a lot about SOX, do you feel or share the same kind of concerns
about SOX, Patriot, Anti-money laundering?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>I think there are customer specific issues. There may have been some cases related
to SOX related, but we have not found that as a big impediment in terms of our own customer base in
terms of growth. In fact, we have a practice for SOX, and we have been decently benefited out of
that because of the SOX compliance that the customer had to undergo. So, one cannot deny that there
could have been some problems with certain customers, but overall I think we are fairly
comfortable.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>And what has happened to your biggest customer, there was some problem with Transco...?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>I think from the top ten customers we have been able to get a decent growth in
this quarter. The top ten customers and top 22 customers of the top 50 have given us a
double-digit sequential growth, and similarly the top 10 customers have given us a growth faster
than average growth of the company.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>Any numbers?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>The top 10 was about 9.6% growth.





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<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>Can you break it down to top customer?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>I can&#146;t, because it is unfair to give, because we do not give it customer wise.
But the top 10 cluster has done very well for us.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>So the top 10 you said was 9.67.


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>That is right.
9.6 I said right?


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>9.67.


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>9.6% versus our total services, IT services growth has been 6.8%.


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


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


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>As previously mentioned there were certain customer specific issues, reorganization that
something is going on. Are they over, are you seeing ramp up in those accounts?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>You have a top ten customer as a basket. There could be specific issues with one
or the other, but overall we found that top 10 has given us these results.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>Can I ask you about the rupee, how much has that impacted this year?
US GAAP because most of the countries follow US GAAP...


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>If you look at our realizations, last quarter it was about 45.14 which got reduced
to about 43.80 for March quarter compared to the December quarter. So we had an impact adverse to
us. I think we had ....


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>45.14 to 43.8.


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Right. We had an impact of about 80 basis points on our operating margin, in the
quarter ending March. But we continue to focus on our operating parameters in terms of utilization,
in terms of bulge mix, in terms of offshore mix, a combination of these operational efficiencies
that we achieved, we were able to mitigate significant part of the foreign exchange impact as well
as price impact.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>In terms of billing rates, how are they doing?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Billing rates, we had a short fall, reduction in the billing rates, both in the
onsite as well as offshore.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>It has gone down? Why?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>I don&#146;t think we need to read much more than what is in terms of what it should
be. You move in a narrow range, it is fairly stable. It is primarily because of a change in the
business mix. , It is also a function of some of the fixed price projects that got ramped down or
got over, actually that is the right word, and a combination of these factors, but we can say that
they are pretty stable.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>What kind of business mix?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>In the sense that we have always been talking that the prices are stable but for
the business mixes, service mix is the right word. So when you talk about enterprise application




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<P align="left" style="font-size: 10pt">service, technology infrastructure support services, etc., etc., they have better realizations. So
based on the mix of the businesses, it does impact quarter to quarter.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>Okay, so it is not permanent shift in one direction or the other?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>That is right. And we feel comfortable because in terms of stability new
customers are still at better rates than the existing


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>If you put a percentage, give the percentage....


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>I will stay away from that.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>I think there have been increases with the new customer renegotiations?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Not much.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>I could ask you a few questions about employee issues, if you could address
compensation, attrition, and what you expect to add in terms of employees for the next fiscal year,
what is the compensation increase?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>We do not give employee forecast because we are saying that we build facilities
and hire people to need of the business. So all we are saying is that whatever we are seeing as the
potential for the customer, we see a decent growth. That is where we are giving a guidance of about
395&nbsp;million dollars, and we think that most of that growth will come through volume, and
consequently it will have its impact in terms of the head count increases.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>What have attrition rates been like?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Attrition rates were fairly decent about 12%.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>And how is that compared to the past?


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


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>You know, obviously, like Satyam gave a double, they had increased the salary in October
and they increased it again to align, or I can say, probably because their attrition rate was at
17-18%, but do you see any kind of such pressures to bring, increase in compensation, and bring it
to the cycle of the financial year?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>If you look at the last five years or last ten years, it has not been sacrosanct
that it will be in April, it will be in June, it will be in September or October. I think it has
been a fairly flexible timing; you can only say that last two years has been in October.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>But onsite was before, is it?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>No, also around the same November kind of time.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>No changes in that?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>So far looks like we will take this review around the same time as last year, but
I can&#146;t say for sure.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>And what is the hedged amount we have?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Apart from assigning the hedges to the receivables that we have, and other balance
sheet items, about 503&nbsp;million dollars of hedges we have over the next four quarters.





