6-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Issuer
Pursuant to Section 13a-16 or 15d-16 of the Securities Exchange Act of 1934

For the quarter ended March 31, 2005

Commission File Number 001-16139

Wipro Limited

(Exact name of Registrant as specified in its charter)

Not Applicable
(Translation of Registrant’s name into English)

Karnataka, India
(Jurisdiction of incorporation or organization)

Doddakannelli
Sarjapur Road
Bangalore, Karnataka 560035, India +91-80-2844-0011
(Address of principal executive offices)

     Indicate by check mark registrant files or will file annual reports under cover Form 20-F or Form 40-F:

          Form 20-F þ Form 40-F o

     Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g 3-2(b) under the Securities Exchange Act of 1934.

          Yes o No þ

If “Yes” is marked, indicate below the file number assigned to registrant in connection with Rule 2g 3-2(b).

Not applicable.

TABLE OF CONTENTS

EXHIBIT 99.1

EXHIBIT 99.2

EXHIBIT 99.3

EXHIBIT 99.4

EXHIBIT 99.5

EXHIBIT 99.6

EXHIBIT 99.7

EXHIBIT 99.8

EXHIBIT 99.9

EXHIBIT 99.10

EXHIBIT 99.11

EXHIBIT 99.12

EXHIBIT 99.13

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     We hereby furnish the Commission with copies of the following information concerning our public disclosures regarding our results of operations for the quarter and financial year ended March 31, 2005. The following information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), 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.

     On April 22, 2005, we announced our results of operations for the three months and financial year ended March 31, 2005. We issued press releases announcing our results under U.S. Generally Accepted Accounting Principles (“GAAP”) and Indian GAAP, copies of which are attached to this Form 6-K as Exhibits 99.1 and 99.2.

     On April 22, 2005, 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.

     Our officers gave interviews with Dow Jones Newswires, Reuters, CNBC, the Economic Times, TV Channel NDTV, the Financial Times and Bloomberg concerning our results. 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.

     Lastly, we placed advertisements in certain Indian newspapers concerning our results of operations for the three months and financial year ended March 31, 2005 under Indian GAAP. A copy of the form of this advertisement is attached to this Form 6-K as Exhibit 99.13.

SIGNATURES

     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.

Wipro Limited

/s/ Suresh C. Senapaty

Suresh C. Senapaty

Corporate Executive Vice President, Finance

Dated: April 27, 2005

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INDEX TO EXHIBITS

Exhibits
99.1	U.S. GAAP Press Release
99.2	Indian GAAP Press Release
99.3	Transcript of April 22, 2005 Press Conference
99.4	Transcript of April 22, 2005 11:30 a.m. Earnings Call
99.5	Transcript of April 22, 2005 7:15 p.m. Earnings Call
99.6	Transcript of April 22, 2005 Dow Jones Interview with Suresh Senapaty, Corporate Executive Vice President, Finance & CFO of Wipro Limited
99.7	Transcript of April 22, 2005 Reuters Interview with Vivek Paul, Vice Chairman of Wipro Limited
99.8	Transcript of April 22, 2005 CNBC India Question-and-Answer Session with Company’s Officers
99.9	Transcript of April 22, 2005 Economic Times Interview with Suresh Vaswani, President of Wipro Limited (Infotech Division)
99.10	Transcript of April 22, 2005 TV Channel NDTV Interview with Suresh Senapaty, Corporate Executive Vice President, Finance & CFO of Wipro Limited and Raman Roy, Chairman, Wipro BPO Solutions Limited
99.11	Transcript of April 22, 2005 Financial Times Interview with Vivek Paul, Vice-Chairman of Wipro Limited
99.12	Transcript of April 22, 2005 Bloomberg Interview with Suresh Senapaty, Corporate Executive Vice President, Finance & CFO of Wipro Limited
99.13	Form of Advertisement Placed in Indian Newspapers

3

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

Contact:	Sridhar Ramasubbu
	Wipro Limited
	650-316-3537

Results for the year ended March 31, 2005 under US GAAP
WIPRO RECORDS 58%GROWTH IN NET INCOME

Bangalore, India and Mountain View, California – April 22, 2005– Wipro Limited (NYSE:WIT) today announced financial results under US GAAP for its fourth fiscal quarter and year ended March 31, 2005.

Highlights

Results for the year ended March 31, 2005

Ø	Net Income was Rs. 15.83 billion ($363 million), representing an increase of 58% over last year.
Ø	Revenue was Rs. 81.35 billion ($1.87 billion), representing an increase of 39% year on year.
Ø	Global IT Services & Products Revenue was Rs.60.71 billion ($1.39 billion), representing an increase of 40% over last year.
Ø	Global IT Services & Products Earnings Before Interest and Tax (EBIT) was Rs. 15.83 billion ($363 million), representing an increase of 70% over last year.
Ø	Rs. 19 billion ($436 million) cash generated from continuing operations.
Ø	The Board of Directors recommends a stock dividend on shares to shareholders (including to ADS holders) in the ratio of one additional share for every one share held subject to shareholder approval in the Annual General Meeting scheduled in July 2005.
Ø	Board of Directors also recommends a cash dividend of Rs. 5 per share/ADS ($ 0.11) on existing paid up capital (equivalent of Rs. 2.50 per share/ADS ($0.06) on the expanded capital) subject to shareholder approval in the Annual General Meeting scheduled in July 2005.

Results for the quarter ended March 31, 2005

Ø	Global IT Services & Products Revenue was Rs.16.47 billion ($378 million), representing an increase of 31% over the same period last year
Ø	Global IT Services & Products Earnings Before Interest and Tax (EBIT) was Rs. 4.35 billion ($100 million), representing an increase of 47% over the same period last year
Ø	Global IT Services & Products added 41 new clients in the quarter

Outlook for the Quarter ending June 30, 2005

Azim Premji, Chairman of Wipro commenting on the results said “Wipro recorded yet another year of very good performance. The results of Wipro Limited once again reflect the passion of Wiproites’ for facing challenges and triumphing over them. During the year, our Global IT business posted healthy growth in Revenues, expanded Operating Margin and virtually improved all operating parameters. Coupled with robust performance by other businesses as well, we reported a strong growth in our Net Income . Considering the emerging opportunities in the Global market and our unique business model, the future outlook looks as exciting as journey has been so far. Looking ahead, for the quarter ending June 2005, we expect our Revenue from Global IT services business to be approximately $395 million.”

