exv99w13

25x8 column (32.9 cms) - Business Standard

EXHIBIT 99.13

Wipro Limited — Results for the quarter and year ended March 31, 2005

Wipro Limited - Consolidated
Audited Segment-wise Business performance for the quarter and year ended
March 31, 2005 (In Rs. Million)



	Quarter ended								Year ended
	March 31,								March 31,
Particulars	2005			2004			Growth %		2005			2004			Growth %

Segment Revenue
Global IT Services and Products		16,409			12,549			31		60,753			43,575			39
India and AsiaPac IT Services and Products		4,842			3,666			32		13,964			9,762			43
Consumer Care and Lighting		1,227			1,020			20		4,723			3,649			29
Others		643			628			2		2,258			1,826			24
Total		23,121			17,863			29		81,698			58,812			39
Profit Before Interest and Tax — PBIT ⁽¹⁾
Global IT Services and Products		4,148			2,966			40		16,041			9,539			68
India and AsiaPac IT Services and Products		415			399			4		1,042			792			32
Consumer Care and Lighting		177			136			30		672			551			22
Others		81			119			-32		397			277			43
Total		4,821			3,620			33		18,152			11,159			63
Interest (net) and Other Income		198			343					796			873
PROFIT BEFORE TAX		5,019			3,963			27		18,948			12,032			57
Income Tax expense		(715	)		(759	)				(2,750	)		(1,681	)
Profit before share in earnings / (losses) of affiliates and minority interest		4,304			3,204			34		16,198			10,351			56
Share in earnings of affiliates		42			28					175			23
Minority interest		(16	)		(24	)				(88	)		(59	)
PROFIT AFTER TAX		4,330			3,208			35		16,285			10,315			58
Earnings per share — EPS
(PY: Adjusted EPS for bonus issue in ratio of 2:1)
Basic (in Rs.)		6.20			4.62					23.41			14.87
Diluted (in Rs.)		6.11			4.61					23.19			14.85
Operating Margin
Global IT Services and Products		25	%		24	%				26	%		22	%
India and AsiaPac IT Services and Products		9	%		11	%				7	%		8	%
Consumer Care and Lighting		14	%		13	%				14	%		15	%
Total		21	%		20	%				22	%		19	%
Capital employed ⁽²⁾
Global IT Services and Products		29,888			21,732					29,888			21,732
India and AsiaPac IT Services and Products		1,370			1,941					1,370			1,941
Consumer Care and Lighting		917			596					917			596
Others		21,538			14,498					21,538			14,498
Total		53,713			38,767					53,713			38,767
Capital Employed Composition
Global IT Services and Products		56	%		56	%				56	%		56	%
India and AsiaPac IT Services and Products		3	%		5	%				3	%		5	%
Consumer Care and Lighting		2	%		2	%				2	%		2	%
Others		40	%		37	%				40	%		37	%
Total		100	%		100	%				100	%		100	%
Return on average capital employed:
Global IT Services and Products		59	%		58	%				62	%		47	%
India and AsiaPac IT Services and Products		119	%		93	%				63	%		53	%
Consumer Care and Lighting		90	%		97	%				89	%		86	%
Total		36	%		35	%				39	%		30	%

(1)		PBIT is after considering restricted stock unit amortisation of Rs. 177 Mn for three months ended and Rs. 346 Mn for year ended March 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 31, 2005.

(2)		This includes cash and cash equivalents of Rs. 28,497 Mn (2004: Rs. 21,760 Mn).

(In Rs. Million)



Geography	Quarter ended March 31,								Year ended March 31,
	2005		%		2004		%		2005		%		2004		%
India		6,557		29		5,725		32		19,513		24		15,205		26
USA		11,201		48		8,738		49		41,935		51		30,868		52
Rest of the world		5,362		23		3,400		19		20,249		25		12,739		22
Total		23,121		100		17,863		100		81,698		100		58,812		100

Notes to segment report:

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

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

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

4. As of March 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.

The Company has designated certain forward contracts to hedge highly probable forecasted transactions. The gain or loss on these forward contracts is recognized in the profit and loss account in the period in which the forecasted transaction is expected to occur. In certain cases, the Company has entered into forward contracts having a maturity earlier than the period in which the hedged transaction is forecasted to occur.

