Wipro Records 43% Growth in Total Revenue

Revenues from IT Services - $ 1067 million

Results for the quarter ended June 30, 2008 under US GAAP
BANGALORE, India & EAST BRUNSWICK, N.J.--(Business Wire)--
Wipro Limited (NYSE:WIT) today announced financial results under
US GAAP for its first fiscal quarter ended June 30, 2008.

Highlights of the Results:

-- Total Revenues were Rs. 59.62 billion ($1.39 billion(1)),
representing an increase of 43% over the same period last
year.

-- Net Income was Rs. 8.14 billion ($190 million(1)) on a GAAP
basis, representing an increase of 15% over the same period
last year.

-- Non-GAAP Adjusted Net income (excluding impact of currency
translation on foreign currency loan, related cross currency
swap and India fringe benefit tax) was Rs. 8.85 billion ($206
million(1)), representing an increase of 25% over the same
period last year.

-- IT Services Revenues were Rs. 43.93 billion ($1023
million(1)), representing an increase of 40% over the same
period last year.

-- IT Services Earnings Before Interest and Tax (EBIT) was Rs.
8.82 billion ($205 million(1)), representing an increase of
35% over the same period last year.

-- IT Services added 31 new clients in the quarter.

-- IT Products recorded a 53% growth in Revenues over the same
period last year.

-- Consumer Care and Lighting Revenue grew 114% over the same
period last year and EBIT grew 98%.

Performance for the Quarter ended June 30, 2008 and Outlook for
our Quarter ending September 30, 2008

Azim Premji, Chairman of Wipro, commenting on the results said -

"We have had another satisfying quarter. Revenues from our IT
Services were $1,067 million for the quarter, ahead of our guidance of
$1,060 million. In the backdrop of significant economic uncertainty,
our Financial Services and Retail businesses demonstrated their
resilience. We had strong growth in our differentiated Service lines
like Testing, TIS and BPO. Our strategy of focusing on MEGA/GAMA
accounts is delivering results with top customers growing ahead of
company average. We improved on several of operational parameters
during the quarter.

Given the environment, we remain cautious in the near-term.
Looking ahead, for the quarter ending September 2008, we expect our
Revenue from our IT Services business to be approximately $1089
million."

Suresh Senapaty, Chief Financial Officer of Wipro, said -

"During the quarter ended June 2008, we were able to sustain
margins in spite of Restricted Stock Units grants. Rate Realization
and Utilization improved sequentially by 300 basis points and 50 basis
points respectively. We have won 7 multi-year multi-million dollar
deals and added 31 new customers during the quarter. We added another
customer to our $100 million customer list."

Wipro Limited

Total Revenue for our quarter ended June 30, 2008 was Rs. 59.62
billion ($1.39 billion(1)), representing an increase of 43% over the
same period last year. Net Income for our quarter ended June 30, 2008
on GAAP basis was Rs.8.14 billion ($190 million(1)), representing an
increase of 15% over the same period last year. Net Income for our
quarter ended June 30, 2008 on an Adjusted Non-GAAP basis (excluding
impact of currency translation on foreign currency loan, related cross
currency swap and India fringe benefit tax) was Rs. 8.85 billion ($206
million(1)), representing an increase of 25% over the same period last
year. Earnings per Share on the GAAP basis for our quarter ended June
30, 2008 were Rs. 5.60 ($0.13(1)), representing an increase of 14%
over the same period last year. Non-GAAP Adjusted Earnings (excluding
impact of currency translation on foreign currency loan, related cross
currency swap and India fringe benefit tax) per Share for our quarter
ended June 30, 2008 were Rs. 6.1 ($0.14(1)), representing an increase
of 24% over the same period last year.

Reconciliation between GAAP net income and non-GAAP adjusted net
income (excluding impact of currency translation on foreign currency
loan, related cross currency swap and India fringe benefit tax) is
provided on Page 8.

IT Services (74% of Total Revenue and 90% of Operating Income for
our quarter ended June 30, 2008)

Our IT Services business segment recorded Revenue of Rs. 43.93
billion(2) ($1023 million(1)) for our quarter ended June 30, 2008,
representing an increase of 40% over the same period last year. EBIT
for this segment was Rs. 8.82 billion ($205 million(1)) for our
quarter ended June 30, 2008, representing an increase of 35% over the
same period last year.

Our Operating Income to Revenue for this segment was 20.1% for our
quarter ended June 30, 2008.

We had 95,675 employees as of June 30, 2008, which includes 74,838
employees in our IT business unit and 20,837 employees in our BPO
business unit.

