EX-99.4 5 f54728exv99w4.htm EX-99.4
Item 4
Wipro Limited Results for the Quarter & Nine months ended December 31, 2009
WIPRO LIMITED — CONSOLIDATED AUDITED SEGMENT
REPORT FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2009
(Rs. in Million except share data)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Year ended |
|  | Quarter ended December 31, |  |  | Nine months ended December 31, |  |  | March 31, |
Particulars |  | 2009 |  |  | 2008 |  |  | Variance (%) |  |  | 2009 |  |  | 2008 |  |  | Variance (%) |  |  | 2009 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services |  |  | 51,636 |  |  |  | 50,792 |  |  |  | 2 | % |  |  | 149,841 |  |  |  | 142,338 |  |  |  | 5 | % |  |  | 191,661 |
IT Products |  |  | 10,016 |  |  |  | 8,369 |  |  |  | 20 | % |  |  | 29,451 |  |  |  | 25,854 |  |  |  | 14 | % |  |  | 34,552 |
Consumer Care and Lighting |  |  | 6,010 |  |  |  | 5,270 |  |  |  | 14 | % |  |  | 17,339 |  |  |  | 15,666 |  |  |  | 11 | % |  |  | 20,830 |
Others |  |  | 2,047 |  |  |  | 1,919 |  |  |  |  |  |  |  | 5,108 |  |  |  | 7,675 |  |  |  |  |  |  |  | 9,144 |
Eliminations |  |  | (47 | ) |  |  | (167 | ) |  |  |  |  |  |  | (167 | ) |  |  | (609 | ) |  |  |  |  |  |  | (745 | )
TOTAL |  |  | 69,662 |  |  |  | 66,183 |  |  |  | 5 | % |  |  | 201,572 |  |  |  | 190,924 |  |  |  | 6 | % |  |  | 255,442 |
Profit before Interest and Tax — PBIT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services |  |  | 12,273 |  |  |  | 10,449 |  |  |  | 17 | % |  |  | 34,920 |  |  |  | 29,594 |  |  |  | 18 | % |  |  | 40,323 |
IT Products |  |  | 579 |  |  |  | 431 |  |  |  | 34 | % |  |  | 1,491 |  |  |  | 1,109 |  |  |  | 34 | % |  |  | 1,481 |
Consumer Care and Lighting |  |  | 740 |  |  |  | 613 |  |  |  | 21 | % |  |  | 2,252 |  |  |  | 1,865 |  |  |  | 21 | % |  |  | 2,548 |
Others |  |  | 30 |  |  |  | (242 | ) |  |  |  |  |  |  | (419 | ) |  |  | (38 | ) |  |  |  |  |  |  | (348 | )
TOTAL |  |  | 13,622 |  |  |  | 11,251 |  |  |  | 21 | % |  |  | 38,244 |  |  |  | 32,530 |  |  |  | 18 | % |  |  | 44,004 |
Interest and Other Income, Net |  |  | 704 |  |  |  | 295 |  |  |  |  |  |  |  | 1,706 |  |  |  | 882 |  |  |  |  |  |  |  | 1,192 |
Profit Before Tax |  |  | 14,326 |  |  |  | 11,546 |  |  |  | 24 | % |  |  | 39,950 |  |  |  | 33,412 |  |  |  | 20 | % |  |  | 45,196 |
Income Tax expense including Fringe Benefit Tax |  |  | (2,291 | ) |  |  | (1,605 | ) |  |  |  |  |  |  | (6,238 | ) |  |  | (4,792 | ) |  |  |  |  |  |  | (6,460 | )
Profit before Share in earnings of associates and minority interest |  |  | 12,035 |  |  |  | 9,941 |  |  |  | 21 | % |  |  | 33,712 |  |  |  | 28,620 |  |  |  | 18 | % |  |  | 38,736 |
Share in earnings of associates |  |  | 170 |  |  |  | 114 |  |  |  |  |  |  |  | 376 |  |  |  | 327 |  |  |  |  |  |  |  | 362 |
