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<SEC-DOCUMENT>0000950134-06-001115.txt : 20060125
<SEC-HEADER>0000950134-06-001115.hdr.sgml : 20060125
<ACCEPTANCE-DATETIME>20060125152530
ACCESSION NUMBER:		0000950134-06-001115
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060125
DATE AS OF CHANGE:		20060125

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:		06549507

	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>f16399e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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



<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>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Report of Foreign Issuer</B>
</DIV>


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

<DIV align="center" style="font-size: 10pt; margin-top: 6pt;"><B><B>For the quarter ended December&nbsp;31, 2005</B>
</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Commission File Number 001-16139</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Wipro Limited</B>
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Not Applicable</B><BR>
(<I>Translation of Registrant&#146;s name into English)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Karnataka, India</B><BR>
(<I>Jurisdiction of incorporation or organization)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Doddakannelli<BR>
Sarjapur Road<BR>
Bangalore, Karnataka 560035, India &#043;91-80-2844-0011</B><BR>
(<I>Address of principal executive offices</I>)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Indicate
by check mark registrant files or will file annual reports under
cover Form 20-F or Form 40-F:</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Form 20-F <FONT face="Wingdings">&#254;</FONT> Form 40-F <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also
thereby furnishing the
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 0pt">
information to the Commission pursuant to Rule&nbsp;12g 3-2(b) under the Securities
Exchange Act of 1934.</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">
Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt;"><B>Not applicable.</B>
</DIV>


<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>

<!-- 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">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby furnish the Commission with copies of the following information concerning our public
disclosures regarding our results of operations for the quarter ended December&nbsp;31, 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;18, 2006, we announced our results of operations for the three months December&nbsp;31, 2005.
We issued press releases announcing its 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;18, 2006, 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our officers gave interviews with Dow Jones/Reutuers/Bloomberg News Wires, TV Channel CNBC, TV
Channel NDTV, Newspaper Business Standard, Newspaper Economic Times, Newspaper Business Times and
Forbes. Copies of the transcripts of these interviews are attached as Exhibits 99.6, 99.7, 99.8,
99.9, 99.10, 99.11, 99.12 respectively, to this Form 6-K.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Last, we placed advertisements in certain Indian newspapers concerning our results of operations
for the three months ended December&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.
</DIV>

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

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

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

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001"> INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w1.htm">EXHIBIT 99.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w2.htm">EXHIBIT 99.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w3.htm">EXHIBIT 99.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w4.htm">EXHIBIT 99.4</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w5.htm">EXHIBIT 99.5</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w6.htm">EXHIBIT 99.6</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w7.htm">EXHIBIT 99.7</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w8.htm">EXHIBIT 99.8</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w9.htm">EXHIBIT 99.9</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w10.htm">EXHIBIT 99.10</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w11.htm">EXHIBIT 99.11</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w12.htm">EXHIBIT 99.12</A></TD></TR>
<TR><TD colspan="9"><A HREF="f16399exv99w13.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 " SIGNATURES" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-variant: SMALL-CAPS">Wipro Limited</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Suresh C. Senapaty
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="center">Suresh C. Senapaty&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="center"><I>Executive Vice President, Finance &#038;
<BR>Chief Financial Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated:
January&nbsp;25, 2006
</DIV>


<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="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Exhibits
</DIV>


<DIV style="margin-top: 6pt">
<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">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>U.S. GAAP Press Release</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indian GAAP Press Release</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transcript of January&nbsp;18, 2006 Press Conference</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transcript of January&nbsp;18, 2006 1:30 p.m. Earnings Call</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transcript of January&nbsp;18, 2006 6:45 p.m. Earnings Call</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transcript of January&nbsp;18, 2006 Dow Jones/ Reuters / Bloomberg News Wires
Interview with Suresh Senapaty, Corporate Executive Vice President, Finance &#038; CFO,
Wipro Limited</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transcript of January&nbsp;18, 2006 CNBC India Question-and-Answer Session with
Company&#146;s Officers, Wipro Limited</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transcript of January&nbsp;18, 2006 TV Channel NDTV Question-and-Answer Session
with Company&#146;s Officers, Wipro Limited</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transcript of January&nbsp;18, 2006 Newspaper Business Standard Interview with T K
Kurien &#151; President, Wipro BPO, Wipro Limited</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transcript of January&nbsp;18, 2006 Newspaper Economic Times Interview with T K
Kurien &#151; President, Wipro BPO, Wipro Limited</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transcript of January&nbsp;18, 2006 Newspaper Business Times Interview with
Ramesh Emani &#151; President, Product Engineering Solutions, Wipro Limited</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transcript of January&nbsp;18, 2006 Forbes Interview with Suresh Senapaty &#151;
Corporate Executive Vice President, Finance &#038; CFO, Wipro Limited</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.13</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Advertisement Placed in Indian Newspapers</TD>
</TR>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f16399exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="f16399f1639900.gif" alt="(WIPRO LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>FOR IMMEDIATE RELEASE </B></U>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Contact: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sridhar Ramasubbu</B><BR>
Wipro Limited<BR>
408- 242 -6285
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Results for the quarter ended December&nbsp;31, 2005 under US GAAP
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><U>WIPRO RECORDS 25% GROWTH IN NET INCOME</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Bangalore, India and Mountain View, California &#151; January&nbsp;18, 2006 </B>&#151; Wipro
Limited (NYSE:<B>WIT</B>) today announced financial results under US GAAP for its third fiscal quarter
ended December&nbsp;31, 2005.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Highlights:</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Results for the quarter ended December&nbsp;31, 2005</B>
</DIV>


<DIV style="margin-top: 6pt">
<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"><FONT style="font-family: wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net Income grew by <B>25% </B>over the corresponding period in the previous year to Rs. 5.3
billion ($118&nbsp;million<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> )</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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"><FONT style="font-family: wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue increased by <B>33% </B>over the corresponding period in the previous year to Rs.
27.7&nbsp;billion ($617&nbsp;million  <SUP style="font-size: 85%; vertical-align: text-top">1</SUP> )</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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"><FONT style="font-family: wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products segment Revenue was Rs. 21.2&nbsp;billion ($472
million <SUP style="font-size: 85%; vertical-align: text-top">1</SUP> ), representing an increase of <B>33% </B>over the corresponding period in the
previous year contributed primarily by volume growth</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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"><FONT style="font-family: wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products Earnings before Interest and Tax (EBIT)&nbsp;was Rs. 5.2
billion ($115&nbsp;million <SUP style="font-size: 85%; vertical-align: text-top">1</SUP> ), a growth of 26% over corresponding period in the
previous year</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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"><FONT style="font-family: wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products added 61 new clients in the quarter &#151; the highest ever
customer add.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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"><FONT style="font-family: wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The India, Middle East and Asia Pac Business Unit recorded <B>45% </B>growth in EBIT over
the corresponding period in the previous year; and Revenue grew by <B>19%</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>Outlook for the Quarter ending March&nbsp;31, 2006</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Azim Premji, Chairman of Wipro commenting on the results said &#147;The results for the quarter signal
the next phase in Wipro&#146;s growth. Revenues in our Global IT business were $473&nbsp;million &#151; including
$1.3&nbsp;million attributable to acquisition completed during the quarter &#151; ahead of our guidance of
$463&nbsp;million. Apart from delivering solid Revenue growth, we improved our Operating Margins and
increased our share of wallet from key clients, even as we made two strategic acquisitions. We
believe that this combination of excellence in operations and strong execution of our strategy is
critical to achieve our Vision, and we will continue to focus on both in future as well. Looking
ahead, for the quarter ending March&nbsp;31 2006, we expect Revenues from our Global IT services
business to be approximately $510&nbsp;million.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Suresh Senapaty, Chief Financial Officer, said &#147;Our differentiated services &#151; Technology
Infrastructure Services, Testing and Enterprise Application Services &#151; delivered double digit
Revenue growth sequentially, ahead of the overall growth rate. Finance Solutions and Technology
businesses continued their robust performance, delivering yet another quarter of double digit
sequential Revenue growth. Strong volume growth, higher proportion of Offshore projects and
continued operational improvements helped offset the impact of lower price realization, lower
utilization and the impact of compensation revision for our Offshore team and expand Operating
Margins sequentially.&#148;</B>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>For the convenience of the reader, the amounts in Indian rupees in this release have
been translated into United States dollars at the noon buying rate in New York City on
December&nbsp;30, 2005, for cable transfers in Indian rupees, as certified by the Federal
Reserve Bank of New York which is $1=Rs.44.95.
However, the realized exchange rate in our Global IT Services &#038; Products segment for the
quarter ended December&nbsp;31, 2005 is $1=Rs. 44.79</TD>
</TR>

</TABLE>


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

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






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Wipro Limited</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Total Revenues for the quarter ended December&nbsp;31, 2005 were Rs. 27.7&nbsp;billion ($617
million<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>), representing a 33% increase over the corresponding period in the previous
year. Net Income was Rs. 5.3&nbsp;billion ($118.4&nbsp;million<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>), representing an increase of 25%
over the same period last year. Earnings per share was Rs. 3.78 ($0.08<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>) for the quarter
ended December&nbsp;31, 2005, representing an increase of 23% over the earnings per share of Rs. 3.07
for the quarter ended December&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Global IT Services &#038; Products (76% of Revenues and 89% of Operating Income for quarter ended
December&nbsp;31, 2005)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our Global IT Services &#038; Products business segment recorded Revenue of Rs. 21.2&nbsp;billion<SUP style="font-size: 85%; vertical-align: text-top">a</SUP>
($472&nbsp;million<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>) for the quarter ended December&nbsp;31, 2005, representing an increase of 33%
over the same period last year. EBIT was Rs. 5.2&nbsp;billion ($115.3&nbsp;million<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>) for the
quarter ended December&nbsp;31, 2005, representing an increase of 26% over the same period last year.
Operating Income to Revenue for the quarter ended December&nbsp;31, 2005 was 24.4%, representing a
decrease of approximately 1.6% from the quarter ended December&nbsp;31, 2004. This decrease was
primarily due to currency appreciation, lower realization and utilization levels. Return on Capital
Employed (ROCE)&nbsp;for the quarter was 64% compared to 68% for the quarter ended December&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We had 51,024 employees as of December&nbsp;31, 2005, which includes 36,626 employees in IT Services
business and 14,398 employees in BPO business. This includes a net addition of 5,189 employees of
which 3,770 were in IT Services (including 471 attributable to acquisitions) and 1,419 in BPO
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the quarter, we added 61 new clients, including 1 new client in BPO services. In terms of
Verticals, the Product Engineering Services business led the customer addition with 20 new clients.
Customer addition was strong in North America, where we added 37 clients during the quarter. Some
of the key project wins during the quarter include an order from a European Tier 1 automotive
vendor for designing car navigation system for the Chinese market and a multi million, multi year
contract for complete migration of legacy Banking and Asset Management System to a new platform for
a major bank in Continental Europe. In addition, one of the Top 10 Mortgage companies in the US
selected Wipro as its strategic partner for its Enterprise BPO work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the quarter, Wipro was awarded the prestigious ASTD BEST Awards for 2005 by the American
Society of Training &#038; Development in recognition of Wipro&#146;s support for a
learning culture, that build talent across the enterprise, and that demonstrate the results of
their learning and development efforts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the quarter, Wipro made two acquisitions &#151; NewLogic Technologies AG, a European System on
Chip design company, and mPower Software Service Inc., a company in the payments processing space.
The operating results of mPower has been consolidated into Wipro&#146;s operating results effective
December&nbsp;1, 2005 resulting in additional Revenues of Rs. 58&nbsp;million ($1.3&nbsp;million<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>) and
PBIT of Rs. 16&nbsp;million ($0.35&nbsp;million<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>) included in the segment results for the quarter.
NewLogic has been consolidated into Wipro&#146;s operating results with effect from December&nbsp;28, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>India and Asia-Pac IT Services &#038; Products (14% of Revenue and 7% of Operating Income for quarter
ended December&nbsp;31, 2005)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our India and Asia-Pac Services and Products business segment (Wipro Infotech) recorded Revenue of
Rs. 3.9&nbsp;billion ($86&nbsp;million<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>) for the quarter ended December&nbsp;31, 2005, representing an
increase of 19% over the quarter ended December&nbsp;31, 2004. EBIT for the quarter ended December&nbsp;31,
2005, was Rs. 389&nbsp;million ($8.7&nbsp;million<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>), representing an increase of 45% over the
corresponding period in the previous year.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">a</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Global IT Services &#038; Products segment Revenues were Rs. 21.2&nbsp;billion for the
quarter ended December&nbsp;31, 2005 under the Indian GAAP. The difference of Rs.20&nbsp;million ($0.44
million<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>) is primarily attributable to difference in Revenue recognition standards and
accounting treatment for foreign exchange contracts under Indian GAAP &#038; US GAAP.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>For the convenience of the reader, the amounts in Indian rupees in this release have been
translated into United States dollars at the noon buying rate in New York City on December&nbsp;30,
2005, for cable transfers in Indian rupees, as certified by the Federal Reserve Bank of New
York which is $1=Rs.44.95. However, the realized exchange rate in our Global IT Services &#038;
Products segment for the quarter ended December&nbsp;31, 2005 is $1=Rs. 44.79</TD>
</TR>

</TABLE>


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

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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Operating Margin for the quarter ended December&nbsp;31, 2005 was 10.1%, representing an increase
of approximately 1.8% compared to the quarter ended December&nbsp;31, 2004. ROCE for the quarter was 68%
compared to 61% for the quarter ended December&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Consumer Care &#038; Lighting (5% of Revenue and 4% of Operating Income for quarter ended December&nbsp;31,
2005)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our Consumer Care &#038; Lighting business segment recorded Revenue of Rs. 1.46&nbsp;billion ($32.5
million<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>) for the quarter ended December&nbsp;31, 2005, representing a 18% increase over
Revenue of Rs. 1.23&nbsp;billion for the quarter ended December&nbsp;31, 2004. EBIT was Rs. 211&nbsp;million
($4.7&nbsp;million<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>) for the quarter ended December&nbsp;31, 2005, representing a 20% increase
over EBIT of Rs.175&nbsp;million for the quarter ended December&nbsp;31, 2004. ROCE for the quarter was 80%
compared to 97% for the quarter ended December&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our results for the quarter ended December&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>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Quarterly Conference call</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wipro will hold conference calls today at 1:30 PM Indian Standard Time (3:00 AM US Eastern Time) &#038;
at 6:45 PM Indian Standard Time (8:15 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 &#038; 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>About Wipro Limited</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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. For more information, please visit
our websites at <U>www.wipro.com</U> and <U>www.wiprocorporate.com</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Forward-looking and cautionary statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>For the convenience of the reader, the amounts in Indian rupees in this release have been
translated into United States dollars at the noon buying rate in New York City on December&nbsp;30,
2005, for cable transfers in Indian rupees, as certified by the Federal Reserve Bank of New
York which is $1=Rs.44.95. However, the realized exchange rate in our Global IT Services &#038;
Products segment for the quarter ended December&nbsp;31, 2005 is $1=Rs. 44.79</TD>
</TR>

</TABLE>


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

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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">intense competition in IT services including those factors which may affect our cost
advantage, wage increases in India, our ability to attract and retain highly skilled professionals,
time and cost overruns on fixed-price, fixed-time frame contracts, client concentration,
restrictions on immigration, our ability to manage our international operations, reduced demand for
technology in our key focus areas, disruptions in telecommunication networks, our ability to
successfully complete and integrate potential acquisitions, liability for damages on our service
contracts, the success of the companies in which we make strategic investments, withdrawal of
fiscal governmental incentives,
political instability, war, legal restrictions on raising capital or acquiring companies outside
India, unauthorized use of our intellectual property and general economic conditions affecting our
industry. Additional risks that could affect our future operating results are more fully described
in our filings with the United States Securities and Exchange Commission. These filings are
available at <U>www.sec.gov</U>. We may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the company&#146;s filings with the
Securities and Exchange Commission and our reports to shareholders. We do not undertake to update
any forward-looking statement that may be made from time to time by us or on our behalf.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"># # #
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(Tables to follow)
</DIV>



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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WIPRO LIMITED &#038; SUBSIDIARIES</B><BR>
<B>CONDENSED CONSOLIDATED STATEMENTS OF INCOME</B>-<BR>
<B>(in millions, except per share data)</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="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Three months ended December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Nine months ended December 31</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">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 nowrap align="center" colspan="3">Convenience</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">translation into US$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">translation into US$</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #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">IT Services </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right"> 14,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">19,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">39,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">52,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</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">1,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,490</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">3,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</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">2,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</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">1,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,461</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">3,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</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">642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</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">20,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,681</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">IT Services </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">742</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</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">659</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">1,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</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">812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</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">438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</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">13,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,125</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">6,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556</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="right">&nbsp;</TD>
    <TD align="right">(1,386</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,713</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(38</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,003</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,952</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(110</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="right">&nbsp;</TD>
    <TD align="right">(896</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,406</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,689</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,839</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(85</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="right">&nbsp;</TD>
    <TD align="right">(70</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(52</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(201</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(141</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</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="right">&nbsp;</TD>
    <TD align="right">(23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(122</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(36</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #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">153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(407</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(288</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11</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">24</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss on direct issue of stock by
subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(207</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in Earnings / (losses)&nbsp;of
affiliates </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</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">133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</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">4,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">371</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="right">&nbsp;</TD>
    <TD align="right">(694</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(990</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,971</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,367</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(53</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="right">&nbsp;</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</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="right">&nbsp;</TD>
    <TD align="right">(67</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</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:45px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right"> 4,271</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right"> 5,323</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right"> 11,360</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right"> 14,295</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">318</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per equity share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.22</TD>
    <TD>&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:45px; text-indent:-15px">IT Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right"> 3,835</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD align="right"><B> 4,878</B></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">  10,576</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD align="right"><B> 13,092</B></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">291</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Acquisitions</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"><B>16</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>290</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>645</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</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:30px; text-indent:-15px">Global IT Services &#038; Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,184</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,753</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">306</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>389</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">597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>968</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consumer Care &#038; Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>211</B></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">494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>587</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>142</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>375</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">Reconciling Items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(74</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(68</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(127</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1pt">
    <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:60px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD nowrap align="right">4,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD nowrap align="right"><B> 5,852</B></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right"> 12,878</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD align="right"><B>15,556</B></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WIPRO LIMITED &#038; SUBSIDIARIES<BR>
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="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>As of December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></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 style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Convenience</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">translation into</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">US$</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #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:15px; text-indent:-15px">Current assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">        3,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD align="right"><B> 4,279</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>95</B></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">13,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,026</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>423</B></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">2,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,241</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>94</B></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">1,619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,909</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>42</B></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">21,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>31,123</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>692</B></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">343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>91</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" 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">3,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,460</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>99</B></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">46,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>65,129</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,449</B></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">12,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,157</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>359</B></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">744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,002</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22</B></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">234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>231</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase price pending allocation</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"><B>1,929</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangible assets, net </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>342</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,945</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>132</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,168</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26</B></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 assets </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">       66,257</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD align="right"><B> 91,903</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>2,045</B></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 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">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borrowings from banks </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Rs.</TD>
    <TD align="right">          513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD align="right"><B> 1,054</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>23</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible bonds issued 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"><B>272</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></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">3,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,169</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>71</B></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">3,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,821</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>129</B></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">2,929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,109</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>91</B></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">1,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,837</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41</B></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">1,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,290</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>95</B></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">13,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20,552</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>457</B></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">577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>440</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10</B></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">14,226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20,992</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>467</B></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">519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></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:30px; text-indent:-15px">Equity shares at Rs. 2 par value: 1,650,000,000 shares
authorized; issued and outstanding: 1,404,241,862 and
1,420,739,099 shares as of December&nbsp;31, 2004 and
2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,841</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>63</B></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">12,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,023</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>334</B></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="right">&nbsp;</TD>
    <TD align="right">(3,236</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(2,386</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(53</B></TD>
    <TD nowrap><B>)</B></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">233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>247</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5</B></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">40,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>55,186</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,228</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity shares held by a controlled Trust*: 7,891,560 and
7,869,060 shares as of December&nbsp;31, 2004 and 2005</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"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></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">51,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>70,911</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,578</B></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="right">Rs.</TD>
    <TD  align="right">       66,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD align="right"><B> 91,903</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>2,045</B></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 align="right">Rs.</TD>
    <TD  align="right">      (75,000</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Rs.</B></TD>
    <TD align="right"><B> (75,000</B></TD>
    <TD><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1,669</TD>
    <TD nowrap>)</TD>
</TR>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>f16399exv99w2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.2</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
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    <TD width="5%"></TD>
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<TR valign="bottom">
    <TD align="left" valign="bottom"><B><U>FOR IMMEDIATE RELEASE</U></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="f16399f1639900.gif" alt="(WIPRO LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Results for the quarter ended December&nbsp;31, 2005 under Consolidated Indian GAAP </u><BR>
<B>Wipro records 30% growth in Revenues<BR>
Revenue in Global IT business was $ 473&nbsp;million; a growth of 10% sequentially</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Bangalore,
January&nbsp;18, 2006 </B>&#151; Wipro Limited today announced its audited results approved by the
Board of Directors for the quarter ended December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>Highlights</U>:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Results for the Quarter ended December&nbsp;31, 2005</B>
</DIV>


<DIV style="margin-top: 6pt">
<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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Wipro Limited Revenue increased by <B>30% </B>yoy to Rs. 27.4&nbsp;billion (Rs. 2,744 Crores);
Profit After Tax grew by <B>27% </B>yoy and by <B>14% </B>sequentially to Rs. 5.4&nbsp;billion (Rs. 543
Crores)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products Revenue was Rs. 21.2&nbsp;billion (Rs. 2,122 Crores), an
increase of <B>34% </B>year on year (yoy)&nbsp;and <B>12% </B>sequentially contributed primarily by volume
growth</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products Profit before Interest and Tax (PBIT)&nbsp;was Rs. 5.3
billion (Rs. 526 Crores), a growth of 14% sequentially</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global IT Services &#038; Products added <B>61 </B>new
clients in the quarter &#151; the highest ever
customer add.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>India &#038; AsiaPac IT Services &#038; Products segment records <B>39% </B>growth in PBIT yoy;
Revenue grew by <B>17%</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>Outlook for the Quarter ending March&nbsp;31, 2006</U></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Azim Premji, Chairman of Wipro commenting on the results said &#147;The results for the quarter signal
the next phase in Wipro&#146;s growth. Revenues in our Global IT
business were $473&nbsp;million &#151; including
$1.3&nbsp;million attributable to acquisition completed during the
quarter &#151; ahead of our guidance of
$463&nbsp;million. Apart from delivering solid Revenue growth, we improved our Operating Margins and
increased our share of wallet from key clients, even as we made two strategic acquisitions. We
believe that this combination of excellence in operations and strong execution of our strategy is
critical to achieve our Vision, and we will continue to focus on both in future as well. Looking
ahead, for the quarter ending March&nbsp;31, 2006, we expect Revenues from our Global IT services
business to be approximately $510&nbsp;million.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Suresh
Senapaty, Chief Financial Officer, said &#147;Our differentiated services &#151; Technology
Infrastructure Services, Testing and Enterprise Application Services
&#151; delivered double digit
Revenue growth sequentially, ahead of the overall growth rate. Finance Solutions and Technology
businesses continued their robust performance, delivering yet another quarter of double digit
sequential Revenue growth. Strong volume growth, higher proportion of Offshore projects and continued operational improvements helped
offset the impact of lower price realization, lower utilization and the impact of compensation
revision for our Offshore team, and expand Operating Margins
sequentially. &#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><u> <B>Wipro Limited </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Revenues for the quarter ended December&nbsp;31, 2005, were Rs. 27.4&nbsp;billion, representing a 30%
increase yoy. Profit after Tax for the quarter was Rs. 5.4&nbsp;billion, an increase of 27% yoy.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Global IT Services &#038; Products</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Global IT Services reported Revenues of Rs. 21.2&nbsp;billion for the quarter ended December&nbsp;31, 2005,
representing an increase of 34% yoy and PBIT of Rs. 5.3&nbsp;billion, an increase of 27% yoy. Operating
Income to Revenue for the quarter was 24.8%. R&#038;D Services contributed 34% of the Revenue of Global
IT Services. Enterprise Business contributed 57% of Revenues with the balance 9% being contributed
by Business Process Outsourcing (BPO)&nbsp;services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We had 51,024 employees as of December&nbsp;31, 2005, which includes 36,626 employees in IT Services
business and 14,398 employees in BPO business. This includes a net addition of 5,189 employees of
which 3,770 were in IT Services (including 471 attributable to acquisitions) and 1,419 in BPO
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the quarter, we added 61 new clients, including 1 new client in BPO services. In terms of
Verticals, the Product Engineering Services business led the customer addition with 20 new clients.
Customer addition was strong in North America, where we added 37 clients during the quarter. Some
of the key project wins during the quarter include an order from a European Tier 1 automotive
vendor for designing car navigation system for the Chinese market and a multi million, multi year
contract for complete migration of legacy Banking and Asset Management System to a new platform for
a major bank in Continental Europe. In addition, one of the Top 10 Mortgage companies in the US
selected Wipro as its strategic partner for its Enterprise BPO work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the quarter, Wipro was awarded the prestigious ASTD BEST Awards for 2005 by the American
Society of Training &#038; Development in recognition of Wipro&#146;s support for a learning culture, that
build talent across the enterprise, and that demonstrate the results of their learning and
development efforts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the
quarter, Wipro made two acquisitions &#151; NewLogic Technologies AG, a European System on
Chip design company, and mPower Software Service Inc., a company in the payments processing space.
The operating results of mPower have been consolidated into Wipro&#146;s operating results effective
December&nbsp;1, 2005 resulting in additional Revenues of Rs. 59&nbsp;million ($1.3&nbsp;million) and PBIT of Rs.
16&nbsp;million, which have been included in the segment results for the quarter. NewLogic has been
consolidated into Wipro&#146;s operating results with effect from December&nbsp;28, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Global IT Services &#038; Products accounted for 77% of the Revenue and 89% of the PBIT for
the quarter ended December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Wipro
Infotech &#151; India, Middle East &#038; Asia Pacific IT Services &#038; Products business</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the quarter ended December&nbsp;31, 2005, Wipro Infotech recorded Revenues of Rs.3992 Million, a
growth of 17% yoy and Profit before Interest and Tax of Rs.376 Million a growth of 39% yoy.
Services business contributed 38% to total Revenue and grew by 27% yoy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have won a comprehensive Total Outsourcing project from an MNC energy company. The contract is
for 5&nbsp;years and includes Transaction Processing in F&#038;A and Procurement and IT Outsourcing
comprising Consulting, ERP Deployment and Infrastructure Management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We won 36 new projects in our services business during the quarter. Some key projects of this
quarter include Storage Consolidation for HDFC Bank Ltd and Data Center Consulting and set-up for
BPCL. Our initiatives to address the SMB market for Software have yielded strong results &#151; In Q3,
we have won 6 ERP projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wipro Infotech accounted for 15% of Revenue and 6% of the PBIT for the quarter ended December&nbsp;31,
2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Wipro Consumer Care &#038; Lighting</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wipro Consumer Care &#038; Lighting business recorded Revenue of Rs. 1.55&nbsp;billion with PBIT of Rs.209
million for the quarter ended December&nbsp;31, 2005, a yoy increase of 20% &#038; 19% respectively. PBIT to
Revenue was 13.5% for the quarter.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Wipro Limited</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the quarter ended December&nbsp;31, 2005, the Return on Capital Employed in Global IT Services was
64%, India &#038; AsiaPac IT Services &#038; Products was 72% and Consumer Care and Lighting was 82%. At the
Company level, the Return on Capital Employed was 34%, lower due to inclusion of cash and cash
equivalents of Rs. 35&nbsp;billion in Capital Employed (48% of Capital Employed).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For Wipro Limited, Profit after Tax computed in accordance with US GAAP for the quarter ended
December&nbsp;31, 2005, was Rs. 5.32&nbsp;billion, an increase of 25% yoy. The net difference between profits
computed in accordance with Indian GAAP and US GAAP is primarily due to different Revenue
recognition standards, deferred taxes &#038; accounting for forward contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Global IT Services &#038; Products segment Revenues were Rs. 21.2&nbsp;billion for the quarter ended December
31, 2005, under US GAAP. The difference of Rs. 20&nbsp;million is primarily attributable to difference
in Revenue recognition standards and accounting treatment for foreign exchange contracts under
Indian GAAP &#038; US GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Quarterly Conference call</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wipro will hold conference calls today at 1:30 PM Indian Standard Time (3:00 AM US
Eastern Time) &#038; at 6:45 PM Indian Standard Time (8:15 AM US Eastern Time) to discuss the company&#146;s
performance for the quarter &#038; answer questions sent to email ID:
<U>lakshminarayana.lan@wipro.com</U> An
audio recording of the management discussions and the question &#038; 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Wipro Limited</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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. For more information, please visit
our websites at <U>www.wipro.com</U> and <U>www.wipro.co.in</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>US GAAP financials on website</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Unaudited Condensed Consolidated 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>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Contact for Investor Relation</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Contact for Media</B></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">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>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Forward looking and cautionary statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B># Tables to follow</B>
</DIV>