Our IT Services business added 31 new clients during the quarter,
of which 4 were Global 500 / Fortune 1000 companies.

Wipro is helping a Large European Energy Equipment Manufacturer in
their next generation application management initiative. This
engagement will cover business solutions supporting the North American
division of the customer, including Manufacturing, Sales and Services,
Finance and Control, Product management and Marketing. As part of the
engagement, Wipro will provide the customer with real-time information
on the performance and health of the IT application platform and
improve the overall operational efficiency.

A Worldwide leader in the manufacture of high-quality audio and
electronic products chose Wipro for providing end to end management of
its IT Infrastructure across Americas, Europe and Asia Pacific. This
multi million dollar engagement spans 7 years.

Wipro was chosen as the Key strategic partner by a Global Apparel
& Footwear manufacturer for a wide spread of their application
landscape. Some of them involve holistic support for their critical
global systems in the B2B space, Sales order capture, all supporting
transactions and its associated reporting needs, which form a part of
the customer's strategic visioning and internal development of their
robust sales systems.

A Global integrated Steel major has engaged Wipro as the system
integration partner for transforming its core manufacturing execution
business solution. Wipro will program manage this initiative to
implement consolidated and simplified business processes targeted
towards inventory reduction. The program will entail redesign of the
shop floor process including Planning & Scheduling and Production
Execution along with IT application rationalization.

Wipro is designing and deploying a solution to enable supply chain
visibility for a large automotive Original Equipment Manufacturer
(OEM). This solution is designed to bring in a unified global process
for tracking vehicles once they leave the factory on intercontinental
transport till they reach the dealers. These applications are scalable
for the future growing needs of the OEM and planned to be deployed
across geographies.

In the transportation Industry group, Wipro won a large deal from
one of the leading Mail & Express company in Europe. This is a
multi-million dollar 5 year deal consisting of SAP Finance and
Procurement Support , SAP HR Rollout & Support and SAP FSCM
implementation Rollout.

Wipro is also providing Global Support for SAP applications for a
Leading Alcoholic Beverages company deploying the Flexible Delivery
Model. This has enabled faster ramp up and ramp down as per business
demand, wider shift coverage, better service levels, and higher
productivity gain for the customer at an optimized cost.

Wipro Arabia won a large multi-million dollar turnkey IT Solutions
and Infrastructure Services project from a leading Govt. owned
technology institute based in the Middle East. Other key wins in the
Indian market for the quarter include a 10 year Total Outsourcing
Contract with a large realty company, a comprehensive SAP
implementation suite at a large public sector enterprise, an
end-to-end Data Warehousing Implementation at a large PSU Bank and
Infrastructure Integration & Management contracts from a large Retail
chain.

Applied Innovation

As a part of its effort for continuous Innovation in delivery,
Wipro has invested in outcome based models and we are seeing increased
customer interest. This result based model has inherent benefits like
improvement in service levels and end-user experience. FlexDelivery is
one such model for managing enterprise applications and we now have
six clients using this model out which three were added in the last
quarter.

We launched Cigma (Center for Integrated Global Management of
Applications), offering a 360 degree Services capability for managing
the application landscape of an enterprise spread across the globe.
This service offers the unique capability of providing an outcome
based model based on SLA's (service level agreements) as well as BLA's
(business level agreements) to customers. Cigma is currently made
available to clients in the manufacturing space.

Taking the message of Applied Innovation further, Wipro pioneered
Innovative Green practices to hold a global carbon neutral
event-"Mandala". Mandala is a global customer forum where Wipro's
customers, thought leaders and senior management meet to debate,
exchange ideas and share best practices in key areas that will shape
the future of the global industry. Wipro also announced its membership
in The Green Grid, a global consortium dedicated to advancing energy
efficiency in data centers and business computing ecosystems.

Awards and Recognition:

Wipro won the SAP Pinnacle Award for thought leadership around
enterprise SOA. This global award recognizes partners who make
exemplary contribution to SAP's ecosystem.

This quarter, Wipro was also recognized by Emerson Rosemount as
top IT partner for Continuous Improvement in the areas of Quality,
Speed, Flexibility, Service, Technology, and Cost. Wipro is the only
IT Services Company till date that has been recognized by Emerson.

Wipro was awarded the Top Network Integrator award for the fourth
consecutive year by Voice and Data, and was also ranked as the best
APAC partner by Netapp.

Wipro was won the Partner of the year award from IBM and the
Fastest growing Solution Partner award for Asia Pacific from
Packeteer.

