exv99w4

Exhibit 99.4

Wipro Limited — Results for the Quarter ended June 30, 2008

WIPRO LIMITED, CONSOLIDATED AUDITED SEGMENT REPORT
FOR THE QUARTER ENDED JUNE 30, 2008


	Rs. in Million

	Quarter Ended June 30,									Year Ended
Particulars	2008			2007			Growth %			March 31, 2008

Revenues
IT Services		44,045			31,597			39	%		146,626
IT Products		7,463			5,175			44	%		26,400
Consumer Care and Lighting		5,127			2,343			119	%		15,207
Others		3,286			2,738			20	%		11,691
Eliminations		(254	)		(63	)					(349	)

TOTAL		59,667			41,789			43	%		199,575

Profit before Interest and Tax — PBIT
IT Services		9,186			6,695			37	%		31,290
IT Products		249			234			7	%		1,227
Consumer Care and Lighting		609			305			100	%		1,900
Others		180			59						770

TOTAL		10,224			7,293			40	%		35,187

Interest (Net) and Other Income		285			868						1,883

Profit Before Tax		10,509			8,161			29	%		37,070

Income Tax expense including Fringe Benefit Tax		(1,526	)		(1,005	)					(4,550	)

Profit before Share in earnings of associates and minority interest		8,983			7,156			26	%		32,520
Share in earnings of associates		107			97						333
Minority interest		(12	)		3						(24	)

PROFIT AFTER TAX		9,078			7,256			25	%		32,829

EARNINGS PER SHARE — EPS
Equity shares of par value Rs. 2/- each
Basic (in Rs.)		6.25			5.00						22.62
Diluted (in Rs.)		6.21			4.98						22.51

Operating Margin
IT Services		21	%		21	%					21	%
IT Products		3	%		5	%					5	%
Consumer Care and Lighting		12	%		13	%					12	%

TOTAL		17	%		17	%					18	%

CAPITAL EMPLOYED
IT Services and Products		90,421			54,184						93,969
Consumer Care and Lighting		17,746			2,825						17,292
Others		61,019			46,666						50,659

TOTAL		169,186			103,675						161,920

CAPITAL EMPLOYED COMPOSITION
IT Services and Products		53	%		52	%					58	%
Consumer Care and Lighting		10	%		3	%					11	%
Others		36	%		45	%					31	%

TOTAL		100	%		100	%					100	%

RETURN ON AVERAGE CAPITAL EMPLOYED
IT Services and Products		41	%		51	%					44	%
Consumer Care and Lighting		14	%		42	%					19	%

TOTAL		25	%		29	%					27	%

Notes to Segment Report

a)		Until March 31, 2008 the Company was reporting Global IT Services & Products (comprising of IT Services & Products and BPO Services segments), India & AsiaPac IT Services & Products, Consumer Care & Lighting and Others.

		In April 2008 the Company re-organized its IT businesses by combining the Global IT Services & Products and the India & AsiaPac IT Services & Products businesses and appointed joint CEOs for the combined IT business. Consequent to the re-organization of the Company, the Company changed its system of internal financial reporting to the board of directors and the chief executive officer wherein the financial results are reported as IT Services and IT Products. Accordingly, the Company identified IT services and IT products as reportable segments. There is no change in the reportable segments for other businesses. Segment information in respect of earlier period has been revised to conform to the presentation as per current reportable segments.

b)		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.

c)		Segment revenue resulting from transactions with other business segments is accounted on the basis of transfer price agreed between the segments. Such transfer prices are either determined to yield a desired margin or agreed on a negotiated basis.

d)		PBIT for the quarter ended June 30, 2008 is after considering restricted stock unit amortization of Rs 433 Million (2007: Rs 286 Million and 2008: 1,166 Million).

e)		Capital employed of segments does not include current liabilities. The net current liability of segments is as follows :–

(Rs. in Million)