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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WIPRO LIMITED, CONSOLIDATED<BR>
AUDITED SEGMENT WISE BUSINESS PERFORMANCE FOR THE QUARTER &#038; NINE MONTHS ENDED DECEMBER 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="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="right" colspan="28" style="border-bottom: 1px solid #000000"><B><I>Rs. in Million</I></B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

    <TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Particulars</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Quarter ended December 31 </B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Nine months ended December 31 </B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Year Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom"><TD>&nbsp;</TD><TD>&nbsp;</TD>

    <TD nowrap align="right" colspan="2"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Growth %</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Growth %</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>31 March 2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="29" 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>Revenues</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>
    <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">IT Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,230</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Acquisitions</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,523</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Global IT Services and Products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,223</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,888</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>34</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>57,489</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44,344</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>30</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>60,753</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">24</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,964</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">24</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,723</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">34</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,258</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27,439</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,101</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>75,126</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,577</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">28</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>81,698</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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:15px; text-indent:-15px"><B>Profit before Interest and Tax &#151; PBIT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">IT Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,816</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">13,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,835</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Acquisitions</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Global IT Services and Products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,262</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,139</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,044</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,893</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,041</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">39</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,042</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</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">591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495</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">672</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-58</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">397</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>5,921</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,762</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,801</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,331</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,152</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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 Tax</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,290</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,947</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,671</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,929</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,948</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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 including Fringe Benefit Tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(949</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,408</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,035</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,750</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,341</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,225</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>26</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,263</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,894</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,198</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share in earnings of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></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">(28</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(88</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,435</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,268</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,495</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,955</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>21</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,285</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">IT Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">28</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Acquisitions</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Global IT Services and Products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>25</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>26</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>26</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13</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>&nbsp;</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">14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>23</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>21</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>23</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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:15px; text-indent:-15px"><B>CAPITAL EMPLOYED</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">IT Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21416</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Acquisitions</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,448</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,448</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8472</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Global IT Services and Products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34,545</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,709</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34,545</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,709</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>29,888</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,538</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>72,624</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52,518</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>72,624</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52,518</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53,713</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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"><B>CAPITAL EMPLOYED COMPOSITION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">IT Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Acquisitions</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Global IT Services and Products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>48</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>51</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>48</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>51</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>56</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India &#038; AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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:15px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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="29" 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>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></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>&nbsp;</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 nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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:15px; text-indent:-15px"><B>RETURN ON AVERAGE CAPITAL EMPLOYED</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">IT Services</DIV></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">88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">83</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">81</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Acquisitions</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Global IT Services and Products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>64</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>66</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>58</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>65</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>62</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India &#038; AsiaPac IT Services and Products</DIV></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">67</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">63</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">101</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">105</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">89</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>34</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>38</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>33</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>39</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>39</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Notes to Segment Report</B>
</DIV>


<DIV style="margin-top: 6pt">
<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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The segment report of Wipro Limited and its consolidated subsidiaries and associates
has been prepared in accordance with the Accounting Standard 17 &#147;Segment Reporting&#148; issued
by The Institute of Chartered Accountants of India.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Segment revenue includes exchange differences which are reported in other income in
the financial statements</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PBIT for the quarter and nine months ended December&nbsp;31, 2005 is after considering
restricted stock unit amortisation of Rs. 156 Million and Rs. 479 Million respectively.
PBIT of Global IT Services and Products for the quarter and nine months ended December&nbsp;31,
2005 is after considering restricted stock unit amortisation of Rs. 135 Million and Rs.
413 Million respectively.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Capital employed of &#145;Others&#146; includes cash and cash equivalents including liquid
mutual funds of Rs. 34,972 Million (as of December&nbsp;31, 2004: Rs. 24,845 Million &#038; as of
March&nbsp;31, 2005: Rs. 28,497 Million).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has four geographic segments: India, USA, Europe and Rest of the World.
Significant portion of the segment assets are in India. Revenue from geographic segments
based on domicile of the customers is outlined below:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&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>
    <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 nowrap align="right" colspan="33" style="border-bottom: 1px solid #000000"><B><I>(Rs. in Million)</I></B></TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="10" style="border-bottom: 0px solid #000000"><B>Quarter ended December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="14" style="border-bottom: 0px solid #000000"><B>Nine months ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Geography</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="3"><B>%</B></TD>

    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="3"><B>%</B></TD>    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="3"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD nowrap align="right" colspan="3"><B>%</B></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"><B>5,497</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,396</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">USA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,779</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,854</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"><B>37,873</B></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">30,590</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">Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,578</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">24</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,291</B></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">11,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rest of the World</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,585</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,566</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27,439</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>21,101</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>75,126</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,577</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</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>

<DIV style="margin-top: 6pt">
<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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of reporting, business segments are considered as primary segments
and geographic segments are considered as secondary segment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until June&nbsp;30, 2005, the Company reported Global IT Services and Products as an
integrated business segment. Effective July&nbsp;2005, the company reorganized the management
structure of Global IT Services and Products Segment, the segment
reporting format has been changed accordingly. Revenues, operating profits and capital employed of Global IT Services business are now
segregated into IT Services and BPO services.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective December&nbsp;1, 2005, the Company acquired 100% equity of MPower Software
Services Inc. and its subsidiaries (MPower) including the minority shareholding held by
MasterCard International in MPact India, a joint venture between Master Card International
and MPower Inc, for an aggregate cash consideration of Rs. 1,275 Million. MPower Software
Services Inc. is a US based Company engaged in providing IT services in the payments
space.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a part of this acquisition, Wipro aims to provide MasterCard a wide range of services
including application development and maintenance, infrastructure services, package
implementation, BPO and testing. Through this acquisition, Wipro is able to expand domain
expertise in payment space and increase the addressable market for IT
services.</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>
The Company has made preliminary determination of the carrying value of assets and
liabilities of MPower as at December&nbsp;31, 2005 and has recorded goodwill of Rs. 1,089
Million. The Company is in the process of making a final determination of the carrying
value of assets and liabilities, which may result in changes in the carrying value of
goodwill and net assets recorded.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On December&nbsp;28, 2005, the Company acquired 100% equity of BVPENTE and its
subsidiaries (New Logic). New Logic is an European system on chip design company. The
consideration includes cash consideration of Rs. 1,157 Million and earn outs of Euro 26
Million to be determined and paid in future based on financial targets being achieved over
a 3&nbsp;year period.</TD>
</TR>

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

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


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


<DIV style="margin-top: 6pt"><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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Through this acquisition, the Company has acquired strong domain expertise in semiconductor
IP cores and complete system-on-chip solutions with digital, analog mixed signal and RF
design services. The acquisition also enables the Company to access over 20 customers in
the product engineer ing space. </TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>
The Company has made preliminary determination of the
carrying value of assets and liabilities of New Logic as at December&nbsp;31, 2005 and has
recorded goodwill of Rs. 840 Million. The Company is in the process of making a final
determination of the carrying value of assets and liabilities, which may result in changes
in the carrying value of goodwill and net assets recorded.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As at December&nbsp;31, 2005, revenues &#038; operating profits of MPower are reported
separately under &#145; <I>Acquisitions</I>&#146;. Capital employed (including goodwill) of MPower and New
Logic are reported separately under &#145;<I>Acquisitions</I>&#146;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of December&nbsp;31, 2005, forward contracts and options (including zero cost collars)
to the extent of USD 303 Million have been assigned to the foreign currency assets as on
the balance sheet date. The proportionate premium / discount on the forward contracts for
the period upto the date of balance sheet is recognized in the profit and loss account.
The exchange difference measured by the change in exchange rate between inception of
forward contract and the date of balance sheet is applied on the foreign currency amount
of the forward contract and recognized in the profit and loss account.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Additionally, the Company has designated forward contracts and options to hedge highly
probable forecasted transactions. The Company also designates zero cost collars to hedge
the exposure to variability in expected future foreign currency cash inflows due to
exchange rate movements beyond a defined range. The range comprises an upper and lower
strike price. At maturity if the exchange rate remains within the range the Company
realizes the cash inflows at spot rate, otherwise the Company realizes the inflows at the
upper or lower strike price.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The gain or loss on the forward contracts and options are recognized in the profit and loss
account in the period in which the forecasted transaction is expected to occur.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In respect of option / forward contracts which are not designated as hedge of highly
probable forecasted transactions, realized / unrealized gain or loss are recognized in the
profit and loss account of the respective periods.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As at the balance sheet date, the Company had forward / option contracts to sell USD 512
Million in respect of highly probable forecasted transactions. The effect of marked to
market and of intermediary roll over / expiry of the said forward contracts is a gain of
Rs. 72 Million. 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 style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In August&nbsp;2005, the Company issued bonus shares in the ratio of one additional equity
share for every equity share or ADS held.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has been granting restricted stock units (RSUs) since October&nbsp;2004. The
RSUs generally vest equally at annual intervals over a five year period. The stock
compensation cost is computed under the intrinsic value method and amortized on a straight
line basis over the total vesting period of five years. As permitted by generally accepted
accounting principles in the United States (US GAAP), the Company applies a similar
straight line amortization method for financial reporting under US GAAP.
The company has been advised by external counsel that the straight line amortization
complies with SEBI guidelines.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>However, an alternative interpretation could result in amortization of the cost on an
accelerated basis.
Under this approach, the amortization in the initial years would be higher with a lower
charge in subsequent periods (though the overall charge over the full vesting period will
remain the same). If the Company were to amortize the cost on an accelerated basis, profit
before taxes and profit after tax for three months ended December&nbsp;31, 2005 would have been
lower by Rs. 43 Million &#038; Rs. 37 Million and for nine months ended December&nbsp;31, 2005 would
have been lower by Rs. 462 Million &#038; Rs. 425 Million respectively. Similarly, the profit
before taxes
and profit after tax for the year ended March&nbsp;31, 2005 would have been lower by Rs. 443
Million and Rs. 409 Million respectively. This would effectively increase the profit before
and after tax in later years by similar amounts.</TD>
</TR>

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

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

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


<DIV style="margin-top: 6pt"><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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD colspan="2">The Company is awaiting further clarification on the matter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">a)</TD>

    <TD> In accordance with Accountin g 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 style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">b)</TD>

    <TD>The Company has a 49% equity interest in Wipro GE Medical Systems
Private Limited (Wipro GE), an entity in which General Electric, USA holds the
majority equity interest. The shareholders agreement provides specific rights to
the two shareholders. 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 statem ents 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 style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">c)</TD>
    <TD>In accordance with the guidance provided in Accounting Standard 23
&#147;Accounting for Investments in Associates in Consolidated Financial Statements&#148;
WeP Peripherals have been accounted for by equity method of accounting.</TD>
</TR>

</TABLE>
</DIV>


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<DESCRIPTION>EXHIBIT 99.3
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 99.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Press Conference for Management Discussion on Earnings Release for quarter ended December&nbsp;31,<BR>
2005 of Wipro Limited</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>18</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP>
<B>January, 2006</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Present:</B> </U><BR>
Azim Premji &#151; Chairman<BR>
Suresh Senapaty &#151; Executive VP &#038; Chief Financial Officer<BR>
Dr A L Rao &#151; President, Technology Solutions &#038; Chief Operating Officer<BR>
Sudip Banerjee &#151; President, Enterprise Solutions<BR>
Girish Paranjpe &#151; President, Banking and Financial Solutions,<BR>
Suresh Vaswani &#151; President, Wipro Infotech, Technology
Infrastructure Services, Global Testing Services &#038; Enterprise Application Services<BR>
T K Kurien &#151; President, Wipro BPO<BR>
Vineet Agrawal &#151; President, Wipro Consumer Care &#038; Lighting

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Statement to the Press by Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good morning and thank you for making it through the roads of Sarjapur to the press conference.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the outset let me wish you all a happy New Year. The detailed quarter results are with you in
the press docket. Let me share with you some thoughts on our performance and prospects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What made the quarter special was the fine balance we achieved between delivering short term
results and building a long term sustainable business. In terms of quarterly results, all our major
business segments recorded robust growth rates in Revenues and Profits. We crossed two significant
milestones this quarter &#151; Our IT Businesses crossed Rs. 10,000 crores annual run-rate and our
Global IT Business surpassed 50,000 landmark in employee-strength. Revenues in our Global IT
business at $473&nbsp;million were ahead of our guidance of $463&nbsp;million. The IT Services business
continued to witness broad based growth, across Verticals, Geographies and Service lines. Our
Financial Solutions and Technology businesses delivered yet another quarter of double digit
sequential growth. Our differentiated services such as Testing, Technology Infrastructure
Management and Enterprise Application Services continue to grow ahead of overall growth rate. We
added 61 new clients &#151; the highest ever customer-add. Demonstrating the robustness of our business
model, not only did we absorb the impact of compensation revision for our Offshore team, but
improved our Operating Margins. Our Business Process Outsourcing business &#151; which has been a
subject of much discussion &#151; delivered sequential Revenue growth, improved Operating Margins,
increased billable team size and won strategic assignments from customers. Over the last couple of
quarters, our BPO business has demonstrated consistent improvements, reinforcing our confidence
that Wipro BPO is capable of leading industry growth, even though growth in the near term may be
muted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our India, Middle East and Asia Pac IT business recorded year-on-year Revenue growth of 17%.
Improved business profitability in this segment saw the Profit Before Interest and Tax grow faster
at 39%. Wipro Consumer Care &#038; Lighting and Wipro Infrastructure Engineering businesses also turned
in good performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In terms of a longer term perspective, we built a strong platform for growth in our Product
Engineering Business and Banking Solutions business through the acquisition of NewLogic in Austria
and mPower in US and India. Our investments in account management continued to pay off. The top 10
customers in our Global IT business grew ahead of the company growth rate; we continue to see
improvements in our customer mining efforts &#151; apart from increasing the number of million dollar
customers sequentially to 210,
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">we now have 3 customers with Revenue run rate in excess of $50&nbsp;million. With the NewLogic
acquisition and the planned facility in Romania, we are expanding our geographical footprint.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Looking ahead, the two questions that drive our business remain unchanged &#151; how do we deliver
superior Solutions to our customers and how do we deliver sustainable value to our stakeholders.
The answers to these questions lie in devising strategies that anticipate emerging challenges and
opportunities, and relentless focus on execution &#151; that converts strategies to business results
while constantly improving operating productivity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Thank you
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A very good morning ladies and gentlemen. Very nice of you to have taken the pain of coming over
here and being on time for the press conference. We appreciate and acknowledge the trouble you
have taken. Like Mr.&nbsp;Premji, said we had one more strong quarter, quarter ending December&nbsp;2005,
and I will take about five minutes and a few slides to just explain little bit of detail; some of
you have already covered through the various press and media, some of you just can pick it up from
here, and you already have the press releases already in your hands.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Looking at this, the revenue for the company was Rs. 2744 crores which was the 9.5% sequential
growth and this is against a backdrop of 10.8% last quarter. Similarly if look at the profit
before interest and tax, Rs. 592 crores, 13% sequential, and this is backed again by 13% sequential
growth we got in September quarter. Profit after tax Rs. 544 crores, 13.7% sequential growth
against a backdrop of 11.7% we got in quarter ending September. If you look at the segments here,
global IT services sequential growth of 12%, in dollar terms 10%, and PBIT of Rs. 526 crores which
is a growth of 13.8%. Last quarter, we had 11.2% and that inched up to 13.8% quarter ending
December. India, Middle East, and Asia Pacific &#151; which is our Wipro Infotech business &#151; Rs. 399
crores of revenue, YOY 17%, Rs. 37.6 crores of PBIT which is about 26% YOY growth; which means
there is a margin expansion that we are seeing. And similarly Consumer Care and Lighting Rs. 155
crores, 7.8% sequential growth and 20% YOY growth. Similarly on the profit before interest and tax
growth of 7.2% which is much better than what we did in September quarter which was 4.3%. So all
in all, if you look at the Wipro Corporation, Rs. 2743 crores, IT business per se has exceeded Rs.
2500 crores, which means we are crossing the Rs. 10,000 crores annual run rate both from the Wipro
corporation perspective as well as our IT business perspective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some of the other highlights: Revenue at $473&nbsp;million a QOQ growth of 10%, ahead of our guidance
of $463&nbsp;million. It includes about $1.3&nbsp;million of acquisition which was not factored in the
guidance, and that&#146;s add-on. This is despite an increase in the wage that we talked about
effective of 1st of November when we had given about a 12% increase in salaries for all offshore
employees; and there was a utilization reduction some of the improvement that we achieved in terms
of offshore mix, some of the improvements we achieved in terms of some cost management has been
able to result in an operating margin expansion of 40 basis points. Strong volume growth in IT
services, person months billed went up by 12.7%. Proportion of revenue from offshore projects went
up by 160 basis points to 46.9%; last quarter also we had seen an improvement which was about 11.7%
and now it has gone up by 12.7%. Proportion of robust people addition continues; net addition of
5189 compared with a head count of 3924 last quarter, which is a significant improvement, including
3770 in IT services and 1400 in BPO. So the team size overall now therefore crosses the 50,000
landmark. Wipro BPO business operations continue to improve. Sequential we have seen a growth
about 4% and 350 basis points improvement in operating margins. The head count increase also
includes about 471 people that we got by virtue of the two acquisitions that we did in terms of
NewLogic as well as mPower. So two acquisitions, $1.3&nbsp;million of revenue, and the consolidation
has happened effective 1st of December for mPower and for NewLogic, it is effective 28th of
December; but the revenue impact will be felt only in January&nbsp;1, 2006.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you look at the revenue dynamics of Global IT, financial solution continues to be the growth
driver, a star for our sales, combined technology business also has given double-digit sequential
growth. If you look at the enterprise solution, again a very good growth of 9% and that is
supported by the TMTS, which is the Technology and Media Practice of ours as well as the vertical
dealing with Energy and Utilities. Our Differentiated Services again did very well. Testing
Services 89% YOY, 20% sequential; Technology Infrastructure Services grew 45% YOY, 16% sequential;
and Package Implementation 34% YOY, 10% sequential. Europe sustained its pace of strong growth.
Again another quarter of double-digit sequential growth and this quarter we also saw Japan going
back into the growth trajectory of double-digit sequential growth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the customer add point of view, again a very satisfying quarter: 61 customers, highest every any
particular quarter and that includes about 13 clients from Fortune 1000 customers. 20 new customers
were in the Product Engineering, and 37 were North America. Customers who have been in enterprise
solution space includes an electronic major from Europe, a major apparel brand in US and one of
North America&#146;s leading new home builder. In embedded space, system space, wins including one
project that we are doing for a European tier 1 automotive supplier to design car navigation system
for its China market, very interesting, and China is something which have just got into over the
last few quarters and we are building traction there and this is one very good unique star project
that we have got. We won a multimillion dollar, multiyear complete migration of legacy banking and
asset management systems to a new platform for a major bank in continental Europe. Again one
unique project in Continental Europe where our penetration has not been so good so far. One of the
top 10 mortgage companies in the US selected Wipro as its strategic partner for enterprise BPO
work. Reflecting continued customer confidence in Wipro, customers with $1&nbsp;million revenue has
gone up from 201 to 210. Customer of $5&nbsp;million or more has gone up from 77 to 84, and for the
first time we saw three customers into a $50&nbsp;million annual run rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some of the other highlights. Wipro has been credited and selected as 2005 winner for the annual
ASTD-BST Award, which is nothing but American Society of Training and Development which is
acknowledgment of the world class training facility that we have and training practices that we
have in India and across the globe. Similarly Wipro Infotech won another total outsourcing project
from an MNC energy company. Other wins included system integration and infrastructure provisioning
kind of contracts. Wipro Infotech received a 2005 Sales Champion Award from HP... from HP Open View
Management Software as an outstanding performance award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In summary therefore, track record of consistent growth continues. Global IT business revenue grew
for the quarter, expected to be Rs. 510&nbsp;million, QOQ of about 8%. This will include about $10
million coming from the acquisitions like I said; about $ 1.3&nbsp;million has been covered from 1st of
December, and three months of that will be covered in the current year, current quarter from mPower
plus the NewLogic revenues will flow in from 1st of January&nbsp;2006. We continue to deliver
broad-based growth, vertical service line, geographies are showing good promise and have shown so.
Robustness of business model prove again our expanded operating margins. Significant steps taken
in strategic inorganic initiatives. We have seen already two acquisitions. We have shown that in
the past also. We are excited about some of these early responses and early synergies that we are
seeing, and that is making our vehicle of inorganic growth much more active, and we would continue
to be looking at more and more of such opportunities. Even if you look at the customer growth
point of view Top 5 customers have grown 15% sequentially, top 10 customers have grown 11%
sequentially, and overall therefore customer add has been good, customer penetration has been good.
The efforts that we have taken in the past four quarters in terms of managing the customer account
has been yielding good results, including selling more and more service lines into the existing
customer base.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wipro Infotech has continued to do well despite the fact that December quarter is not necessarily a
very good quarter. Wipro Infotech has delivered 27% YOY growth in the services part of the
business which is the high focus for Wipro Infotech, and 35 new projects; 38% of our revenue comes
from services and some of the projects that it has won has a piece of BPO as well as IT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Non-IT business again also continued to sustain good growth momentum. We are seeing the results in
Wipro consumer care part of the business, 20% YOY growth and about 7.5% sequential growth. The
furniture business that we launched is continuing to show traction. We are very encouraged about
it and we are focussing more and more. The C&#038;I part of the business again has been doing well and
it is on plan and doing better. Similarly our growth in Santoor which is the flagship brand that we
have in our Consumer Care business. Some of the initiatives that we have taken in the past few
quarters of launching more and more wellness products are showing good traction. We are more and
more encouraged in some of those launches and staying on course with respect to some of that space.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Similarly our Wipro Infracture Engineering, what we call as WIN, has also done well, very good
growth, very good attraction, and going forward we see very good promise in that part of the
business too.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So therefore in summary, we think Wipro is well positioned to deliver the strong value for its
stakeholders. In addition to this, we have some supplement data which we will have on your folders
which deals with the US GAAP numbers which are similar and not too much variance to the India GAAP
results. You have some of the breakdowns with respect to businesses. It comes from the verticals
and geography. I think noteworthy here is the net additions and the people head count which is
5189, and after a head count of 3924 in the last quarter; and you see a swing in the BPO services
from a decline of 651, we are seeing a 1419 addition in this quarter. The total head count you see
from 45,800 has gone up to 51,000, crossing the 50,000 mark. So with these few words, I would now
open the session for Q&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We now take on your questions. Before that, we will be distributing the copy of this presentation;
it is just coming in.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I just wanted to take you upon the last slide about Europe, because there is a talk of 89% growth
in the year and year growth in the revenue from Europe what I could see; but this share of Europe
has fallen over the year and even over the quarter QOQ would assist I think from 32.4%, it has come
to 33%. So I wanted some perspective, is really Europe driving business because it does not seem to
be outperforming overall growth that I can see.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The growth of 89% that we talked about is Testing Services, not Europe. So testing services
sequentially was 20%, and YOY was 89%. So far as Europe is concerned, it grew double-digit
sequentially and YOY it has grown 45%, so that growth is much higher than our average growth rate;
and this has been a consistent performance so far as Europe is concerned for the past about 8 to 10
quarters it has been growing very well for us. And this quarter we also bounced back in Japan with
a double-digit sequential growth.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay Europe double-digit sequential and year-on-year you said how much sir, 45%, but what about the
share of revenue in overall Global IT revenue, how does it look right now... and over the last year
and last quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Suresh Senapaty</B>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Europe share is about 33% up from 32.4% last quarter, up from 30.2 in December quarter 2004; that
means YOY the share has improved from 30.2% to 33%. Sequentially, it has improved from 32.4% to
33%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay so it has increased in that share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Can you give some additional perspective on how the BPO business did in terms of transaction versus
voice business, any more color you can give us on the changes that have happened so far?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T.K. Kurien</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the last quarter, what we have seen, especially over the past two quarters maybe, what we have
seen as more and more sales of integrated deals, which means integrated BPO and IT deals, and last
quarter we have two of them. More importantly, what we have seen is that given our front-end, we
have integrated our front-end completely now with Wipro Technologies. So today we have a joint
sales force that goes in which is led by Wipro Technologies into the customer base. I think the
effect of that can be seen pretty much in the numbers. Last quarter, we have added on six new
customers, all of them in the transaction processing space.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Just to supplement that point that I talked about on Europe, YOY growth is 51% and sequential was
13%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Kurien, I wanted to take you up a bit more on that because joint front-end is not new because
we have been hearing about this from Wipro from two to three years. Could you tell us more about
the transaction part of the business as to exactly what kind of work are you doing these days that
is driving up margins.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T.K. Kurien</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay let me answer that question in a different way. Let me also correct one perception. The
joint sales force has been something that&#146;s been there now for the past two quarters. It has not
been there for the past three years. We had a separate sales force for Wipro BPO and we had a
separate sale force for Wipro Technologies till about two quarters ago.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Coordination to unification is what you are saying?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T.K. Kurien</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have completely unified in the front-end, earlier it was coordinated... you are right. On the
second question which is what kind of deals we are winning. There are two kinds of specific areas
that we are focused around. One is around the back office which includes finance and accounts,
procurement and HR. And also in vertical specific industries. For example, in BFSI, we might go
after a segment like mortgaging processing. So those have been specific segments that we have been
kind of selling and focused around selling-in.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But is the pricing model still centered around time and material in this or is there... ?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T.K. Kurien</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The pricing model has changed significantly when it came to transaction processing, and if you look
at it, in transaction processing, it is more or less based upon the number of transactions,
transaction-based pricing.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And the other area where we have had significant success over the past quarter has been in our
manufacturing vertical where we have really gone after the back office.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reporter</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So what&#146;s the latest mix on transaction to voice business?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T.K. Kurien</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See the way we look at it is that we have changed the component a little bit because what happens
is the way we are measuring it right now is integrated deals versus nonintegrated deals, and
integrated deals would be any deal where we sell transaction as well as voice together because the
voice components will always be there as part of any transaction processing deal. So the mix, if
you may, today is running at around 17% in terms of transaction processing, based upon the old
definition; we are pretty confident about the fact that we will hit 40% in about two years time
which is the goal that we have set for ourselves.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Can I request some of you standing there to just come in and sit down and take the chairs please
here. A lot of chairs empty. Can I request some of you to come over and fill in the chairs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What do you think is going to be the proportion that is going to change? It is not as if your voice
is being washed out of that.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T.K. Kurien</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The voice business is not getting washed out. I just want to correct that perception because the
proportion is going to change.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Last time you said that you are awaiting land. You were awaiting clearance from the state
government for land allocation to create your own park... what is the update on that? And secondly on
e-waste; some allegations were there that you are not disposing off your e-waste as it should, so
what is the position there?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think so far as land is concerned some of the applications that we have lodged with the
government continues to hold good and as an when we get it we can let you know.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One of the big, I think it was either Green Peace or component thereof, they said that you are not
disposing your e-waste properly; lot of pollution had been created by you because you were not
disposing it off as it should be done.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No actually some of that which was there it was not so called Wipro&#146;s property there. It was
somebody else&#146;s and therefore I think the issue that got highlighted it is not necessarily that
relevant. But Wipro has got the necessary registrations to deal with whatever it does in terms of
dealing with waste with respect to all the systems and computers that it handles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The surprise element has all been Wipro Consumer Care. If you take the sequential growth rate, Mr.
Senapathy you said for the quarter ended September&nbsp;2005 you grew 4.3% but for December&nbsp;2005 you
have
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">grown 7.2% I mean,is this in line,because most of the FMCG companies are increasing their prices,
operating margins are getting more fatter, so is this the experience that you are also having,or is
it coming from the new businesses that you talked of?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Vineet Agarwal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I handle the consumer care and lighting business. Our Q3 has been good in terms of sequential
growth largely because we have launched a liquid detergent in the Nrth which really sells in the
winters. It&#146;s a liquid detergent for woolens and therefore this quarter shows a good increase.
This is the product which we launched about two years back and we have been getting a good traction
on this for the last two years. The second reason why the consumer care and lighting sequentially
has grown 7% and 20% year-on-year is because of our furniture business which has grown well as we
go forward. This is another business which we launched about 1-1/2&nbsp;years back and we have done
about 22,000 work stations with about 80 customers now which has given us good traction in this
business. The third area, which again Mr.&nbsp;Senapathy had ioned is our commercial institution
business, the C&#038;I business which has done well where we lighten lot of offices, a lot of stadia,
and street lighting. We won a very prestigious Delhi Metro order where we did all the 26 stations
of line 3 which were inaugurated on December&nbsp;30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>, in which lot of lighting control in
terms of dimming of lights during the day and lighting up during the night automatically, has been
done by us.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are reports that Wipro is planning to setup a captive power generation plant of 100 megawatts
capacity. Is it because you are not able to source cheaper power from the grid?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well so far as power is concerned currently we source our power from the electricity boards of the
various states where we are operating plus we have our own standby power which is captive gensets.
We are constantly evaluating alternatives to be able to get much high quality power or much low
rate power, and I do not think we have come to any concrete decision with respect to that, but
these will be like tactical decisions on an ongoing basis we would be taking.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What has been impact of the flood on the psychology of the company as well as on the financial
implications of loss, of delayed business in the future.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you look at the issues that we had, we had primarily in Bangalore... one of the facilities which
was little lower level where it did get impacted in the Hosur Road. But very quickly we were able
to have alternative arrangements for people to able to work so that our customer was able to get
the right kind of service. So it was not too much of an impact, had a very small negligible
impact. But if you look at some of the facilities that we are building we are making sure that they
are at a particular height that even if there were to be any kind of heavy rains or floods of this
particular nature, our activities do not get disrupted. The facility that did get impacted was a
facility which has been there for more than 10&nbsp;years for us, but all the new facilities that we
have been building for the last five to seven years, generally we have kept this always in mind
that any kind of contingencies of this nature should not result into disruption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dr.&nbsp;Lakshman Rao</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It has affected only one building operation for us, and we could immediately replace and shift the
entire operations to other of our facilities and continue the work. Going forward, we also have
decided not to really keep any equipment in any of the low lying areas, but net-net we have not
been impacted by the floods because we could really make makeshift arrangements and restore the
work from our other facilities.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Perhaps Mr.&nbsp;Premji can answer this. You made two acquisitions in electronic payment related area,
and your another one was I think mobile technology. Is there is any specific area that you are
looking at which could add to your acquisition in terms of the skill sets or domain, any particular
domain you want to talk about; and also will you continue to be focussed on what&#146;s called a string
of pearls, smaller acquisitions, or are you open to the idea of making larger ones?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We would progressively make larger ones, but not significantly larger ones because we see the real
skill sets what we are looking for and the geography presence very adequately in the size of
acquisitions which we are making. We are looking at increasing our footprint in Europe, that&#146;s one
criteria. We are adding to domain knowledge and skill sets in terms of the way we are going about
the acquisitions in markets where we think we need to add to domain knowledge and skill sets,
that&#146;s the second criteria. We are getting quick access to solid local talent, which we are able
to supplement and add to our own talent, that&#146;s another criteria. And our approach here is to make
these acquisitions and grow them at rates which are equal or better than organic growth rates. So
you will see going forward, an approach were we will continue to look for opportunities and
continue to do the acquisitions. I think the world is finding that more and more of the smaller
companies, and companies below say a $100&nbsp;million, are getting forced into consolidation... because
customers are wanting to deal with larger parties; and that is presenting an enormous opportunity
to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The way we have reorganized also for acquisitions including the reorganizations within the business
units... is giving us much more confidence in being able to integrate them successfully, certainly
more successfully than what we have done in the past.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Premji, how has been the transition post Vivek Paul&#146;s regime, for you in particular... has the
load has gone or workload for you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think you will eventually see it in the results. I think the results of Q3 is a good endorsement
to the success of the transition management. I think the answer is as simple as that. My load has
not gone up.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Is most of it repeat business itself?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is not repeat business. The acquisitions are certainly not repeat business. Our growth rates
in our large accounts is certainly not repeat business. For the first time, our growth rates in
large accounts have been ahead of the overall average. The addition of 61 customers in a quarter
is certainly not a repeat of the past. The investments which we are making in terms of building
more skills on the front-end and investing in large accounts for more accelerated growth, for more
depth of penetration, for more wide penetration, is certainly not repeat in terms of what we have
been doing in the past.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But, are you Mr.&nbsp;Premji still in a hunt for a CEO?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, we are not in the hunt for a CEO.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I hope you are not in the hunt for a CEO for us, you make me feel very insecure.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On more question on Japan please. Can you comment Mr.&nbsp;Premji on how challenging the Japanese market
has been for Wipro and for the other Indian IT companies; is it a particularly challenging market
to get into and to expand?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You know the good thing is we faced the challenge of Japan five years back. We have built a very
strong base in Japan. We have a development center just outside of Tokyo: Yokohama, we have about
55 people in that development center approximately out of which 85% are local Japanese. We have in
excess of 200 engineers in our circuit, I am talking about 200 active engineers who can speak,
read, and write Japanese. We run a program in Chennai which varies between six and nine months,
residential program in building people in Japanese language skills, Japanese writing skills, and
Japanese culture skills. You have seen our growth rates in the last quarter which is about 14%
sequential. So I am confident now we are building strong traction in Japan and particularly in our
Product Engineering Services business which has a substantial share of we sell in Japan, we are
doing very nicely there. Dr.&nbsp;Lakshman Rao will also tell you about that, and now we are started to
make good penetrations in the retail sector. We have started to make some penetrations in the
financial solutions sector. And I think most important is that we have got our leadership now to
really focus on Japan in terms of visits, in terms of market development, and I think Japan is at a
stage where you can see more penetration taking place. Japan has very-very many multinational
companies, and they are looking at areas where they need to supplement the internal talent, and
they are looking at areas very aggressively where they need to do cost take-outs. Also our
presence in Shanghai and our presence in Beijing as small development centers are also able to
cater to our Japanese customers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Considering the size of the Japanese IT market, why isn&#146;t Wipro and why aren&#146;t the other Indian IT
companies getting more of their revenue from Japan? Is it a cultural problem, is it that they
prefer sending their outsourcing deals to China?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think there enormous challenge is in being successful in Japan and the most important challenge
is language skills; very essential. That acts as a limitation. Second, I think Japanese companies
today up to today have been more conservative. Also, Japan has a very strong presence of systems
integration companies, systems engineering companies, which in one form or the other get associated
or partnered with all the large companies there, and they have had very old established
relationship in servicing the requirements of the existing companies unlike the rest of the world.
It is not that it is completely absent in the rest of the world, but in America it is not so much
and in Europe it is there, but in Japan it is very-very prevalent. Let Lakshman also answer your
questions our product engineering services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commenting on the Japanese market opportunities, we see good opportunities, particularly in the
product engineering space, in the semi-conductor industry, handsets, mobile devices industry,
automobile, and industrial automation. These are the segments where we have really progressed well
in the Japanese market. We have also been able to successfully sell our intellectual property
components, in CLA communication, in blue tooth, etc. So as far as the product engineering space
is concerned, some of the challenges otherwise we would face whether it is a language requirement
or whether it is a local interfacing, you don&#146;t see so much challenge in the product engineering
space and we have been very successful. In fact, in the last two quarters, we had a significant
growth coming from the Japanese market, product engineering solution has grown double digit
quarter-on-quarter from the Japanese market. Yes, we have some challenges when it comes to IT
because #1 is the language requirement. Second is the migration
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">from the internal proprietary systems to standard package implementations like SAP or Oracle, there
has been a little bit of delay in the Japanese market compared to other geographies. Now there is
a migration taking place to the standard package implementation and we are seeing traction in that
space. Provided we address of the language requirements, we also hope to get good traction in the
enterprise side particularly in the package implementation space.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So looking forward, would one of you be able to give us an estimate for how much of your business
might come from Japan say five to seven years from now.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well I think it is not as if we are wanting to cap US, Europe, or Japan. We think that the kind of
levels at which we are, we have opportunities to grow in Europe, in US, in continental Europe, in
Japan, in China, and so on. So it is too premature to say what exactly will the percentage be. We
will always be looking at opportunities of growth in all the geographies without any capping at
least as long as we are at the kind of current run rates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You have got 61 clients in Q3. Can you give me a breakup? I mean how many of them came through
the acquisition and how many were through your own efforts? What was the breakup between how many
came through NewLogic and mPower and how many came on your own initiative?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Excluding clients, we have got two acquisitions, they are entirely organic. You know the 61 like
NewLogic we said we have consolidated the balance sheet as of 31st of December but nothing on the
P&#038;L side because the consummation happened on the 28th of December. The NewLogic, we did it, but
61 does not include that. It is primarily the organic customer adds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One more on the client side. You are mentioning about a continental Europe bank which is mentioned
as multiyear, multimillion, we would love to have to some more details, is multimillion a
double-digit figure and is there at least country, and of course if possible name on that, any
further indication on how big or how significant the deal is?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Girish Paranjpe</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You know we are constrained by customer confidentiality agreements from saying which client, how
many years, what kind of service, so broadly.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Multimillion, can we take that to be a double digit multimillion?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Girish Paranjpe</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very difficult for me to answer that question.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clients have become very protective on us. Why you see, we hardly ever name clients now and it is
just no point getting into conflicts with them on this issue.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But we can say that it is a decent size otherwise we would not have mentioned about it.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">How many from Europe, 37 from North America, and how many from Europe, the geographical breakup?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Europe is 11. US is 36. US we said 37 including 1 for the BPO.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I just want an explanation for this 58% negative growth in PBIT other income, how much of it is
attributed to rupee volatility under the PBIT?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When we talk about the segment report, we advice you to go by the segment report that we have given
which factors the entire operational as well as the foreign exchange that deals with it because as
you know we do a foreign exchange on a hedge accounting basis which means the hedges are accounted
for and booked for specified collections, specified revenues of that particular quarter. So on a
quarter-on-quarter basis, the exchange point of view, we did not have any impact on the profit and
loss account between Q2 and Q3. We gained some in the US dollar &#151; Rupee, we lost on a sequential
basis, and we lost some in terms of pound sterling, so net-net, if you look at the revenue stage as
well as the cost side, we did not have on a NFE basis any significant impact on the P&#038;L from Q2 to
Q3.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am not still convinced, what do you attribute for the 74&nbsp;million as against 177&nbsp;year on year ago?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Why not LAN explain to you offline Balaji?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. On land, there is only progress you said.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, the question was on progress, so I answered on the progress, and so far as land is concerned,
you know we would like it to our requirement but at the end of the day it should be based on what
the government would make as available.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kitna apne apply kiya, ye to bataeye.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, we don&#146;t want to get into this controversy, please keep us out of it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Quarter-on-quarter, the road to your office is getting worse, it is hellish.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is why we have journalists here, so you all can experience it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You don&#146;t need this road.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I mean you all have far more powers on issues like this than we will ever have today.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have enough experience elsewhere. We don&#146;t need to come to know from you. What is it you have
done about this?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, I think Hyderabad is investing a lot on infrastructure. Chennai is investing a lot in
infrastructure. Most large cities are investing in infrastructure and really sincerely attempting
to fix problems there is no question on that.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Which implies that here it is not being invested.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No I am not saying that. I think you have to make your own judgment, you live in this city. I am
not going to make any controversial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If there are no questions shall we break, shall we break for tea please.
</DIV>