IT Products (12% of Total Revenue and 3% of Operating Income for
our quarter ended June 30, 2008)

Our IT Products business segment recorded Revenue of Rs. 6.96
billion ($162 million(1)) for our quarter ended June 30, 2008,
representing an increase of 53% over the same period last year. EBIT
for this segment was Rs. 305 million ($7.1 million(1)) for our quarter
ended June 30, 2008.

Our Operating Income to Revenue for this segment was 4.4% for our
quarter ended June 30, 2008.

Return on Capital Employed (ROCE) for our IT services and Products
segment was 37% for our quarter ended June 30, 2008, compared to 44%
for the same period last year.

Consumer Care and Lighting (8% of Total Revenue and 6% of
Operating Income for our quarter ended June 30, 2008)

Our Consumer Care and Lighting business segment recorded Revenue
of Rs. 4.75 billion ($111 million(1)) for our quarter ended June 30,
2008, representing an increase of 114% over the same period last year.
EBIT for this segment was Rs. 605 million ($14 million(1)) for our
quarter ended June 30, 2008, representing an increase of 98% over the
same period last year.

Our Operating Income to Revenue for this segment was 12.7% for our
quarter ended June 30, 2008. ROCE for this segment was 13% for our
quarter ended June 30, 2008, compared to 40% for the same period last
year.

On April 18, 2008, the Company announced changes to the management
structure of IT Business and appointed Joint CEO's to head the IT
business. Consequent to this re -organization, the Company identified
IT Services and IT Products as the reportable segments relating to the
IT businesses. 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 new reportable segments.

About Non-GAAP financial measures

The Company provides Non-GAAP adjusted net income (excluding
impact of currency translation on foreign currency loan, related cross
currency swap and India fringe benefit tax) to supplement reported
GAAP results. Non-GAAP adjusted net income excludes the impact of
translating specific foreign currency borrowing, the impact of
periodic fair value measurement of related cross currency swaps used
in combination for hedging net investments in foreign operations and
stock-based fringe benefit tax expense paid in India.

The Company believes that the presentation of this non-GAAP
adjusted net income (excluding impact of currency translation on
foreign currency loan, related cross currency swap and India fringe
benefit tax), when shown in conjunction with the corresponding GAAP
measures, provides useful information to investors and management
regarding financial and business trends relating to its results of
operations. The Company believes that foreign currency borrowing and
its swaps are in substance economic hedges of net investment, though
for GAAP reporting the impact of translation and fair value
measurements are recorded in the Income statement. In addition, our
stock-based fringe benefit tax expense is fully reimbursed by our
employees, but for GAAP reporting, the reimbursement is recorded in
stockholders' equity. Therefore, making available an adjusted net
income number that excludes the impact of these items from net income
we believe provides useful supplemental information to both management
and investors about our financial and business trends.

For our internal budgeting process, our management uses financial
statements that do not include impact of periodic translation of
specific foreign currency borrowing, fair value re-measurement of
cross currency swaps and stock-based fringe benefit tax expense. The
management of the Company also uses non-GAAP adjusted net income, in
addition to the corresponding GAAP measures, in reviewing our
financial results.

A material limitation associated with the use of non-GAAP net
income as compared to the GAAP measures of net income is that it does
not include costs which are recurring in nature and may not be
comparable with the calculation of net income for other companies in
our industry. The Company compensates for these limitations by
providing full disclosure of the effects of non-GAAP measures, by
presenting the corresponding GAAP financial measure in this release
and in the Company's financial statements and by providing a
reconciliation to the corresponding GAAP measure.

Our results for the quarter ended June 30, 2008, computed under
Indian GAAP and US GAAP, along with our individual business segment
reports, are available in the Investor Relations section of our
website at www.wipro.com.

Quarterly Conference Calls

We will hold conference calls today at 11:45 a.m. Indian Standard
Time (2:15 a.m. US Eastern Time) and at 5:45 p.m. Indian Standard Time
(8:15 a.m. US Eastern Time) to discuss our 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 and
answer session will be available online and will be accessible in the
Investor Relations section of our website at www.wipro.com.

About Wipro Limited

Wipro provides 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. Wipro
Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT
Services company globally. Wipro's IT Services business was assessed
at Level 5 for CMMI V 1.2 across Offshore and Onsite development
centers.

In the Indian market, Wipro is a leader in providing IT solutions
and services for the corporate segment in India offering system
integration, network integration, software solutions and IT services.
Wipro also has a profitable presence in niche market segments of
infrastructure engineering, and consumer products & lighting. In the
Asia Pacific and Middle East markets, Wipro provides IT solutions and
services for global corporations.