Minority interest |  |  | (31 | ) |  |  | (16 | ) |  |  |  |  |  |  | (139 | ) |  |  | (50 | ) |  |  |  |  |  |  | (99 | )
PROFIT AFTER TAX |  |  | 12,174 |  |  |  | 10,039 |  |  |  | 21 | % |  |  | 33,949 |  |  |  | 28,897 |  |  |  | 17 | % |  |  | 38,999 |
EARNINGS PER SHARE — EPS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity shares of par value Rs. 2/- each |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic (in Rs.) |  |  | 8.35 |  |  |  | 6.90 |  |  |  |  |  |  |  | 23.30 |  |  |  | 19.87 |  |  |  |  |  |  |  | 26.81 |
Diluted (in Rs.) |  |  | 8.30 |  |  |  | 6.89 |  |  |  |  |  |  |  | 23.15 |  |  |  | 19.79 |  |  |  |  |  |  |  | 26.72 |
Operating Margin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services |  |  | 23.8 | % |  |  | 20.6 | % |  |  |  |  |  |  | 23.3 | % |  |  | 20.8 | % |  |  |  |  |  |  | 21.0 | %
IT Products |  |  | 5.8 | % |  |  | 5.1 | % |  |  |  |  |  |  | 5.1 | % |  |  | 4.3 | % |  |  |  |  |  |  | 4.3 | %
Consumer Care and Lighting |  |  | 12.3 | % |  |  | 11.6 | % |  |  |  |  |  |  | 13.0 | % |  |  | 11.9 | % |  |  |  |  |  |  | 12.2 | %
TOTAL |  |  | 19.6 | % |  |  | 17.0 | % |  |  |  |  |  |  | 19.0 | % |  |  | 17.0 | % |  |  |  |  |  |  | 17.2 | %
CAPITAL EMPLOYED AS AT PERIOD END |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services and Products |  |  | 113,603 |  |  |  | 95,102 |  |  |  |  |  |  |  | 113,603 |  |  |  | 95,102 |  |  |  |  |  |  |  | 114,448 |
Consumer Care and Lighting |  |  | 19,709 |  |  |  | 18,848 |  |  |  |  |  |  |  | 19,709 |  |  |  | 18,848 |  |  |  |  |  |  |  | 18,689 |
Others |  |  | 100,671 |  |  |  | 67,734 |  |  |  |  |  |  |  | 100,671 |  |  |  | 67,734 |  |  |  |  |  |  |  | 60,292 |
TOTAL |  |  | 233,983 |  |  |  | 181,684 |  |  |  |  |  |  |  | 233,983 |  |  |  | 181,684 |  |  |  |  |  |  |  | 193,429 |
CAPITAL EMPLOYED COMPOSITION AS AT PERIOD END |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services and Products |  |  | 49 | % |  |  | 52 | % |  |  |  |  |  |  | 49 | % |  |  | 52 | % |  |  |  |  |  |  | 59 | %
Consumer Care and Lighting |  |  | 8 | % |  |  | 10 | % |  |  |  |  |  |  | 8 | % |  |  | 10 | % |  |  |  |  |  |  | 10 | %
Others |  |  | 43 | % |  |  | 38 | % |  |  |  |  |  |  | 43 | % |  |  | 38 | % |  |  |  |  |  |  | 31 | %
TOTAL |  |  | 100 | % |  |  | 100 | % |  |  |  |  |  |  | 100 | % |  |  | 100 | % |  |  |  |  |  |  | 100 | %
RETURN ON AVERAGE CAPITAL EMPLOYED DURING THE PERIOD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services and Products |  |  | 46 | % |  |  | 46 | % |  |  |  |  |  |  | 43 | % |  |  | 43 | % |  |  |  |  |  |  | 40 | %
Consumer Care and Lighting |  |  | 16 | % |  |  | 13 | % |  |  |  |  |  |  | 16 | % |  |  | 14 | % |  |  |  |  |  |  | 14 | %
TOTAL |  |  | 25 | % |  |  | 25 | % |  |  |  |  |  |  | 24 | % |  |  | 25 | % |  |  |  |  |  |  | 25 | %