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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Wipro Limited</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Investors/Analysts Conference Call</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>January&nbsp;18, 2006</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1.30 PM Indian Standard Time</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good afternoon ladies and gentlemen. I am Prathiba, the moderator for this conference. Welcome to
the Wipro Conference Call. For the duration of the presentation all participants&#146; lines will be in
the listen-only mode. I will be standing by for the question and answer session. I would now like
to turn over the call to the Wipro Management. Thank you and over to Wipro.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good afternoon ladies and gentlemen. We will welcome you to this call, it is investor relations
team in Wipro with Sridhar in US, Jatin and me in Bangalore. We are delighted that you are with us
today, and today we discuss Wipro&#146;s performance in the third quarter ended December&nbsp;31, 2005, and
to do that we have Mr.&nbsp;Azim Premji, Mr.&nbsp;Suresh Senapaty and other members of the Wipro Senior
Management. We will begin the call with Mr.&nbsp;Premji and Mr.&nbsp;Senapaty commenting on our results and
after that as always get adequate time set aside to take your questions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a reminder, some of the statements we make in this call may be forwarding looking within the
meaning of the Private Securities Litigation Reforms Act of 1995. These are based on our best view
of the world and our business as we see them today, and these elements can change as the world
changes. They are also subject to known and unknown risks and uncertainties that will cause the
actual results to differ materially from those expressed or implied in our discussion. Such risks
and uncertainties include but are not limited to the risk factors explained in detail with the SEC
of USA in our filings. Wipro assumes new obligation to update the information presented on this
call. This conference call ladies and gentlemen is being recorded, will be archived, and a
transcript will be available on our website <U>www.wipro.com</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With these brief introductory remarks let me turn it over to Mr.&nbsp;Azim Premji, Chairman.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good morning to all of you all. At the outset let me wish you a very Happy New Year and a very
successful and Happy New Year to your families also.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By now you would have seen our results for the quarter ended December&nbsp;31, 2005. While the
management team would be happy to answer your queries, I would like to take some time before that
to share our thoughts on performance and prospects. What made the quarter special was the fine
balance we achieved between delivering short-term results and building a long-term sustainable
business. In terms of quarterly results, all
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">our major business segments recorded robust growth rate in revenues as well as in profits.
We crossed two significant milestones this quarter. Our IT businesses crossed Rs.10,000 crores
annual run rate and our global IT business surpassed 50000 landmark in employee strength. Revenues
in our global IT business at 473&nbsp;million was ahead of our guidance of $463&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IT services business continued to witness broad based growth across verticals, across
geographies, and across service lines. Our financial solutions and technology business delivered
yet another quarter of double digit sequential growth. Our differentiated services such as
testing, technology, infrastructure management, and enterprise application services continued to
grow ahead of overall growth rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We added 61 new clients organically, the highest ever customer add. Demonstrating the robustness of
our business model not only did we absorb the impact of compensation revision for our offshore team
but improved our operating margins. Our business process outsourcing business which has been a
subject of much discussion delivered sequential revenue growth, improved operating margin,
increased billable team size, and one strategic assignment from customer. Over the last couple of
quarters our BPO business has demonstrated consistent improvement, reinforcing our confidence that
Wipro BPO is capable of leading industry growth even though growth in the near term maybe muted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our India, Middle East, and Asia-Pacific IT business recorded year on year revenue growth of 17%.
Improved business profitability in this segment, so the profit before tax and interest grew faster
at 39%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wipro consumer care and lighting and Wipro infrastructure engineering businesses also turned in
good performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In terms of a longer-term perspective, we built a strong platform for growth in our product
engineering business and banking solution business through the acquisition of NewLogic in Austria
and mpower in the United States of America and India. Our investments in account management
continued to pay off. The top 10 customers in our global IT business grew ahead of the company
growth rate. We continue to see improvements in our customer mining efforts. Apart from increasing
the number of million dollar customers sequentially to 210, we have now three customers with
revenue run rate in excessive of $50&nbsp;million. With the NewLogic acquisition and the planned
facility in Romania we are expanding our geographical footprint.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Looking ahead, the two questions that drive our business remain unchanged. How do we deliver
superior solutions to our customers and how do we deliver sustainable value to our stake holders?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The answers to these questions lie in devising strategies that anticipate emerging challenges and
opportunities and relentless focus on execution that converts strategies to business results while
constantly improving operating productivity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I will now request Suresh Senapaty, our CFO, to comment on financial results before we take
questions.
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A very good afternoon ladies and gentlemen. Wish you a very very Happy New Year. I will touch upon
a few areas in our performance and financials that will be of interest to you all.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the quarter ended December&nbsp;31, 2005, we had a sequential dollar revenue growth of 9.9% in
our global IT services business, which comprised of 10.6% revenue growth in IT services, and a 3.6%
growth in revenue from BPO services. The 10.6% growth in the services com ponent was driven by a
12.7% growth in the volume of business offset by a 0.1% and 3.6% decline in the realization of work
performed offshore and onsite respectively. The decline in realization was due to the impact of
lower number of working days and not due to any change in pricing from customers. Additionally,
revenues for the quarter include 1.3&nbsp;million dollars from the acquisition of mpower Inc. results of
which has been consolidated effective December&nbsp;1, 2005. Results of NewLogic however have been
consolidated effective December&nbsp;28, 2005. Our head count at the end of quarter includes 351 and 120
employees from mpower and NewLogic acquisitions respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the forex front, realization rate for the quarter ended December&nbsp;31, 2005, was up at 44.83 from
43.99 in previous quarter. As at the period end we had approximately $600&nbsp;million of hedges at
rates between 44.25 to 45.50.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We affected an increase of 12% in compensation of our offshore team effective November&nbsp;1, 2005.
The gross impact of the increase was 1.2% on the OM for the quarter. OM of the quarter was also
adversely impacted by decline in price realization and lower utilization due to gross addition of
over 4500 people. However, strong volume growth, higher proportion of offshore work, and other
operational improvements helped absorb these charges and improve operating margins by 40 basis
points.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capital employed at Wipro Limited level comprises of cash and cash equivalents of 3497 crores as of
December&nbsp;31, 2005. Excluding this cash, return on capital employed for the quarter was 66%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With a view to provide investors the performance of the organic business as distinct from
acquisition, we have effective quarter ended December&nbsp;2005 started showing the performance of
acquired business as a separate sub-segment, this is in line with our articulated policy to show
critical acquisition as a separate sub-segment for a period of two to four quarters of their
combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the quarter ended March&nbsp;2006, we expect volume lead growth with broadly stable price
realization. The guidance for the quarter is based on organic revenue of approximately $500
million and revenues from acquisition of approximately $10&nbsp;million. Operating margins of the
organic business for the next quarter would be impacted by the full impact of increase in
compensation for offshore team and the proposed compensation revision for onsite team. However, we
hope to substantially mitigate this through operational levers and expect the organic operating
margin to move in a narrow range. The operating margins from our acquisitions will in the near term
be less than that of the global IT segment. We expect the acquisition to deliver profitability in
line with segment profitability over a few quarters.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We would be glad to take questions from here.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much sir. We will now begin the Q&#038;A interactive session. Participants who wish to
ask questions please press *1 on your touchtone-enabled telephone keypad. On pressing *1
participants will get a chance to present their questions on a first-in-line basis. Participants
are requested to kindly use handsets while asking a question. To ask a question, please press *1
now. Our first question comes from Mr.&nbsp;Sameer Goyal of Anand Rathi Securities. Please go ahead sir.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sameer Goyal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good afternoon gentlemen, Happy New Year to you too guys. Just couple of questions, could you give
us brief on the restructuring of BPO business, what is happening on that front, what is the mix of
voice and non-voice right now?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I will request Kurien to take this question. Kurien is Chief Executive of our BPO business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T. K. Kurien</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Let me just give you a quick run down on what is happening. There were two areas that we looked at,
one was in terms of getting operational efficiency. On that as you can see our operating margin has
gone up by close to about 350 basis points and this is after taking the impact of salaries and
wages which we gave effective October&nbsp;1, 2005, impact of which is roughly about 200 basis points.
So there has been an improvement at the end of the day which has reflected in the P&#038;L in terms of
operating margin.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In terms of the front end, basically what we have done is that we have integrated our sales force
along with that of Wipro Technologies. So today we have one face to the customer, and our approach
towards deals has not been, we are not selling slivers anymore, we are not selling voice or we are
not selling PP itself, we are taking over an entire process. So when you take over entire process
you would not only take over voice and you also take over transaction. Just to give you a sense,
those kind of deals, that we have won in the last quarter, around 6 deals, 4 of them have been with
existing Wipro Technologies&#146; customers and 2 of them have been with customers outside. In those
deals fundamentally what we are doing is we are focussing around two areas, the back office
function as well as vertical specific process. So that is broadly the direction which the business
is heading.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sameer Goyal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Could you give me the mix of voice and non-voice now?
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T. K. Kurien</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We don&#146;t measure voice and non-voice in that specific fashion anymore because what we have done is
that we have almost exited all our commodity voice business which included outbound calling. In
last quarter the amount of revenue which we got out of that was, out of our total revenue of 43
million, that is something like 235,000 dollars. So our commodity voice business has actually come
down to literately zero. So we do not measure that way any more.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sameer Goyal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Actually couple of quarters ago it was stated that the management wants to bring down the voice
business to 40% of the total revenue, so I just wanted to know what to that extent has been
achieved.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T. K. Kurien</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think what was mentioned was that the voice business would remain at 60% of the total business,
it is not 40%, and we think at end of year two we will pretty much be in the ballpark for that
number.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So while the measure of performance is different in terms of value added versus not so value
added, eventually even the new measure will take us there where we will have a higher component of
transaction processing then voice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sameer Goyal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The other question is on the services part of the business. Actually the consulting part of the
business has come off pretty sharply in the past few quarters, could you explain what is the
strategy going ahead on that business?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will have Sanjay Joshi answering that.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sanjay Joshi</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consulting as a focus area for us, continues to gain traction, for the most part we are focusing on
Wipro&#146;s top accounts and the charter is two fold, we are doing consulting as a business, as a
consulting standalone engagement, as well as consulting led solutions which help us do larger
deals. So for a large healthcare provider we are helping define and participate in defining a
consulting led solution. For a large media company we are also defining a large consulting led
solution. These tend to be larger engagements, multimillion, multiyear deals in which consulting
is playing a strong role. So for us that business continues to get traction, and in terms of
ability to hire people, we are able to get people from the classical big 5 firms, The Bearing
Points, the Accentures as well, and a large part of that has been kind of, this growth to be able
to be part of an consulting organization, so we are able to attract the kind of people that we
want.
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So what he means is, while as a part of the consulting practice we will have direct billing from
consulting and there will be consulting which will be embedded in the various practices, and then
the consulting also helps us in getting consulting led businesses. So on a quarter to quarter basis
you may not be seeing significant growth but year-on-year you will be seeing growth because in
certain quarters there will be a higher level of intensity in dealing with some larger consulting
led deals that we our striking for.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And finally, Sameer, just want to clarify that the numbers that you have put in the metric sheet is
just the pure consulting, billed as pure consulting. I think the embedded to practice or which
goes as some other service is included in those other services not in consulting. So, the revenue
that you see there is significantly under reported.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sameer Goyal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Actually if I see the pure consulting billed, it has come off very sharply from run rate of Rs. 400
million a quarter in FY04 to 300 in FY05 and now it is just 200, so that is quite a shave off which
has happened in the consulting business revenues.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The other way of looking at it, Sameer, is that increasingly the consulting is no more a pure
consulting but an ability to sell a integrated solution to a customer that includes a little bit
of consulting with architecting and a series of other services and therefore the revenues are
getting reported into those services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sameer, Sudip here. What used to happen in the earlier years was that lot of the consulting
revenue was under the heading of E&#038;U consulting, and from this year wherever it is consulting which
is part of the vertical solution has gone into the vertical revenues whereas in the consulting
which is the pure play consulting is the one which is showed under the metric sheet.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sameer Goyal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Last question actually, what was the salary revision happened in the quarter on an average basis?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Last quarter effective 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of November we had given an offshore compensation increase of
about 12%, and in the current quarter effective 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of January there will be
compensation hike for the onsite employees.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sameer Goyal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And what would be the average, any clues on that?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The increase would be between 3-5% on, you know, sort of salary wide coverage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sameer Goyal.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thanks a lot and best of luck.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much sir. Next in line we have a question from Ms.&nbsp;Mitali Ghosh of DSP Merrill
Lynch.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mitali Ghosh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi, congratulations to the management team on a very strong quarter. On the margin front Mr.
Senapaty I wanted to understand a couple of things, one is, you actually mentioned the impact of
the offshore wage hike on margins this quarter, I think I missed that number?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is 1.2%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mitali Ghosh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2% you said.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.2% because we had the impact only for two months, November and December.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mitali Ghosh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Right, and you know, I believe that one of the favorable factor that helped your margins this
quarter is the broadening of the employee pyramid, just wanted to understand how that has changed
in the last couple of quarters and where you see that stabilizing?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I will request Pratik Kumar, our Executive Vice President Human Resources.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pratik Kumar</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This has been an effort which we have been focused on for the last few quarters, so if you go back
to couple of quarters back, the measure which we apply is number of employees we have with less
than three years of experience as a measure of bulge, which stood at something like about 35% about
couple of quarters back. From thereon now we have on the same measure, less than 3&nbsp;years, today at
an organization level we are at about 42%, so it is about a 7% improvement on that parameter, in
less than 3&nbsp;years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mitali Ghosh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And do you see that sort of stabilizing there or can you expect more head room there?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pratik Kumar</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We do expect more head room there because there is an opportunity for us to further be able to have
a more even mix of people who are coming in from campuses as against the lateral hires.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But it will happen over a period of time. For example in the current quarter we will not have many
campus recruits. So from that perspective it will perhaps be little reverse. Thereafter when you
have campus then it will go through an accelerated process, so it goes, over a year-on-year this
is much better comparable than quarter on quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mitali Ghosh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Right, and on the margin you said, on the utilization factor we had some discussion during the
quarter on the fact that possibly with the revenue mix sort of changing one might need to maintain
larger bench, so just wondering that on utilization what your thoughts are, where it can go to?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It has to go up; there is no way to go down.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mitali Ghosh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Right, and is there a targeted number you think which is a good number.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I do not have the targeted number but we can tell you that today we are operating at a level which
is much lower than what we could and what we are targeting, because in the past we have achieved
much better numbers, yet we have hired many fresh net recruits last quarter as well as the previous
quarter, so therefore last quarter we had a decline in way of utilization. We expect to increase
the utilization in the current quarter without any
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">compromise on the head count increase that is required to be able to meet the guidance
numbers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mitali Ghosh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Right, and finally a question to Sudip, you know, on the General Motors contract which all of us
are waiting for, is there any update you have for us in terms of timing, any other color you can
give?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Actually there is no color at all Mitali. There has been no decision as yet. At this point in time,
we continue to be one of the bidders for the contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mitali Ghosh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Right, I have a few more questions but may be I will come back. Thanks.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much ma&#146;m. Next in line we have Mr.&nbsp;Anantha Narayan from JM Morgan Stanley.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anantha Narayan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you and wish everyone a Happy New Year. Mr.&nbsp;Senapaty you eluded to operational improvements
during your opening remarks, can you just detail this a bit more and if possible quantify some of
the improvements over the past few months?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yeah, I think we have been systematically improving on the mix in terms of onsite offshore. Quarter
3 we had some savings in terms of the visa expenses which we tend to incur only in quarter 1 and 2
and not in quarter 3 and 4. Bulge is one such area where we have seen systematic improvement and
like Pratik stated we have gone a fair distance there and we want to of course go much more. On the
cost management front I think on the fixed price profitability, we have improved them. On the
telecom cost we have fair amount of optimization and rationalization done there, including certain
productivity in terms of the asset utilization and asset deployment etc. where we got some leverage
on the depreciation cost. On the G&#038;A also we are seeing some systemic improvement. On the PDD we
had a lower hit in the current quarter than the previous quarter. So these are some of the ongoing
exercises and we think there is further opportunity for us to do, which we take lot of support and
advantage of using lean as well as 6 Sigma.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anantha Narayan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thanks, that was useful. And my final question was on testing services, can you throw bit more
light on that services, seems to be growing extremely fast, very significant revenue
growth driver as well now, is that sustainable, and any more comment on this will be helpful?
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Vaswani</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This is Suresh Vaswani here. Testing services has done very well for us this quarter like it has
done in the previous quarters. This quarter was particularly good because it was 20% sequential and
on a year to date basis we have grown around 80% plus. The growth is largely driven by the
investments that we have made in the business. We have invested in the solutioning aspects of the
business, so we develop a lot of frameworks, point solutions, and processes, which go towards
driving test productivity substantially and gives our customers a good time to market advantage. So
I am just going to give you an example, let us say in the mobile area, we have a very strong mobile
testing practice and we have a framework for mobile testing which we internally call as Wipmash,
which is 20,000 test cases that we have developed for mobile testing. So any service provider or
any manufacturer looking, and you know mobile launches are taking place now once every six months
or even faster, so any mobile manufacturer or mobile service provider if he comes to us he gets the
advantage of readymade framework for testing, he gets the advantage of being able to complete his
test cycle much faster than he normally would, and that is what is attracting customers to us . So
I just gave you an example of the mobile space, like that we have developed frameworks in the
networking space; we have developed frameworks in the enterprise space as well. So that is really
is fueling our growth insofar as testing is concerned, and we continue to make investments in that
direction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anantha Narayan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And Suresh is this momentum sustainable for say the next 12&nbsp;months or so?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Vaswani</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well you know, we would hope that this momentum sustains, but yes, you know, there is a heightened
awareness of testing, there is strong outlook for testing because it is becoming particularly
important given the criticality of the applications, given the fact that customers do want to cut
down the cycle time insofar as testing is concerned. So, so far the trend certainly looks good, and
I think we are uniquely poised in this area.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This is a growth engine for us very clearly.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anantha Narayan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you and good luck.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much sir. Next in line we have a question from Mr.&nbsp;Pratik Gupta of Citi Group.
</DIV>