Vivek Paul, Vice Chairman, said “The last quarter witnessed continued customer confidence in our wide portfolio of service lines. Strong sequential volume growth of 8.5% led to the highest ever addition in billed manmonths in a quarter. We saw healthy growth in the number of new customers as well as the deepening of our presence in existing customers, as we saw growth in the number of customer with revenue run rates

greater than $1 million, $3million, $10 million and $20 million annualized. In terms of verticals, Telecom OEM and Finance Solutions sustained their momentum, while Embedded Systems & Product Engineering bounced back with a decent sequential growth. Our differentiated Testing Services continued to grow ahead of our overall growth rates. This broad -based growth resulted in Revenues of $375 million, ahead of our guidance of $370 million.”

Suresh Senapaty, Corporate Executive Vice President - Finance said, “We were able to significantly offset the pressure on Operating Margins arising from currency appreciation and decrease in price realizations through improvement in utilization, increased proportion of Offshore projects and continued operational improvements.”

Wipro Limited

Total Revenues for the year ended March 31, 2005, were Rs. 81.35 billion ($1.87 billion), representing a 39% increase over the corresponding period in the last year. Net Income for the year ended March 31, 2005 was Rs. 15.83 billion ($363 million), representing an increase of 58% over Net Income for the year ended March 31, 2004. Earnings Per Share was Rs. 22.76 ($0.52) for the year ended March 31, 2005, representing an increase of 58% over the Earnings Per Share of Rs. 14.40, for the corresponding period last year.

Total Revenues for the quarter ended March 31, 2005 were Rs.22.96 billion ($526 million), representing a 30% increase over the corresponding period in the previous year. Net Income was Rs. 4.47 billion ($103 million), representing an increase of 37% over the same period last year. Earnings per share was Rs. 6.40 ($0.15) for the quarter ended March 31, 2005, representing an increase of 36% over the earnings per share of Rs.4.69 for the quarter ended March 31, 2004.

Global IT Services and Products (75% of Revenues and 89% of Operating Income for year ended March 31, 2005)

Our Global IT Services and Products business segment recorded Revenue of Rs. 60.69. billion¹ ($1.39 billion) for the year ended March 31, 2005, representing an increase of 39% over the same period last year. EBIT was Rs.15.83 billion ($ 363 million) for the year ended March 31, 2005, representing an increase of 70% over last year. Operating Income to Revenue for the year ended March 31, 2005 was 26.1%, representing an increase of approximately 4.8 percent from the year ended March 31, 2004. This increase was primarily due to improvement in price realization, increased utilization of professionals and lower Selling, General and Administrative costs, partially offset by currency exchange rate appreciation of the Rupee against the Dollar and an increase in compensation costs. Return on Capital Employed (ROCE) for the year was 60% compared to 44% for the year ended March 31, 2004.

We had 41,857 employees as of March 31, 2005, which includes 26,184 employees in IT Services business and 15,673 employees in Business Process Outsourcing (BPO) business. This represents a net addition of 13,355 people comprising of 6,982 in IT Services and 6,373 people in BPO for the year.

India and Asia-Pac IT Services and Products (16% of Revenue and 5% of Operating Income for year ended March 31, 2005)

Our India and Asia-Pac Services and Products business segment (Wipro Infotech) recorded Revenue of Rs. 13.39 billion ($307 million) for the year ended March 31, 2005, representing an increase of 42% over the year ended March 31, 2004. EBIT for the year ended March 31, 2005, was Rs. 970 million ($22 million), representing an increase of 27% over the previous year.

Operating Margin for the year ended March 31, 2005 was 7.2%, representing a decrease of approximately 0.8 percent compared to the year ended March 31, 2004. ROCE for the year was 52% compared to 49% for the year ended March 31, 2004.

¹ Global IT Services & Products segment Revenues were Rs. 60.75 billion for the year ended March 31, 2005 under the Indian GAAP. The difference of Rs. 64 million ($ 1.5 million) is primarily attributable to difference in accounting standards for forward contracts under Indian GAAP and US GAAP.

Consumer Care & Lighting (6% of Revenue and 4% of Operating Income for year ended March 31, 2005)

Our Consumer Care & Lighting business segment recorded Revenue of Rs. 4.56 billion ($104 million) for the year ended March 31, 2005, representing a 28% increase over Revenue of Rs. 3.57 billion for the year ended March 31, 2004. EBIT was Rs. 671 million ($15 million) for the year ended March 31, 2005, representing a 23% increase over EBIT of Rs.546 million for the year ended March 31, 2004. ROCE for the year was 86% compared to 85% for the year ended March 31, 2004.

Our results for the year ended March 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 www.wipro.com.

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 March 31, 2005, for cable transfers in Indian rupees, as certified by the Federal Reserve Bank of New York which is $1=Rs.43.62. However, the realized exchange rate in our Global IT Services & Products segment for the quarter ended March 31, 2005 is $1=Rs.44.44

Quarterly Conference call
Wipro will hold conference calls today at 11:30 AM Indian Standard Time (2:00 AM US Eastern Time) and at 7:15 PM Indian Standard Time (9:45 AM US Eastern Time) to discuss the company’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 and 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.

About Wipro Limited

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.

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.

Our ADSs 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, among others. For more information, please visit our websites at www.wipro.com and www.wiprocorporate.com

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 earnings, our ability to manage growth, 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 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.

# # #

(Tables to follow)

WIPRO LIMITED & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)