Notes to Segment Report:

a) |  | The segment report of Wipro Limited and its consolidated subsidiaries and associates has been prepared in accordance with the AS 17 “Segment Reporting” issued pursuant to the Companies (Accounting Standard) Rules, 2006 and by The Institute of Chartered Accountants of India.
b) |  | Capital employed of segments is net of current liabilities. The net current liability of segments is as follows :

(Rs in Million)

|  | As of December 31, |  | Year ended March 31,
Particulars |  | 2009 |  | 2008 |  | 2009
IT Services and Products |  | 50,940 |  | 58,156 |  | 58,635
Consumer Care and Lighting |  | 4,974 |  | 4,421 |  | 4,026
Others |  | 19,588 |  | 17,264 |  | 22,494
TOTAL |  | 75,502 |  | 79,841 |  | 85,155

c) |  | 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 December 31 |  |  |  | Nine months ended December 31 |  |  |  | As of March 31, |
Particulars |  | 2009 |  | % |  | 2008 |  | % |  | 2009 |  | % |  | 2008 |  | % |  | 2009 |  | % |
India |  | 15,446 |  | 22 |  | 13,335 |  | 20 |  | 45,389 |  | 23 |  | 41,247 |  | 22 |  | 54,608 |  |  | 21 |
United States of America |  | 29,879 |  | 43 |  | 30,752 |  | 46 |  | 89,190 |  | 44 |  | 85,052 |  | 45 |  | 115,105 |  |  | 45 |
Europe |  | 14,543 |  | 21 |  | 14,663 |  | 23 |  | 41,578 |  | 21 |  | 43,776 |  | 23 |  | 57,109 |  |  | 22 |
Rest of the world |  | 9,794 |  | 14 |  | 7,433 |  | 11 |  | 25,415 |  | 12 |  | 20,849 |  | 10 |  | 28,620 |  |  | 12 |
Total |  | 69,662 |  | 100 |  | 66,183 |  | 100 |  | 201,572 |  | 100 |  | 190,924 |  | 100 |  | 255,442 |  |  | 100 |

d) For the purpose of reporting, business segments are considered as primary segments and geographic segments are considered as secondary segments.
e) Corresponding figures for previous period have been regrouped, where necessary, to confirm to the current period classification.
Notes to Audited Financial Statements:

1. |  | The above audited consolidated interim financial results were approved by the Board of Directors of the Company at its meeting held on January 20, 2010.

2.
Status of redressal of Complaints received for the period October 1, 2009 to December 31, 2009

|  |  |  |  |  | Opening balance |  | Complaints received |  | Complaints disposed |  |
Sl. No. |  | Nature of the complaint |  | Nature |  | 01.10.2009 |  | during the quarter |  | during the quarter |  | Unresolved
1 |  | Non-Receipt of Securities |  | Complaint |  | — |  | 1 |  | 1 |  | —
2 |  | Non Receipt of Annual Reports |  | Complaint |  | — |  | 7 |  | 7 |  | —
3 |  | Correction / Duplicate/ Revalidation of dividend warrants |  | Request |  | — |  | 116 |  | 116 |  | —
4 |  | SEBI/Stock Exchange Complaints |  | Complaint |  | — |  | 1 |  | 1 |  | —
5 |  | Non Receipt of Dividend warrants |  | Complaint |  | — |  | 76 |  | 76 |  | —
6 |  | Financial confirmation statement of ADS holdings |  | Query |  | — |  | 1 |  | 1 |  | —
7 |  | Others |  | Request |  | 5 |  | 1 |  | 5 |  | 1
|  | TOTAL |  |  |  | 5 |  | 203 |  | 207 |  | 1

Note: |  | There are certain pending cases relating to disputes over title to shares in which the company has been made a party. However these cases are not material in nature.

3. |  | The above consolidated interim financial results have been prepared from the audited condensed consolidated interim financial statements for the quarter and nine months ended December 31, 2009. The financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments, which are measured on a fair value basis. GAAP comprises Accounting Standards (AS), issued by the Institute of Chartered Accountants of India (ICAI) and other generally accepted accounting principles in India.
|  | The condensed consolidated interim financial statements have been prepared in accordance with the recognition, measurement and disclosure provisions of AS 25, Interim Financial Reporting, issued pursuant to the Companies (Accounting Standards) Rules, 2006 and by the ICAI. These financial statements should be read in conjunction with the consolidated annual financial statements of the Company for the year ended March 31, 2009.