<P align="center" style="font-size: 10pt">- 10 -
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pratik Gupta</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Congratulations on the quarter. I was just wondering if you could elaborate a bit more on the
impact the foreign currency movement has had in the third quarter with the rupee pretty much
depreciated by roughly 3% on average, I was wondering if you did not have the rupee depreciation
how would the margins have moved? And also going into the fourth quarter in your guidance what
sort of rupee outlook have you taken into account? And a followup question on that was regarding
the customers, it seems like your top customers have grown very sharply particularly your #1 and
your top 5 customers, I was wondering are these, your top customer is still the same or is it a
different customer, and also are there any specific one-offs as such, and related to that is also a
question on the number of new clients, that seems to have gone up very sharply, I was wondering if
you could just elaborate on the quality of these new clients who have been added, what kind of
clients are these?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By the time we came to the first part of your question, I have forgotten the first part.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pratik Gupta</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, first part was on the Fx impact.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So you are talking about the forex part, now we have said that so far, in fact last time when we
talked about we said that because of the policy that we adopt we will not be participating in the
rupee depreciation, and in fact that is what happened, which means, a) we had consistency in that
and therefore we had impact on the profitability almost negligible from quarter 2 to quarter 3 in
terms of net realization of all the currencies that we have to deal with. So going forward, yes,
we expect rupee, because the rupee is appreciating quite a lot, we see some amount of softness in
terms of what realization we will have in quarter 4 versus quarter 3, but we think it will be in a
range which is manageable which will not be very significant. Also we said that so far as the
customer adds are concerned, we had very good 61 customer adds, 37 of them including one of BPO
were from North America, and about 11 from Europe. So the customer adds has been fairly well spread
out. And so far as the growth that we have seen in customers, the top 5, I mean, the beauty is,
since we have practice from enterprise, BFSI, as well as R&#038;D services, there is a good mix of
customers we have in the top 10, there is good representation from all the three faculties of
services that we offer. There has been a growth of about 15% sequentially we are seeing in the top
5 and 11% in the top 10. As you know we have been working on customer account management, it is
paying off well, including introducing new services and the kind of frameworks and technology
infrastructure services or enterprise application services. So addition of services and also
consulting is helping us getting to more and more wallet share in the customer&#146;s account.
Therefore, our revenue per customer is going up and so is the
customer additions going up, that means the hunting side as well as the farming side both are doing pretty well. I think, the
initiative also that has been there in the last 2 quarters that we have increased a lot of head
count in the sales side, lot of investments are happening on the S&#038;M side to be able to take it up,
so we are now measuring in terms
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of share of wallet among the top customers that we have, and introducing more and more
services to be able to enhance our penetration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pratik Gupta</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. Just a quick clarification on the onsite pricing decline, you said that it is mainly
because of the fewer number of working days, so should we expect a modest uptake in the coming
quarter?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, like we said that, our contracted rate with the customer is more stable than compared to
quarter two or quarter three, and we expect that trend to be in quarter four, it is only because
the number of days was lower in the overseas working days, the realization is reported to be 3.6%
lower. We see a part of that to be recovered in the current quarter because current quarter also
the number of days are, are better than quarter three but still not as good as quarter two, from
that perspective we will see a good amount of recovery against that.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pratik Gupta</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, thank you very much.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much sir. Next question comes from the line of Mr.&nbsp;Bhuvnesh Singh of CSFB.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Bhuvnesh Singh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi sir, congratulations on good results. I was wondering that how much revenues would acquisitions
contribute to our top line in the next quarter?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The guidance that we have given, which is about $510&nbsp;million, we expect about $10&nbsp;million to be
coming from the two acquisitions we announced, one is mPower, which has already been consolidated
effective 1st of December, and in last quarter we had about $1.3&nbsp;million of revenue already
captured, and NewLogic which also has been announced and consummated but on the P&#038;L it will show
reflection only from 1st of January and post that. So these two which we have announced is
expected to give us about $10&nbsp;million of revenue.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Bhuvnesh Singh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So our revenue target for next quarter includes this acquisition number?
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is correct.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Bhuvnesh Singh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Senapaty, I have got a query there, you know, we have given about 7.5% top line growth for next
quarter, about 1.5% of that would come from acquisition, another percentage or so should come
because there is increase in number of working days and hence increase in pricing, so net-net the
volume growth target we are giving is just between about 5%, which seems significantly low compared
to what we have exhibited in the past few quarters. So, is there some reason why we are saying that
or?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See, number of days offshore, we do not see a significant change, it is only the onsite part, a
part of it will be recovered as you stated not full, but at the end of the day if you look at the
guidance that we have given on a organic basis for the last several quarters, I think even if you
were to discount it for the acquisition, it is fairly robust and very encouraging numbers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Bhuvnesh Singh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. Sir, to say the same thing other way, next quarter do we expect volumes to fall up sharply
for some reason?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well, see all that has been embedded in our guidance is what I can say. All I can say is part of
the rate realization we would be seeing on the onsite should be shown as recovery. We think there
is price stability and therefore more of the growth would be volume driven. We have already good
head count additions in the last quarter, and we are seeing fairly good traction in terms of the
customer head count additions that we are seeing. So, all we can say is that whatever we are seeing
at this point in time with fair amount of judgment, we think it is embedded into the guidance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Bhuvnesh Singh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thanks a lot sir.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much sir. Our next question comes from the line of Mr.&nbsp;Pankaj Kapoor of ABN Amro.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pankaj Kapoor</B>
</DIV>


<P align="center" style="font-size: 10pt">- 13 -
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi, congratulations on a good set of numbers. I just want to elaborate a bit further on the
pricing front, you mentioned that one of the main reasons of decline in the pricing was the lower
number of days, but we have also seen a very sharp increase in the revenues from the new clients,
who typically come at a higher pricing point. So I was just wondering that could you just
elaborate a bit more on what could have happened further to the, apart from the lower number of
working days over here, and related to that is that if you can just elaborate something on the
environment in terms of pricing you are seeing across different service lines?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think it is a fair point, but the addition of revenue from the new customers is not a very
significant number, it is just about 6-8%, about 6%, and consequently it does not just neutralize
the impact that we have seen in this particular case, and that is also particularly on the onsite.
So far as the pricing environment is concerned I think the good news is that we have seen fairly
decent encouraging results in terms of some price increases that we have been getting, but it is
definitely not across the board in all geographies, and all practices, and all verticals, but some
decent increases we are seeing. We are seeing some increases in the new customers that we are
getting. So therefore we are I think more close to a stability in the pricing with a positive bias
as opposed to saying across the board price increases.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pankaj Kapoor</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. Would you like to isolate any particular practice we are seeing much better improvement in
pricing, for example consulting or in testing, any such services here?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consulting I think is generally generating better price realization. I would not say that we are
going up the price chain there but we are saying that we have decent pricing compared to the other
services. I think some of the value added areas, whether it is enterprise application or whether
it is in the, even in terms of the transaction processing area, or even on the area of R&#038;D
services, we have been able to get some good mixed results in terms of pricing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pankaj Kapoor</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fair enough and all the best.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much sir. Next question comes from the line of Mr.&nbsp;Hitesh Zaveri of Edelweiss
Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Hitesh Zaveri</B>
</DIV>


<P align="center" style="font-size: 10pt">- 14 -
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">My questions have been answered, thanks.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much sir. Coming up next is a question from Ms.&nbsp;Priya of Enam.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Priya</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good afternoon to the management. Congratulations on good set of numbers. My first question relates
to the employee deployment at R&#038;D services, we saw that ending last quarter it was around 12000, if
we could have that number for this quarter? Also, out of the 61 new client additions, if you could
give the break up between R&#038;D and enterprise services?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ramesh Emani</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On your first question in terms of the number of employees in the product engineering solutions,
we are today at about 12600 and odd people in the product engineering solution segment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compared to 12000, it will be in excess of 13000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A. L. Rao</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yeah, actually last time we gave the figure for the quarter, technology services, R&#038;D services
could be 12000 after that, but today between R&#038;D services and another business, the service
provider business, which we are combined we treat them as technology service could be close to
about 13000 to 14000. We have about 1600 to 1800 coming from service providers, and R&#038;D services
close to about 12600.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Priya</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. So actually 12600 versus 12000 last quarter, right?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A. L. Rao</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, last quarter 12000 was including...
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Priya</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Including the product, I mean..
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A. L. Rao</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Today we will have about 1600 in the service provider business and close to about 12600 in the
product engineering solutions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Priya</B>
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. The second question relating to the 61 new client additions which you have seen, if
you could give us the break up between the R&#038;D and the enterprise solution segment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ramesh Emani</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The number of customer adds we have in the product engineering business are about 20, the service
provider are about 6, so totaling to about 26, out of the total 61 new customer adds we had in this
quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Priya</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sure. Also if you could give an update on the effective tax rate which has gone up significantly
this quarter?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our tax rate was about 15% this quarter, which is almost similar to the earlier quarter, and we
think this is rate, which will hold good in the medium term.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Priya</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If I am not wrong last quarter it was 14.6%, the current quarter it is 15.9%, so just trying to
catch up on the same?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Priya are you following India GAAP or US GAAP numbers?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Priya</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am speaking about US GAAP Lan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">India GAAP it has generally been same, similar rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Priya</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because this was around 130 basis points in US GAAP on a QoQ basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, there are certain accounting differences between the US GAAP and India GAAP and therefore it
tends to be little different, primarily it is related to some of the ESOP options given for the
employees based in US etc. So we can explain that offline to you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Priya</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No problem. Also if you could give an update on the campus breakup, I mean, the hiring which you
are looking at in Q4 FY06?
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well, we haven&#146;t given any specific guidance with respect to numbers that we are going to add, but
the only guidance we could give you is that the guidance number for revenue will more or less be
through volume growth.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Priya</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. Thank you very much and wish you all the best.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you so much.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much mam. Coming up next is a question from Mr.&nbsp;Pratish of SBI Caps.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pratish</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thanks. My questions have been answered. Thank you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much sir. Next question comes from Mr.&nbsp;Mahesh Vaze of Brics Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mahesh Vaze</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi Sir. My question is for Mr.&nbsp;Senapaty. If one looks at the cost structure today then the employee
cost inflation is something that would go on relentlessly if one looks at next three years or so,
and perhaps the currency also has moved in an adverse fashion for a while, so are these factors
making clients reconsider the pricing a bit, are they more amenable to pricing increases because
operating efficiencies can stay only so long
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think there are opportunities both ways. From an operational efficiency, I mean, like we look at
utilization, we look at offshore-onsite mix, we look at enhancing the fixed price project which we
could manage a little better including the productivity improvement which
we could get which we may not necessarily have to pass on in completeness to the customer or drive
a productivity superior to what we have bargained for in a fixed price project. You know, some of
those levers are available on an ongoing basis because in none of those areas we are at peak. So
that is a constant process we are working on. And while that maybe the case, I think from a price
realization perspective like we have seen off late the kind of appreciation by the customers for
getting a price increases has been fairly decent, including the change in the mix of services that
you offer. In the sense that there are in our portfolio of services there are some services which
offers you much better realization and not necessarily the cost structure is much higher, from that
perspective there is always opportunity for us to play on the mix and mitigate some of those cost
pressures that you talked about, either it is in terms of the
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">compensation increase in the offshore or in terms of exchange assuming it were to be a
one-way traffic.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mahesh Vaze</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Senapaty, so are they, what I wanted to understand was, is there a change in the attitude,
meaning compared to six months ago are they now more amenable to price increases? What has been
the change? Efforts would have been there all along.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think if your simple question is last six months whether we have been able to get a better
response from customers in terms of price increase versus the six months earlier to that, I think
yes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mahesh Vaze</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. Secondly, now this is something that Wipro is in best position to answer, we have multiple
service lines where we have reasonably good scale, what role does cross -selling of services or
packaging of various services play while you are selling services, and how that has changed over
let us say last 12-18&nbsp;months?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mahesh let me start with giving you some data points about, roughly about four quarters ago
something like about under 60% of our million dollar customers used us for more than 2 service
lines, currently 84% of our million dollar customers use at least 3 of our service lines. So to
that extent the cross selling effort has definitely started bearing fruits, in terms of the
qualitative, I will just request some of the...
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A. L. Rao</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I can say that both on the R&#038;D services as well as on the enterprise side we started off with ADM,
application development and maintenance. If we say R&#038;D testing services, and as you can see that
has really significantly grown as a service in the existing clients. Then subsequently we added the
infrastructure services, which is again growing rapidly, almost
like a double digit growth quarter on quarter and in to the current client base. So we continue to
keep adding, the next service provided is the enterprise applications, that is Oracle and Siebel
practices, again this is client base. Similarly we have also started offering enterprise solution
services to the technology clients. Some of our major telecom clients who have been able to break
into their IS organization and started offering, in fact last year we had two such major accounts
of telecom clients who have grown there IS portion. Another recently we have also in fact added the
CTO service into the service provider space, this is again because of the diversity of competence
we have. We have the R&#038;D services, a good network infrastructure competence. And then on the
service provider space, we addressed this earlier, we are now addressing the infrastructure
requirements of service providers through the R&#038;D services competence. So there has been a good
amount of cross selling of the services, in fact if you see majority of our growth came from the
new services and the cross selling we have been doing it for the past few quarters.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mahesh Vaze</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yeah. Sir, one side of this coin is Wipro itself taking initiative and cross selling services. The
second side being from client perspective wanting to work with a supplier who has multiple
services. So from that perspective, does the client give a preference to someone who has multiple
services under the same roof with experience?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think from a client side, I think they try to look for somebody who has the competence to be able
to provide a large number of solutions, and increasingly the trend is to look for a end-to-end IT
service provider, and in that respect somebody who has the ability to not only provide the R&#038;D
services, the engineering services, the IT services, the BPO services, etc., they would always get
the right of first refusal to be able to participate in such requirements. So we have seen that
some of our early telecom clients have now become customers for most of our enterprise services.
Similarly, many of our manufacturing clients who were doing IT work with us have become customers
for our product engineering services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mahesh Vaze</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. Thank a lot and all the best.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much sir. Next question comes from the line of Mr.&nbsp;Shekhar Singh of ICICI
Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shekhar Singh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi sir. Congratulations on very good set of numbers. Just wanted to understand what is the
environment looking like on the technology services business, especially on the fresh application
development area?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ramesh Emani</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are seeing a decent increase in the R&#038;D expenditure by a lot of our customers in the, again
because of the overall worldwide stable outlook on the economy and the positive news what we are
hearing across all the markets, that is translating into more business opportunities for our
business and that is what is reflecting in higher growth in the product engineering solutions. So
this we are seeing across most of our verticals whether it is in telecom, automotive, consumer,
semi-conductor, or other businesses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shekhar Singh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. Secondly like, the package implementation area as such has been a very fast growing area for
most of the offshore players, and in your case as such the growth seems to be behind the industry
average on a year-on-year comparison. So I was just wondering like what exactly is the problem in
package implementation or if you are basically expecting this growth to accelerate in the future
quarters?
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Vaswani</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On package implementation we have had a very good quarter this quarter, we have grown sequentially
10% in this area in this quarter. We are investing in this area, we are investing in the business
solutioning area, so the solutioning area insofar as package implementation is concerned is going
to be a big focus area for us, so we would be investing in that area. We are also investing in the
area of application outsourcing and application management related to the package implementation
area. In addition, we are very actively looking at package testing services as against application
testing services or as against testing services for product engineering services. So clearly this
is an area where we are investing. Clearly this is an area where we have got a decent run rate. In
fact, you know, Forrester rated us as the #1 system integrator for global roll outs insofar as SAP
is concerned.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shekhar Singh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And lastly like if you can just explain say like because of the salaries, the hit on the margins
was close to 1.2%, so what was the other factor which helped to neutralize this impact?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We got some improvement in the onsite offshore mix. We got improvement on the bulge, what we
talked about 42% of the people now being less than 3&nbsp;years versus only 35% before. We got some
improvement on the cost management areas whether it is telecom or whether it is depreciation etc.
Visa fees there was no charge in the last quarter or very minimal charge compared to the earlier
quarter. So some of these areas, and also there was an improvement of the 50 basis point
improvement in the operating margin of Wipro BPO which on an overall basis gave us 30 basis points
for Wipro Technology level. So all told, we got a 40 basis points expansion in Indian GAAP and 70
basis points expansion in US GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shekhar Singh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Basically if the Visas were a big cost last quarter, then if we were to compare this quarter&#146;s
margin with let us say possibly Q1 of next year, then again the visa cost will come in, so in a way
there will be an impact in that particular quarter because the salary increases will then be
compared with visa cost also being there in that particular quarter, is that right?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You look at visa expenses as a line item, it will impact, but hopefully there will be some other
cost impacts like we have got an MSI increase in last quarter and this quarter which will not be
there in quarter one, salary increase. So from that perspective there will be some expense lines
which gives you a lever and some expense lines which gives you a higher cost.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shekhar Singh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay sir, thanks a lot.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Overall we think, you know, a narrow range movement of our operating margin is something which we
look forward to.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shekhar Singh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay sir, thanks a lot.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much sir. Next question comes from the line of Mr.&nbsp;Anthony Miller with Arete
Research.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have got a couple of questions; firstly can you please update us on the status of your global
delivery model, where you have people in other low cost centers, for example, Eastern Europe or
China. You can just bring us up to speed on where you are and where you think that will go? And
secondly if you could just give us a view as to whether you are seeing any change in the
competitive landscape either in terms of the companies that you are facing in competition or
whether you are seeing that tactics such as pricing changing? Thank you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As far as our global delivery model is concerned, the centers that we have outside of India
starting from right, Yokohama in Japan, then Beijing and Shanghai in China, in Europe we have four
centers, the fifth one coming up now, and the four existing centers are in Sweden, in UK, in
Germany, and in Finland, the fifth one coming up there is in Romania which will get operational in
about 60&nbsp;days time from now. And finally in North America where we
have three centers. All these centers we have specific capabilities which are to do with the local
language, and in all the centers we have additional people who are required for the specific nature
of services that we are delivering from these centers. But the strength of each of our near shore
centers and local delivery centers in the countries are much smaller than our strength of centers
that we have in India. So we still continue to have a bulk of our people in India with smaller
number of people in the global delivery centers outside of India.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Can you just tell me what that total number is please for outside of India?
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total number are, 3 in Asia, 5 in Europe, and 3 in North America.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sorry, actually I meant the number of staff who are working in those centers in total.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Actually typically at any point of time we have about 22% of our team which works outside India,
of which roughly maybe about 16% will be on centers
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am sorry the line was very bad there, can you just say the percentage again please.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Roughly about 22% of our people at any point of time are outside India. Of that roughly about 16%
would be in our development centers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. Can you just give me the number for China please?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have opened our centers in China recently, so we are in the process of increasing our head count
there in context to what customer demands are coming on us, but we are approaching it step by step
because we want to be sure we get the right profile of people, we deal with the right kind of
customers, and we get reasonable amount of stability in our work force there.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And how many people would be in China today then in global delivery?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is under a 100.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">About 100, and where would you see that going over the next year or so?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, we don&#146;t want to speculate going forward.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So, we can&#146;t give you a specific number but definitely the initiatives that we are taking, it
would be much higher number than what it is today. And also just to supplement what Sudip Banerjee
talked about, the acquisition that we did in terms of NewLogic does give us presence in Austria,
France, and Germany.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So therefore when you talk about centers outside of India this becomes very substantive centers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, and for the competition situation?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yeah, we are increasingly facing competition from our global peers, and that situation has not
changed in the last one year. We continue to see the IBM&#146;s and Accenture&#146;s. We also continue to
see the Logica&#146;s etc. in the local market in Europe. And in some sectors, in some countries we see
one or two specific, vertical specific industry competitors. So overall we continue to see our two
or three Indian peers and two or three global peers in all accounts and one or two local peers in
each specific industry vertical market.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Have you noticed any change in pricing or in the nature or size of the deals that they are bidding
for?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Girish Paranjpe</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, I think there has been no broad change. I don&#146;t see them certainly bidding for small
projects or using a different pricing mechanism. At least in the market place we see basically
top two or three global competitors present in many deals and pricing tactics are I would say more
or less familiar.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And just to supplement the point that Lan mentioned wherein we have lot of facilities outside of
India, but primarily the people are based on the premises of the customers, but there is a
flexibility for them to operate from our premises or their premises depending upon the type of
project at a point of time.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, thank you for that.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much sir.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prathiba, can we have the last question please.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sure sir. The last question is a followup from Ms.&nbsp;Mitali Ghosh of DSP Merrill Lynch.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mitali Ghosh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi, I had a question on Wipro Infotech which has shown very strong margin improvement this quarter,
and services of course as a part of the mix has gone up 2%, but is there anything else in terms of
your geography mix or the mix within product, and second part of that is that should we expect
these margins to sort of stay stable or is there, you know, how would you see these trending going
forward?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Vaswani</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See Wipro Infotech has had a good quarter and you know we have continuously invested in the market,
we have added our new service lines over the last couple of years, so today we have in addition to
our traditional product business we have a strong services business, we have a strong software
business, and we have a strong consulting business. We also launched our total outsourcing services
three or four quarters back, and we have been able to maintain a run rate of one total outsourcing
contract per quarter, and this quarter we won from a multinational company in India an integrated
BPO plus infrastructure outsourcing contract. The other aspect of our thrust in the domestic market
is really the SMB market, which is now beginning to pick up and which is also beginning to open up
for the software space and we are very actively working with our partners on the technology side,
when I say technology I am talking about package software side, we are investing in building
templates for specific
industry segments and that also is adding a big thrust to us in the market place. So for example,
in India in the last quarter we won six contracts for SAP implementation in the SMB sector. So
these are quick fire implementations, and you know, deliver tremendous customer value. So all in
all I think the market here is growing, it is beginning to open up for software implementation. We
have all the pieces of the leg to really service a customer comprehensively in terms of IT
solutions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But margin expansion Mitali as you see is primarily because of the mix of service going up because
the growth in services is much higher than the growth in products, and as and when we are seeing
much higher level of critical mass so far as the Middle East Asia-Pac is concerned, we expect the
profitability to go up because last three years have
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">been investment years for us so far as the this is concerned and we are now beginning to see
country by country much more critical mass and that will help us take the profitability up. Since
service always has a operating margin which is far superior to that of product, I think any growth
driver which leads to higher level of growth in service does lead to expansion in margin there.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Vaswani</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So you know the growth in service is, so it is not that we are growing our service business at the
expense of the product business. It is that we have continuously added on new and new service lines
to make our overall offering to the customer very compelling.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mitali Ghosh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Right. The proportion of Middle East, Asia-Pac gone up a lot, I mean, how has that changed during
the quarter?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Vaswani</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Middle East and Asia-Pac today accounts for 10% of the total revenue of Wipro Infotech. Now 10% of
the total revenue includes the product and services revenue, but if you look at it as a part of a
services business, it accounts for a larger chunk, close to around 25% of our services revenues
comes from the Middle East and Asia Pac.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mitali Ghosh</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Right. Okay, thanks a lot.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much ma&#146;m. At this moment I would like to hand over the floor back to Wipro
management for final remarks.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thanks everyone for tuning in. We very much appreciate your support, and a replay of this call is
available, for details on the call in number for replay as also for an audio archive of this call,
please check out our website www.wipro.com/investors and of course Sridhar, Jatin, and I are always
around if you guys have any further questions. Thank you again for joining us today. We look
forward to talking to you again next quarter, and have a nice day.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and gentlemen, thank you for choosing WebEx conferencing service. That concludes this
conference call. Thank you for your participation. You may now disconnect you lines. Thank you
and have a nice day.
</DIV>