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<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>What are you expecting out of the rupee?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>The main reason why we are hedging is not to take front on what rupee-dollar would
be. We are saying that we are not the experts to be able to deal with that and to be able to have a
little bit of certainty, we do these hedges. But eventually we think there will be both way
movements of rupee-dollar because of the sound economic position and the investments that India is
attracting, there could be strength in the rupee vis-&#224;-vis dollar.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>What is the company&#146;s expansion strategy both in India and abroad and anything you can
tell us about the acquisition strategy?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>I think we are going to take calls in terms of what we have been doing so far. In
terms of coming out with newer and newer services concentrating in Europe. I mean continuing to
focus in Europe and Japan for getting better growth and using consulting as a lever, using multiple
other services as a lever to be able to get higher level of shares in the customer. Acquisition
will continue to be a strategic tool that we will be using to be able to address certain new
geographies, to be able to address some of the gaps that we have in each of our verticals, in terms
of completing the range of services. So that is where we are and we will stay on course with that.
We will continue to focus on operating efficiencies to be able to contain the margin pressures
because of the compensation or rupee appreciation, and we will continue to look forward to opening
up centers in East Europe and other locations based on the demands from the customer.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>Is there amount you set aside for acquisitions, or can you give us any guidance on how
much you have available?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>No, we do not have. Because you know that we have enough cash on the balance
sheet, plus we could always have multiple other ways.


<P align="left" style="font-size: 10pt"><B>Bloomberg: </B>My last question is on the macro environment, do you still see continued IT spending
going up?


<P align="left" style="font-size: 10pt"><B>Suresh Senapaty: </B>Last time we had said that there could be a little bit of IT spend reduction
compared to the previous year, and that has helped us to strategize better in terms of our action
plans vis-&#224;-vis our customers, but as we said that just because certain IT spends come down that
does not impact the IT industry significantly in India because we continue to hold a strategic
position when the market is good or bad. We think the momentum will continue, but it is on a larger
base so you will have that impact on that.




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<P align="left" style="font-size: 10pt">25x8 column (32.9 cms)
- - Business Standard

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<P align="right" style="font-size: 10pt">EXHIBIT 99.13



<P align="center" style="font-size: 10pt"><B>Wipro Limited &#151;
Results for the quarter and year ended March&nbsp;31, 2005</B>


<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<P align="center" style="font-size: 10pt"><B>Wipro Limited - Consolidated<BR>
Audited Segment-wise Business performance for the quarter and year ended<BR>
March&nbsp;31, 2005 (In Rs. Million)</B>


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    <TD nowrap align="center" colspan="12">Quarter ended</TD>
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    <TD nowrap align="center" colspan="12" style="border-bottom: 1px solid #000000">March 31,</TD>
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    <TD nowrap align="center">Particulars</TD>
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    <TD nowrap align="center" colspan="2">2005</TD>
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    <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">Growth %</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; 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="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 width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">16,409</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,549</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,753</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">4,842</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,666</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,964</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">1,227</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,020</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,723</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">643</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">628</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,258</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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>23,121</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,863</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>29</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>81,698</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>
    <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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Profit Before Interest and Tax &#151; 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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">4,148</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,966</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,041</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">415</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">399</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,042</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">177</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">672</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">81</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-32</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">397</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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>4,821</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,620</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>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>18,152</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>63</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">198</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">343</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">796</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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>5,019</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,963</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,948</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>57</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">(715</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">(759</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">(2,750</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">(1,681</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:0px"><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>4,304</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,204</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>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>16,198</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>
    <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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">42</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</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">175</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">(16</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">(24</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">(88</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">(59</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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>4,330</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,208</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</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,285</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

<TD><DIV style="margin-left:15px; text-indent:-15px"><B><U>Earnings
per share &#151; EPS</U></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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">(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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Basic (in Rs.)</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.20</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.62</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">23.41</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.87</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>





<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted (in Rs.)</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.11</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.61</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">23.19</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.85</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">25</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">24</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">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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">9</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">11</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">8</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">13</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">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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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>21</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>20</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>22</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital employed <SUP style="font-size: 85%; vertical-align: text-top">(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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">29,888</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>
    <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">29,888</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">1,370</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>
    <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">1,370</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">917</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>
    <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">917</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">21,538</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>
    <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">21,538</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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>53,713</B></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>
    <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>53,713</B></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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">56</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">56</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>
    <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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">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 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">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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">2</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">2</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>
    <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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">40</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">37</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">40</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">37</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">59</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">58</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">62</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">119</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">93</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">63</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">53</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">90</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">97</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">89</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">86</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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>36</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>35</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>30</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" 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="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 width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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 restricted stock unit amortisation of Rs. 177 Mn for three months
ended and Rs. 346 Mn for year ended March&nbsp;31, 2005. PBIT of Global IT Services and Products is after considering restricted stock
unit amortisation of Rs. 159 Mn for three months ended and Rs. 310 Mn for the year ended March&nbsp;31, 2005.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>



<TR valign="top">
    <TD width="1%" nowrap align="left">(2)&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">
&nbsp;This includes cash and cash equivalents of Rs. 28,497 Mn (2004: Rs. 21,760 Mn).</TD>
</TR>