WIPRO LIMITED — CONSOLIDATED
AUDITED FINANCIAL STATEMENTS FOR THE QUARTER
AND NINE MONTHS ENDED DECEMBER 31, 2009
(Rs. in Million except
share data)

|  |  |  | Quarter ended December 31, |  |  | Nine Months ended December 31, |  |  | Year ended March 31, |
|  | Particulars |  | 2009 |  |  | 2008 |  |  | 2009 |  |  | 2008 |  |  | 2009 |
|  |  |  | Audited |  | Audited |  | Audited |  | Audited |  | Audited
1 |  | Net Income from Sales / Services |  |  | 69,634 |  |  |  | 66,343 |  |  |  | 201,928 |  |  |  | 191,351 |  |  |  | 256,171 |
2 |  | Cost of Sales / Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | a) (Increase)/Decrease in stock in trade and work |  |  | (825 | ) |  |  | 315 |  |  |  | 72 |  |  |  | (747 | ) |  |  | (943 | )
|  | in progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | b) Consumption of raw materials |  |  | 2,377 |  |  |  | 3,287 |  |  |  | 8,740 |  |  |  | 10,103 |  |  |  | 12,386 |
|  | c) Purchase of traded goods |  |  | 11,495 |  |  |  | 7,335 |  |  |  | 28,838 |  |  |  | 25,195 |  |  |  | 34,327 |
|  | d) Other expenditure |  |  | 32,626 |  |  |  | 33,690 |  |  |  | 95,250 |  |  |  | 95,033 |  |  |  | 127,108 |
3 |  | Gross Profit (1-2) |  |  | 23,961 |  |  |  | 21,716 |  |  |  | 69,028 |  |  |  | 61,767 |  |  |  | 83,292 |
4 |  | General and Administrative expenses |  |  | 3,520 |  |  |  | 4,309 |  |  |  | 11,282 |  |  |  | 11,070 |  |  |  | 14,746 |
5 |  | Selling and Distribution expenses |  |  | 4,897 |  |  |  | 4,405 |  |  |  | 13,763 |  |  |  | 13,172 |  |  |  | 17,531 |
6 |  | Depreciation |  |  | 1,923 |  |  |  | 1,753 |  |  |  | 5,737 |  |  |  | 4,993 |  |  |  | 6,864 |
7 |  | Operating Profit before interest (3) - (4+5+6) |  |  | 13,621 |  |  |  | 11,249 |  |  |  | 38,246 |  |  |  | 32,532 |  |  |  | 44,151 |
8 |  | Interest expense |  |  | 219 |  |  |  | 1,090 |  |  |  | 1,387 |  |  |  | 3,016 |  |  |  | 3,865 |
9 |  | Exceptional Items |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
10 |  | Operating Profit after interest and Exceptional Items (7-8-9) |  |  | 13,402 |  |  |  | 10,159 |  |  |  | 36,859 |  |  |  | 29,516 |  |  |  | 40,286 |
11 |  | Other Investment income |  |  | 924 |  |  |  | 1,387 |  |  |  | 3,091 |  |  |  | 3,897 |  |  |  | 4,910 |
12 |  | Profit from Ordinary Activities before tax (10+11) |  |  | 14,326 |  |  |  | 11,546 |  |  |  | 39,950 |  |  |  | 33,413 |  |  |  | 45,196 |
13 |  | Tax Expense (Including Fringe Benefits Tax) |  |  | 2,291 |  |  |  | 1,605 |  |  |  | 6,238 |  |  |  | 4,792 |  |  |  | 6,460 |
14 |  | Net Profit from Ordinary Activities after tax (12-13) |  |  | 12,035 |  |  |  | 9,941 |  |  |  | 33,712 |  |  |  | 28,621 |  |  |  | 38,736 |
15 |  | Minority Interest |  |  | (31 | ) |  |  | (16 | ) |  |  | (139 | ) |  |  | (50 | ) |  |  | (99 | )
16 |  | Share in Earnings of Associates |  |  | 170 |  |  |  | 114 |  |  |  | 376 |  |  |  | 327 |  |  |  | 362 |