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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT&nbsp;99.5</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Wipro Limited</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Investors/Analysts conference Call</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>January&nbsp;18, 2006</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>6.45 PM Indian Standard Time</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and gentlemen, thank you for standing by, and welcome to the Wipro&#146;s Earnings call for the
period ending December&nbsp;31, 2005. At this time all participants are in a listen-only mode. Later, we
will conduct a question and answer session with instructions being given at that time. If you
require assistance during the call, please press * then 0. As a reminder, this conference is being
recorded, and now I would like to turn the conference over to our host from Wipro&#146;s management, Mr.
Sridhar Ramasubbu, please go ahead.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sridhar Ramasubbu</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thanks Jerry, and thanks everyone for joining us for Wipro&#146;s third quarter results and earnings
call for the quarter ended December&nbsp;2005. I take this opportunity to wish you all a very Happy New
Year. I am taking this call from India and have communicated both my US as well as India mobile
numbers for any exigencies. Jatin and Lan from the IR team join me in conveying a warm welcome to
all of you. With us today we have Mr.&nbsp;Azim Premji, Chairman, Mr.&nbsp;Suresh Senapaty, CFO, and other
members of senior management team including the business unit heads. I hope you have had an
opportunity to review the press release we issued today morning under US GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Let me give you quickly the agenda for today&#146;s call. Azim Premji would share his perspective
beginning with an overview of our results and Suresh will take you through the financial highlights
of this quarter. As a reminder, when we discuss our results today in today&#146;s call some of the
issues we discuss maybe forward looking and I would like to advise you that these statements may be
subject to known and unknown risks and uncertainties that could cause actual results to vary
materially. Such risks and uncertainties are disclosed in detail in our filings with SEC. Wipro
assumes no obligation to update the information presented during today&#146;s call. The call is
scheduled for an hour, the entire earnings call proceedings are being archived, and transcripts
would be made available after the call at <U>www.wipro.com</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am online on e-mail and if you have any specific questions which you are unable to ask, please
send me an e-mail and we will address those questions as well at the end of the Q&#038;A, so with that
let me turn over the call to Mr.&nbsp;Azim Premji, Chairman &#151; Wipro.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good morning to all of you all. At the outset let me wish you all a very Happy New Year and a very
Happy New Year to your families. By now you would have seen results for the quarter ended December
31, 2005. While the management team would be happy to answer your
queries, I would like to take some time before that to share our thoughts on performance and
prospects.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What made the quarter special was the fine balance we achieved between delivering short-term
results and building a long-term sustainable business. In terms of quarterly results, all our major
business segments recorded robust growth rates in revenue and profits. We crossed two significant
milestones this quarter. One, our IT business crossed Rs.100&nbsp;billion annual run rate and our global
IT business surpassed 50,000 landmark in employee strength. Revenues in our global IT business at
$473&nbsp;million was ahead of our guidance of $463&nbsp;million. The IT services business continued to
witness broad based growth across verticals, across geographies, and across service lines. Our
financial solutions and technology businesses delivered yet another quarter of double-digit
sequential growth. Our differentiated services such as testing, technology infrastructure
management and enterprise application services, continued to grow ahead of overall growth rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We added 61 new clients organically, the highest ever customer add. Demonstrating the robustness
of our business model not only did we absorb the impact of compensation revision for our offshore
team, but improved our operating margins.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our business process outsourcing business, which has been a subject of much discussion, delivered
sequential revenue growth, improved operating margins, increased billable team size, and one
strategic assignment from customer. Over the last couple of quarters, our BPO business has
demonstrated consistent improvements, reinforcing our confidence that Wipro BPO is capable of
leading industry growth even though growth in the near term maybe muted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our India, Middle East, and Asia Pacific IT business recorded year on year revenue growth of 19%.
We also improved business profitability in this segment, so the profit before interest and tax grew
faster at 45%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Wipro Consumer Care and Lighting and Wipro infrastructure engineering businesses also turned in
good performances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In terms of a longer term perspective, we built a stronger platform for growth in our product
engineering business and banking solution business through the acquisition of NewLogic in Austria
and mPower in US and India. Our investments in account management continued to pay off. The top 10
customers in our global IT business grew ahead of the market growth rate. We continue to see
improvements in our customer mining efforts. Apart from increasing the number of million-dollar
customers sequentially to 210, we now have three customers with a revenue run rate in excess of $50
million. With the NewLogic acquisition and the planned facility in Romania, we are expanding our
geographical footprint.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Looking ahead, the two questions that drive our business remain unchanged. How do we deliver
superior solutions to our customers and how do we deliver sustainable value to our stakeholders?
The answers to these questions lie in devising strategies that anticipate emerging challenges and
opportunities and relentless focus on execution that converts
strategies to business results by constantly improving operating productivity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I will now request Suresh Senapaty, our CFO, to comment on financial results before we take
questions.
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A very good morning to all of you in US, and good evening to all of you in India. A very Happy New
Year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I will touch upon a few areas in our performance and financials that would be of interest to you
all. Let me start giving the composition of our growth. During the quarter ended December&nbsp;31, 2005,
we had a sequential dollar revenue growth of 9.9% in our global IT services business, which
comprised of 10.6% revenue growth in the IT services, and a 3.6% growth in the revenues from BPO
services. The 10.6% growth in services component was driven by a 12.7% growth in the volume of
business offset by a 0.1% and 3.6% decline in the realization of work performed offshore and onsite
projects respectively. The decline in realization was due to the impact of lower number of working
days and not due to any change in pricing with the customers. Additionally, revenues for the
quarter include $1.3&nbsp;million from the acquisition of mPower Inc, the results of which have been
consolidated effective December&nbsp;1, 2005. The results of NewLogic, however, have been consolidated
effective December&nbsp;28, 2005. Our head count at the end of this quarter includes 351 and 120
employees from mPower and NewLogic acquisitions respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the forex front realization rate for the quarter ended December&nbsp;31, 2005, was up at Rs. 44.79
from Rs. 43.93 in the previous quarter. As at the period end we have approximately $600&nbsp;million of
hedges at rates between 44.25 and 45.50.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We affected an increase of 12% in compensation for our offshore team effective November&nbsp;1, 2005.
The gross impact of the increase was 1.2% on OM for the quarter. OM for the quarter was also
adversely impacted by decline in price realization and lower utilization due to gross addition of
over 4,500 people, although strong volume growth, higher portion of offshore work, and other
operational improvements helped absorb these charges and improve operating margins by 60 basis
points.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capital employed at Wipro Limited level comprises of cash and cash equivalent of Rs. 25,402&nbsp;million
as on December&nbsp;31, 2005. Excluding this cash, return on capital employed for the quarter was 66%.
With a view to provide investors the performance of the organic business as distinct from
acquisition we have effective quarter ended December started showing the performance of acquired
business as a separate sub segment. This is in line with our articulated policy to show critical
acquisitions as a separate sub segment for a period of two to four quarters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the quarter ended March&nbsp;2006, we expect volume led growth with broadly stable price
realizations. The guidance for the quarter is based on organic revenue of approximately $500
million and revenues from acquisitions of approximately $10&nbsp;million. Operating margins of
the organic business for the next quarter would be impacted by the full impact of increase in
compensation for offshore team and the proposed compensation revision for onsite team effective
January&nbsp;1, 2006. However, we hope to substantially mitigate this through operational levers and
expect the organic operating margins to move in a narrow range. The operating margins for our
acquisitions will in the near term be less than that of the global IT segment. We expect the
acquisitions to deliver profitability in line with the segment profitability over few quarters.
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also I want to clarify at this stage that all our press releases and the statements that we
have released also have numbers which are given in dollars which typically are at convenient
translation, which means all the rupee numbers had been converted to dollars based on the closing
rate on December&nbsp;31, 2005. Since the closing rate on December&nbsp;31, 2005, between rupees and US
dollar was lower than the average, the dollar numbers are little overstated as compared to an
average rate realization. So, because you will all find multiple numbers when we talk about in the
press releases and the segment reports we thought we will clarify this point and hope it does
clarify.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will now be glad to take questions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. Ladies and gentlemen, if you wish to ask a question, please press * then 1 on your
touchtone phone. You will hear a tone indicating you have been placed in queue and you may remove
yourself from queue at any time by pressing the &#147;&#163;&#148; key. If you are using a speakerphone, please
pick up the handset before pressing the numbers. Once again, if you would like to ask a question,
please press *1 at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our first question comes from the line of Mayank Tandon of Janney Montgomery Scott. Please go
ahead.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mayank Tandon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. Good morning, a very good quarter. I wanted to just first ask you about some comments
that your competitors have made regarding maintaining a larger bench over time to have flexibility
to service larger deal opportunities. How do you think about that, should we expect any depletion
in the utilization rate as we move forward as you go after these larger opportunities?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you look at our bench, we have in the last few quarters although stated that we would like to
keep sufficient people available for the opportunities which come in, and so our utilization is,
and our bench numbers have that fine line drawn between them. Each quarter we look at it and then
decide how much we would be requiring on the bench for the business that is to come. So at this
point in time we are comfortable with the numbers that we have, and we have planned adequately for
any of the business that is expected in the fourth quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mayank Tandon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. And as you go after these larger deals also are you seeing a shift in your service mix to
more higher end offerings, does that creates more lumpiness in your revenue stream, and if so, how
do you deal with that?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Girish Paranjpe</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have been fairly well represented in our revenues by various service lines that we have, and to
that extent we do not foresee any major skewing happening as a result of any particular deal.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think people who had different mix in their service lines maybe expecting something along
those lines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also what happens is, in Wipro while we do lot of recruitment from the campus we also have a fairly
strong engine to be able to hire from a lateral basis. So whenever there are requirements,
typically the cycle time to be able to do a lateral hiring is much much lower than that of campus,
and hence we are always able to leverage that to be able to expand as and when we need higher head
count in a shorter time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also a point to make here is that our utilization going forward will improve and that will in no
way effect our requirement of people for growth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mayank Tandon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And the improvement will come from, is that just a function of more productivity or the change in
mix?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, we had a very large inflow of campus people in the last two quarters of the calendar year 2005,
and it was little beyond our capacity to absorb them in terms of actual jobs, so a lot of the extra
drop you see in utilization was primarily contributed by campus recruitments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In terms of the training requirement for the campus is little longer than when we do lateral hires,
and that is why bench tends to be, or utilization tends to drop, which then picks up in the
following quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mayank Tandon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And also the campus hiring are in quarter two and quarter three of a fiscal year ending March.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mayank Tandon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And finally if you could just provide some more color around the margin impact next quarter, you
mentioned about the impact, the full impact of wage hikes, also so some, you know, maybe cost
related to the acquisitions, you could maybe provide some more color on that that would be very
helpful for models? Thank you.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You know, like we said we had given a compensation increase effective November&nbsp;1, 2005, so
consequently last quarter had the impact only for two months, whereas the current quarter will have
for full three months, and similarly we are going to give a compensation increase effective January
1, 2006, to our onsite employees though will be a much smaller percentage than what it was in the
offshore. Both these, plus we are also seeing so far a rupee-dollar is concerned little bit of
softening of the exchange rate for the current quarter as compared to the last quarter. Given these
three down sides, I think the other levers that we are wanting to look at is offshore mix, we are
looking at the utilization improvement, and visa fees will continue to be, and any other cost
management areas, I think there are multiple such areas we are looking at to be able to sort of
make sure that on an organic operating margin we should be moving in a narrow range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mayank Tandon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have one final question. In terms of currency impact on the operating margins, if you exclude the
forex loss related to the depreciation, what was the impact quarter over quarter, that is, December
quarter over the September quarter, any impact on margins if you back out the hedge related item?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Actually if you look at the exchange we did not have any significant difference between quarter two
and quarter three on account of exchange change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mayank Tandon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because we generally have a hedging policy with a view to be able to reduce this volatility and
that has helped us in ensuring that.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, thank you. Our next question comes from line of Julio C. Quinteros,, from Goldman Sachs.
Please go ahead.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Suresh, it maybe just little bit helpful if you can maybe decompose the components that you
discussed in terms of the operating margin improvement, you talked about utilization, you talked
about the impact of wage hikes as a negative, can you give us maybe some basis point impact, or
from the basis point, perhaps you can give us a sense on what the impact was?
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Right, if you look at the US GAAP we had an EBIT of 23.8% quarter 2 and it switched to 24.5% in
quarter 3. So if you look at some of the, downside has been our rate reduction, like we said while
the coupon rate with the customer have not changed, it is because of the number of working days it
did reflect as a rate realization reduction which is about 1.3%. Plus, we had an impact of the
offshore compensation increase which had an impact of 1.2%, and overall utilization drop for the
reasons Mr.&nbsp;Premji explained because of the hiring about 0.7%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The benefits we have been able to get to neutralize that or in fact offset much more is that onsite
mix change, which means more we do offshore it enhances operating margins. Similarly, in quarter
three, we did not have any Visa fees etc., which were there in the previous quarters. We have also
improved the bulge, which means the mix of people we have in our offshore team or in our overall
team where you have lesser experience versus a higher level of experience, it changes the
compensation structure, cost structure of per person, and we have been able to improve over a
period of time from 35% to 42% for the people who are less than three years experience, that has
helped us gain some margin. Similarly on the cost management initiatives whether it is telecom or
depreciation, we got some advantages. Some rationalization on the SG&#038;A side we got some 30 basis
points. Another big factor was we saw a 350 basis point expansion in the operating margin for our
BPO business that also on an overall Wipro Technology or the global IT business level did advantage
of about 30 basis points. Apart from that, there are another 30 basis points on account of other
miscellaneous things in terms of some exchange accounting within the US and the India GAAP, certain
revenue recognition stuff, and that is how we got an expansion of about 60 basis points.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is great. Maybe if we can go back to the BPO business. Can you talk about the
composition of the BPO business, obviously you are winning new work, is the type of work that you
are winning changing, meaning are you moving away from voice-based call center work to transaction
based work?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Let me request Kurien, Chief executive of our Wipro BPO to take that question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T. K. Kurien</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Let me answer the question in just one sentence. The answer is really, yes. All the six deals that
we have won this quarter have been exactly in that space, in the transaction processing space, and
most of them have been in the back office area. Basically financial account and procurement are
the two main areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What is the mix, where is the voice versus non-voice mix currently standing?
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T. K. Kurien</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The way we look at it, we have changed a little bit the way we look at it because what we find is
when we takeover back office work too we have a certain voice component. So when we takeover a
process, we take over some element of voice that comes along with the process. To give you an
example, if you take over the procure and pay process, what would end up happening is that you
would probably make calls to suppliers and it is very difficult to decompose that component from
the overall process. So we have changed that a little bit in the way we look at it, but overall as
we stand, it is strongly, we are pretty much in line with what we had given as some kind of an
indicator a couple of quarters ago of bringing our voice component down to 60%, we are pretty much
down that path right now.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. And maybe back to Suresh, Suresh can you just give us a sense on what the, I think you said
what the exact acquisition contribution was that you expected in the fourth quarter, can you repeat
that please?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes. Among the guidance of about $510&nbsp;million that we have given for the current quarter, we expect
about 10&nbsp;million dollars to come from two acquisitions that we have announced. Last quarter we have
reported $1.3&nbsp;million in our $473&nbsp;million, that is the acquisition revenue because it was, one of
the acquisitions was consolidated effective December&nbsp;1, 2005. So we will have the three months
consolidation this quarter, and similarly NewLogic will have its full quarter impact from January
onwards in the current quarter. We expect that revenue to be about $10&nbsp;million against last
quarter of about $1.3&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, and what would be the sequential growth for those acquisitions as you go forward, any sense
on how fast we are expected to grow on a Q over Q basis?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We would expect a decent growth at least in line with the company if not higher, but at least we
have to allow us about 90 to 180&nbsp;days in terms of complete integration before the growth engine
gets turbocharged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay great. And finally from me, as we go back and look at the announcement with the mPower
acquisition, there is also some expectation that there would be some revenues coming on line from
Master Card, can you give us the sense on how you expect those revenues to ramp up, is this
included in the 10&nbsp;million that you are referring to or would that be incremental?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<P align="center" style="font-size: 10pt">- 8 -
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, that is also, when you talk about an mPower acquisition, yes, the customer, there is one
large customer, and from that perspective the revenue of 10&nbsp;million includes revenue that is going
to come from that customer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay great, thank you very much.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. Our next question comes from the line of Louis R. Miscioscia of Lehman Brothers, please
go ahead.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Louis R. Miscioscia</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. May be if you could go into little more detail as it seems that you and some of the
other top Indian players are bidding...
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sridhar</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lou, can you speak up a little bit, we are not able to hear you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Louis R. Miscioscia</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, hopefully this is a little bit better. My questions is that, as you offer to bid on some
bigger projects and wins, CPI actually highlighted that in there recent call, how is that going to
change any dynamics in your margin structure, do you have to take on some of these bigger deals at
lower margins for let us say the first 12 to 18&nbsp;months or do they come in at the same margin
structure, and then maybe if you could if possible give a comment on General Motors?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Typically when you look at larger deals always you take a position of saying within the lifecycle
of that project what is the kind of money you make. It is possible that in the first few months it
could be a low margin and thereafter it picks up depending upon the nature of the deal because
maybe the offshoring starts taking place more and more progressively or whatever that we talked
about. So while whatever we have done so far it has not resulted into low margins but we cannot
rule out that similar such deals could occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Louis R. Miscioscia</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, could you give me any update with GM?
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As we mentioned earlier General Motors continues to be one of our strategic customers and at this
point in time we remain one of the bidders for the 2006 outsourcing contract. No decision has been
taken as yet, and as and when the decision is available from the customer side we will be happy to
share the details with you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Louis R. Miscioscia</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Then on the same topic that you are getting involved in bigger deals, could you maybe mention how
the pipeline has changed for you all with the bigger wins coming out over the last 12&nbsp;months you
know compared to where you are now, maybe in the size of the pipeline, where you were 12&nbsp;months
ago?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The question was how has the pipeline changed because of the larger deals, is that the question?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Louis R. Miscioscia</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well, we have a pipeline today which consists of many of our existing customers who are giving us
additional work, many of our new customers who are in our traditional space and they are giving us
work which is in the same range as what we used to get earlier, and certain new opportunities which
have come up because there are some large outsourcing contracts on the anvil. So our overall
pipeline now consists of a healthy mix of all these three segments and that is the change from the
earlier situation where most of our pipeline was based on customers whom we were already doing
businesses with and very little of the other two types of customers. Having said that we have added
in this quarter 61 new customers, so therefore the pipeline for the coming quarters would also
reflect the business that we expect from these customers who have just got added off.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Just to supplement that, you know, we are addressing these large accounts not only through the
large deals that we talked about in terms of application development, but we have a practice which
is called total outsourcing which generally has a fairly large component of infrastructure
services, that as you know we have launched quarter two quarters ago, we have a fairly decent
funnel on which we are working on.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Louis R. Miscioscia</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, thank you.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But the point to be noted is all these larger deals have a larger cycle time and they are very
binary in nature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sridhar</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The differences is that with the services expansion which we had, the funnel, the whole of pipeline
has changed as such. We are seeing traction in various other service lines, so to an extent it is
not just ADM or R&#038;D it is into various service lines, that is the big difference we are seeing in
the last three quarters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, thank you. Our next question comes from the line of Trip Chowdhry, FTN Midwest Securities,
please go ahead.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trip Chowdhry</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Congratulations on a very good execution. A question for Premji, I was wondering this
mPower acquisition seems to be very strategic in nature. I was wondering if you can walk us through
the long-term benefits and how do you see this acquisition adding value to Wipro over the next say
two to three years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Azim Premji
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes I certainly can, you know we are following an approach where primarily we are looking at
acquisitions which are in a deal size at the current level which we have done for a deal size
slightly more than the current level which we have done. We look at them from the point of view of
certain target areas where we are having some needs to grow inorganically and be able to offer
services which are more unique and differentiated in that space. The second area is that we are
looking at areas which fill up our gaps and offerings and make us a more complete provider of
desired services to our customer base. Areas in which we are able to improve our domain competence
like we have been able to do both with the VLSI acquisition which we did of NewLogic as well as the
mPower acquisition which we have done, and which we did previously of AMS and previously of
NerveWire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trip Chowdhry</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The second question I had was regarding Nasscom....
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fourth area is also that we are looking at some companies particularly in the technology space that
bring us a strong portfolio of intellectual properties because we think this can be a strong driver
for a degree of non linearity in our prospective growth rates. We are now looking also at
acquisitions in the European market because it is helping us get a footprint in a market
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">particularly outside of UK and outside of Scandinavia and the Benelux countries. The
countries like Germany and countries like France where we do not have a strong domestic presence at
this point of time and the organic method of building that presence is taking significant amount of
cycle time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Girish Paranjpe</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I just wanted to add on to what Mr.&nbsp;Premji said. From our perspective we are trying to build deep
domain expertise in the payments area and acquisition of mPower is I think a great step in that
direction because it really bulks us up in that particular area. We had done some organic hiring
and built some in-house expertise anyway, but this acquisition actually increases our footprint,
deepens our domain knowledge, also gives us access to very strong client base which we hope to
leverage on a longer term basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trip Chowdhry</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. Also I think in the month of February there is a major IT conference happening in
India which is Nasscom sponsored and I believe the President of India is also going to address the
IT community, I was wondering are you guys thinking this maybe the event that the Indian government
may announce some incentive packages to the IT industry or any policy changes you anticipate coming
out of this conference, what are your general thoughts about what the president may say?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">How many more incentive policies do you want for the software industry. To replace STP now with
SEZ, including virtual SEZ&#146;s, I mean that is as generous the policy as you can expect to get, and I
do not think there are any other policies which are of any significance which are negative to the
industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trip Chowdhry</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Perfect, and lastly I was thinking...
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I do not think you should expect that, that is not part of the agenda of expectation of Nasscom
either.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trip Chowdhry</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Perfect, that clarifies it, and also lastly in terms of verticals, are you seeing any increased
activity in certain vertical segments in say US versus say certain vertical a year back, are you
seeing any shift in the activity levels among various verticals?
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think it will be useful for us to give some response in terms of how in some of the horizontal
services we are building a stronger traction, and I would request Suresh Vaswani to cover that
quickly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In terms of verticals you are seeing the fastest vertical growth rate taking place in financial
solutions businesses as well as in our TMTS business, our technology and the travel area of our
business, and also in our healthcare business, though healthcare business still is reasonably
small, so that large growth there is in terms of multiplier a little less significant. We have also
seen that we have had increased growth rates in our product engineering services and telecom
service provider space where we have had for two quarters running more than double-digit growth,
and there is enough wind there to keep up attractive growth rates going forward. And let me just
have Suresh talk a little bit about our horizontals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Vaswani</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I will speak a bit about our differentiated IT practices, which are basically our testing
services, our technology infrastructure services, as well as our package solution services. We have
done extremely well in these services this quarter. We have had a growth sequentially in testing
services of 20%, in infrastructure services of 16%, and in package services of 10%. We have made
investments and we continue to make investments in terms of differentiating ourselves and
delivering more customer value in each one of these practices. Just to give an example in testing
services our solutions office focuses on building frameworks, point solutions, and tools to drive
testing productivity with customers and reduce the time to market and basically deliver higher
quality software. In infrastructure services recently, last quarter, we launched our next
generation managed services which is all about delivering infrastructure services to customer&#146;s
business requirements as against IT SLA&#146;s. And in enterprise application solutions we are investing
strongly in the solutioning area as well as in the application outsourcing area. Forrester has
rated us last quarter as being the lead system integrator, lead Indian global player in terms of
leadership in global SAP roll ups. So these are practices which we are focusing on strongly and we
are building good traction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trip Chowdhry</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you, congratulations on a very fabulous execution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. Our next question comes from the line of Mr.&nbsp;Ashish Thadani from Gilford Securities,
please go ahead.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ashish Thadani</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sir good evening, nice quarter. Majority of your peers implement their annual offshore salary
revision in the April timeframe, is there a reason why Wipro favors a different cycle?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some of them is historical legacy in terms of how, when you started the cycle and it continuing on
that basis, so it is not necessarily that everybody has to follow one particular pattern.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We would also like to differentiate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ashish Thadani</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Right, but this does not have any impact on your recruitment programs, does it?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ashish Thadani</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Is there any plan to perhaps revisit the timing or nothing at this time?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is fairly dynamic, Ashish, in the sense that nothing can be said for sure that it will never
change, but it is a constant process and we keep revisiting all the time. For example, November&nbsp;1,
2005, is when we gave the compensation increase, the year before we
gave it on the October 1, 2004. So that is a continuous process where we keep changing whether preponement or
postponement depending upon what the market conditions are, so what is important is not the cycle
that anybody follows but what is important is depending upon our requirements what is required for
us to be positioning ourselves in the market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ashish Thadani</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Right, and a question on your India and Asia Pac business, it appears that revenue might have
declined quarter on quarter which was not the case last year. Is there any explanation that we
should be aware of?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You know if you look at the revenues, overall there has been a growth of about 17%, and if you look
at the service part of the revenue it has grown about 27% year-on-year, and because the services
component of the Wipro Infotech is about 38%, because that is much more differentiating service
that we offer to the customer, we typically use products as Trojan horse to be able to get more and
more services and more and more higher level of share of the wallet in
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the customers and that is all growing, and that delivers better margin, that delivers better
ROI, so it is a constant focus to be able to grow that service business which we have been growing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And Ashish, this is Lan, just to supplement what did happen last year, typically quarter three is a
relatively weak quarter, quarter two is a big spike in the Indian IT business, there is spike in
the quarter two of the fiscal. Last year however the third fiscal quarter, we had a few very large
telecom deals that we won and therefore we did not see the decline but otherwise as a
trend you would find that the quarter two and quarter four of the fiscal are spike quarters for the
Indian IT business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ashish Thadani</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, that is very helpful, and finally can you...
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have no cause for concern, we have a very solid growth path there.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ashish Thadani</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good, and can you site any situations where Wipro might not have won a contract, but nevertheless
deflated pricing for the competition, specifically the type and size of work and any kind of price
trap involved would be useful?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Which part of, are you talking about the global IT business, Indian IT business, which part of the
business are you talking about?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ashish Thadani</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The global IT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The objective is not to get the orders, but primarily reduce the price to the competition?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ashish Thadani</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not necessarily, no, just that if that is the outcome some anecdotal evidence of that would be
helpful where it might be occurring in the global IT business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, the very fact that you are finding the large multinationals scaling up very strongly on India
and similar low cost locations, resourcing bases, is the verification of the fact that there are
finding that without having those advantages they cannot compete. So I think the anecdotal
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">evidence is evident in the way they are scaling up, or desperately scaling up I should say.
I do not think we need to give any isolated examples of what role we have played in trying to
accelerate the process. I think we just believe that we have a very strong global delivery model
which is inherent to our strategy and many of the multinationals are now trying to
mimic us on that strategy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ashish Thadani</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, thank you very much, good luck.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you, our next question comes from the line Mick Dillon of HSBC, please go ahead.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mick Dillon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi, I just wanted to ask a question, how much further can you get your mix shift to move towards
offshore services to protect the margin, and I guess the genesis for the question is that if I look
at the acquisitions that you bought, they are potentially at lower margins, they consolidate next
quarter and a wage hikes are coming through, I am just wondering is it possible for us to keep flat
margins or we are going to have look for lower margins as we go forward?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you look at our offshore-onsite mix, we have shown improvement over the past few quarters, but
if your question is, is there scope for us to improve it further, of course there does exist scope
because there has been in the past very well done, better than what we are currently doing, but it
is always a case that whenever you are in the new practices, whenever you are getting the new
customers it tends to start with high level of onsite business and typically when the growths are
good, you know, even if you are driving more and more offshore business there will be more new
onsite business, so it is a good news that we are getting new businesses, getting new good
traction, etc. The second point was with respect to.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mick Dillon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Just in terms of margins, just trying to work out how, if it was possible that we could see margins
flat going forward given the acquisitions that consolidate and the wage hike because if am correct
roughly 30% of your cost of sales is in onsite wages, which just went up 3-5%, so that looks like
about a 100 basis points hit roughly on margins going forward, and I am just trying to work out how
rather than not come immediately to the EBIT line, how we can see EBIT sustained and I assume that
mix shift to offshore was the easiest lever
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yeah, your question was with respect to the acquisition. Now if you look at the acquisition, we
have already started giving separate numbers for those acquisitions at least for two to four
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">quarters. We are seeing that 1$.3&nbsp;million that we have shown having come in already last
quarter. It has a margin which is superior to the organic margins that we have, and in the current
quarter we think the NewLogic one will have perhaps marginal loss and thereafter we think the
margins will inch up, whereas the another acquisition which we did and which is reflected in last
quarter will continue to have robust operating profit. So net-net our objective is to be
transparent on the acquisition and show the separate profitability for a finite time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mick Dillon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am concerned, net-net acquisitions are margin, there is no impact roughly, and then I guess just
in terms of the wage hikes that you have given we should expect that you can sustain your margins
in part due to the mix shift to offshore, but ultimately we should expect margins to decline as we
move to the next year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So far as acquisitions are concerned they would not be margin dilutive in a medium to long term, it
could be for a shorter term because you go through the acquisition process, you go through
intangible accounting for, and it takes few quarters for it to be nullified in terms of the synergy
benefits that one gets out of those acquisitions. So consequently they will be in a shorter term
margin dilutive. One that we consolidated last quarter was not, but it does not mean all the deals
will be of that nature, because deal that we did there was completely offshore centric and it has a
unique feature as a result of which it was not accretive nor margin dilutive. As far as the onsite
compensation increase is concerned, yes, it is about 30% of our revenue, the compensation increase
would be between 3 to 5% and impact of that will be adverse, but like we stated there will be other
levers in terms of improvement in utilization, change in the mix, and other productivity
improvements that we could achieve to be able to mitigate significant component and therefore we
think that overall our operating margins would be in a narrow range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mick Dillon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, so you expect operating margins to actually remain about flat.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the organic segment, because inorganic one would be shown separately and...
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Mick Dillon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is perfect. Okay, thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I would also request that our investors in addition to looking at percentage operating margins also
look at profit growths quarter to quarter and profit growths year to year because that is
also an important parameter in terms of how we are growing and how we are performing.
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mick Dillon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you, and our next question comes from the line of Moshe Katri from SG Cowen. Please go ahead.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moshe Katri</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thanks, good quarter guys. My first question is for Mr.&nbsp;Premji, there have been a couple of
initiatives internally kind of reorganizing the structure maybe I think what you have also done you
have kind of flattened the pyramid in terms of, you know, on the management side of the business
and you have done this pretty efficiently during the past 36&nbsp;months. Can you talk about some of the
results that you have been seeing since you have implemented those changes and then what does it
actually mean to the amount of time that you are spending on the management side of the business as
well?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To answer your last question first, my workload has not increased in the past six months, so one
has been able to reallocate priorities to focus on where the leverage to the stake holders is the
maximum vis-a-vis my time. So that seems to have worked out well. I think in terms of what has
changed or what has improved, I think you have to make that judgment based on the results which we
have delivered. The results which we delivered in Q2, the results which we have delivered in Q3,
and guidance which we have given for Q4 financial year. I think we are in a higher growth mindset
as a company and I think we are investing more for the future, and we have certainly become more
aggressive in acquisitions in terms of using them as major strategic levers for future growth, in
very summary terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moshe Katri</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All right. And then, in that respect talking about investments, the question is for Suresh, during
the past few quarters you have been investing in kind of restructuring Spectramind and the BPO
business in general, are we done in that, is the investment phase kind of complete at this time,
and has there been any impact on profitability from that restructuring this quarter as well, and is
there any way you can specify or maybe quantify? Thanks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I would request Kurien to answer that question, he is our Chief Executive of our Wipro BPO
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T. K. Kurien</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Let me answer that question in two parts. One is from the operation side I guess the restructuring
is kind of done more or less from a structure perspective. We still have a little bit of operation
efficiency that we can pull out which we are working on, like always there is
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">opportunity in everything that we see on the operation side. I think that major investment
now would come on the front end because we have to accelerate growth ahead of competition and that
is going to be the focus in the next couple of quarters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moshe Katri</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So you have a couple of quarters to go, and at this point that is not operating at in terms of
productivity, right?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T. K. Kurien</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am sorry...?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Moshe Katri</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Productivity wise, it is still not at the level where you wanted to be?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>T. K. Kurien</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Absolutely not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No part of our business is at level of productivity where we want it eventually to be in terms of
its potential Moshe, we are sure on that, I mean, BPO maybe a little more extreme example but it
applies right across the company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moshe Katri</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Great, thank you very much. Nice quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you again. Ladies and gentleman if you would like to ask a question please press *1. Now we
have followup question from Julio C. Quinteros, of Goldman Sachs, please go ahead.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This question is actually a followup to Suresh, when you were making comments about the
composition of the pipeline it sounded like you said that there were some changes, can you just
review those changes, and more important I guess I wanted to make sure that you did not say that
the work, the composition was changing towards bigger accounts, maybe you can just rehash those
comments please?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Actually the comments were made by somebody else, but let me try to recap in short...
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am sorry, I mean, Banerjee was actually the guy who made the comments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exactly, so why not I ask him to repeat it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What I said was that there are three segments of customer profiles that we have now as opposed to
what we used to have in the past, and this is rather earlier the maximum pipeline, most of the
pipeline used to be from our existing client base, and I said the two additional features of
today&#146;s pipeline are a number of large deals which have come into the market where we are bidders
in most of those instances, and also a large number of additional new customers whom we have
acquired in the recent past, as we reported in the last quarter we have acquired 61 new customers,
and the customer acquisition phase is the starting point and then for the next few quarters after
that is the time when you actually ramp up that customer, so your pipeline is generated from the
customers who are recently acquired. So that is the real difference in the composition. These are
three separate components of the composition of the pipeline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, perfect. One thing I wanted to just clarify, as far as organic quarter over quarter revenue
growth is concerned, coming out of December and into March, I think you are suggesting 8% total, 6%
is organic, 2% is acquisition related, is that correct?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, and how does that compare versus December, just want to make sure I have the exact numbers
correct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">December quarter the acquisition revenue was $1.3&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So immaterial...
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">December quarter comparable growth rate was 9.9% comparable with the 6%.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I guess the sort of question I am trying to hone in on is, you know, you are coming off a very good
quarter as far as organic growth is concerned, the trends all seem to point in the right direction
as far as volume, head account, and the stability of the industry, yet the guidance is obviously
little bit lower versus what you just put together on an organic basis, why the hesitance to sort
of give guidance that might be a little bit higher relative to the current performance? I don&#146;t
mean to put you...
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is a very Hobson choice question in terms of an answer. If we have a good quarter and then you
start us to expect even much more in the following quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros,</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With Wipro we can expect more.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think we have given a guidance which we think is reasonable. Our quest is always to see whether
we can do better than the guidance. I do not think you should take that for granted in terms of
your model, in terms of having a reasonable approach use this in terms of your model, we will keep
working to see how we can improve on it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros,</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Got it, and finally just related to that, is there something in the nature of the work that you
guys do on the testing and R&#038;D side and telecom service provide side that might lend itself to
having maybe a little more volatility and less visibility, I think it is what we have seen in the
past versus you know kind of the traditional application maintenance and development work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Azim Premji</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I will let Lakshman Rao, who is our Chief Operating Officer face the question of volatility in our
telecom business because telecom business is a significant part of our product engineering services
business, I think it is about 55 to 60%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A. L. Rao</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our R&#038;D business we work in telecom and non-telecom business segments. We have integrated the
entire business into one product engineering solutions business. You know, we had of course since
entering the market three years back reasonably well with respect to the equipment vendors in the
last couple of years. Post their restructuring, post their re-strateging of their products, we have
been able to get a good junk of their new product development activities. But at that point of time
we were not able to grow our service provider business. In the last one year if you see while our
equipment side of the business in telecom has got matured, we have got increasingly good traction
in the service provider space. So why I am telling this thing is that in the telecom because it is
a little bit volatile, but because of the wide
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">portfolio of competencies and services we offer in telecom we are able to get the average
effect and then still grow. At one point of time our voice business has grown, at another point of
time our broadband business has grown, and in the last one year the major growth came from our
wireless competence and mobile side. Today our growth is coming from again surprisingly from the
optical space we have got a good built, as well as in the service product space, specifically in
the broadband services, IP enabled services, as well as the new third generation work that is going
on whether it is in respect to video applications or with respect to data over IP or voice over IP.
So there has been some amount of churn in different domains of the telecom business, but overall
because we address almost every single segment in the telecom domain we are able to consistently
attain our growth objectives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Julio C. Quinteros,</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, thank you very much guys.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. Our next question comes from the line of Anthony Miller of Arete Research, please go
ahead sir.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thanks again gentlemen. I would just like to understand a little bit about possible constraints on
the supply side in your business. Firstly in terms of what skills are currently in short supply and
what actions you are taking to overcome those, what the implications is for example on what you are
having to pay for those skills, and secondly taking a slightly longer term view, whether you have
any sense of whether there is going to be a tightening of supply on graduate recruits, say in the
next recruitment cycle? Thanks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Girish Paranjpe</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Let me attempt to answer your questions. You know, bulk of the constraint on the supply side is in
terms of experienced people, somewhere in the range of 6 to 10&nbsp;years of experience, and that is the
kind of experience profile that almost everybody is looking for, and it is only the more successful
companies which have a higher brand value in the employer market, they are able to get the right
sort of people, but if you ask me is there is a constraint today at the entry level in terms of
engineering graduates coming out of schools, I do not see that as a constraint. Even in terms of
the quality of recruits that we get, again, being among the top employers, gives us a chance to get
the best candidates, plus all the investment that we have made in the last several years in terms
of training people and orienting them to work into our model helps us to mould people that we have.
So even looking forward let us say to the hiring season of 2006 or 2007, at least we are
comfortable that we will get access to the best talent that we can get.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And do you think that will be similar starting salaries as for the current year?
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Girish Paranjpe</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is some inflation creep that is bound to happen but I do not think it will be anything that
will certainly impact our business margins.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anthony Miller</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, thanks very much.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sridhar</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Jerry, do you have any other questions in queue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have two more people in queue, and our question comes from Mayank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sridhar</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yeah, we will take those last two questions from those people and then we will close the call. We
will take the two questions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, our first one comes from Mayank Tandon from Janney Montgomery Scott, please go ahead sir.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mayank Tandon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. I just wanted to followup quickly, Suresh, you had talked about the pricing, if you
could just provide some more color on that in terms of was the pricing decline purely a function of
mix or also I believe you said there were fewer billing days which may have impacted the number
too?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is right; it is clearly because of the number of days overseas, number of working days being
lower overseas that this impact has been felt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sridhar</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On a secular basis Mayank there is no drop in prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mayank Tandon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And how many days in the quarter versus the last quarters in terms of onsite and offshore?
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You know offshore pricing has generally been flat, and so far as onsite is concerned the reduction
is primarily reported because of the number of working days being lower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mayank Tandon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, and do you have the number of days that are fewer in this quarter versus last quarter?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, it is about 1.1&nbsp;day per month, which means x3 would be the reduced number compared to quarter
2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mayank Tandon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. And finally just wanted to get your take on pricing trends going forward, you know, some of
your competitions talked about 3 to 4% increases on newer deals, are you seeing that too in the
market place, and when does that begin to actually help your P&#038;L down the road?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yeah, actually we discussed that in the morning session but just to recap, we said that generally
we have been doing well insofar as for the fixed price projects are concerned. Some of the price
increases that we have got in the last six months in some of the specified practices has been
fairly decent and encouraging. The new customers are coming at a better
rates, plus the change in the mix, so we think it is more like the pricing going forward short to
medium term to be more stable with little bit of positive bias.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mayank Tandon</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you, congratulations again.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thanks you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sridhar</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will take the last question Jerry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. Our final question comes from Trip Chowdhry of FTN Midwest Securities, please go ahead.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trip Chowdhry</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. A quick question, your testing business was very very strong year over year basis, I was
wondering if you can provide some color in terms of the split in testing, is it custom application
testing which is growing or is it package software implementation testing which is growing, or
probably you may have expanded yourself into maybe security testing, any color on that will be
really helpful? Thank you again.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Vaswani</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think there is growth right across all our domains insofar as testing is concerned. Traditionally
we have been very strong on the engineering side, on the product engineering side, but over the
last one or two years we have been focusing extremely strongly on the enterprise side of testing as
well. So we are beginning to see extremely strong growth rates on our enterprise side of the
business insofar as testing is concerned as well. On testing you know just to give you a little bit
of a backdrop, we have invested strongly in terms of building frameworks and point solutions as a
part of our solutions office, and that gives us a very strong differentiator in the market place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trip Chowdhry</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sridhar</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, with that we will close the call. Jerry, shall I give the closing comments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, we have no one else in queue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sridhar</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, thank you. Thank you very much for your participation. The IR team, Lan, Jatin, and self will
be available offline to answer any further questions you may have. The digitized reply will be made
available from 12 noon Pacific at the dial-in numbers communicated in our press release as well as
email. Thank you and good luck.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moderator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. Ladies and gentleman this conference will be available for replay after 9:00 a.m.
pacific time today through February 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> at midnight. You may access the AT&#038;T
teleconference replay system at any time by dialing 1-800-475-6701, entering the access code
813-698. International participants may dial 320-365-3844. Those numbers again are 1-800-475-6701
and 320-365-3844, access code 813-698. That does conclude our conference for today. Thank you for
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<DESCRIPTION>EXHIBIT 99.6
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.6</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Jan 18, 2006 Media Interviews on the Financial Performance of Wipro Limited for the quarter ended December&nbsp;31, 2005</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>News Wires &#150; Reuters, Bloomberg &#038; Dow Jones</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interviewee:</B>
</DIV>