	Three Months Ended March 31									Year ended March 31
	2004			2005			2005			2004			2005			2005
							Convenience									Convenience
							translation into US$									translation into US$
	(Unaudited)			(Unaudited)			(Unaudited)									(Unaudited)
Revenues :
Global IT Services and Products
Services	Rs.	12,512		Rs.	16,464		$	377		Rs.	43,343		Rs.	60,550		$	1,388
Products		35			7			—			122			164			4
India and AsiaPac IT Services and Products
Services		990			1,423			33			3,109			4,709			108
Products		2,475			3,087			71			6,305			8,694			199
Consumer Care and Lighting		989			1,188			27			3,567			4,555			104
Others		613			789			18			1,987			2,681			61
Total		17,614			22,958			526			58,433			81,353			1,865
Cost of Revenues:
Global IT Services and Products
Services		8,032			10,567			242			27,853			38,372			880
Products		20			7			—			78			149			3
India and AsiaPac IT Services and Products
Services		528			834			19			1,661			2,679			61
Products		2,217			2,788			64			5,642			7,815			179
Consumer Care and Lighting		705			766			18			2,355			2,926			67
Others		434			623			14			1,411			1,914			44
Total		11,936			15,585			357			39,000			53,855			1,235
Gross profit		5,678			7,373			169			19,433			27,498			630
Operating expenses :
Selling and marketing expenses		(1,403	)		(1,464	)		(34	)		(5,278	)		(5,466	)		(125	)
General and administrative expenses		(696	)		(1,054	)		(24	)		(3,172	)		(3,744	)		(86	)
Research and development expenses		(63	)		(72	)		(2	)		(232	)		(274	)		(6	)
Amortization of intangible assets		(85	)		(18	)		—			(308	)		(140	)		(3	)
Foreign exchange gains / (losses), net		176			195			4			377			(92	)		(2	)
Others, net		11			19			—			81			75			2
Operating Income		3,618			4,979			114			10,901			17,857			409
Loss on direct issue of stock by subsidiary		—			—			—			(206	)		(207	)		(5	)
Other income, net		319			205			5			868			800			18
Equity in Earnings / (losses) of affiliates		101			25			1			96			158			4
Income before income taxes and minority interest		4,038			5,209			119			11,659			18,608			427
Income taxes		(761	)		(722	)		(17	)		(1,611	)		(2,694	)		(62	)
Minority interest		(23	)		(14	)		—			(56	)		(81	)		(2	)
Net income	Rs.	3,254		Rs.	4,473		$	103		Rs.	9,992		Rs.	15,833		$	363
Earnings per equity share:
Basic		4.69			6.40			0.15			14.40			22.76			0.52
Diluted		4.68			6.35			0.15			14.39			22.58			0.52
Additional Information
Operating Income
Global IT Services & Products	Rs.	2,960		Rs.	4,352		$	100		Rs.	9,300		Rs.	15,825		$	363
India & AsiaPac IT Services & Products		382			373			9			761			970			22
Consumer Care & Lighting		136			176			4			546			671			15
Others		87			84			2			308			466			11
Reconciling Items		53			(6	)		—			(14	)		(75	)		(2	)
Total	RS.	3,618		Rs.	4,979		$	114		Rs.	10,901		Rs.	17,857		$	409

WIPRO LIMITED & SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data and unless stated otherwise)

	As of March 31,
	2004			2005			2005
							Convenience
							translation into
							US$
							(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	Rs.	3,297		Rs.	5,671		$	130
Accounts receivable, net of allowances		10,973			14,806			339
Costs and earnings in excess of billings on contracts in progress		2,100			2,740			63
Inventories		1,438			1,769			41
Investments in liquid and short-term mutual funds		18,479			22,957			526
Deferred income taxes		280			242			6
Other current assets		4,772			2,951			68
Total current assets		41,339			51,136			1,172
Property, plant and equipment, net		9,257			13,201			303
Investments in affiliates		619			769			18
Deferred income taxes		162			210			5
Intangible assets, net		223			363			8
Goodwill		5,369			5,615			129
Other assets		769			781			18
Total assets	Rs.	57,738		Rs.	72,075		$	1,652
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Borrowings from banks	Rs.	969		Rs.	564		$	13
Accounts Payable		2,733			3,713			85
Accrued expenses		2,665			3,882			89
Accrued employee cost		2,012			3,113			71
Advances from customers		963			1,280			29
Other current liabilities		1,348			2,135			49
Total current liabilities		10,690			14,687			337
Other liabilities		277			126			3
Total liabilities		10,967			14,813			340
Minority interest		407			533			12
Stockholders’ equity
Equity shares at Rs. 2 par value: 750,000,000 shares authorized; Issued and outstanding: 698,277,456 and 703,570,522 shares as of March 31, 2004 and 2005		465			1,407			32
Additional paid-in capital		7,177			13,273			304
Deferred stock compensation		(10	)		(3,185	)		(73	)
Accumulated other comprehensive income / (loss)		919			96			2
Retained earnings		37,813			45,138			1,035
Equity shares held by a controlled Trust: 3,943,530 and 3,946,530 shares as of March 31, 2004 and 2005		*			*			*
Total stockholders’ equity		46,364			56,729			1,301
Total liabilities and stockholders’ equity	Rs.	57,738		Rs.	72,075		$	1,652
* Equity shares held by a controlled trust	Rs.	(75,000	)	Rs.	(75,000	)	$	(1,719	)

EX-99.2

EXHIBIT 99.2

FOR IMMEDIATE RELEASE

Results for the quarter and year ended March 31, 2005 under Consolidated Indian GAAP
Wipro records 58% growth in Profit After Tax for 2004-05
Dollar Revenue in Global IT business grows 43%; Global IT business PBIT grows 68%

Bangalore, April 22, 2005 –Wipro Limited today announced its audited results approved by the Board of Directors for the quarter and year ended March 2005.

Highlights

Results for the year ended March 31, 2005

•   Profit Before Interest & Tax (PBIT) grew by 63% year on year (YoY) to Rs. 18.2 billion (Rs. 1,815 Crores); Revenue for the year was Rs. 81.7 billion (Rs. 8,170 Crores), an increase of 39% YoY.

•   Profit After Tax grew by 58% YoY to Rs. 16.3 billion (Rs. 1,629 Crores)

•   Global IT Services & Products PBIT was Rs. 16.0 billion (Rs. 1 ,604 Crores), an increase of 68% YoY; Global IT Services & Products Revenue increased 39% YoY, at Rs. 60.8 billion (Rs. 6 ,075 Crores)

•   India, Asia Pac & Middle East IT Services and Products Revenues grew by 43% YoY; PBIT growth was 32%

•   Board of Directors recommends issue of bonus shares to shareholders (including to ADS holders) in the ratio of one additional shares for every one share held subject to shareholder approval in the Annual General Meeting scheduled in July 2005

•   Board of Directors also recommends a cash dividend of Rs. 5 per share/ADS on existing paid-up capital (equivalent of Rs. 2.5 per share on the expanded capital), subject to shareholder approval in the Annual General Meeting scheduled in July 2005

Results for the Quarter ended March 31, 2005

•   Profit After Tax was Rs. 4.33 billion (Rs. 433 Crores)

•   Global IT Services & Products PBIT increased to Rs. 4.1 billion (Rs. 415 Crores)

•   Global IT Services & Products Revenue was Rs. 16.4 billion (Rs. 1,641 Crores), primarily contributed by volume growth

•   Global IT Services & Products Operating Margin was 25%, despite Rupee appreciation

•   Global IT Services & Products added 41 new clients in the quarter

Outlook for the Quarter ending June 30, 2005

Azim Premji, Chairman of Wipro commenting on the results said “Wipro recorded yet another year of very good performance. The results of Wipro Limited once again reflect the passion of Wiproites’ for facing challenges and triumphing over them. During the year, our Global IT business posted healthy growth in Revenues, expanded Operating Margin and virtually improved all operating parameters. Coupled with robust performance by other businesses as well, we reported a strong growth in our Profit After Tax. Considering the emerging opportunities in the Global market and our unique business model, the future outlook looks as exciting as journey has been so far. Looking ahead, for the quarter ending June 2005, we expect our Revenue from Global IT services business to be approximately $395 million.”