</TABLE>



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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <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><!-- VRule -->
    <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><!-- VRule -->
    <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><!-- VRule -->
    <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><!-- VRule -->
    <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><!-- VRule -->
    <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><!-- VRule -->
    <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><!-- VRule -->
    <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>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="43" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Geography</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="17" style="border-bottom: 1px solid #000000">Quarter ended March 31,</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="17" style="border-bottom: 1px solid #000000">Year ended March 31,</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2005</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">2005</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
                            <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">India</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">6,557</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">29</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">5,725</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">32</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">19,513</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">24</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">15,205</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">26</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">USA</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">11,201</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">48</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">8,738</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">49</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">41,935</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">51</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">30,868</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">52</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Rest of the world</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">5,362</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">23</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">3,400</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">19</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">20,249</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">25</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">12,739</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">22</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">23,121</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">100</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">17,863</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">100</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">81,698</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">100</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">58,812</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">100</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="43" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

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

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



<P align="left" style="font-size: 10pt">1. The segment report of Wipro Limited and its consolidated subsidiaries and
associates
has been prepared in accordance with the Accounting Standard 17 &#147;Segment
Reporting&#148;
issued by the Institute of Chartered Accountants of India.



<P align="left" style="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="left" style="font-size: 10pt">3. For the purpose of 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 March&nbsp;31, 2005,
forward contracts to the extent of USD 318 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.



<P align="left" style="font-size: 10pt">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/Current liabilities



<P align="left" style="font-size: 10pt">The Company has also entered into option / forward contracts which are not designated as hedge of
highly probable forecasted transactions. 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. 1.03 Mn in the current period.



<P align="left" style="font-size: 10pt">As at the balance sheet date, the Company had forward contracts to sell USD 503 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. 275.31 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>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<P align="center" style="font-size: 10pt"><B>Wipro Limited &#151; Stand alone &#151; Parent Company<BR>
Audited Financial Results for the quarter &#038; year ended<BR>
March&nbsp;31, 2005 (In Rs. Million)</B>


</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD width="1%" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" colspan="20" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt; font-weight: bold" valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">Three Month ended</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">Year ended</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt; font-weight: bold" valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&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="7" style="border-bottom: 1px solid #000000">March 31,</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="7" style="border-bottom: 1px solid #000000">March 31,</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">2005</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">2005</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; 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="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 width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">20,555</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,787</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,355</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,685</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>



<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">3,886</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,039</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,477</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>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>





<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">9,471</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,568</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,334</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,155</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-weight: bold; background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross Profit</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,198</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,180</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,544</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,321</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">1,229</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,295</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,060</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,567</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">813</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">467</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,911</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,292</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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>5,156</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,418</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,573</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>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">10</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">564</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">443</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,860</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>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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>4,582</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,964</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,657</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>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">289</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">913</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>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-weight: bold; background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Profit before tax</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,871</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,332</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,570</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,823</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">657</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">744</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,622</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>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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>4,214</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,588</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,948</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>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">1,407</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,407</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>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">47,517</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,517</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>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

<TD><DIV style="margin-left:15px; text-indent:-15px"><B><U>Earnings
per share (EPS) &#151; in Rs.</U></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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic (in Rs.)</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.03</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.73</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.48</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.19</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted (in Rs.)</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.94</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.72</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.29</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.17</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">118,832,392</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>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,832,392</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>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">16.89</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">16.26</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">16.89</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">16.26</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-weight: bold">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Details of 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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">7,924</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,349</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,785</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,962</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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">1,277</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">4,765</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>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" 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="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 width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<P align="center" style="font-size: 10pt"><B>Status of Redresal of Complaints received for the period<BR>
from January&nbsp;1, 2005 to March&nbsp;31, 2005</B>


</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="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
    <TD width="1%">&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%">&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%">&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%">&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%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt; font-weight: bold" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Opening balance</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Complaints</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Complaints</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt; font-weight: bold" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">for the</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">received during the</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">disposed during the</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt; font-weight: bold" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="left">Nature of Complaints</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">quarter</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">quarter</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">quarter</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Unresolved</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD style="border-top: 1px solid #000000"><DIV style="margin-left: 0px; text-indent: 0px">Complaints with respect
to transfer / transmission /
split / consolidation /
exchange / duplicate issue
of shares</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD style="border-top: 1px solid #000000"><DIV style="margin-left: 0px; text-indent: 0px">Complaints with respect
to Dematerialisation /
Rematerialisation of
shares</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">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; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">20</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">20</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">20</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">20</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

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

<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. 280.22 Mn (higher by Rs. 83.22 Mn for the year ended March&nbsp;31, 2005).



<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; WeP 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 April&nbsp;22, 2005. There are no qualifications in the report issued by the Auditors for
these periods.



<P align="left" style="font-size: 10pt">2. The Board of Directors of the Company have recommended a final dividend of Rs. 5 per share.



<P align="left" style="font-size: 10pt">3. The Board of Directors have also recommended issue of Bonus Shares in the ratio of 1:1 i.e.
one
equity share for every one equity share held. The issue of Bonus Shares is subject to the approval of
the members of the Company.


<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="49%">&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="top">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="top"><B>Azim H Premji</B></TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: April&nbsp;22, 2005
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><I>Chairman</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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