The gain / loss on roll over / cancellation / expiry of such contracts is recognized in the profit and loss account in the period in which the forecasted transaction is expected to occur, till such time the same is grouped under Loans and Advances/Current liabilities

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.

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.

Wipro Limited — Stand alone — Parent Company
Audited Financial Results for the quarter & year ended
March 31, 2005 (In Rs. Million)



	Three Month ended						Year ended
	March 31,						March 31,
Particulars	2005			2004			2005			2004

Net Income from Sales / Services		20,555			15,787			72,355			51,685
Cost of Sales / Services
a. Consumption of raw materials		3,886			3,039			11,477			8,209
b. Other expenditure		9,471			7,568			34,334			25,155
Gross Profit		7,198			5,180			26,544			18,321
Selling and Marketing expenses		1,229			1,295			5,060			4,567
General and Administrative expenses		813			467			2,911			2,292
Operating Profit before interest and depreciation		5,156			3,418			18,573			11,462
Interest expense		10			11			56			35
Depreciation		564			443			1,860			1,516
Operating Profit after interest and depreciation		4,582			2,964			16,657			9,911
Other income		289			368			913			912
Profit before tax		4,871			3,332			17,570			10,823
Provision for tax		657			744			2,622			1,674
PROFIT FOR THE QUARTER		4,214			2,588			14,948			9,149
Paid up equity share capital		1,407			466			1,407			466
Reserves		47,517			34,610			47,517			34,610
Earnings per share (EPS) — in Rs.
(PY: Adjusted EPS for bonus issue in ratio of 2:1)
Basic (in Rs.)		6.03			3.73			21.48			13.19
Diluted (in Rs.)		5.94			3.72			21.29			13.17
Aggregate of non-promoters shareholding
Number of shares		118,832,392			113,539,326			118,832,392			113,539,326
(PY: Adjusted for bonus issue in ratio of 2:1)
Percentage of holding		16.89	%		16.26	%		16.89	%		16.26	%
Details of expenditure
Items exceeding 10% of total expenditure
Staff Cost		7,924			6,349			28,785			20,962
Travel		1,277			1,073			4,765			4,320

Status of Redresal of Complaints received for the period
from January 1, 2005 to March 31, 2005



	Opening balance		Complaints		Complaints
	for the		received during the		disposed during the
Nature of Complaints	quarter		quarter		quarter		Unresolved
Complaints with respect to transfer / transmission / split / consolidation / exchange / duplicate issue of shares		0		0		0		0
Complaints with respect to Dematerialisation / Rematerialisation of shares		0		0		0		0
Complaints with regard to non-receipt of Corporate benefits like Dividend / Dividend Warrants / Interest / Bonus Shares		0		20		20		0
Total		0		20		20		0

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 31, 2005).

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

b) The Company has a 49% equity interest in Wipro GE Medical Systems Private Limited (WGE), a joint venture with General Electric, USA. The joint venture agreement provides specific rights to the joint venture partners. The Management believes that these specific rights do not confer joint control as defined in Accounting Standard 27 “Financial Reporting of Interest in Joint Venture”. Consequently, WGE is not considered as a joint venture and consolidation of financial statements are carried out as per equity method in terms of Accounting Standard 23 “Accounting for Investments in Associates in Consolidated Financial Statements”.

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

Notes:

1. The above financial results were approved by the Board of Directors of the Company at its meeting held on April 22, 2005. There are no qualifications in the report issued by the Auditors for these periods.

2. The Board of Directors of the Company have recommended a final dividend of Rs. 5 per share.

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.


		By order of the Board
Place: Bangalore		Azim H Premji
Date: April 22, 2005		Chairman

(WIPRO LOGO)