Vivek Paul, Vice Chairman, said “The last quarter witnessed continued customer confidence in our wide portfolio of service lines. Strong sequential volume growth of 8.5% led to the highest ever addition in billed manmonths in a quarter. We saw healthy growth in the number of new customers as well as the deepening of our presence in existing customers, as we saw growth in the number of customer with revenue run rates greater than $1 million, $3 million, $10 million and $20 million annualized. In terms of

1

verticals, Telecom OEM and Finance Solutions sustained their momentum, while Embedded Systems & Product Engineering bounced back with a decent sequential growth. Our differentiated Testing Services continued to grow ahead of our overall growth rates. This broad -based growth resulted in Revenues of $375 million, ahead of our guidance of $370 million.”

Suresh Senapaty, Corporate Executive Vice President — Finance said, “We were able to significantly offset the pressure on Operating Margins arising from currency appreciation and decrease in price realizations through improvement in utilization, increased proportion of Offshore projects and continued operational improvements.”

Wipro Limited

Revenues for the year ended March 31, 2005, were Rs. 81.70 billion, representing a 39% increase YoY. Profit after Tax for the year was Rs. 16.29 billion, an increase of 58% YoY. Revenues for the quarter ended March 31, 2005, were Rs. 23.12 billion and Profit after Tax was Rs. 4.33 billion.

Global IT Services and Products

Global IT Services & Products reported Revenues of Rs. 60.75 billion for the year ended March 31, 2005, representing an increase of 39% YoY and PBIT of Rs. 16.04 billion, an increase of 68% YoY. Operating Income to Revenue for the year was 26.4%, an improvement of approximately 4.5 percentover the previous year.

For the quarter ended March 31, 2005, Global IT Services & Products grew its Revenue to Rs. 16.41 billion and PBIT increased to Rs. 4.15 billion. Operating Income to Revenue at 25.3% increased by approximately 1.6 percent YoY and decreased by approximately 0.8 percent sequentially. R&D Services contributed 33% of the Revenue of Global IT Services . Enterprise Business contributed 56% of Revenues with the balance 11% being contributed by Business Process Outsourcing (BPO) services.

We had 41,857 employees as of March 31, 2005, which includes 26,184 employees in IT Services business and 15,673 employees in BPO business. This represents a net addition of 2,520 people comprising of 1,187 in IT Services and 1,333 people in BPO for the quarter .

Global IT Services and Products accounted for 71% of the Revenue and 86% of the PBIT for the quarter ended March 31, 2005.

Wipro Infotech – Our India, Middle East & Asia Pacific IT Services & Products business

For the year ended March 31, 2005, Wipro Infotech recorded Revenues of Rs. 13.96 billion, representing an increase of 43% YoY. PBIT grew by 32% YoY to Rs. 1.04 billion. Services business contributed to 35% of total Revenue during the year. Services Revenues grew by 52% YoY. APAC and ME Revenues grew by 85% YoY.

For the quarter ended March 31, 2005, Wipro Infotech recorded Revenues of Rs. 4.84 billion and PBIT of Rs. 415 million.

Key Wins for the quarter include first of its kind Business Strategy Consulting project for an FMCG company in consulting business and one of the first public sector bank SAP HRMS implementations for Indian Bank. Wipro Infotech was awarded the “Best Gold Partner for South Asia” for the year by Cisco and “Largest Partner of Sun in South Asia” for the year by Sun and accorded “Premium System Provider” status. Additionally, Wipro PC division bagged the worldwide “Value Buy Award” from GE.

Wipro Infotech accounted for 21% of Revenue and 9% of the PBIT for the quarter ended March 31, 2005.

Wipro Consumer Care & Lighting

Wipro Consumer Care and Lighting business recorded Revenue of Rs. 4.72 billion with PBIT of Rs. 672 million for the year ended March 31, 2005, a YoY increase of 29% and 22% respectively. PBIT to Revenue was 14% for the year.

2

For the quarter ended March 31, 2005, Wipro Consumer Care and Lighting business recorded Revenue of Rs. 1.23 billion with PBIT of Rs.177 million contributing 5% of total Revenue and 4% of the PBIT for the quarter. PBIT to Revenue was 14% for the quarter.

Wipro Limited

For the year ended March 31, 2005, the Return on Capital Employed in Global IT Services was 62%, Wipro Infotech was 63% and Consumer Care and Lighting was 89%. At the Company level, the Return on Capital Employed was 39%, lower due to inclusion of cash and cash equivalents of Rs. 28.5 billion in Capital Employed (53% of Capital Employed).

For Wipro Limited, Profit after Tax computed in accordance with US GAAP for the year ended March 31, 2005, was Rs. 15.83 billion, an increase of 58% YoY. The net difference between profits computed in accordance with Indian GAAP and US GAAP is primarily due to different Revenue recognition standards, different accounting standards for recording the dilution arising from exercise of employee stock options in Wipro BPO Solutions, amortization of intangible assets and accounting for forward contracts.

Global IT Services & Products segment Revenues were Rs. 60.69 billion for the year ended March 31, 2005, under US GAAP. The difference of Rs. 64 million is primarily attributable to difference in accounting standards for forward contracts under Indian GAAP and US GAAP .

Quarterly Conference call

Wipro will hold conference calls today at 11:30 AM Indian Standard Time (2:00 AM US Eastern Time) and at 7:15 PM Indian Standard Time (9:45 AM US Eastern Time) to discuss the company’s performance for the quarter and answer questions sent to email ID: lakshminarayana.lan@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 the company website at www.wipro.com shortly after the live broadcast.

About Wipro Limited

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.

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.

Our ADSs 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, among others. For more information, please visit our websites at www.wipro.com and www.wipro.co.in

US GAAP financials on website

Condensed financial statements of Wipro Limited computed under the US GAAP along with individual business segment reports are available in the Investor Relations section at www.wipro.com.

Contact for Investor Relation	Contact for Media & Press
K R Lakshminarayana	Sandhya Ranjit
Corporate Treasurer	Manager-Corporate Communications
Phone: +91 -80-2844-0079	+91 -80-2844-0056
Fax: +91-80-2844-0051	+91 -80-2844-0350
lakshminarayana.lan@wipro.com	sandhya.ranjit@wipro.com

3

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 earnings, our ability to manage growth, 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 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 www.sec.gov. Wipro 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. 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.