Wipro's ADS are listed on the New York Stock Exchange, and our
equity shares are listed in India on the Stock Exchange - Mumbai, and
the National Stock Exchange. For more information, please visit our
websites at www.wipro.com, www.wiprocorporate.com and www.wipro.in

Forward-looking and Cautionary Statements

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 our
earnings, revenue and profits, our ability to generate and manage
growth, intense competition in IT services, our ability to maintain
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
business and 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 www.sec.gov. We may, from time to time, make additional
written and oral forward-looking statements, including statements
contained in the company'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.

(1)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 June 30, 2008, for cable
transfers in Indian rupees, as certified by the Federal Reserve Bank
of New York, which was US $1=Rs.42.93. However, the realized exchange
rate in our IT Services business segment for the quarter ended June
30, 2008 was US$1=Rs. 41.16.

(2) IT Services business segment Revenue was Rs. 44.04 billion for
the quarter ended June 30, 2008 under the Indian GAAP. The difference
of Rs. 112 million ($2.6 million(1)) is primarily attributable to
differences in accounting standards under Indian GAAP and US GAAP.

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*T
WIPRO LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(in millions, except share data)

As of June 30,
---------------------------------------
2007 2008 2008
---------------------------------------
Convenience
translation
into US$
------------------------ --------------
ASSETS NOTE (unaudited) (unaudited) (unaudited)
------------------------ --------------

Current assets:
Cash and cash Rs.
equivalents 18,020 18,348$ 427
Restricted cash - - -
Investments in
liquid and short-
term mutual funds 25,630 46,150 1,075
Accounts receivable,
net of allowances 27,911 41,428 965
Unbilled Revenue 6,090 11,648 271
Inventories 4,426 8,392 195
Deferred income
taxes 428 1,102 26
Other current assets 11,991 20,475 477
------------------------ --------------
Total current
assets 94,496 147,543 3,437
Property, plant and
equipment, net 28,083 42,743 996
Investments in
affiliates 1,295 1,451 34
Investments
securities 357 356 8
Deferred income
taxes 63 336 8
Intangible assets,
net 2,495 12,370 288
Goodwill 12,348 41,545 968
Other assets 3,050 3,148 73
------------------------ --------------
Total assets Rs. 142,187 249,491$ 5,812
======================== ==============

LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities
Borrowings from Rs.
banks and foreign
state instituitions 730 34,474$ 803
Current portion of
long-term debt 436 355 8
Current portion of
obligations under
capital leases - 337 8
Accounts payable 9,363 15,184 354
Accrued expenses 4,735 9,952 232
Accrued employee
costs 5,368 5,193 121
Advances from
customers 1,431 2,514 59
Unearned Revenue 1,209 4,626 108
Other current
liabilities 7,438 22,310 520
------------------------ --------------
Total current
liabilities 30,710 94,945 2,212
Long-term debt,
excluding current
portion 286 14,743 343
Obligations under
capital leases,
excluding current
portion - 685 16
Deferred income
taxes 593 1,749 41
Other liabilities 1,991 5,559 129
------------------------ --------------
Total
Liabilities 33,580 117,681 2,741
------------------------ --------------

Minority interest 54 132 3
Stockholders'
equity:
Equity shares at Rs.
2 par value:
1,650,000,000
shares authorized;
Issued and
outstanding:
1,461,453,320,
1,459,113,115
and
1,462,008,502
shares
as of March 31,
2008, June 30, 2007
and 2008 2,918 2,924 68
Additonal paid-in
capital 24,860 26,904 627
Accumulated other
comprehensive
income (277) (7,355) (171)
Retained earnings 81,052 109,205 2,544
Equity Shares held
by a controlled
Trust: - - -
7,961,760,7,961,760
and 7,961,760
shares as of March
31, 2008, June 30,
2007 and 2008
------------------------ --------------
Total
stockholders's
equity 108,553 131,678 3,067
------------------------ --------------

------------------------ --------------
Total Rs.
liabilities and
Stockholder's
equity 142,187 249,491$ 5,812
======================== ==============

WIPRO LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(in millions, except share data)

As of
March 31,
-------------
2008
-------------

ASSETS

Current assets:
Cash and cash equivalents Rs. 39,270
Restricted cash -
Investments in liquid and short-term mutual funds 14,808
Accounts receivable, net of allowances 38,908
Unbilled Revenue 8,305
Inventories 7,172
Deferred income taxes 790
Other current assets 19,092
-------
Total current assets 128,345
Property, plant and equipment, net 39,822
Investments in affiliates 1,343
Investments securities 355
Deferred income taxes -
Intangible assets, net 12,480
Goodwill 38,943
Other assets 3,214
-------
Total assets Rs.224,502
=======

