exv99w13

Exhibit 99.13

Wipro Limited — Results for the Quarter and nine months ended December 31, 2005

Wipro Limited — Consolidated Audited Segment-Wise
Business performances for the quarter and nine months ended
December 31, 2005 (In Rs. Million)


	Quarter ended								Nine months ended
Particulars	December 31,								December 31,								Year ended
	2005			2004			Growth %		2005			2004			Growth %		March 31, 2005

Revenues
IT Services		19,269			14,190			36		51,895			39,621			31		54,230
Acquisitions		59			—					59			—					—
BPO Services		1,895			1,698			12		5,535			4,723			17		6,523
Global IT Services and Products		21,223			15,888			34		57,489			44,344			30		60,753
India and AsiaPac IT Services and Products		3,992			3,421			17		11,354			9,122			24		13,964
Consumer Care and Lighting		1,549			1,289			20		4,350			3,496			24		4,723
Others		675			503			34		1,933			1,615			20		2,258

Total		27,439			21,101			30		75,126			58,577			28		81,698

Profit Before Interest and Tax (PBIT)
IT Services		4,941			3,816			29		13,339			10,912			22		14,835
Acquisitions		16			—					16			—					—
BPO Services		305			323			-6		689			981			-30		1,206
Global IT Services and Products		5,262			4,139			27		14,044			11,893			18		16,041
India and AsiaPac IT Services and Products		376			271			39		893			627			42		1,042
Consumer Care and Lighting		209			175			19		591			495			19		672
Others		74			177			-58		273			316			-14		397

Total		5,921			4,762			24		15,801			13,331			19		18,152

Interest (Net) and Other Income		369			185					870			598					796
PROFIT BEFORE TAX		6,290			4,947			27		16,671			13,929			20		18,948
Income Tax expense including Fringe Benefit Tax		(949	)		(722	)				(2,408	)		(2,035	)				(2,750	)
Profit before Share in earnings/(losses) of Affiliates and minority interest		5,341			4,225			26		14,263			11,894			20		16,198
Share in earnings of affiliates		94			71					233			133					175
Minority interest		—			(28	)				(1	)		(72	)				(88	)
PROFIT AFTER TAX		5,435			4,268			27		14,495			11,955			21		16,285
Earnings per share — EPS
(PY: Adjusted EPS for bonus issue in ratio of 1:1) — in Rs.
Basic		3.86			3.07					10.33			8.60					11.70
Diluted		3.80			3.02					10.18			8.54					11.60
Operating Margin
IT Services		26	%		27	%				26	%		28	%				27	%
Acquisitions		27	%		—					27	%		—					—
BPO Services		16	%		19	%				12	%		21	%				18	%
Global IT Services and Products		25	%		26	%				24	%		27	%				26	%
India and AsiaPac IT Services and Products		9	%		8	%				8	%		7	%				7	%
Consumer Care and Lighting		13	%		14	%				14	%		14	%				14	%

Total		22	%		23	%				21	%		23	%				22	%

Capital employed
IT Services		21,555			18,532					21,555			18,532					21,416
Acquisitions		2,448			—					2,448			—					—
BPO Services		10,542			8,177					10,542			8,177					8,472
Global IT Services and Products		34,545			26,709					34,545			26,709					29,888
India and AsiaPac IT Services and Products		2,314			1,417					2,314			1,417					1,370
Consumer Care and Lighting		1,028			659					1,028			659					917
Others		34,737			23,733					34,737			23,733					21,538

Total		72,624			52,518					72,624			52,518					53,713

Capital Employed Composition
IT Services		30	%		35	%				30	%		35	%				40	%
Acquisitions		3	%		—					3	%		—					—
BPO Services		15	%		16	%				15	%		16	%				16	%
Global IT Services and Products		48	%		51	%				48	%		51	%				56	%
India and AsiaPac IT Services and Products		3	%		3	%				3	%		3	%				3	%
Consumer Care and Lighting		1	%		1	%				1	%		1	%				2	%
Others		48	%		45	%				48	%		45	%				39	%

Total		100	%		100	%				100	%		100	%				100	%

Return on average capital employed
IT Services		92	%		88	%				83	%		86	%				81	%
Acquisitions		5	%		—					2	%		—					—
BPO Services		12	%		17	%				10	%		18	%				16	%
Global IT Services and Products		64	%		66	%				58	%		65	%				62	%
India and AsiaPac IT Services and Products		72	%		67	%				65	%		50	%				63	%
Consumer Care and Lighting		82	%		101	%				81	%		105	%				89	%

Total		34	%		38	%				33	%		39	%				39	%

Notes to segment report:

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

2. Segment revenue includes exchange differences which are reported in other income in the financial statements.

3. PBIT for the quarter and nine months ended December 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 31, 2005 is after considering restricted stock unit amortisation of Rs. 135 Million and Rs. 413 Million respectively.