###

(Tables to follow)

4

WIPRO LIMITED, CONSOLIDATED

AUDITED SEGMENT WISE BUSINESS PERFORMANCE FOR THE QUARTER & YEAR ENDED MARCH, 2005

Rs. in Million

	Quarter ended March 31,									Year ended March 31,
Particulars	2005			2004			Growth %			2005			2004			Growth %
Segment Revenue
Global IT Services and Products		16,409			12,549			31	%		60,753			43,575			39	%
India & AsiaPac IT Services and Products		4,842			3,666			32	%		13,964			9,762			43	%
Consumer Care and Lighting		1,227			1,020			20	%		4,723			3,649			29	%
Others		643			628			2	%		2,258			1,826			24	%
TOTAL		23,121			17,863			29	%		81,698			58,812			39	%
Profit before Interest and Tax — PBIT (1)
Global IT Services and Products		4,148			2,966			40	%		16,041			9,539			68	%
India & AsiaPac IT Services and Products		415			399			4	%		1,042			792			32	%
Consumer Care and Lighting		177			136			30	%		672			551			22	%
Others		81			119			-32	%		397			277			43	%
TOTAL		4,821			3,620			33	%		18,152			11,159			63	%
Interest (Net) and Other Income		198			343						796			873
Profit Before Tax		5,019			3,963			27	%		18,948			12,032			57	%
Income Tax expense		(715	)		(759	)					(2,750	)		(1,681	)
Profit before Share in earnings / (losses) of Affiliates and minority interest		4,304			3,204			34	%		16,198			10,351			56	%
Share in earnings of affiliates		42			28						175			23
Minority interest		(16	)		(24	)					(88	)		(59	)
PROFIT AFTER TAX		4,330			3,208			35	%		16,285			10,315			58	%
Operating Margin
Global IT Services and Products		25	%		24	%					26	%		22	%
India & AsiaPac IT Services and Products		9	%		11	%					7	%		8	%
Consumer Care and Lighting		14	%		13	%					14	%		15	%
TOTAL		21	%		20	%					22	%		19	%
CAPITAL EMPLOYED (2)
Global IT Services and Products		29,888			21,732						29,888			21,732
India & AsiaPac IT Services and Products		1,370			1,941						1,370			1,941
Consumer Care and Lighting		917			596						917			596
Others		21,538			14,498						21,538			14,498
TOTAL		53,713			38,767						53,713			38,767
CAPITAL EMPLOYED COMPOSITION
Global IT Services and Products		56	%		56	%					56	%		56	%
India & AsiaPac IT Services and Products		3	%		5	%					3	%		5	%
Consumer Care and Lighting		2	%		2	%					2	%		2	%
Others		40	%		37	%					40	%		37	%
TOTAL		100	%		100	%					100	%		100	%
RETURN ON AVERAGE CAPITAL EMPLOYED
Global IT Services and Products		59	%		58	%					62	%		47	%
India & AsiaPac IT Services and Products		119	%		93	%					63	%		53	%
Consumer Care and Lighting		90	%		97	%					89	%		86	%
TOTAL		36	%		35	%					39	%		30	%

(1)	PBIT is after considering restricted stock unit amortisation of Rs. 177 Mn for three months ended and Rs. 346 Mn for the year ended March 31, 2005. PBIT of Global IT Services and Products is after considering restricted stock unit amortisation of Rs. 159 Mn for three months ended and Rs. 310 Mn for the year ended March 31, 2005.
(2)	This includes cash and cash equivalents of Rs. 28,497 Mn (2004: Rs. 21,760 Mn).

5

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.	The Company has three geographic segments: India, USA 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 March 31,										Year ended March 31,
Geography	2005		%			2004		%			2005		%			2004		%
India		6,557		29	%		5,725		32	%		19,513		25	%		15,205		26	%
USA		11,201		48	%		8,738		49	%		41,935		51	%		30,868		52	%
Rest of the World		5,362		23	%		3,400		19	%		20,249		25	%		12,739		22	%
Total		23,121		100	%		17,863		100	%		81,698		101	%		58,812		100	%

3.	For the purpose of reporting, business segments are considered as primary segments and geographic segments are considered as secondary segment.
4.	As of March 31, 2005, forward contracts to the extent of USD 318 Mn have been assigned to the foreign currency assets as on the balance sheet date. These assets are valued at the forward contract rate, adjusted for premium / discount in respect of the expired period.
	The Company has designated certain forward contracts to hedge highly probable forecasted transactions. The gain or loss on these forward contracts is recognized in the profit and loss account in the period in which the forecasted transaction is expected to occur. In certain cases, the Company has entered into forward contracts having a maturity earlier than the period in which the hedged transaction is forecasted to occur. The gain / loss on rollover / cancellation / expiry of such contracts is recognized in the profit and loss account in the period in which the forecasted transaction is expected to occur, till such time the same is grouped under Loans and Advances / Current liabilities.
	The Company has also entered into option / forward contracts which are not designated as hedge of highly probable forecasted transactions. Gain or loss on such contracts is recognized in the profit and loss account of the respective periods. The outstanding contracts as at the balance sheet date are marked to market, the impact of which is taken to profit and loss account. Consequently, the company has recognized marked to market gain of Rs. 1.03 Mn in the current period.
	As at the balance sheet date, the Company had forward contracts to sell USD 503 Mn in respect of forecasted transactions. The effect of marked to market and of intermediary roll over / expiry of the said forward contracts is a gain of Rs. 275.31 Mn. 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.
	Had the Company continued to follow the earlier year’s accounting policy, the profit for the quarter would have been higher by Rs. 280.22 Mn (higher by Rs. 83.22 Mn for the year ended March 31, 2005).

5.  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 (WGE), a joint venture with General Electric, USA. The joint venture agreement provides specific rights to the joint venture partners. The 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.

6

EX-99.3

EXHIBIT 99.3

Press Conference for Management Discussion on Earnings Release for quarter & year ended March 31, 2005 of Wipro Limited

Present:
Azim Premji, Chairman, Wipro Limited
Vivek Paul, Vice Chairman, Wipro Limited
Suresh Senapaty, CFO, Wipro Limited
Raman Roy, Chairman, Wipro BPO Solutions Limited
Suresh Vaswani, President, Wipro Limited (Infotech Division)
Vineet Agrawal, President, Wipro Limited (Consumer Care and Lighting Division)

Moderator: A warm welcome to the Wipro Campus and to the press conference. We have budgeted about 45 minutes for this press conference and as usual we will start with the address of Mr. Premji and then we will have the question and answer session. I would also request you to stay back after this conference to have tea with us, and I would now request Mr. Premji to give his address.

Azim Premji: Good morning. A warm welcome to the Wipro campus. As you see, some work has started on the Sarjapur Road. You can perhaps report that as your headline.