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Borrowings from banks and foreign state instituitions Rs. 28,804
Current portion of long-term debt 406
Current portion of obligations under capital leases 323
Accounts payable 13,082
Accrued expenses 8,110
Accrued employee costs 5,160
Advances from customers 2,136
Unearned Revenue 4,162
Other current liabilities 12,519
-------
Total current liabilities 74,702
Long-term debt, excluding current portion 14,522
Obligations under capital leases, excluding current
portion 701
Deferred income taxes 2,098
Other liabilities 3,011
-------
Total Liabilities 95,034
-------

Minority interest 114
Stockholders' equity:
Equity shares at Rs. 2 par value: 1,650,000,000
shares authorized;
Issued and outstanding: 1,461,453,320,
1,459,113,115 and 1,462,008,502 shares
as of March 31, 2008, June 30, 2007 and 2008 2,923
Additonal paid-in capital 26,441
Accumulated other comprehensive income (1,076)
Retained earnings 101,066
Equity Shares held by a controlled Trust: -
7,961,760,7,961,760 and 7,961,760 shares as of March
31, 2008, June 30, 2007 and 2008
-------
Total stockholders's equity 129,354
-------

-------
Total liabilities and Stockholder's equity Rs.224,502
=======
*T

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WIPRO LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except share data)

Three months ended June 30,
-------------------------------------------
2007 2008 2008
------------- ------------- ------------
Convenience
translation
into US$

------------- ------------- ------------
Revenues: Note (unaudited) (unaudited) (unaudited)
------------- ------------- ------------

Services Rs. 32,027 Rs. 44,604$ 1039
Products 9,805 15,019 350
Total 41,832 59,623 1,389

Cost of Revenues:

Services 21,200 29,470 686
Products 8,069 11,930 278
Total 29,269 41,400 964
------------- ------------- ------------
Gross Profit 12,563 18,223 424
============= ============= ============

Operating Expenses:
Selling and
marketing
expenses (2,761) (4,433) (103)
General
and
administrative
expenses (2,060) (3,254) (76)
Amortization of
intangible
assets (105) (227) (5)
Foreign
exchange gains
/ (losses),
net (852) (689) (16)
Others, net 80 132 3
------------- ------------- ------------
Operating Income 6,865 9,752 227
============= ============= ============
Other income, net 991 (272) (6)
Equity in
earnings/(losses)
of affiliates 87 107 2
------------- ------------- ------------
Income before
income taxes and
minority interest 7,943 9,587 223
============= ============= ============
Income taxes (839) (1,436) (33)
Minority interest - (12) (0)
------------- ------------- ------------
Income before
cumulative effect
of change in
accounting
principle 7,104 8,139 190
------------- ------------- ------------
Cumulative effect
of change in
accounting
principle - - -
------------- ------------- ------------
Net income Rs. 7,104 Rs. 8,139$ 190
============= ============= ============
Earnings per equity
share
Basic
Net income 4.90 5.60 0.13
Diluted -
Net income 4.87 5.59 0.13
Weighted average
number if equity
shares used in
computing earnings
per equity share:
Basic 1,449,892,856 1,452,636,163
Diluted 1,457,885,337 1,456,715,277

======================================================================

Additional
Information
Segment Revenue
IT Services 31,460 43,933 1,023
IT Products 4,552 6,957 162
IT Services &
Products 36,012 50,890 1,185
Consumer Care and
Lighting 2,221 4,746 111
Others 3,015 3,285 77
Reconciling Items 584 702 16
Total 41,832 59,623 1,389
Operating Income
IT Services 6,541 8,820 205
IT Products 185 305 7
IT Services &
Products 6,726 9,125 213
Consumer Care
and Lighting 305 605 14
Others 139 208 5
Reconciling
Items (305) (186) (4)
Total 6,865 9,752 227

Reconciliation of
Non-GAAP adjusted
net income to
comparable net
income
-------------------
(in Rs.
million)

------------------------------
2007 2008
------------- -------------
Net Income as per
GAAP 7,104 8,139

Adjustments :
Translation loss on
foreign currency
loan and changes
in fair value of
cross currency
swap - 660
Fringe benefit tax - 46

------------- -------------
Non-GAAP adjusted
net Income 7,104 8,845
============= =============
*T

Wipro Limited
Sridhar Ramasubbu, 408-242-6285

Copyright Business Wire 2008