<DIV style="margin-top: 6pt">
<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="3%" nowrap align="left"><FONT face="Wingdings"><B>&#167;</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Suresh Senapaty &#150; Executive Vice President, Finance &#038; CFO</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Another successful quarter, Mr.&nbsp;Senapaty
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, we have done well
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The growth that this mentions is in Global IT?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yeah, in global IT, and then consolidated it is 22.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Year-on-year this is, I am talking about sequential, quarter ending September versus quarter ending
December
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, you said 24.4 to 24.8%. But then the table doesn&#146;t mention the September quarter figures
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">September is not reported here, that&#146;s why we are providing the sequential quarter on quarter
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yeah, I just want to make sure
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So the expansion of 70 basis points includes the impact of the acquisition or excludes it?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Excludes, because that is separately given. In fact if you look at the acquisition separately for
2 to 4 quarters if we consider the acquisitions also the operating margins have been better than
this.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, so what was the reason for the expansion sir?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reason for expansion is a) we have improved on the offshore mix. There is a saving on the visa
cost like we said that typically the visa cost is incurred in quarter 2 and quarter 3 but not in
quarter 1 and 2. Sorry, let me re-articulate it, visa cost is incurred in quarter 1 and 2, but not
in 3 and 4, so therefore we had a savings on account of that. We have been able to move the bulge
mix better, which is about from 35 % below 3&nbsp;years to about 42% below three.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What...?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bulge mix, you know, less than three years experience people which where 35% last year has
increased to 42% which means the more experienced population has reduced to the total resource, so
that has improved the cost, and similarly on the cost management areas we have improved, which is
telecom, with the depreciation efficiency, which is something on the leave, since many people avail
leave in the month of December you get a saving on account of the leave provision that you make,
and 30 basis points in terms of sales and marketing expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. There has been a cost shrinkage....
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But the downsides have been the utilization drop, there has been a offshore compensation increase
that we have given as you know from 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of November.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">How much is that? How much is wage hike on an average?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That we have talked about 12%, effective 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of November
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. How much has it actually eroded your margins because of this wage hike?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">About 1.2%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.2%
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And that has been offset by the volumes and the cost initiatives
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is right. Therefore net-net we had got an expansion of 40 basis points in Indian GAAP, and 70
basis points in US GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And foreign exchange...?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Foreign exchange while the realization...
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.3 is same for both US and Indian GAAP. Okay, that remains the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Foreign exchange on a net realization basis we have generally been flat because if you look at on
the dollar side we got better improvements, but on the cost side also there was increase. On the
pound sterling there was lower in quarter 3 versus quarter 2, and net-net if you look at on net
realization basis it has been flattish.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That means no forex gain or loss
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But here under US GAAP it says a loss of Rs. 407&nbsp;million from foreign exchange compared to a gain
of Rs. 153&nbsp;million?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I would request you to look at on a segment report where we look at all total basis, the foreign
exchange....
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Is it total of Wipro Limited and subsidiaries...?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, it is on line item basis, you have to look at the segment report. But if you look at revenue
and cost together, that&#146;s how we reflect in the totality basis. It will...
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am sorry, if you look at what and what together?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The impact at this level as well as the operating expenses level, on a combined basis because this
is what is the operating income. So this is at the operating income, so this operating income we
are giving you in a segment basis, so this gets split under each head. You know, this is cost of
revenue, this is sales, this is operating expenses, all this gets minus. So there is some impact
of the foreign exchange here, some impact of the foreign exchange here, and net-net basis you will
find that it is not changed
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What is the total hedging you have now?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After assigning for the accounts receivable or whatever the balance sheet exposures we have, about
$600&nbsp;million is the covers that we have in the form of forward covers as well as options, and which
are in the range of 44.25 to about 45.50. $600&nbsp;million, which will be in the range of 44.25 to
44.50
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. One small point I wanted to ask, because there is foot note in the table which states 303
million as one of the balance sheet items, and then there is another figure of 512, so it is not
clear what is the difference, and you mentioned 600 now...
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See, one is that whatever hedges you have to the extent there is an exposure on the balance sheet
in terms of accounts receivable, advances, etc. Some of that gets adjusted against that. So the
balance which is left over for us to be able to adjust against this quarter and next quarter
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is the remaining options to be exercised
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is right, so that is about 600
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And the 600&nbsp;million covers how many quarters?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See our cover is for a period of 4 to 6 quarters. So with a higher percentage of coverage in the
initial immediate succeeding quarters, like you know, we follow a cash flow hedging accounting, so
which means there is no mark to market that we do. So on that basis it gets...
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So your rupee expectation is 44 25 to 44.50 you said?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the current quarter, we would..
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Current quarter will be Q4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Q4. We think from a currency perspective there will be a marginal impact. Rupee has appreciated
in the current quarter so we think there will be an adverse impact but we think it will be
marginal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. And what about the, you know, you are talking about hedging, but the price utilization is
spite of robust demand, how is it lower, I mean, what is the price outlook that you are looking at?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now if you look at, our offshore price realization has generally been flat quarter 2 versus quarter
3. If you look at onsite it has declined, and the declination is primarily in the form of the fact
that number of days of working overseas has been lower in quarter 3 compared to quarter 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is a holiday season....
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is right, so that is why because what happens is you have a dollar rate per person per hour,
so 80% of our revenue come on a hourly dollar...
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Offshore is steady.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Even onsite is steady. My contract with the customer is steady, there is no change, but it is
because of the less number of working days, so part of it will get recovered without any change in
the contract in the current quarter where the number of working days will be higher, but recovery
will not be complete because even in the current quarter you have higher number of Saturdays and
Sundays, and 28&nbsp;days of February.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, and then the operating margin figures you mentioned, this is for Wipro Limited consolidated
or this is...
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This is global IT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Global IT, right. Okay, I just wanted to make sure. I know its consolidated, this is....
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sir, billing rates for new customers?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Better.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">How much better?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We haven&#146;t talked about it but they are reasonably better.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3 to 4%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reasonably better, I think it has been similar as what has been in the past.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Past has been 3 to 4%?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Whatever the data point, it has generally been better.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It doesn&#146;t include renewal of existing customers or is it only new customers?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, new customers, when you talk about new customer, it means a new customer adds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And the new business driver seems to be Europe, is that correct or is that any one sector or
region?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you look at our growth drivers here, I mean from a service line perspective, our technology
infrastructure service has grown 89% year-on-year, 29% the testing service. Infrastructure support
services has year-on-year grown 45%, sequential 16%. ES has grown double digit, 10% sequential.
So all the practice lines are doing well in terms of growth. If you look at vertical, vertical has
been financial services, again double-digit growth for the last 9 out of 10 quarters. We have seen
technology services again growing double digit. We have seen in enterprise about 9% sequential
growth, of which if you look at energy and utilities has grown double digit, and technology media
practice has also grown double digit. So we are saying verticals again almost across the board
good growth. Geography again double digit growth we saw in Japan. Double digit growth, sequential
growth, we saw in Europe. Practices also. So constantly even if you look at the top 10 customers,
top 5 customers have grown 15% sequentially, top 10 customers have grown 11% sequentially. So the
growth has been fairly decent across. Going forward, we think the same practices, same verticals
and same geography and the customer base should be giving us much more.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sir, your outlook on your operating margin, is there scope for further expansion in this quarter?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We think the impact of the, there will be 2 impacts which are the significant impacts, one is
basically the increase in compensation that we are giving from 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of January for onsite
employees. Similarly the impact of the full quarter to be felt in the current quarter for the
offshore which we gave effective 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of November. It was felt for 2&nbsp;months, and this
time it will be felt for 3&nbsp;months. So these are the 2 big.., and also on the foreign exchange
there will be softness. These three are definitely the negatives. The positives could be more of
offshore, recovery on the onsite rates, utilization, and any other cost management areas that we
are working on. So net-net we think the margins will be in a narrow range movement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What kind of, 100 basis point movement?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And sir what is the offshore onsite mix now?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And do you think the GM contract is going to be finalized this quarter somehow?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect, hope so, because like we said last time we expect the GM contract to be closed in this
and quarter 2 in terms of the multiple RFPs that are there, and we look forward to that.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sorry, I didn&#146;t understand. So you expect it to be closed between 4th quarter and quarter 2 is it?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> quarter and quarter 1, because there are multiple RFPs, and they will be decided at
various stages. So we think part of it will be in this quarter and part of it in the next quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And how large would be the size of the contract?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One cannot specifically comment upon that.
</DIV>


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


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<DESCRIPTION>EXHIBIT 99.7
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.7</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Jan 18, 2006 Media Interviews on the Financial Performance of Wipro Limited for the quarter ended December&nbsp;31, 2005</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>TV Channel: CNBC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Interviewee:</B>
</DIV>

<DIV style="margin-top: 6pt">
<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="3%" nowrap align="left"><FONT face="Wingdings"><B>&#167;</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Suresh Senapaty &#150; Executive Vice President, Finance &#038; CFO</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><FONT face="Wingdings">&#167;</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Sudip Banerjee, President &#151;  Enterprise Solutions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><FONT face="Wingdings">&#167;</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Girish Paranjpe, President &#150; Financial Solutions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><FONT face="Wingdings">&#167;</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Dr A L Rao, President &#150; Technology Solutions &#038; COO</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><FONT face="Wingdings">&#167;</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Suresh Vaswani, President  &#151; Wipro Infotech, Technology Infrastructure Services,
Global Testing Services &#038; Enterprise Application Services</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><FONT face="Wingdings">&#167;</FONT>
</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>T K Kurien &#150; President, Wipro BPO</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now; let&#146;s go and talk to management which has delivered this morning, which you can&#146;t fault on the
numbers, Wipro. Numbers are ahead of our expectation and of their guidance. The top management of
Wipro is with us right now. Suresh Senapaty, the Chief Finance Officer, A. L. Rao, the Chief
Operating officer, Sudip Banerjee, President of Enterprise Solutions, and Girish Paranjpe,
President of Finance Solutions. Full house there.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Let me start with you Suresh to start up: to just sum up the numbers a little bit, split it between
volume growth, pricing, and the kind of numbers you have delivered on the global IT front?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well, I think we had one more quarter of robust growth here. There has been volume growth,
there has been growth across the board in terms of all the practices, all the geographies as well
as all the verticals that you talk about. I think the growth in the volume terms has been about
12.7% sequentially and the growth has been not only in Wipro Technologies but also in Wipro
Infotech and Wipro Consumer Care.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Before I get to the nitty-gritty of the numbers just one point from you, because I believe that you
have said that you are likely to get big order from GM by the first quarter of next year, could you
throw a little bit more light on that?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Why not, I pass it on to Sudip Banerjee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well, you know, we have been asked this question many times and I have always said that at this
point in time we just remain one of the bidders for that contract, and GM I think is close to
coming to a decision, as and when that decision is announced, we will know what is the position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Suresh, a quick word on the margin front, they have moved up about 50 odd basis points between
quarters, but I believe you are saying that you are expecting a forex loss next quarter and margins
could swing either way in a band of a percentage point. Could you just lay it out for us?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, actually last quarter, that is in quarter 3, we saw an expansion of margin under Indian GAAP
by about 40 basis points, and under US GAAP about 70 basis points, and the expansion has been
despite the fact
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that there was an MSI, compensation increase that was effective from
1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> November, and there was an utilization drop because of a strong head count addition
that we saw last quarter. The positive has been that, a) there is some VISA expenses which we did
not have to incur in quarter 3 which we generally incur in quarter 1 and quarter 2; there have been
some offsets that we got in offshore increase in the mix; there has been some other cost management
also in terms of the telecom cost etc. And rationalization of all these factors, we have been able
to get an overall operating margin expansion by 40 basis points. So far as the foreign exchange is
concerned, yes, we got an improvement in the dollar realization, but most of it got negated by the
weak realization on the sterling and other currencies. So net-net we did not have any adverse or
positive impact on the exchange in quarter 3. In Quarter 4 because there will be compensation
increase given on site effective 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of January it will have some impact. Yes, as you
see the rupee is appreciating, there will be some impact of the foreign exchange, and also the MSI
increase that we gave 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of November had a 2&nbsp;months impact and this quarter, it will
have 3&nbsp;months impact. So there is some softnesses in this side, but we think there are
opportunities for us in terms of utilization and in terms of various other offshore onsite mix,
etc. So we would like to maintain our operating margin in a narrow range in current quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will discuss this in more detail but give a quick snap shot of how the BPO services performed
and what sort of margins we had over there
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, we saw one more quarter of 350 basis points of margin expansion in the BPO. We can get into
little more detail in the next round when we have Kurien who heads our BPO business on the panel.
But overall execution has been on plan and it went pretty well.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Girish, give us a take on how finance solutions performed for this quarter for Wipro.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Girish Paranjpe</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think we had another great quarter, and this has been consequential 3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> quarter that
we have grown double digit. Again I will attribute it to fairly good economic environment as far as
our clients are concerned. I think the work that our team has put in, in terms of client servicing
and making sure that our franchisees stays intact, and a terrific show by team Wipro in terms of
delivering to the results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr Rao morning. Talk a little bit about the guidance that you are holding out if you could at 510
million dollars for global IT for the next quarter. That seems a very healthy guidance, almost 8
odd % growth for the next quarter, what&#146;s giving you this confidence?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A. L. Rao</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The guidance is based on current business outlook. We still see good traction across our businesses
and across our services. So, based on the current visibility of the business we expect good growth
and our guidance is based on that.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And if I can just supplement, if you look at about 510&nbsp;million dollars that we talked about, it
will include about 10&nbsp;million dollars on account of acquisition. One piece of that we saw in about
1.3&nbsp;million dollars that was accounted for in the quarter ending December because the mPower
acquisition got effective from 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of December, and in the current quarter we will see
the impact of that for all three months as well as the acquisition we did in terms of NewLogic
where we will get the full impact of that, and as you have seen in the segment report, and like we
have said in the past, the acquisition will be shown separately for a two to
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">four quarters
timeframe as a segment. We would do that even in the next quarter. Which means in about 8%
sequential growth that you are talking about 2% of that would come from acquisition, and the
balance would come from an organic growth. I think the growth would continue to be in financial
services growth, in various practices, Europe would continue to be a promising opportunity for us,
BPO will also continue to be an opportunity for us. So, overall last quarter, we had a 61 record
customer adds and of which about 13 of them were Fortune 1000 customers. Top 5 customers grew 15%
sequentially, top 10 customers grew 11% sequentially. We think even on the customer base the
growth would be fairly across the board. that is the strength, that is the confidence which tells
us that the guidance of 510&nbsp;million dollar for the current quarter is something which we look
forward to achieving.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Suresh, where does billing rates fit into that picture? because as we understand it for offshore it
has been flat and for onsite it has actually gone down a little bit
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You know actually the contractual rates with the customer have remained stable, because the number
of days working in quarter ending December were lesser in quarter ending December v/s quarter
ending September, it is reflected as a negative. so most part of it, we expect to be recovered in
the current quarter because current quarter will have more than quarter 3 but, still, in the
current quarter we have more of Saturdays and Sundays and more thna 28&nbsp;days of February, therefore
we will not see the full recovery. So in other words all we are saying is it is just a reporting
because of the number of working days being lesser because 80% of our revenue comes on the basis of
dollar rate, hourly rate billings, and that is why this is how it gets refracted. Otherwise
contractual rates with the customer remain unchanged or stable
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Girish Paranjpe</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If I can just add to that, we also had a quarter in which we had many customers, particularly in
America who were closed for the last seven or eight days of December which is the normal shutdown
time in some of the industries there and therefore that&#146;s reflected in the lower onsite rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I feel quiet strange when I talk to the technology companies. I love my weekends, and if they had
their way, there would not be weekends at all, because they would be billing on all days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Girish, just to come back to you on the big client ramp up that Suresh spoke about, what is the
sense you get because a fair number of those clients will be from the financial vertical as well..
Do you get the sense that the big clients are beginning to loosen up, ramp up in a big way from
your space?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Girish Paranjpe</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Absolutely. I think that&#146;s the good news that most of the big clients have strong plans for 2006
calendar year, and unlike in the past when they would hedge for at least a quarter to figure out
what they wanted to do, this year I am seeing them much more forthright and willing to start on the
big projects, which is what is helping us to grow our revenues as well. So we are in some sense in
a happy situation there.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And the initiatives that you have taken over from past few quarters in terms of robust..izing or
strengthening our account management is really helping. That is where you see the growth here. I
think again another good quarter because we had 5189 net people add in the global IT business Wipro
Technologies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All right gentlemen, stay on with us. We are going to come back with more.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Second Half
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Welcome back, Wipro has been telling us that it has been a very good quarter for them as indeed the
numbers there are. We have still got Suresh Senapaty, CFO, with us and joining him now are Suresh
Vaswani, President of Wipro Infotech and T. K. Kurien, President of Wipro BPO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kurien if I could start with you, Suresh just spoke a little bit about the margin expansion in the
BPO business, could you take us through the kind of revenue growth you have seen and the operating
matrix of BPO business in this quarter?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T. K. Kurien</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, to just kind of give you a quick sense of where we are doing on revenue. We added six new
costumers last quarter, which has been one of our best quarters in terms of costumer acquisition.
In terms of top line we grew roughly about 3.7% sequentially from the last quarter. Our margin
expansion in 350 basis points, the most interesting thing to note here is that this is after the
wage increase. If you negate the wage increase which is roughly about 2% impact on the last
quarter, our net expansion on a like basis is about 550 basis points. Overall in terms of head
count we have gone up in head count this quarter, we have shown an increase, and we are right now
at 14400 associates and team members, and that&#146;s roughly an addition of about 1300 people in the
last quarter. Those are broadly the operating parameters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kurien, tell us a.) the kind of sizes that you got with these six new deals at, and b.) the kind of
attrition rates you have seen for this quarter?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T. K. Kurien</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the size of the deals it is in 2 of the deals, one of them is in the energy sector and the other
one is in the manufacturing sector, and these are integrated BPO and IT deals and fundamentally I
think the shift that we planned to make about a couple of quarters ago in terms of integrating our
sales force is really paying dividends today because we are now going into deals where we are
taking care of not only the business process but also the business problem to some extent. That is
a huge shift from the kind of work that we were doing in the past couple of years. So that&#146;s one
big positive move. In terms of the sizes I can&#146;t give you specific sizes but generally in the BPO
business, especially in the integrated transaction processing, what we say value optimization
business, typically what happens is the full size of the deal would typically kind of, you would
see that being played over the next couple of quarters. So may be in the next 2 to 3 quarters you
will find the full impact of these deals actually showing up in the P&#038;L. In terms of attrition,
overall from last quarter to this quarter we have been pretty much stable in attrition, we have in
fact shown a decline of about 4% points. We got a whole bunch of activities in place this quarter,
and I think going forward on the operational improvement side which is really where our operating
margin has come up from, I think this is going to be a huge focus for us in the ongoing quarters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sure. This is for Suresh Senapaty, just one quick word on the kind of moves you had for this
quarter. Fairly aggressive inorganic growth is what we have seen for Wipro. Is that the game plan
for the quarters ahead to grow in an inorganic manner and sort of acquire smaller pieces and then
add that to Wipro&#146;s kitty?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well, as you know we have always been active in inorganic growth to be able to supplement our
organic growth. not that it, in any form, dilutes our organic initiatives. So, like we have been
active, we have had a lot of acquisitions &#151; strategic in nature, whether it is consulting, whether
it is BPO and so on, and fair amount of success we have received. All that has encouraged us to do
even more of that going forward. We have
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">announced already two, which have been very very
strategic in nature and we are very excited about it. We are continuing to be active in that to be
able to get new geography, to be able to get new practice, and to be able to enhance our domain
specialization in certain verticals. So we will continue to be looking forward to more of such
initiatives, yes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Morning Suresh.. Vaswani this time. Could you take us through Wipro Infotech this quarter?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Vaswani</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wipro Infotech has had a strong quarter this quarter, we have grown 17% year on year. We have had
a better quarter from a profit perspective. We have grown 39% in term of profit. we are keeping up
to a run rate of winning one total outsourcing deal per quarter, so this quarter again we have won
a total outsourcing contract from an MNC major in the domestic market, and here we are handling not
only the IT outsourcing part but also the business process outsourcing part. We continue to invest
in the domestic market. In addition to our focus on infrastructure and services, we are also
focusing extremely strongly on the software part. Again, in addition to focusing on the enterprise
segment in India, we are now also addressing the SMB segment from a software perspective were we
have got very good templatized solutions which is beginning to build good traction. We won six
contracts in the software space in the SMB market in India.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I want to talk a bit about our IT practices business that I handle globally. these are the
technology infrastructure services business, the testing service business, and the package services
business. We call
these differentiated IT services from a global perspective. All these services have done extremely
well and testing service has grown 20% sequentially. Our infrastructure services business has
grown 16%, and our package services business has grown 10%. We are investing extremely strongly in
these areas from building up these practices to deliver much more customer value, to deliver very
strong customer value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And just to supplement. Generally the December quarter for Wipro Infotech, which address the
domestic market, is a weak quarter. But we have done pretty well, particularly where the services
part of the business has grown 27% year-on-year, and today the services business as of December
quarter was about 38% of our total revenue in the Wipro Infotech products and services business.
This is very decent and therefore we have seen margin expansion from quarter 2 to 3 as well as
year-on-year December&nbsp;04 to December&nbsp;05, and we think these are manageable, maintainable margins
going forward .
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CNBC Correspondent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good luck for the next quarter Suresh, good numbers, I think the markets will like it. That&#146;s the
Wipro top management team.
</DIV>