The detailed results for the quarter ended March 31, 2005, are with you in your press dockets. Let me share with you some of the thoughts on our performance as well as on our prospects.

The results of 2004-05 were satisfying from many perspectives. Our Global IT business grew Revenue in dollar terms by 43%. Growth was broad-based in terms of verticals, geographies and service lines. Our differentiated services such as Technology Infrastructure Services and Testing Services grew ahead of the overall growth rate, as did our Europe geography where we invested early. We improved our client mining as indicated by the substantial increase in the number of customers contributing annual Revenues of over $1 million, $3 million, $10 million and $20 million. We raised the bar on operational efficiency leading to improved price realizations and enhanced proportion of Revenues from Offshore projects, resulting in a far healthier Operating Margin, despite increase in compensation cost, non-cash charge of Restricted Stock Units and a sharply appreciating Rupee.

The process of strategic transformation in our BPO business continues. A key aspect of this transformation, apart from changing the Revenue profile, is tighter integration with our Vertical Businesses. This will help us in not only building domain competency in our BPO business, but also ensure a far superior go to market approach.

Our India, Middle East and Asia Pac IT business recorded Revenue growth of 43% and Operating Profits growth of 32%. Equally importantly, the investments we made in newer service lines and newer geographies in this business have started reflecting in the operating results of that business. Our Consumer Care & Lighting and Fluid Power businesses delivered robust results too.

Prospects for 2005-06 are exciting. Our success in strategy execution in 2004-05 and the tangible results that it has delivered in terms of our operating performance has reinforced our confidence that we are on track to achieve our Vision of global leadership. As customers make increasing demands in terms of integrated solutions and improved cost performance, we are well positioned to meet them based on our unique business model of diversified services coupled with proven benefits for our customers.

We are aware that these future opportunities will also bring in challenges. Managing scale, combating the uncertainties on currency front and executing the strategic transformation in our Business Process Outsourcing business are some of the immediate challenges that we face. Over the past 59 years of our existence, we have encountered many opportunities and challenges in our business. Every single time, we have seized the opportunity and triumphed over the challenges. We see no reason why we should not be able to do it again and again. Thank you very much. We would be very happy to take questions now.

Moderator: Speak into the mike, and we have cordless mikes here.

Media Person: Mr. Premji. First of all congratulations on outstanding numbers for the year, but quarter on quarter the growth has been very muted, less than 6%. In the global IT business it has been just around less than 4%. Your guidance for the first quarter of FY05 has also been very conservative, what is the outlook ahead, what is the road map? Are you seeing increasing pressure in terms of margins as you go ahead, what is the outlook for the corresponding quarters?

Azim Premji: Let me request my colleague, Chief Executive Officer, Wipro Technologies, Vivek Paul, to answer the questions.

Vivek Paul: First up all I would like to stay away from evaluative or qualitative terms like weak, moderate, strong, etc. The numbers are in front of you, they are what they are, so you can attach whatever label you would like with them, but we feel pretty good. We feel pretty good about the fact that on a quarter on quarter basis we grew 8.5% in volume terms. We feel pretty good about the fact that last quarter we talked about the fact that we were seeing technology spending beginning to moderate and frankly feel that as a result of that we were able to anticipate some of the issues and take action, so the joy of anticipation is that if you can plan for it. If you take a look

at the expectation that the technology spending would come down, we focused more heavily on existing accounts. As a result, our accounts in every category greater than one million, greater than five million, greater than 10 million, greater than 20 million, all of them rose in number. If you look at our top 10 accounts, our top 10 accounts grew faster than Wipro Technologies average. If you look at our top 50 accounts, 22 of them grew in double digit sequential terms. So we thought that was a very nice kind of broad based growth that we saw.

The second element that I pointed out in terms of the joy of anticipation is that we saw that the R&D spending would moderate. We talked last quarter about the fact that we are going to see semiconductor being a weakness. So on the embedded side we pushed hard, on the computing platforms, we pushed harder on the telecom, and as a result we are able to get a pretty good growth on the technology business as well. So I think all in all we feel pretty good about what we were able to do. In terms of the highlights on the growth side, we saw on the service lines, we saw testing be a very nice piece of our business.

On the geography side, we saw Europe grow at almost double-digit growth rate. I mean, I could easily round it up double digits but I won’t, so it is almost double digits rates, and we saw on the verticals line that our financial services business continues to do really as well as the telecom business. So I think all in all pretty good.

If I was to now take a look at the guidance and talk about that, our guidance has not been inconsistent with the kind of guidance that we have given in the past, and our performance has also been relatively in line with guidance. So our guidance is neither a reading of chicken and trails, nor is it some sort of a secret message we give, it is purely a reflection of what we think is a realistic expectation of the future quarter. That is the way we look at the guidance, that is how we provide it, and again the labels you wish to attach to that are entirely yours to do.

In terms of the outlook for the year on the margin side or outlook for the year on the growth side, as you all know, we do not give guidance for full year on either of those two things. As far as the margin outlook is concerned what we have indicated is that holding aside the effect of foreign exchange we will continue to drive operational efficiencies so that our margins stay flattish. Taking into account the fact that we will have the compensation increases etc.

Media Person: I just wanted to get answers regarding some of your clients like, say for example GM, which is not really coming out with really good results. Do you expect that to have any impact on your future earnings?

Vivek Paul: First of all, we do not comment on any specific customer. We have had in our top ten customer list, customers cycling in and out. We have had customers go through good phases and bad phases that is just the rhythm of business. But as I mentioned earlier if you look at our top ten customer base on a quarter on quarter basis it grew over 9% sequentially.

Media Person: Can you please explain on the changing revenue profile, including the BPO business?

Vivek Paul: On the number of clients accredited, we have had 41 new customers added and that has been across the board. If I look at the IT space it was 24, R&D space was 17. If I look at the US it was 23, Europe was 14, so we had a very nice, and I think, more than we have had in the

past, accretion of new customers. On the BPO side, I will invite my colleague Raman to speak about that.

Raman: On the BPO side, we have started doing business with two incremental customers that are new for BPO, but they were existing customers on our technology side. As on March 31, 2005, 9 out of our 24 customers, that is about 38% of our customer base in the BPO business, are customers who are existing customers of our IT business and 13% of our revenue for the quarter came from customers who are also customers on the IT side of the business. We grew the number of processes that we handle for our customers to 88 processes.

Media Person: There is some sophistry this time on the whole business of price realization versus, there is no pressure on pricing but your price realization is down. So could we have some more elaboration exactly what is going on? Is this basically because of higher share of lower margin businesses or is it like say testing as opposed to integrated solutions having higher share, is it the weighted averages issue, could you please explain a bit more on what caused this to happen?