As of June 30,

As of

Particulars

2008

2007

March 31, 2008

IT Services and Products

44,726

23,989

30,456

Consumer Care and Lighting

3,983

1,684

3,382

Others

22,645

7,446

20,582

71,354

33,119

54,420

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:


	(Rs. in Million)

	Quarter ended June 30,						Year ended March 31,
Particulars	2008		%		2007		%		2008		%

India		12,558		21		10,185		24		48,847		24
United States of America		26,189		44		19,153		46		87,439		44
Europe		14,473		24		10,545		25		48,259		24
Rest of the World		6,448		11		1,906		5		15,030		8

		59,668				41,789				199,575

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

Notes to Audited Financial Statements:

1.		The above audited financial results were approved by the Board of Directors of the Company at its meeting held on July 18, 2008.

2.		Status of Redressal of Complaints received for the period from April 1, 2008 to June 30, 2008


			Opening		Complaints		Complaints
Sl.			Balance for the		received during		disposed during
No.		Nature of Complaints	Quarter		the quarter		the quarter		Unresolved

	1	Non-Receipt of Securities		—		3		3		—
	2	Non-Receipt of Annual Reports		—		10		10		—
	3	Correction / Revalidation of dividend warrants		—		86		86		—
	4	SEBI / Stock Exchange Complaints		—		0		0		—
	5	Non-Receipt of Dividend warrants		—		32		32		—

		Total		—		131		131		—

3.		The total revenues represent the aggregate segment revenue and includes all allocable other income and exchange differences which are reported in other income in the financial statements.

4.		In accordance with Accounting Standard 21 ‘Consolidated Financial Statements’ and Accounting Standard 23 ‘Accounting for Investments in Associates in Consolidated Financial Statements’ issued by the Institute of Chartered Accountants of India (ICAI), the condensed consolidated financial statements of Wipro Limited include the financial statements of all Subsidiaries of Wipro Limited which are more than 50% owned and controlled and Associates where the Company has significant influence.

5.		In December 2007, the ICAI issued Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement. Although AS 30 becomes recommendatory in respect of accounting periods commencing on or after April 1, 2009 and mandatory in respect of accounting periods commencing on or after April 1, 2011, in March 2008 the ICAI announced that the earlier adoption of AS 30 is encouraged.

		On April 1, 2008, the Company early adopted AS 30 and the limited revisions to other accounting standards which come into effect upon adoption of AS 30.

		AS 30 states that particular sections of other accounting standards; Accounting Standard (AS) 4, Contingencies and Events Occurring after Balance sheet Date, to the extent it deals with contingencies, Accounting Standard (AS) 11 (revised 2003), The Effects of Changes in Foreign Exchange Rates, to the extent it deals with the ‘forward exchange contracts’ and Accounting Standard (AS) 13, Accounting for Investments, except to the extent it relates to accounting for investment properties, would stand withdrawn from the date AS 30 becomes mandatory.

		Accordingly, the Company continues to comply with the guidance under these accounting standards; AS 4 – relating to Contingencies, AS 11 – relating to Forward Contracts and AS 13 until AS 30 becomes mandatory.

WIPRO LIMITED — CONSOLIDATED AUDITED
FINANCIAL STATEMENTS FOR THE QUARTER ENDED JUNE 30, 2008


		Rs. in Million

								Previous accounting
		3 months ended						year ended
		30 June 2008			30 June 2007			31 March 2008
	Particulars	Audited			Audited			Audited

1	Net Income from Sales/Services		59,811			42,033			200,195

2	Cost of Sales / Services
	a) (Increase)/Decrease in stock in trade and work in progress		(522	)		277			(403	)
	b) Consumption of raw materials		4,782			4,328			17,090
	c) Purchase of traded goods		6,322			2,692			19,576
	d) Other expenditure		29,721			21,420			99,016