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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.8</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Jan 18, 2006 Media Interviews on the Financial Performance of Wipro Limited for the quarter ended December&nbsp;31, 2005</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>TV Channel: NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Interviewee:</B>
</DIV>

<DIV style="margin-top: 6pt">
<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="3%" nowrap align="left"><B><FONT face="Wingdings">&#167;</FONT>
</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Suresh Senapaty &#150; Executive Vice President, Finance &#038; CFO</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><FONT face="Wingdings">&#167;</FONT>
</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Sudip Banerjee, President &#151;  Enterprise Solutions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><FONT face="Wingdings">&#167;</FONT>
</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Girish Paranjpe, President &#150; Financial Solutions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><FONT face="Wingdings">&#167;</FONT>
</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Ramesh Emani, President &#150; Product Engineering Solutions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><FONT face="Wingdings">&#167;</FONT>
</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Suresh Vaswani, President  &#151; Wipro Infotech, Technology Infrastructure Services,
Global Testing Services &#038; Enterprise Application Services</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><FONT face="Wingdings">&#167;</FONT>
</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>T K Kurien &#150; President, Wipro BPO</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Good Morning, gentlemen. We have the stalwarts of Wipro here today including Suresh Senapaty, CFO,
Sudip Banerjee, President of the Enterprise business, Girish Paranjpe, President of Banking and
Financial Solutions and Ramesh Emani, President Product Engineering .</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Mr Senapaty, you have turned in a good performance. Quickly take us through the performance.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One more good, strong quarter December&nbsp;2005 for Wipro. we had double digit dollar and double digit
rupee growth. In revenue terms, we had PBIT growth of 14%. We had our highest ever..... customer
adds were 61. we had our highest ever people head count of 5189. and our stars continue to be
financial services showing double digit growth. And our TMTS which is our technology media practice
and our energy and utility practice as well as our technology services. And similarly, if you look
at practices, our testing practices have grown 20% double digit. Our PIS practice infrastructure
support services have grown 16% sequentially. As well as enterprise application services there was
package implementation 10% sequential growth. Also if you look at geography, Europe has gone double
digit as well as Japan again double digit. All in all, we have seen growth across vertical
practices and head count as well as customer adds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>On the margin front you have moved up about 50 basis points.. can you just pan it out for us?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are quite happy to note that we have seen a margin expansion under Indian gap of about 40 bases
points, and under U.S gap of about 70 bases points. Despite the fact that we had two adverse
factors, which is 1)an MSI a compensation increase that we gave from 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of November and
also there was a dip in the utilization which is where the significant head count increased in
quarter 3. The plus side was a) there is a change in the offshore mix and b)also that there has
been some cost management areas and c)a little bit of optimization of the G and A expenses. Also,
we had a saving on the visa expenses which are typically incurred in quarter 1 and quarter 2 and
not in quarter 3 and quarter 4. So net net, we had a gain of 40 bases points. And on the extreme
front, while we may have gained so far as dollar realization is concerned, there was an offset
vis-&#224;-vis the pound sterling realization so net net under NFE basis, we did not have any gain.
There was a fair amount of neutrality so far as foreign exchange impact for quarterly figures are
concerned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And the other factor was, there was an expansion of margin by 350 bases points in our BPO practice
which also has on a total basis, expanded our margin by about 30 bases points. So going forward, I
think a)we will
see the impact of the entire compensation increase that we gave from 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of November
instead of 2&nbsp;months, this quarter will be 3&nbsp;months. Plus from 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of January onwards, we
are giving some compensation increase for employees over seas. An impact of these 2 factors will be
felt. Plus, I think there will be some amount of softness in the dollar realization rupee
realization against foreign exchange. But net net we think that our
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">opportunity for us to be able
to enhance utilization and to be able to go more into offshore enhancement and little bit of
recovery on the realization that we had in quarter 3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Suresh Vaswani, my question is for you as president of Wipro InfoTech. The focus has been on global
IT revenues today, we have been seeing a significantly large and long term projects coming up both
on the public side and the private side in India itself. Could you just walk us through the outlook
for Wipro InfoTech, specifically for business originating out of India and what can be the size of
the contracts that are originated locally?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Actually, in the next session we will have Suresh Vaswani, but since you raised the question let me
talk about it in brief. We had a very good quarter in December for Wipro Infotech. The services
business grew 27% yoy ,there was a margin expansion sequentially. So, overall we have seen very
decent growth and today we have about 38% of our revenue coming in from services. 36 new projects
have been won . And some of the projects that we have won have been talked about in our press
release and Suresh Vaswani in our next session can elaborate more.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Senapathy let me put one question to you and then we can go to the other guests. Given 61
client addition, is it possible for you to say how many clients have moved up into the block $50
million, block $10&nbsp;million, block $20&nbsp;million kind of a break up so we can get an indication of
where the wrap-ups are happening.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes. I think in that again it has been a very good quarter for us. Last quarter, we got about 3
customers under the more than $50&nbsp;million run rate. We enhanced the number of million dollar
customers from 201 to 210. And also, there has been an expansion or an increase in flow of accounts
from 5 to 10, 10 to 15 and 15 to 20 and so on and so forth. So overall, again, the customer adds
has been very good. The revenue per customer has gone up. We have seen a growth in the top 5
accounts by about 15% sequentially, top 10 accounts by about 11% sequentially. So net net even the
growth rate that we have seen in the current customer base that we have, has been very good and
also the customer adds. I think the initiative we have taken in the past few quarters with respect
to customer account management is paying off well.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Banerjee, specifically as far as the pricing is concerned are you getting more from the new
clients or the existing clients
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sudip Banerjee:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes two factors there. One is the outlook as far as the next few quarters are concerned. I think
that in a very general sense, we see customers willing to spend money and therefore we think that
the outlook overall on
the pricing situation as well as the volume situation will continue to be stable. Our new clients
are coming in at an average price which is a little higher than our existing clients. Because with
existing clients, we have contracts which run for several quarters at a stretch and therefore, it
takes a longer time to wrap up as far as the pricing is concerned. Overall pricing as far as the
new client situation is concerned, is a little better than the existing clients. The volume
situation as I said we had a 9% sequential growth in the enterprise business last quarter, and we
think that going forward, the volume situation would continue to look very stable. The other point
is that, in the current quarter we added 24 new clients in enterprise solutions out of the 61
clients that have gotten added overall in Wipro. So those are new clients which have come in and we
hope that as those clients ramp up, we will get the volume traction back in the quarters ahead.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The growth will come from 2 perspectives. One is from the domain expertise and it also comes from
how you are able to expand and deepen some of the customer relationships. As we know the customers
products very well, we will be able to do more work for them and that will also expand our
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Suresh, you have been quite aggressive on acquisitions. What is the rational behind the two you
have announced in this quarter?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you look at the rational of the deal that we&#146;ve done in terms of Newlogic, we get an advantage
of about 120 people that we get out of that who are primarily based in France, Germany and Austria.
And if you look at the product engineering side of the business typically you have concentrated
market opportunities in the United States, in Japan and in Europe particularly France and Germany,
where our penetration is very low and this acquisition gives us a very good entry into geographies
where our presence has just not been there. Plus, the IT strength that we are getting in addition
to the IP&#146;s that we have, the kind of IP&#146;s that this company brings in we think we can leverage
that into our customer base and vice versa .
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Thank you gentlemen. we will be back with you in a few minutes. Please stay with us.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Suresh I was going through the figures.. give us a little bit details on client additions.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ok. We have done well in terms of client additions and even better in terms of making sure that the
clients that we have continue to scale with us, and I would attribute this to the fact that we have
clients who are in the mood to invest more for the future. Its also that we have done a decent job
in terms of meeting the requirements, and making sure that we understand what we are really up to.
And the third thing is, that there is a delivery excellence in terms of making sure that what they
expect from us is delivered to them. So in all these three counts, we have done exceedingly well as
a result of which, we have had the third sequential quarter where we have grown double digits, and
our clients continue to be happy to do more work with us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While we do a good job on the account management outsource multiple service range that we talk
about whether it is BPO, or enterprise application testing, or DIS, or ADM ... But these are again
where you are building into enhancing a share of wallet but increasing the service offerings to
each customer that has potential. That is how our approach has been, and will continue to be so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Suresh let me just ask you this question. Mr.&nbsp;Suresh Senapathy. First of all, if you can give me
an estimate that you are calculating for the next quarter..
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Right. Last quarter we did about $473&nbsp;million, and this quarter we have guided about $510&nbsp;million
of which we expect about $10&nbsp;million coming from acquisition. We had about $1.3&nbsp;million coming from
acquisition last year because the M power acquisition that we did it got consummated effective 1st
of December&nbsp;2005, and you will have the full impact of that in the current quarter which is 3
months versus 1&nbsp;month last quarter. New logic which is effective from 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of January&nbsp;&nbsp;,
though we are consolidating the account as of 28<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> December&nbsp;2005. So, both of these, we
expect to be about $10&nbsp;million for the current quarter, and the balance coming in the form of
organic growth. And so far as exchange is concerned, we think based on what we have seen in the
current run rate, there will be a little softness in the exchange but we do not think it will be
substantial . Therefore based on whatever down sides that we have looking for a)in terms of the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">competition increase and the full impact of the MSI, and the exchange software I think there are
other lookouts for us to be able to make sure that we move in a very narrow range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Suresh just stay with us we&#146;ll come back
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good morning and welcome. Joining us now is Suresh Senapaty who is continuing and Mr T K Kurien who
heads the BPO business of Wipro and Suresh Vaswani President of Wipro Infotech.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What has been the news on the BPO front? What is the growth in terms of basis points.. though
suresh you answered some of it earlier.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T K Kurien</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Let me give you a quick run down on the BPO operations in the last quarter. Basically what has
happened is, in the last quarter we have expanded our margin by roughly about 350 bases points. And
this is after taking into account that 200 bases points impact because of the wage increase that we
had given effective 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of October. So fundamentally what we have seen is, we have seen
roughly about 550 points- bases points&#146; improvement, on a like to like basis from the previous
quarter. On an operations perspective, we have added head count this quarter so we are roughly up
by about 1200 people in terms of overall head count. And in terms of growth, we have shown
sequential increase between last quarter and this quarter. So pretty much on the operational
parameters we have seen the improvement underway. We still have, like any other operation that you
might have we still have work to do. So, we&#146;re pretty much on the operation side on the path today
to growth in terms of both in terms of profitability, as well as getting customers in who are
going to be growing with us. So that&#146;s pretty much where we are today.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Senapaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But also if you look at the offering of the integrated bases, the BPO and the IT pieces I think
some ways that we got in the previous quarter has been in that particular space. Which means, high
level of integration of
the BPO pieced with the IT is now paying off and we think in the pipeline that we have, the funnel
that we have, we have seen BPO and IT coming together in most of the things that is in the pipe
line.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T K Kurien</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So if I could just take off from where Suresh just mentioned I think last quarter we have had 6
wins out of which 2 of them are integrated BPO and IT deals. From Suresh&#146;s point earlier, the fact
that the integration was in the front-end a couple of quarters ago, we are seeing the effects of
that right now.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">How has the attrition level been? Do you see an improvement there?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>T K Kurien</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well last quarter, we have seen an improvement in our attrition rates, we are doing a lot of work
right now in terms of getting an employer engagement. We have actually reduced our attrition
between last quarter and this quarter roughly by about 400 bases points, 4&nbsp;percentage points. So we
think that attrition is clearly a problem that we have focus on. But we think we have at least a
way forward and a couple of quarters down the line, we&#146;ll clearly see the operational impact of the
ashes that we have taken over the past couple of quarters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our focus is to be able to improve attrition rate by training, career movement ..Our focus is to
have more and more expansions outside of Delhi and outside of Bombay where we see much lower
attrition rates and
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">so, there are multiple facets on which the Wipro BPO management is working on
and we hope to show some good results the next few quarters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Suresh I had put this question before the break but you weren&#146;t there so let me just put this
through to you. We concentrate on global IT when ever we talk about Wipro, there seem to be some
very large prized projects coming up in India whether from the government, or the IT department or
otherwise in the private sector. Can you tell us if we can see a significant upside to Wipro
InfoTech&#146;s revenues originating out of markets like India itself?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Vaswani:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wipro Infotech as you know is focused in the domestic market in India and today we cover domestic
markets from complete IT solutions perspectives. So we do technology, we make our own PC&#146;s, we are
very strong in the IT infrastructure services and we have been focusing extremely strongly in the
domestic market over the last few years on software and consulting. We also launched, few quarters
back the concept of total outsourcing, whereby we completely manage the customers IT
infrastructure, IT software on an end to end basis. So we have seen good performance from Wipro
Infotech right through this year. This quarter is no different, we have had a good robust
performance in terms of 17% growth on year on year basis in terms of revenue. We&#146;ve seen good
profit growth in at 39% year on year. We have won a significant contract this is typically keeping
up to our run rate of winning one significant total outsourcing contract per quarter from a
multinational energy company in India and this is a 5&nbsp;year contract, all comprehensive and
actually integrates both our IT outsourcing practice, as well as our BPO practice. From a solution
business perspective, not only are we focusing on the large enterprise segments which cover all
verticals, but we are also strongly focusing on the S and D segment, in India not only with respect
to hardware and PC&#146;s, but also with respect to software. We have developed a lot of templatized
solutions around S and D to address the S
and D market and we are building extremely strong traction here. Its an exciting market- the
domestic market over the last couple 20&nbsp;years in the domestic market. And that is beginning to show
dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Could I request you to give us some statistics here rather than the overall situation as it looks
like? How many clients do you expect to add in the March quarter? 1,2 ? and give us the size of the
clients . If you can be specific about if they produce 30, million 40&nbsp;million, 50&nbsp;million what do
they produce?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Vaswani:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Are you talking from the Wipro Infotech perspective, or the Wipro Technologies perspective? Can you
just repeat that question?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Specifically how many clients do you plan to add in the coming quarter, and what&#146;s the size of
these clients? Can you give us a specific number on it?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Suresh Vaswani:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See, I cant give you a specific number primarily because of client confidentiality issues. But very
clearly you will see that the clients we have acquired in the last quarter, you will see them
playing out in the next 2 quarters. You won&#146;t see them in the next quarter, but the quarter after
next you will see revenue kind of impacting in the quarters after that. But typically if you look
at the spaces that they are, typically what we have done is we have won in integrated deals which
look at the complete back office of these companies which includes procurement, financial accounts
and HR and that has been our sweet spot.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NDTV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gentlemen we are running out of time. Thanks very much.
</DIV>


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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.9</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Jan
18, 2006 Media Interviews on the Financial Performance of Wipro Limited for the<BR>
quarter ended December&nbsp;31, 2005</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Newspaper: Business Standard<BR>
Interviewee: TK Kurien, President, Wipro BPO SBU, Wipro Limited</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Female Speaker
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hello.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hello.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Female Speaker
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Female Speaker
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi Rajesh, Sunanda, I will just put you on call with Mr.&nbsp;TK Kurien.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay Wipro, somebody says me its an Fortex, I was wondering what is this Fortex.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Female Speaker
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, this is a Wipro call.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moderator
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hello, Mr.&nbsp;Kurien?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moderator
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Kurien, we have Rajesh Kuru from Business Standard online
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi how are you?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hello, how are you sir. Fine sir.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hello.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, go ahead.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You tell me sir, you are bagging new clients I have been told.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well, that&#146;s what we reported.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, it is yet to reach here sir.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Rajesh, tell me any specific question I can answer around the clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pardon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any specific question you want answered around clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, I mean what is this number sir, 63?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Totally as a company we have got 61 new customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New customers in this quarter?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And BPO we got 6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPO you got 6. Sir this 61 came from what verticals sir, which all are those verticals?
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You know what, I can send you a copy of our press release, that has got everything in it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Female Speaker
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Kurien, I will do that.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, okay.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes sir, on the BPO front, you have got 6 new clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6 new clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, now what is our total value coming up to from the clients?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We can&#146;t disclose values, primarily because of we have confidentiality agreement with our
customers, but very broadly, the areas where they are is they are in banking and financial
services, then they are in back office, like finance, accounts and procurement. These are the two
large areas that we have got deals where we have taken over the entire finance process of the
company. And similarly, we are doing global procurement to one of our customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Can you tell me which are the geographies you have bagged this 6 clients?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All are US, UK, and Europe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">US, UK, and, Europe?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And can you tell me some figures like what would be the tenure if the contracts?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Basically, it will range between three years to five years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Three to five years, and what kind of a revenue increase are you expecting from this new contract
sir?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is one figure I can&#146;t tell you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No percentage wise, total.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Even that I can&#146;t tell you, because you know, we don&#146;t give revenue guidance, you know that, right.
We give overall revenue guidance, we don&#146;t give it deal wise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, but would this news clients which is new, 6 BPO clients, would require you to put in
additional man force?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Of course, yes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes at what level, numbers?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What we would see, again total overall, let me just give you this quarter. This quarter we have
added on 1500 people to our head count, 1400 sorry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1400, in what period of time?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have added 1400 people to our head count this quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This quarter, okay, so you feel that kind of a similar kind a increase in the next quarter also?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I can&#146;t give forward-looking statements, but we would like to grow as fast we can.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, sir, anything on this service sector, BPO, finance, banking, and BFSI, and other back office.
On the back office, are there any service sectors, any major clients; Fortune 500 or Fortune 100
or something like that?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mostly, I will put it this way. It would be out of the 6 customers that we have got, three of them
would be Fortune 1000 customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Two of them would be Fortune 1000 okay, others are also big companies right?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The other 3 would be you know, if you look at a Fortune 2000, they would come within Fortune 2000.
The smallest company that we have won, I think in terms of top line, its about to think $2&nbsp;billion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Two billion dollars, in the top line companies?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That&#146;s right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, and this would be you said that it would be 3 to 5&nbsp;years tenure and will this have an
extension, a clause for extension on satisfactory completion?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That depends on contract to contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agreed, yes, but most of them would have an extension provision, right?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">They would have extension, they would have closure, it depends on the customer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, but for this, again I am coming back to that same question but for this year, you are not
ready to reveal the numbers account which would increase at the Wipro center?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I can&#146;t do that.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay sir, because Q3 had a 24% jump, what was the contribution of BPO segment?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See, BPO we expanded our margins by 350 basis points. If you look at the total overall operating
margin, which went up by 0.4% over the last year for the same quarter, 0.3% out of the 0.4% was
because of BPO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, any plans to expand to other geographies in India sir.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not in India. we are going to Bucharest, Romania.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You are going to Bucharest, Romania, okay, and..
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That&#146;s the first answer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When would this be setup?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">End of Q1 of this year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And what would be the investment?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We would probably have about 250 seats there, so you know you can calculate the investment
accordingly. I can&#146;t give investment numbers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I understand, and which clients you be servicing, any particular process or any particular
vertical?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our European customers?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We would service both customers around technical help desk, what we call technical engineering
support services, and also we would do back office work, like finance accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What about contracts?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am sorry Rajesh. I am loosing you out.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Is any contract has been lined up. Are there any contracts lined up?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I can&#146;t tell you that.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I understand, and this is one for the sake of record sir, what is the reason for expanding in to
Romania? Are you looking it as a gateway to the European market?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Absolutely, yes. Its going to be our gateway to Europe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The European countries?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Absolutely.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And okay by the end of the Q1, okay sir, investments you are not ready to reveal. Okay, that is
all I had sir.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Female Speaker
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any other questions Rajesh?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rajesh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, that is all I had, thanks a lot, bye.
</DIV>



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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.10</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Jan
18, 2006 Media Interviews on the Financial Performance of Wipro Limited for the<BR>
quarter ended December&nbsp;31, 2005</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Newspaper: Economic Times<BR>
Interviewee: T K Kurien, President, Wipro BPO SBU, Wipro Limited</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sunanda
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi Shelley Singh.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I cannot hear you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sunanda
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am so sorry, now can you hear me?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Slightly better.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sunanda
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay just give me a minute, we will be connecting you to Mr.&nbsp;TK Kurien.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sunanda, I am already there.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sunanda
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi Mr.&nbsp;TK Kurien.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hello.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi Shelley Singh, how are you?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi good. How are you?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Can you just tell us about, last time when we spoke you were talking about a whole lot of changes
within Wipro Spectramind and vertically linked structure, so how is it planned out in terms of how
close are we to that?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is like this, I think the results pretty much bare out the fact of how we have done because
fundamentally what we have done is our operating margin is gone up by 350 basis points and our
operating margin is gone up by 350 basis points, half talking into account a salary increase, which
we gave effective October&nbsp;1, 2005, which really in a sense strength took away 200 basis points from
the operating margin. So on a net basis, our results would have probably shown a 550 basis points
increase. So that&#146;s where we are as far as results are concerned. In terms of customer
acquisition, we have got six new customers and that the good news is that four of them are existing
Wipro customers. Two of them are new customers. Remember the last time when we had spoken, the
mix was primarily new customers coming in rather than the existing base, so that is a significant
change that has taken place. Overall, in terms of transaction processing itself, you remember, we
talked about selling end-to-end solutions?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Two of the solutions that we have sold are end-to-end solutions and where we had the IP component
and also the process component behind us, and ultimately we are going to be paid by transaction and
our value is to kind of deliver a certain transaction component to the customer at a certain
quality level. So, we have moved away completely from the old model of just doing T&#038;M kind of
pricing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">How many employees do you have now?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We had 14,400 at the end of December.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, and what is the voice to non-voice component?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See we are not breaking it up by voice and non-voice, but if you look at the component our voice
revenue is also, and our voice revenue which is specific around technical helpdesk have grown very,
very significantly and that is an area of focus because right now what we are doing is we have
integrated everything from, you know, typically what happens is that call centers take up level 1
support. Level 2, Level 3, Level 4 are done by the customers. We are covering the entire range
now, Level 1 to Level 4. Okay, and we have actually won one customer in that space right now, who
is doing everything from Level 1 to Level 4 with us. Correction, what has happened in realization
has helped and so has the operating margins. So, if you look at our realizations itself, over the
past two quarters, we have increased our realization by 5.6%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, but this salary increase, how much has that been on an average?
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That has varied between, I mean, overall across the company about 8-9%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In BPO business?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In BPO business. That has what has effected our operating margin by roughly about 200 basis
points.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, and what are the kind of trends that you will see in BPO, like ....?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will see more and more integrated deals coming in where IT and BPO being bundled together and
from that perspective today that&#146;s the major area of opportunities the way we look at it, and we
also see a lot of business coming in and very strong growth in technical helpdesk. That includes
an integrated approach. A customer would do with self service, then the customer would do e-mails,
then the customer would do voice, and then based upon the problem that the customer has if it is a
problem with the equipment, he will also do design, we change the design of the equipment to make
sure that we are able to fix the problem once and for all. So, we integrate everything from voice
up to software services. I mean, are you getting the picture?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, but you know taking the larger picture, last couple of years IBM and Accenture, have been
ramping up. Today, IBM including IBM Daksh have 38,500 people in India, so how would Wipro see
this when they are pretty much capable of delivering integrated deals out of India. So, how do you
see the competition?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think it is true that people are coming into India because for years we have been shouting the
India story, now our old competition that didn&#146;t in the past, who were not very bullish in the
India story, now are very bullish about it, and to that extent I think it will only expand the
market, and by the way the deals that we have won today, we have won against a big guy. Out of the
six deals that we mentioned, three of the deals were against global competition, one of the two
names that you mentioned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Can you mention the names?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is one of the two names that you mentioned, so I cannot mention those names, one of two names.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, and has the deal size also gone up?
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Deal sizing, what we are seeing is its more multiyear deals. That is what we are seeing now. So,
it is not one-year deals any more and typically multiyear deals and the deal sizes, they are not
small deal sizes anymore. They are not the 10FT, 20FT, kind of deals. They are pretty large
deals, and with luck, we have a global footprint, which is a bigger problem.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, have you started your East Europe operations?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well, we have already taken the facilities, we are building up the site, and we expect to be 250
seats by the end of the quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This is in which city?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bucharest, Romania.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. Fine, I think that should do. Are you going to be in Delhi sometime?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very much.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We can meet up.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes we can certainly meet up. You know, last time also I spoke to you. I was out for nearly three
months. I broke my hand, so had to go through a pretty massive surgery there, so for about two
months I did not travel, now I am just resuming my travel all over again.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So, how is it, I mean, how is the hand now?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well, I do not have movement as yet in the hand. Luckily it is the left hand and I do not have
movement as of now, so I am going through this painful physiotherapy everyday.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But anyway, I have been told it will take me six months to get it back.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, wish you a speedy recovery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you very much, Shelley Singh.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And hope to see you sometime in Delhi.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TK Kurien
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shelley Singh
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay thanks a lot. Bye
</DIV>