4. Capital employed of ‘Others cash and cash equivalents including liquid mutual funds of Rs. 34,972 Million (as of December 31, 2004: Rs. 24,845 Million & as of March 31, 2005: Rs. 28,497 million).

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:


									(In Rs. Million)

	Quarter ended								Nine months ended
Geography	December 31,								December 31,
	2005		%		2004		%		2005		%		2004		%

India		5,497		20		4,560		22		15,396		20		12,937	22
USA		13,779		50		10,854		51		37,873		51		30,590	52
Europe		6,578		24		4,472		21		17,291		23		11,951	20
Rest of the World		1,585		6		1,207		6		4,566		6		3,100	6

Total		27,439		100		21,101		100		75,126		100		58,577	100

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

7. Until June 30, 2005, the Company reported Global IT Services and Products as an integrated business segment. Effective July 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.

8. Effective December 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.

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 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.

9. On December 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 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 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.

10. As at December 31, 2005, revenues & operating profits of MPower are reported separately under ‘Acquisitions’. Capital employed (including goodwill of MPower and New Logic are reported separately under ‘Acquisitions’.

11. As of December 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.

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.

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.

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.

12. In August 2005, the Company issued bonus shares in the ratio of one additional equity share for every equity share of ADS held.

13. The Company has been granting restricted stock units (RSUs) since October 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.

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 & Rs. 37 Million and for nine months ended December 31, 2005 would have been lower by 462 Million & Rs. 425 Million respectively. Similarly, the profit before taxes and profit after tax for the year ended March 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.

The Company is awaiting further clarification on the matter.

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

b) The Company has a 49% equity interest in Wipro GE Medical Systems Private limited (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 “Financial Reporting of Interest in Joint Venture”. Consequently, WGE is not considered as a joint venture and consolidation of financial statements are carried out as per equity method in terms of Accounting Standard 23 “Accounting for Investments in Associates in Consolidated Financial Statements”.

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

WIPRO LIMITED
Regd. Office Doddakannelli,
Sarjapur Road, Bangalore-560035.
www.wipro.com



		By order of the Board
Place: Bangalore		Azim H Premji
Date: January 18, 2006		Chairman


	Quarter ended						Nine months ended						Year ended
Particulars	December 31,						December 31,						March 31,
	2005			2004			2005			2004			2005

REVENUES		24,678			18,735			67,499			51,800			72,456
Cost of Sales / Services
a. Consumption of raw materials*		2,717			2,866			8,959			7,591			11,106
b. Other expenditure		12,923			8,807			33,863			24,697			34,469
Gross Profit		9,038			7,062			24,677			19,512			26,881
Selling and Marketing expenses		1,629			1,340			4,678			3,864			5,111
General and administrative expenses		1,243			927			3,121			2,231			3,095

Operating Profit before interest and depreciation		6,166			4,795			16,878			13,417			18,675

Interest expense		19			19			28			46			56
Depreciation		604			498			1,752			1,296			1,860

Operating Profit after interest and depreciation		5,543			4,278			15,098			12,075			16,759

Other income		359			187			828			624			811
Profit before tax		5,902			4,465			15,926			12,699			17,570
Provision for tax		851			700			2,296			1,965			2,622

PROFIT FOR THE PERIOD		5,051			3,765			13,630			10,734			14,948

Paid up equity share capital		2,841			1,404			2,841			1,404			1,407
Reserves		63,369			43,117			63,369			43,117			47,517
Earnings per share (EPS) - in Rs.
(PY: Adjusted EPS for bonus issue in ratio of 1:1)
Basic		3.58			2.71			9.71			7.72			10.74
Diluted		3.53			2.66			9.57			7.67			10.64
Aggregate of non-promoters shareholding
Number of shares		259,602,839			234,765,602			259,602,839			234,765,602			237,664,784
(PY: Adjusted for bonus issue in ratio of 1:1)
Percentage of holding		18.27			16.72			18.27			16.72			16.89
Details of expenditure
Items exceeding 10% of total expenditure Staff Cost		10,488			8,081			29,142			21,975			30,425
* Includes Increase / (Decrease) in finished and processed stocks		(74	)		(134	)		(88	)		(49	)		(93	)


	Opening balance		Complaints received		Complaints disposed
Nature of Complaints	for the quarter		during the quarter		during the quarter		Unresolved
Complaints with respect to transfer / transmission / split / consolidation / exchange / duplicate issue of shares		0		52		52		0
Complaints with respect to Dematerialisation / Rematerialistion of Shares		0		0		0		0
Complaints with regard to non-receipt of Corporate benefits like Dividend / non-receipt of Dividend warrants / Interest / Bonus Shares		6		310		316		0

Total		6		362		368		0