3	Gross Profit (1–2)		19,508			13,316			64,916

4	General and Administrative expenses		3,181			2,018			10,602
5	Selling and Distribution expenses		4,525			2,829			13,971
6	Depreciation		1,578			1,176			5,358

7	Operating Profit before interest (3) – (4+5+6)		10,224			7,293			34,985

8	Interest expense		775			131			1,690
9	Exceptional Items		—			—			—

10	Operating Profit after interest and Exceptional Items (7–8–9)		9,449			7,162			33,295

11	Other investment income		1,060			999			3,775

12	Profit from Ordinary Activities before tax (10+11)		10,509			8,161			37,070

13	Tax Expense		1,526			1,005			4,550

14	Net Profit from Ordinary Activities after tax (12–13)		8,983			7,156			32,520

15	Minority Interest		(12	)		3			(24	)
16	Share in Earnings of Associates		107			97			333
17	Extraordinary items (net of tax expense)		—			—			—

18	Net Profit for the period (14+15+16–17)		9,078			7,256			32,829

19	Paid up equity share capital (Face value Rs. 2 per share)		2,924			2,918			2,923
20	Reserves excluding Revaluation Reserves (as per balance sheet) of previous accounting year								113,991

21	EARNINGS PER SHARE (EPS)
	Before extraordinary items (not annualised)
	Basic (in Rs.)		6.25			5.00			22.62
	Diluted (in Rs.)		6.21			4.98			22.51
	After extraordinary items (not annualised)
	Basic (in Rs.)		6.25			5.00			22.62
	Diluted (in Rs.)		6.21			4.98			22.51

22	Public shareholding*
	Number of shares		277,621,232			275,377,965			277,096,250
	Percentage of holding		18.99	%		18.87	%		18.96	%
	Details of expenditure
	Items exceeding 10% of total expenditure
	Employee Cost		25,173			18,088			82,726


*		Public shareholding as defined under clause 40A of the listing agreement (excludes shares beneficially held by promoters and holders of American Depository Receipt)

Notes (Continued) :

		Until March 31, 2008 the Company applied the recognition and measurement principles as set out in AS 30 in accounting for derivatives and hedge accounting. Changes in the fair values of derivative financial instruments designated as cash flow hedges were recognized directly in shareholders’ funds and reclassified into the profit and loss account upon the occurrence of the hedged transaction. The Company also designated derivative financial instruments as hedges of net investments in non-integral foreign operation. The portion of the changes in fair value of derivative financial instruments that was determined to be an effective hedge is recognised in the shareholders’ funds and was recognised in the profit and loss account upon sale or disposal of related non-integral foreign operation. Changes in fair value relating to the ineffective portion of the hedges and derivatives not designated as hedges were recognized in the profit and loss account as they arose.

		As the Company was applying the transitional principles of AS 30 in respect of its accounting for derivative financial instruments in relation to derivative and hedge accounting, the early adoption of AS 30 did not have a material impact on the Company.

		As permitted by AS 30 and the consequent limited revisions to other accounting standards; during the quarter ended June 30, 2008 the Company designated a yen-denominated foreign currency borrowing along with a floating-for-floating Cross-Currency Swap (CCS), as a hedging instrument to hedge its net investment in a non-integral foreign operation. Accordingly the translation loss on the foreign currency borrowings and portion of the changes in fair value of CCS which are determined to be effective hedge of net investment in non-integral foreign operations aggregating to Rs. 660 million is recognized in shareholders’ funds and would be transferred to profit and loss account upon sale or disposal or non-integral foreign operations.

		If the Company had continued to apply the provisions of AS 11 to the foreign currency borrowing and not considered it as hedge of net investment as permitted under AS 30 and the consequent limited revision to other accounting standards, the translation loss on the foreign currency borrowing would have been recorded in the profit and loss account. Consequently, the foreign currency borrowing combined with CCS would not have qualified for hedge accounting and therefore changes in fair value of CCS would also have been recorded in profit and loss account. As a result profit after tax for the quarter ended June 30, 2008 would have been lower by Rs. 660 million.