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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.11</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Jan
18, 2006 Media Interviews on the Financial Performance of Wipro Limited for the<BR>
quarter ended December&nbsp;31, 2005</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Newspaper: Business Times</B><BR><B>
Interviewee: Ramesh Emani, President, Product Engineering Solutions SBU, Wipro Limited</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hello Ramesh here.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan Tyagarajan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good afternoon it is Krishnan Tyagarajan Business Times.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi Krishnan, how are you?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">How are you doing sir?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very good.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I was just looking at your results and there are two things. Basically, I just wanted to
understand the acquisition part. I mean basically the NewLogic acquisition. Since it has been
inked from 1st January&nbsp;2006, I understand about 10&nbsp;million would come out of that in this quarter
which has been added as revenues?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes. See we said 10&nbsp;million of this quarter&#146;s what we call guidance of the revenue will come from
the two acquisition we make, mPower and NewLogic.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay and NewLogic.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is what we have indicated, and in both the cases, the full revenue will come for all the three
months, so that we can really take it as full quarter revenues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Absolutely. The NewLogic part, I was just looking at your overall margins for the last three
quarters vis-&#224;-vis the previous year, from the first to the third quarter, it has gone up about a
percentage point, but it still looks about three percentage points lower than what it was last
year. I was just wondering how do you think NewLogic could play a role in terms of improving your
operating margin or in this case I am just taking the PBIT margin?
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See in fact to answer to you, most of the companies that provide design services or any services
outside of India, they have lower operating margins than the companies operating from India,
primarily because of the cost difference. So in that sense the NewLogic acquisition in the initial
quarters will be margin dilutive. It will not add to the margin, but over a period of time, our
hope is we will be able to improve our capabilities and also shift some of their work to use our
cost centers in India, so that we will bring their margin up to our levels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That&#146;s true. What is the approximate margin levels that they have at the moment?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I think in fact they made some loss. I don&#146;t think I can get into the details on what the numbers
could be and the other thing, but in fact they have made some loss. I do not remember exactly the
details of that one, but I think on a overall year basis, I think they made some loss. Though I
know they have done very well in the last two or three quarters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, but in terms of say the IP related, the leverage that you get out of the IP business, I was
just trying to understand what kind of cross selling would think that this can create for you going
forward?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See most of the IPs, you never IP on a stand-alone basis. There is always design services around
them. Almost invariably, you can say almost 75% of the cases with the IP services we do have
design services. So that is where the huge synergy comes in. Number two, the IP services having
IPs because there always tend to be the new leading edge technologies that also positions Wipro in
the minds of the customers, and also which is also a fact, as a superior capable design house.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That&#146;s true. Okay. But in this case, that&#146;s where I thought, over a period of time, how do you
think you would be able to leverage this? What are the forms in which you will be able to
leverage?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The leverage will come between NewLogic and Wipro in three ways. One we have a better geographic
coverage. We have a much better reach. For example in Asia, whereas they were primarily focusing
on Europe. So we take them better to newer companies in USA, Europe, Asia, all of these places.
So it is simply expanding the market. We will be able to take advantage of the follow on SOC
design services okay. Along with IP when you license IP, I was talking about the leverage of the
services we can do. But they had no software capabilities and they were not in the software
market. We can those bring those capabilities also into the fame.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, and again so which essentially means, the product engineering part is where the whole story
would be?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ramesh
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes it is 100% only into product engineering. In fact, it is 100% part of our organization. We
don&#146;t see any other relevance to NewLogic to any other team. Like mPower has no relevance to us,
that is a credit card processing company, so we have no relevance. So that way NewLogic 100% our
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, because I was just looking at the product engineering firms now there seems to be a lot of
activity in that space with the likes of say Aztec and Persistent and others, I mean Visual Soft
also entering it into a big way. I was just wondering how that space itself is kind of changing in
terms of potential and it was very little was known about the overall sector?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I agree with you. See what used to happen is this whole product development R&#038;D, most of these
companies used to think, no it is very proprietary and only customers can do that, both because of
sensitivity of IP and the complexity that one needs to know the product and others. I think Wipro
and to some extent next comes HCL, we broke this myth, that one product development can be done by
third party companies, and two, you can also do, it is not just in terms of simple maintenance, but
you can also work in terms of high technology and latest technologies. Second, I think most of the
customers have accepted that if they try to do it themselves, the time to market is the biggest
problem. See in product development, it is not the cost savings that hurts the companies, but
delayed product shipments. If they can advance the product shipment by few months, they can garner
that much extra revenues. Sometimes that is more important than cost savings through R&#038;D.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Right, so you give them the time to market advantage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is completely time to market that is number one, particularly in some of the consumer products,
this chip design and some of these areas, it is so important. So that is what came from an
opportunity perspective. The other perspective is the cost, there is a huge decrease in the
product prices. In the last five years, if you see the cost or rather the price of new products
have really come down. You have seen mobile phones, computers, and so many places. So they are
finding they cannot spend the same amount of R&#038;D what they were doing earlier for the products. So
they reduced the cost through consolidation and that is where the offshore player also has come.
So in that sense they were dealing with two things; one with the increasing use of technology
sophistication, they needed larger teams, they found they cannot get those larger teams. The
increased competition from China, Asia, and other spaces and the volume increase, they hosted them
to look at how do I reduce the time to market, and third one is cost pressure. So all three are
working to the advantage of India in terms of we trying to do more. So if you see initially lot of
this work has come in the hi-tech industry. Now a lot of software companies are also moving into
this area. If you see Persistent and Aztec and some of them, they are all focusing on software
product companies. So, that is also working. Of course, Wipro we are end-to-end and in so many
verticals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. So I was just wondering if this space is kind of risk because I believe the exposure to
venture capital as assisted outfit is very large if I leave aside the likes of Microsoft, Hyperion,
and a few others. I was just given to understand that the exposure, because most of these are kind
of ideas that are at a fairly nascent stage, so in that sense, do you think the risk of exposure is
fairly high in these cases?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ramesh
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See the way I tell people is, the product engineering business incidentally is a little more risker
than IT business. See IT business if you say I am sure you can relate to that, has become almost
like electricity, right. If you do not electricity, you cannot work. Same way, if you do not have
e-mail, you do not have a lot of thing what we are so taken for granted, the whole thing will come
to a grinding halt. If IT network is down, you know what happens in every company. So in that
sense, whereas you can close an R&#038;D and run the company for three months to six months. So because
of that the riskiness here is high okay and also you are betting on the new things right. There is
a risk but at the same time, as long as the world GDP continues to be in the positive territory,
there is no worry, but again year 2000 phenomena repeats where for two years the whole R&#038;D, the
whole GDP itself went into negative territory, and R&#038;D budges really tanked, it will impact us. So
it is a little more risky business compared to IT, but again that it is less riskier than some
other business really, but still it is a good business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Two related questions. One is basically do you think the contract structure basically moving away,
as you said IT services is time and material, very little small proportion and fixed, but do you
think the outcome based structures where you kind of, the risk reward could be shared with the
partners that you have, is the contract structure undergoing a change in this kind of a business?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes that is one more thing what we were very interested into by through NewLogic. They have a
better experience of working on royalty basis of the business model, which we also wanted to learn
and work with them. At this moment, today bulk of our contracts are time and material based on
fixed price, but we are interested in moving into more risk reward sharing also. That is the third
model, risk reward means you may get through royalties, you may not get 100% of your initial cost,
what they call NRE, because you may not get 100% of it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Which means you would be looking more and more at those models?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will be looking at those models also.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, and the other thing is integration. How do you think, what kind of learnings have you, since
you have made AMS as well as NerveWire and from those experiences, how do you think the NewLogic
acquisition integration will happen? Do you think that could be a much bigger problem going
forward? Basically because of the nature?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In terms of the size, this one is similar to the size of AMS or NerveWire okay. The good thing
what we are finding is these are all hardcore technology people. We find in the technology people
the respect for each other because of the technology capability is very high. So at least in our
initial interactions, we are not facing any difficulties because the people are able to relate to
each other. Two both NewLogic and Wipro, we were competing head on in wireless LAN IP, so we had
lot of respect for each other because we both lost deals, we won deals, so there is respect for
each other and companies are a little more aware of each of us better. But what we have done is we
have put together all the learnings we had in these three acquisitions including Spectramind, and
we trying to implement, again you keep learning from all the mistakes we keep doing and hope you
won&#146;t repeat the mistakes, so we have put in a very Senior Vice President level person as an
integration manager who is driving this whole integration, and I we think it is not going well. We
are already it is like two or
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">three weeks into this process and you go to their website, it has changed, you come to our website,
it has changed, so like this we started implementing everything.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But I understand that NerveWire experience wasn&#146;t all that good?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See in the end, you measure the success, every company has certain measures of success of why they
have done the acquisition. In some sense, you can say after NerveWire, if you see the performance
of our BSFI segment has been phenomenal. So somebody can interview that that has taught us a lot
of things on how to work in the finance segment and work with the finance sectors, and we took
advantage of it. Of course somebody may say, it may have happened or might not have happened
because of NerveWire, but still we can say it has helped. That is what has happens with lot of
acquisitions. It is sometimes very difficult to attribute everything to one single outcome in
terms of have their business grown.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So, which means he earn out component that you have kind of built into it is very critical in this?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is critical here, but we are also hoping to learn lot of other things which are very sometime
intangible.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay sir, thanks sir for your time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I just wanted to learn a little more. I would in touch with others too and thought I will raise
some of the other questions there.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Krishnan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ramesh
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you so much. Bye.
</DIV>

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<TYPE>EX-99.12
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<FILENAME>f16399exv99w12.htm
<DESCRIPTION>EXHIBIT 99.12
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.12</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Jan
18, 2006 Media Interviews on the Financial Performance of Wipro Limited for the<BR>
quarter ended December&nbsp;31, 2005</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Forbes</B><BR><B>
Interviewee: Suresh Senapaty, Executive Vice President, Finance &#038; CFO, Wipro Limited</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hello, is it Mr.&nbsp;Senapaty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Just hold on for a second please.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That&#146;s fine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes please.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Male Participant
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hello, Mr.&nbsp;Senapaty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This is Chris from Forbes Hello, you turned in a pretty good set of results today.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Is it possible for you to call on my landline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes it is fine, if you could give the number, I will call you there.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, 28440055
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And that&#146;s in States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am sorry.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;Page 1 of 5
</DIV>


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

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Is that in America?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No in Bangalore, India, 080.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, so if I am calling Bangalore, I need to call.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You are speaking from Delhi, right?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No, I am calling from London in England.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, so you have to call 91-80-28440055, you just call me after 5 minutes, it will fantastic.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 5 minutes okay.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay thanks very much.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Moderator
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hello Chris, I am sorry, I am dialing you again, can you just put the phone down. The WebEx guys
will call you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Moderator
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hello Mr.&nbsp;Senapaty, thank you for you time. You turned in quite a good set of results today.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;Page 2 of 5
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Which you agreed that this is the positive set of results to date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Absolutely, for us this is one more strong quarter of earnings. We had both from the growth
perspective, customer addition perspective, and head count addition perspective, and also
profitability perspective. We had growth almost across the board in the sense that if I were to
describe it, I think it is a double-digit growth both in dollar terms and rupee terms in revenue.
We have growth from, if you look at from our practice perspective, in our testing services where
the sequential will growth was 20% with a YOY of 89%. Similarly, infrastructure services where we
had a sequential growth of 16% and a YOY of 45%, and similarly package implementation we had a
sequential growth of 10%. If I look at geography, we did well again in Europe, 13% sequential
growth and YOY of 51%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And you added 37 clients in North America?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That is right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That&#146;s very impressive. Are you adding more clients in North America or are you going to be
concentrating on Europe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No we have like we said that about 60% of our revenue comes from US and about 33% comes from Europe
and the growth has been fairly decent across the geographies. So our penetration has not been so
much that we have to cap in any geography so we want to grow in all the geographies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In all geographies okay, and your Chairman, Mr.&nbsp;Azim Premji, he spoke of another phase in Wipro&#146;s
growth, what does he mean by this?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">What our meaning is the kind of sort of wide focus that we have within the organization to be able
to concentrate on growth and for that some of the initiatives that we have taken and which is
yielding results is account management, which means look at the top 100 accounts for the
corporation and go through a strong account management process, sell service one, service two,
service three, and multiple services, etc, etc. Secondly, build global delivery model, which means
not only services from India, but also concentrate on China, we have just now decided. We already
have in Shanghai and Beijing at a smaller scale. We want to grow it bigger. We are setting up a
development center in the current quarter in Bucharest in Romania. We will look at similar such
opportunities whether it is Vietnam or South America and so on and so forth. And third is also
that we have already announced two acquisitions and we are very active at it and therefore we will
look forward to more such initiatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chris
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;Page 3 of 5
</DIV>


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Can you be more specific any acquisitions for the moment?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have already announced two.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NewLogic and mPower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That&#146;s right, and more are in areas where we need geography penetrations, in areas we need a high
level of critical mass in a particular practice or we look at in terms of certain client base that
we can acquire. So the whole objective is to supplement our organic growth and not to replace it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Supplement but not replace, I see. So which countries would you say the best candidates for
acquisition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are looking at opportunities in Europe, we are looking at opportunities in the United States,
and various possibilities in India.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I see, can you be more specific about Europe, which countries in Europe?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you look at our practice in Europe, we are addressing the European market through two ways. One
is enterprise solution and R&#038;D services. If you look at our R&#038;D services, we have a fairly decent
presence in continental Europe, Nordic country. If you look at enterprise, 90% of our revenue
comes from UK. So our presence outside of UK in the enterprise space is low and we are looking at
the opportunities therefore outside of UK in Europe. If you look at our engineering services
business, we have a higher concentration in United States and Japan, but if you look at in Europe
again Germany and France are two large markets. We had no big presence. Through this acquisition
of NewLogic, we get a presence in France and Germany both. So that is a good entry that we made.
So like that, we are looking at opportunities in terms of getting into newer technology where we do
not have a presence or getting a delivery center overseas, which has a lot of good customer
traction and therefore we see growth there as well as ability to offer those services from India
and so on and so forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And four more questions. I read about Wipro&#146;s support for learning culture. Can you explain that?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are in this knowledge industry, from that perspective and we are hiring about in the last
quarter if you look at we had a 5200 people that we added, in addition to about 5000 we did in the
previous quarter, and 4000 odd what we did just previous quarter, so which means we are talking
about an addition on a net basis, which means
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;Page 4 of 5
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">gross of attrition, the additions are even another 10% more. So when you have this kind of
addition that is taking place and we are also in the technology business which means technology is
very, very short lived, 18&nbsp;months to 24&nbsp;months life cycles are coming down, so you have to
constantly work on learnability, which means managing people in a manner that you have to provide
training so that they are able to uplift themselves in the leading edge technology because that is
why the customers keep coming to us. We have today about 13 to 14,000 people in our R&#038;D services,
which is the largest in the world. So when you talk about broadband, you talk about optical fiber,
or you talk about wireless area, PG and 4G and so on. So a constant process of training is
necessary including developing your own frameworks, your own solutions, your own IP to be able to
provide time to market advantage to the customer. All this means, a lot of investment in learning,
lot of training, and acquisition of knowledge on an ongoing basis including re-training.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Are you looking at specifically graduates and things like that?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Like I said, we have crossed 50,000 head count in our IT business, global IT business this quarter,
and the kind of population we look at is a fairly significant amount of people all will be
engineers definitely. We have many other functional consultants particularly in the package
implementation area and the consulting area, etc. We will have a lot of so called not engineers,
but diploma holders to be able to service this 24 x 7 infrastructure services, so plus if you look
at the BPO part of the business you look at the graduates or even undergraduates, and you need to
see career path of this people; they should get excited, they should be seeing some different kind
of expansion of their roles after two years and three years of their existing jobs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So it is something definitely worth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well thank you very much.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Suresh Senapaty
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">My pleasure, nice talking to you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Chris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nice talking to you too. Good-bye.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Suresh Senapaty
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;Page 5 of 5
</DIV>



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<TYPE>EX-99.13
<SEQUENCE>14
<FILENAME>f16399exv99w13.htm
<DESCRIPTION>EXHIBIT 99.13
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<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><B>Exhibit 99.13</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Wipro Limited &#151; Results for the Quarter and nine months ended December&nbsp;31, 2005</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Wipro Limited &#151; Consolidated Audited Segment-Wise<BR>
Business performances for the quarter and nine months ended<BR>
December&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">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Quarter ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Nine months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="center"><B>Particulars</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Growth %</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Growth %</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>March 31, 2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="29" 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>Revenues</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>
    <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">IT Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,230</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,523</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Global IT Services and Products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,223</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,888</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>57,489</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44,344</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>60,753</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,964</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,723</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,258</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27,439</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,101</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>75,126</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,577</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>28</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>81,698</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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 Interest and Tax (PBIT)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">IT Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,835</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Global IT Services and Products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,262</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,139</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,044</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,893</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,041</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,042</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</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">591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495</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">672</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">397</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>5,921</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,762</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,801</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,331</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,152</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,290</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,947</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,671</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,929</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,948</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income Tax expense including Fringe Benefit Tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(949</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(722</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,408</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(2,035</TD>
    <TD>)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,750</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-weight: bold">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Profit before Share in earnings/(losses) of Affiliates and minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,198</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share in earnings of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(72</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">(88</TD>
    <TD>)&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,435</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,268</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,495</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,955</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,285</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings
per share &#151; EPS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">(PY: Adjusted EPS for bonus issue in ratio of 1:1) &#151; in Rs.</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.86</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.07</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10.33</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8.60</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11.70</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.80</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.02</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10.18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8.54</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11.60</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating Margin</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">IT Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Global IT Services and Products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>25</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>26</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>26</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>23</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>21</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>23</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital employed</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">IT Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,416</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,448</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,448</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,472</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Global IT Services and Products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34,545</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,709</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34,545</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,709</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>29,888</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,538</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>72,624</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52,518</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>72,624</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52,518</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53,713</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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:15px; text-indent:-15px">IT Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Global IT Services and Products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>48</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>51</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>48</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>51</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>56</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">39</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Return on average capital employed</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">IT Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">92</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">83</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">81</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPO Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Global IT Services and Products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>64</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>66</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>58</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>65</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>62</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India and AsiaPac IT Services and Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">72</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">67</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">63</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer Care and Lighting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">101</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">105</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">89</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" 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>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>34</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>38</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>33</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>39</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>39</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Notes to segment report:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. Segment revenue includes exchange differences which are reported in other income in the
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. PBIT for the quarter and nine months ended December&nbsp;31, 2005 is after considering restricted
stock unit amortisation of Rs. 156 Million and Rs. 479 Million respectively. PBIT of Global IT
Services and Products for the quarter and nine months ended December&nbsp;31, 2005 is after considering
restricted stock unit amortisation of Rs. 135 Million and Rs. 413 Million respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. Capital employed of &#145;Others cash and cash equivalents including liquid mutual funds of Rs. 34,972
Million (as of December&nbsp;31, 2004: Rs. 24,845 Million &#038; as of March&nbsp;31, 2005: Rs. 28,497&nbsp;million).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. The Company has four geographic segments: India, USA, Europe and Rest of the World. Significant
portion of the segment assets are in India. Revenue from geographic segments based on domicile of
the customers is outlined in the table alongside:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15">(In Rs. Million)</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="15"><B>Quarter ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>Nine months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Geography</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">%</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="31" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,937</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:15px; text-indent:-15px">USA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rest of the World</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</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>27,439</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,101</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>75,126</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,577</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD>&nbsp;</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>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. For the purpose of reporting, business segments are considered as primary segments and geographic
segments are considered as secondary segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. Until June&nbsp;30, 2005, the Company reported Global IT Services and Products as an integrated
business segment. Effective July&nbsp;2005, the Company reorganized the management structure of Global
IT Services and Products Segment, the segment reporting format has been changed accordingly.
Revenues, operating profits and capital employed of Global IT Services business are now segregated
into IT Services and BPO services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. Effective December&nbsp;1, 2005, the Company acquired 100% equity of MPower Software Services Inc.
and its subsidiaries (MPower) including the minority shareholding held by MasterCard International
in MPact India, a joint venture between MasterCard International and MPower Inc., for an
cash consideration of Rs. 1,275 Million. MPower Software Services Inc. is a US based company
engaged in providing IT services in the payments space.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a part of this acquisition, Wipro aims to provide MasterCard a wide range of services including
application development and maintenance, infrastructure services, package implementation, BPO and
testing. Through this acquisition, Wipro is able to expand domain expertise in payment space and
increase the addressable market for IT services. The Company has made preliminary determination of
the carrying value of assets and liabilities of MPower as at December&nbsp;31, 2005 and has recorded
goodwill of Rs. 1,089 Million. The Company is in the process of making a final determination of
the carrying value of assets and liabilities, which may result in changes in the carrying value of
goodwill and net assets recorded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. On December&nbsp;28, 2005 the Company acquired 100% equity of BVPENTE and its subsidiaries (New
Logic). New logic is an European System on Chip design company. The consideration includes cash
consideration of Rs. 1,157 Million and earn outs of Euro 26 Million to be determined and paid in
future based on financial targets being achieved over a 3&nbsp;year period. Through this acquisition,
the Company has acquired strong domain expertise in semiconductor IP cores and complete
system-on-chip solutions with digital, analog mixed signal and RF design services. The acquisition also
enables the Company to access over 20 customers in the product engineering space. The Company has
made preliminary determination of the carrying value of assets and liabilities of New Logic as at
December&nbsp;31, 2005 and has recorded goodwill of Rs. 840 Million. The Company is in the process of
making a final determination of the carrying value of assets and liabilities, which may result in
changes in the carrying value of goodwill and net assets recorded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. As at December&nbsp;31, 2005, revenues &#038; operating profits of MPower are reported separately under
&#145;Acquisitions&#146;. Capital employed (including goodwill of MPower and New Logic are reported
separately under &#145;Acquisitions&#146;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11. As of December&nbsp;31, 2005, forward contracts and options (including zero cost collars) to the
extent of USD 303 Million have been assigned to the foreign currency assets as on the balance
sheet date. The Proportionate premium / discount on the forward contracts for the period up to the
date of balance sheet is recognized in the profit and loss account. The exchange difference
measured by the change in exchange rate between inception of forward contract and the date of
balance sheet is applied on the foreign currency amount of the forward contract and recognized in
the profit and loss account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, the Company has designated forward contracts and options to hedge highly
probable forecasted transactions. The Company also designates zero cost collars to hedge
the exposure to variability in expected future foreign currency cash inflows due to
exchange rate movements beyond a defined range. The range comprised an upper and lower
strike price. At maturity if the exchange rate remains within the range the Company
realizes the cash inflows at spot rate, otherwise the Company realizes the inflows at the
upper or lower strike price.</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The gain or loss on the forward contracts and options are recognized in the profit and loss
account in the period in which the forecasted transaction is expected to occur. In respect
of option / forward contracts which are not designated as hedge of highly probably
forecasted transactions, realized / unrealized gain or loss are recognized in the profit
and loss account of the respective periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As at the balance sheet date, the Company had forward / option contracts to sell USD 512
Million in respect of highly probable forecasted transactions. the effect of marked to market
and of intermediary roll over / expiry of the said forward contracts is a gain of Rs. 72
Million. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12. In August&nbsp;2005, the Company issued bonus shares in the ratio of one additional
equity share for every equity share of ADS held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13. The Company has been granting restricted stock units (RSUs) since October&nbsp;2004. the
RSUs generally vest equally at annual intervals over a five year period. The stock
compensation cost is computed under the intrinsic value method and amortized on a straight
line basis over the total vesting period of five years. As permitted by generally
accepted accounting principles in the United States (US GAAP), the Company applies a
similar straight line amortization method for financial reporting under US GAAP. The
company has been advised by external counsel that the straight line amortization complies
with SEBI guidelines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, an alternative interpretation could result in amortization of the cost on an
accelerated basis. Under this approach, the amortization in the initial years would be
higher with a lower charge in subsequent periods (though the overall charge over the full
vesting period will remain the same). If the Company were to amortize the cost on an
accelerated basis, profit before taxes and profit after tax for three months ended December
31, 2005 would have been lower by Rs. 43 Million &#038; Rs. 37 Million and for nine months
ended December&nbsp;31, 2005 would have been lower by 462 Million &#038; Rs. 425 Million
respectively. Similarly, the profit before taxes and profit after tax for the year ended March&nbsp;31, 2005 would
have been lower by Rs. 443 Million and Rs. 409 Million respectively. This would effectively increase the profit
before and after tax in later years by similar amounts.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
The Company is awaiting further clarification on the matter.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
14. 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.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
b) The Company has a 49% equity interest in Wipro GE Medical Systems Private limited (Wipro
GE), an entity in which General Electric, USA holds the majority equity interest. The
shareholders agreement provides specific rights to the two shareholders. 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;.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
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.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="f16399f1639900.gif" alt="(WIPRO LOGO)">
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">
WIPRO LIMITED<BR>
Regd. Office Doddakannelli,<BR>
Sarjapur Road, Bangalore-560035.<BR>
<I>www.wipro.com</I>

</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="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">By order of the Board</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Place: Bangalore
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Azim H Premji</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Date: January&nbsp;18, 2006
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Chairman</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Wipro Limited &#151; Stand alone &#151; Parent Company<BR>
Audited Financial Statements for the quarter and nine months ended<BR>
December&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">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Quarter ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Nine months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><B>Particulars</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" 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>REVENUES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24,678</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,735</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>67,499</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51,800</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>72,456</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of
Sales / Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">a. Consumption of raw
materials*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">b. Other expenditure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,469</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Gross Profit</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,038</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,062</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24,677</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,512</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,881</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling and Marketing expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative
expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,095</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" 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 Profit before
interest and depreciation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,166</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,795</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,878</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,417</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,675</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" 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 expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</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">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" 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>Operating Profit after
interest and depreciation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,543</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,278</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,098</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,075</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,759</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">811</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; font-weight: bold">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Profit before tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,570</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,622</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" 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 FOR THE PERIOD</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,051</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,765</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,630</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,734</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,948</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paid up equity share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,407</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,517</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings
per share (EPS) -  in
Rs.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">(PY: Adjusted EPS for bonus
issue in ratio of 1:1)</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>
</TR>
<TR valign="bottom" style="font-weight: bold">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; font-weight: bold">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Aggregate of non-promoters
shareholding</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Number of shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>259,602,839</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,765,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>259,602,839</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,765,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,664,784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(PY: Adjusted for bonus issue
in ratio of 1:1)</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Percentage of holding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Details of expenditure</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Items exceeding 10% of total
expenditure
Staff Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,425</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">* Includes Increase /
(Decrease) in finished and
processed stocks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(74</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(134</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(88</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(49</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(93</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Status of Redressal of Complaints received for the period<BR>
from October&nbsp;1, 2005 to December&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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Opening balance</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Complaints received</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Complaints disposed</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Nature of Complaints</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">for the quarter</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">during the quarter</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">during the quarter</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Unresolved</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Complaints with
respect to transfer
/ transmission /
split /
consolidation /
exchange /
duplicate issue of
shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Complaints with
respect to
Dematerialisation /
Rematerialistion of
Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Complaints with
regard to
non-receipt of
Corporate benefits
like Dividend /
non-receipt of
Dividend warrants /
Interest / Bonus
Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD colspan="17" style="border-bottom: 1px solid #000000">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1pt">
<TD colspan="17" style="border-bottom: 1px solid #000000">&nbsp;</TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Notes:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1)&nbsp;The above financial results were approved by the Board of
Directors of the Company at its meeting held on January&nbsp;18, 2006. There are no
qualifications in the report issued by the Auditors for these periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)&nbsp;During the nine month period ended December&nbsp;31, 2005, the company made additional
investments in Wipro Inc. and Wipro Holdings UK Limited, of Rs. 1,275 Million and Rs.
1,157 Million respectively. In December&nbsp;2005 Wipro Inc. acquired MPower Software Services
Inc. USA &#038; its subsidiaries and Wipro Holdings UK Limited acquired NewLogic Technologies
AG, Austria &#038; its subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(3)&nbsp;In
August&nbsp;2005, the Company issued bonus shares in the ratio of one additional equity
share for every equity share or ADS held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(4)&nbsp;In July&nbsp;2005, the members of the Company have approved the scheme of amalgamation of
Wipro BPO Solutions, Spectramind Limited, Mauritius and Spectramind Limited, Bermuda with
the Company. The scheme of amalgamation, on obtaining necessary statutory approval would
be operative from the appointed date of April&nbsp;1, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(5)&nbsp;The Company has been granting restricted stock units (RSUs) since October&nbsp;2004. The
RSUs generally vest equally at annual intervals over a five year period. The stock
compensation cost is computed under the intrinsic value method and amortized on a straight
line basis over the total vesting period of five years. As permitted by generally accepted
accounting principles in the United States (US GAAP), the Company applies a similar
straight line amortization method for financial reporting under US GAAP. The company has
been advised by external counsel that the straight line amortization complies with SEBI
guidelines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, an alternative interpretation could result in amortization of the cost on an
accelerated basis. Under this approach, the amortization in the initial years would be
higher with a lower charge in subsequent periods (though&nbsp;the overall charge over the full
vesting period will remain the same). If the Company were to amortize the cost on an
accelerated basis, profit before taxes and profit after tax for three months ended December
31, 2005 would have been lower by Rs. 43 Million and for nine months ended December&nbsp;31,
2005 would have been lower by Rs. 462 Million &#038; 425 Million respectively. Similarly, the
profit before taxes and profit after tax for the year ended March&nbsp;31, 2005 would have been
lower by Rs. 443 Million and Rs. 409 Million respectively. This would effectively increase
the profit before and after tax in later years by similar
amounts.</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
The Company is awaiting further clarification on the matter.
</DIV>









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