Suresh Senapaty: Actually you are right. I think it is a function of the range of services that we have in terms of the mix as well as the fixed price projects versus time and material. It is a combination of both of these factors whether there has been a movement of the price line. Like I said the billing rates with the customers has not changed. It is only because of the particular mix that particular change has been impacted.

Media Person: Is it the alternation of margins or it is just overall top line and bottom line or both?

Suresh Senapaty: Therefore it also flows through in terms of the operating margin, yes.

Media Person: But this is not as if margins are down, it is just that margins which were overall always lower has a higher share now. I have a question for Mr. Raman Roy about two things: one is apple on apple quarter on quarter what are the attrition rates last quarter Q4 versus Q3? And in plain English, this whole business of strategic transformation, what kind of businesses will you do more and what will you do less?

Raman Roy: Okay, only the second one you want in plain English. This I can give in complicated English. Our attrition for the quarter ended March 31, 2005, was 22.8% of which 9.7% was the attrition during training that is people who did not measure up to the needs or decided to leave while they were in training. The similar number of last quarter was 25.4% which means we had a 2.8% reduction in attrition, and during training number for the last quarter was 10.7%. We see that as an improvement in the mix of the quality of the people that we were hiring, we have improved a little on that. In plain English what the strategic transformation means is that, we are looking at aspects that add more value to our customers. We see transaction processing or non-voice business as something that is more dear to the customers that is more important for them that requires greater competency and capability, and has a long-term traction. And what we are re-architecting our business is to cater to those needs of the customer. This is in response to what the customers’ feel that brings in greater value to them, and we are architecting the fulfillment needs of being able to offer them technology services, platform services, integration services and now with this transformation fulfillment services as a single point from Wipro.

Media Person: Now that you mentioned, all the technological components, does that mean the processes themselves will have more of technological domain knowledge as opposed to more of accounting and English language kind of skills, is that correct?

Raman Roy: Not necessarily, you may still do a vendor payable process that requires skills in accounting or you may do a receivable process, so that still requires process knowledge, but the

platforms they run on is a demonstrated competency and capability that we have within Wipro, of integrating those systems or making them speak to the legacy systems. The fulfillment on those platforms is what this transformation will bring.

Media Person: Okay, one small question on Spectramind perhaps for Mr. Premji because we want to know what is the logic behind the integration of Spectramind into Wipro right now as a corporate restructuring, what is the need? In accounting terms, I think Spectramind no longer is going to be a subsidiary. I wanted to know the parameters of the integration and the logic behind it?

Suresh Senapaty: First of all the name of the company has been changed to Wipro BPO, and we have taken the board approval and therefore we will go to the shareholders as well as the high court of Karnataka for a merger. The reason we are doing that is I think the way interchangeability, the way integration, the way the commonality of the facilities etc., etc. that is happening that becomes much more easier when the whole thing folds into one entity as opposed to two multiple entities.

Raman Roy: If I may just add to that, as I said earlier, 38% of our business today, 38% of the customers today are customers where we do IT work. They want to get a single invoice; they want to see a single face. They want to see one aspect of that relationship. So while we have been able to bring that one aspect of relationship working practically as a division of Wipro, the legal aspects of being able to offer single invoice and all those aspects have to be taken care of. These are the administrative aspects that will become easier as we merge.

Media Person: Vivek, would you expand on what you said before about the macro IT environment, so I just wanted to know what are you feeling. Last quarter you said that there is a slight downturn in the IT spending. Do you see any reasons to change your view on that? Does the news that is flowing out of the US and other global economies make you more pessimistic about the year going ahead?

Vivek Paul: No, I think there still will be growth. I think it will be more moderate than it was last year, so there is really no change versus what we call last quarter.

Media Person: How do you see the movement of rupee this year, Vivek?

Vivek Paul: That is really tough one to call. You think rupee is stabilizing, then you wake up in the morning and you read that Greenspan made some comment about China re-valuing and all of a sudden the exchange market go hay wire. The reality is that if you look at it on a pure analytical basis, if you look at the real exchange rate, real effective exchange rate on a purchasing power parity basis, the rupee is not very far from where it should be. But again how trade flows affect that is anybody’s call.

Media Person: What is the benchmark value that you have?

Azim Premji: We do not have a benchmark value. The rupee will go up, the rupee will go down, and the rupee will go steady.

Vivek Paul: We can not call the rupee-dollar exchange in a particular manner. The reason why we are hedging forward is exactly that. As of March 31, 2005, we have about 500 million dollars of hedges outside of what has been assigned to the existing outstandings on the balance sheet as of March 31, 2005.

Azim Premji: We have customers, we have a plan, and we have expectations of cost increases, cost decreases. Our job is to mitigate the amount of uncertainty that is there in exchange

fluctuations and that is how we determine foreign exchange policy in terms of what we hedge, when we hedge, and how much we hedge.

Media Person: How has the India business grown?

Suresh Vaswani: A lot of good things have happened in our domestic business last year. We have gone past the 1000 crore mark and we are 1400 crores this year. So Wipro Infotech crosses a 1000 crore mark. We have gone past the 100 crore mark in terms of profit, so we are at a 105 crores in terms of profit. We have had a great year. Our year on year growth is 43%. Operating margin growth is 32%. We have grown both in the products and the services business, so the product business has grown 40%, services business has grown 40%, and the Asia Pac and Middle East business has grown 85%. We have also been rated as the number one partner for Sun in all of South Asia and the number one partner for Cisco for whom we do a lot of network integration in all of south India, so all in all it has been a great year in the domestic market.

Media Person: Two questions, Vivek, could you also comment on year on year basis about your margins and your volumes growth. How has it been vis-a-vis the last financial year? And secondly, we are told that lot of companies in the US in the Q4 they spent a lot of time adhering to lot of compliance issues and stuff like that. Now, do you see the impact of that whole thing in terms of spending and going forward for your Q1 revenue, is that going to have some kind of an impact?

Vivek Paul: Let me first start, with year on year comparison. Our earnings before income taxes for the global services business grew 68%, so that was a pretty healthy clip. Our operating margin in percentage terms increased by 4.5 points so that was also pretty healthy. In terms of compliance related issues we see that as being more accounts specific than industry general. I think that you know certainly every company has to comply with Sarbanes-Oxley, new IP or new security regulations, etc., etc.But I think that we have been fortunate that in the accounts that we serve we have either been able to make up elsewhere or it has not affected us to a great degree.

Media Person: Mr. Premji, are you happy with the Bangalore infrastructure.

Azim Premji: No comments.

Media Person: Mr. Senapaty, I just wanted to get an idea — what is the idea behind having the bonus shares as, what are you trying to achieve through this. Is it to impart more liquidity to the market?