17 |  | Extraordinary items (net of tax expense) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
18 |  | Net Profit for the period (14+15+16-17) |  |  | 12,174 |  |  |  | 10,039 |  |  |  | 33,949 |  |  |  | 28,898 |  |  |  | 38,999 |
19 |  | Paid up equity share capital (Face value Rs. 2 per share) |  |  | 2,933 |  |  |  | 2,927 |  |  |  | 2,933 |  |  |  | 2,927 |  |  |  | 2,928 |
20 |  | Reserves excluding Revaluation Reserves (as per balance sheet) of previous accounting year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 133,356 |
21 |  | EARNINGS PER SHARE (EPS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Before extraordinary items (not annualised) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Basic (in Rs.) |  |  | 8.35 |  |  |  | 6.90 |  |  |  | 23.30 |  |  |  | 19.87 |  |  |  | 26.81 |
|  | Diluted (in Rs.) |  |  | 8.30 |  |  |  | 6.89 |  |  |  | 23.15 |  |  |  | 19.79 |  |  |  | 26.72 |
|  | After extraordinary items (not annualised) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Basic (in Rs.) |  |  | 8.35 |  |  |  | 6.90 |  |  |  | 23.30 |  |  |  | 19.87 |  |  |  | 26.81 |
|  | Diluted (in Rs.) |  |  | 8.30 |  |  |  | 6.89 |  |  |  | 23.15 |  |  |  | 19.79 |  |  |  | 26.72 |
22 |  | Public shareholding* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Number of shares |  |  | 275,058,920 |  |  |  | 270,633,754 |  |  |  | 275,058,920 |  |  |  | 270,633,754 |  |  |  | 271,856,435 |
|  | Percentage of holding |  |  | 18.74 | % |  |  | 18.49 | % |  |  | 18.74 | % |  |  | 18.49 | % |  |  | 18.56 | %
23 |  | Promoters and promoter group shareholding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | a) Pledged/Encumbered |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | - Number of shares |  | Nil |  | Nil |  | Nil |  | Nil |  | Nil
|  | - Percentage of shares (as a % of the total shareholding of promoter and promoter group) |  | Nil |  | Nil |  | Nil |  | Nil |  | Nil
|  | - Percentage of shares (as a % of the total share capital of the company) |  | Nil |  | Nil |  | Nil |  | Nil |  | Nil
|  | b) Non-encumbered |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | - Number of shares |  |  | 1,168,382,260 | ** |  |  | 1,169,432,260 | ** |  |  | 1,168,382,260 | ** |  |  | 1,169,432,260 | ** |  |  | 1,169,432,260 | **
|  | - Percentage of shares (as a % of the total shareholding of promoter and promoter group) |  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
|  | - Percentage of shares (as a % of the total share capital of the company) |  |  | 79.61 | % |  |  | 79.89 | % |  |  | 79.61 | % |  |  | 79.89 | % |  |  | 79.83 | %
|  | Details of expenditure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Items exceeding 10% of total expenditure Employee Cost |  |  | 25,772 |  |  |  | 28,012 |  |  |  | 79,403 |  |  |  | 79,360 |  |  |  | 107,065 |