		Derivatives:

		As of June 30, 2008 the Company had derivative financial instruments to sell USD 2,639 Million, GBP 75 Million, EUR 18 Million and JPY 7,682 Million relating to highly probable forecasted transactions. As of March 31, 2008 the Company had derivative financial instruments to sell USD 2,497 Million, GBP 84 Million, EUR 24 Million and JPY 7,682 Million relating to highly probable forecasted transactions. As of June 30, 2008 the Company has recognised mark-to-market losses of Rs. 9,344 Million (2008: Rs. 1,097 Million) relating to derivative financial instruments that are designated as effective cash flow hedges in the shareholders’ funds.

		In addition, as of June 30, 2008 the Company had derivative financial instruments to sell USD 306 Million and EUR 65 Million designated as hedge of net investment in non-integral foreign operations. Further, the Company designated a yen-denominated foreign currency borrowing amounting to Yen 28 Billion along with a related floating-for-floating Cross-Currency Swap (CCS), as hedging instrument to hedge net investment in non-integral foreign operation. The Company has recognized mark-to-market losses of Rs 3,273 Million (2008: Rs.495 Million) relating to the above financial instruments that are designated as hedges of net investment in non-integral foreign operations in translation reserve in the shareholder’s funds.

		As of June 30, 2008 the Company had undesignated derivative financial instruments to sell USD 266 Million, GBP 55 Million and EUR 33 Million. As of March 31, 2008 the Company had undesignated derivative financial instruments to sell USD 414 Million, GBP 58 Million and EUR 39 Million. As of June 30, 2008 the Company has recognized mark-to-market gain/ (losses) on such derivative financial instruments through the profit and loss account.

6.		Employees covered under Stock Option Plans and Restricted Stock Unit (RSU) Option Plans are granted an option to purchase shares of the Company at the respective exercise prices, subject to requirements of vesting conditions. These options generally vest over a period of five years from the date of grant. Upon vesting, the employees can acquire one equity share for every option. The maximum contractual term for aforementioned stock option plans is generally 10 years.

		The stock compensation cost is computed under the intrinsic value method and amortised on a straight line basis over the total vesting period of five years. The Company has granted 8,311,634 Options under RSU Options Plan and 120,000 options under Stock Options Plan during the quarter ended June 30, 2008 For the quarter ended June 30, 2008 the Company has recorded stock compensation expense of Rs. 433 Million (2007: Rs.286 Million, 2008: Rs.1,166 Million).

		The Company has been advised by external counsel that the straight line amortization over the total vesting period complies with the SEBI Employee Stock Option Scheme Guidelines 1999, as amended. However, an alternative interpretation of the SEBI guidelines could result in amortization of the cost on an accelerated basis. If the Company were to amortize the cost on an accelerated basis, profit after taxation for the quarter ended June 30, 2007 and 2008 would have been lower by Rs.153 Million (2007: Rs.76 Million, 2008: Rs.231 Million).This would effectively increase/ decrease, as the case may be, the profit after taxation in later periods by similar amounts.

7.		The list of subsidiaries is included in the condensed consolidated financial statements of Wipro Limited and subsidiaries for the quarter ended June 30, 2008, which have been submitted to the stock exchanges and are available on the website of the company www.wipro.com and the stock exchanges.

8.		Pursuant to Clause 41 (VI) (b) (iii) of the Listing Agreement, we inform that we have published consolidated financial results for the quarter ended June 30, 2008. The stand-alone financial results of Wipro Limited for the quarter ended June 30, 2008 have been submitted to the stock exchanges and are available for perusal in our company website at www.wipro.com and in stock exchange’s website of both Mumbai Stock Exchange and National Stock Exchange of India Limited namely www.bseindia.com and www.nse-india.com


	By order of the board,
		Azim H Premji Chairman
Place: Bangalore
Date: July 18, 2008

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