* |  | Public shareholding as defined under clause 40A of the listing agreement (excludes shares beneficially held by promoters and holders of American Depository Receipt)
** |  | Includes 7,316,000 (December 31, 2008 and March 31, 2009: 8,316,000) equity shares on which Promoter does not have beneficiary interest.

Notes to Audited Financial Statements (Continued):

|  | The accounting policies followed in preparation of the financial statements are consistent with those followed in the preparation of the consolidated annual financial statements of the Company for the year ended March 31, 2009.

4. 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 condensed consolidated interim financial statements. The exchange difference on foreign currency borrowings is included in interest expense.

5. |  | In accordance with AS 21 ‘Consolidated interim financial Statements’ and AS 23 ‘Accounting for Investments in Associates in Consolidated interim financial Statements’ issued by ICAI, the condensed consolidated interim 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.

6. |  | The Company has 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; AS 4, Contingencies and Events Occurring after Balance sheet Date, to the extent it deals with contingencies, AS 11 (revised 2003), The Effects of Changes in Foreign Exchange Rates, to the extent it deals with the ‘forward exchange contracts’ and AS 13, Accounting for Investments, except to the extent it relates to accounting for investment properties, would stand withdrawn only from the date AS 30 becomes mandatory (April 1, 2011 for the Company). 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 — relating to Investments until AS 30 becomes mandatory.

i) |  | As permitted by AS 30 and the consequent limited revisions to other accounting standards, the Company has designated a yen-denominated foreign currency borrowing amounting to JPY 25 Billion along with a floating for floating Cross-Currency Interest Rate Swap (CCIRS), as a hedging instrument to hedge its net investment in a non-integral foreign operation. In addition, the Company has also designated yen-denominated foreign currency borrowing amounting to JPY 8 Billion along with floating for fixed CCIRS as cash flow hedge of the yen- denominated borrowing and also as a hedge of net investment in a non-integral foreign operation.

ii) |  | Accordingly, the translation gain/ (loss) on the foreign currency borrowings and portion of the changes in fair value of CCIRS which are determined to be effective hedge of net investment in non-integral operation and cash flow hedge of yen-denominated borrowings aggregating to Rs 326 Million and Rs. 1,438 Million for the quarter and nine months ended December 31, 2009 respectively (quarter and nine months ended December 31, 2008: Rs. (677) Million and Rs. (2,493) Million respectively, March 31, 2009: Rs (3,044) Million) was recognised in translation reserve / hedging reserve in shareholders’ funds. The amount of gain/ (loss) of Rs 325 Million and Rs 1,396 Million for the quarter and nine months ended December 31, 2009 respectively (quarter and nine months ended December 31, 2008: Rs. (503) Million and Rs. (2,319) Million respectively, March 31, 2009: Rs (3,017) Million) recognised in translation reserve would be transferred to profit and loss account upon sale or disposal of non-integral foreign operations and the amount of gain / (loss) of Rs 1 Million and Rs 42 Million for the quarter and nine months ended December 31, 2009 respectively, (quarter and nine months ended December 31, 2008: Rs. (174) Million and Rs. (174) Million respectively, March 31, 2009: Rs (27) Million) recognised in the hedging reserve would be transferred to profit and loss upon occurrence of the hedged transaction. iii) In accordance with AS 11, if the Company had continued to recognize translation (losses)/ gains on foreign currency borrowing in the profit and loss account, the foreign currency borrowing would not have been eligible to be combined with CCIRS for hedge accounting. Consequently, the CCIRS also would not have qualified for hedge accounting and changes in fair value of CCIRS would have been recognised in the profit and loss account. As a result profit after tax would have been higher/ (lower) by Rs 326 Million and Rs 1,438 Million for the quarter and nine months ended December 31, 2009 respectively (quarter and nine months ended December 31, 2008: Rs. (677) Million and Rs. (2,493) Million respectively, March 31, 2009: Rs (3,044) Million).

7. |  | In December 2009, the Company has entered into a sale and purchase agreement with Lornamead Group Limited to acquire the entire share capital of Lornamead FZE (an entity incorporated in Dubai) and Lornamead Personal Care Private Limited (an entity incorporated in India)for a upfront consideration of Rs. 1,764 Million. The Company has also paid Rs. 348 Million for acquisition of Yardley Trademark, which has been recorded as an intangible assets. Yardley is a strong heritage global brand established since 1770 in the personal care category with fragrance products, bath & shower products and skin care. This acquisition adds to the Company’s strong brand portfolio of personal care products and would increase its presence in the Middle East and other Asian markets. The Company has recorded a goodwill of Rs. 1,625 Million in respect of this acquisition.

8. |  | The list of subsidiaries is included in the condensed consolidated financial statements of Wipro Limited and subsidiaries for the quarter ended December 31, 2009, which are available on our company website www.wipro.com.

9. |  | Pursuant to Clause 41 (VI) (b) (iii) of the Listing Agreement, we inform that we have published consolidated financial results for the quarter ended December 31, 2009. The stand—alone financial results of Wipro Limited for the quarter ended December 31, 2009 and for the period April 1, 2009 to December 31, 2009 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.nseindia.com

10. |  | Corresponding figures for previous periods presented have been regrouped, where necessary, to confirm to the current period classification.

Place: Bangalore Date: January 20, 2010 Chairman |  | By order of the board Azim H Premji |  | WIPRO LIMITED Regd. Office: Doddakannelli, Sarjapur Road, Bangalore — 560 035. www.wipro.com