Suresh Senapathy: Absolutely, you are right. I think we did that last year in terms of 2:1 and this time also we did so that overall it increases the number of shares, and therefore brings down the per unit price in terms. Therefore the ability for many people to be able to enter Wipro becomes that much better. So it is to overall increase the liquidity that is right.

Media Person: Follow-up on this is, will you do some of the share conversion that some of your peers are doing in India? The share conversion, ADR conversion.

Suresh Senapathy: No, we have not taken any decision to that effect as yet.

Media Person: Just wanted to get an idea . Are you seeing any niche services or streams where you can offer some services, where you can grow your business rapidly, which may not necessarily be very feasible for your larger competitors in the global IT services businesses. Also in terms of the value chain, is there a clear direction that you have chosen whether you are planning to offer

end to end services, or whether you would want to partner in some, and build up capabilities in some others?

Vivek Paul: I think that there is really nothing that is completely defensible, in other words, there is nothing you do that nobody else could possibly do in the services business. So your advantage comes not from the uniqueness but by your earliness, by being the first to move. I think that there we have had a great track record. We were the first ones to go after the package implementation business, first ones to go after the infrastructure services, and now testing which we segregated as a service line just a couple of quarters ago, has given us a real boost on growth this quarter. So I think that it is not that you have a infinitely defensible service line, it is that you have the early mover advantage. We plan to continue to focus on that early mover advantage. What was the second part of your question again?

Media Person: In terms of offering end-to-end services or whether you are planning to build up capabilities in some very specific ones and then form alliances, and who are these potential alliances?

Vivek Paul: So our goal is that we should be able to have our service lines, primarily internally generated, not so much through alliances, that covers a full range of what a customer buys. But we have to recognize that some customers will buy from the menu and some customers will buy a ‘Thali’ (Indian system of serving according to a standard menu), and we should be able to sell both.

Media Person: Does that mean there is no one clear direction that you are choosing, it is an either or not situation...

Vivek Paul: Flexibility. Flexibility and being among the first to move.

Media Person: So how would you actually build these capabilities?

Vivek Paul: It is a pretty long question, long answer. But basically the way you do is, you first do a scan in terms of what are the areas that you think might be interesting. Then you build a center of excellence, then you build capability, then you start marketing it to customers, then you propagate that success story to other customers, then you roll it out on a global basis, and then you accretion more customers...

Media Person: So acquisitions and so on would still be on your agenda.

Vivek Paul: Yes, acquisitions, as we maintained from the very beginning, is not an alternative to organic growth. So organic growth has to be the baseline, and if acquisitions can be an acceleration factor, we will do them, but never because we do not know how to do a particular business, because if we went with that altitude whatever we buy we will never be able to manage.

Media Person: I wanted to number on the year on year net addition of employees, both in the IT and the BPO business, as well as the kind of salary hikes that was factored in both the businesses offshore and onsite?

Vivek Paul: For this year, coming year?

Media Person: The year that has gone by in terms of net additions and the salary hikes.

Suresh Senapaty: In Wipro BPO the net additions for the whole financial year was 6373 people, and in the IT services was 6982 people. Was there any other question there?

Media Person: In terms of salary hikes, what kind of an impact was seen in offshore and onsite in terms of percentage hikes across the year.

Suresh Senapaty: But that was the thing of the past in the sense that in the quarter ending December there were compensation increases given in the offshore in the IT services. Actually it was in September, October, and November and it was ranging between 12 to 17% depending upon various grades.

Media Person: And going forward in the coming financial year...

Suresh Senapaty: You know, the way to get about cost management or manpower cost management is the function of how much price increase you give as well as how do you manage the mix of people in terms of experience versus non experience because with the period of time, we have found that the cost differences for less experienced person versus more experienced person is significantly different. So you keep on managing that mix as well as the price increases. The combination of this is what you finally manage because given the revenue line you have, that is how it has to be managed. So it is a combination of all factors. As of now, only thing we can say is that the compensation increase was given in the quarter ending December. There is no such decision taken as to when we would give the next one. Typically we give once a year, but there have been occasions where it has been given in 15 months, 18 months, and 21 months gaps.

Media Person: The Chinese premier was here, and he sought Indian investment, IT investment in China, and you also gave a statement in Calcutta, I remember, that you know, China is a threat to India kind of a thing. How do you look at it?

Azim Premji: China is a threat in global competition for everything, and I think the more you overestimate that the less you have complacency in the Indian industry, the less you have complacency in your own company. They are aggressive competitors in the global market in everything.

Media Person: Mr. Paul, just wanted some details about the consulting business. Has the consulting business grown, and how much has it helped the other business grow, and have you also got clients who have not been your IT services clients?

Vivek Paul: We have a sort of separate elements in the organization; we have a quality consulting organization, we have an organization that does pure consulting, we also have embedded consultants in all of our business units. In aggregate that number comes to about a 70 million dollar a year. So we do a fair amount of consulting, and particular reason why we have embedded a lot of them in the business units is because they drive a lot of follow through revenue.

Media Person: Is it a good idea that the 100 Chinese engineering students will come and get trained in one of our premier companies and some of China’s scientists will come and get trained in IISC? Speaking in general for the IT industry...

Azim Premji: Is that a good idea or a bad idea?

Media Person: Is it a good idea, I am asking you...

Azim Premji:I think you should ask the companies who are doing that. It is a point of view, we are not doing that.

Media Person: Speaking of IT industry in general, is that a good idea?

Azim Premji: I do not have views strongly one way or the other that is really an honest answer. It depends upon what your objectives are.

Vivek Paul: The reality is that the planet is a very small place, and so you have to learn to live with people that you collaborate with, compete with, and sell to, and buy from all the time. And so there is no, good-guy bad-guy relationships left anymore. In that context though, in some sense, you learn more about each other through whatever process you can, because eventually the only thing that is sustainable is the competitive advantage and how well you execute, because everything else is learnable.

Media Person: I just wanted to push you once again on the margin outlook. If you can give at least in terms of whether it is going in the south or north direction....The second question is about the telecom service providers business, it is going through a wave of consolidation in the US, is that going to have an impact on sales?

Suresh Senapaty: just to repeat what we said — but for the exchange, the margin for the current quarter is likely to be flattish.

Vivek Paul: So in the range from Kashmir to Kanyakumari, (northern and southern tips of India), we will be in Bhopal. The outlook we have given takes into account all the account ups and downs. The reality is, as I mentioned earlier, accounts have their own rhythms. If you have a diversified portfolio, you have the ability to balance those out.

Azim Premji:I request my colleague Vineet Agarwal to tell us a little bit about the year gone by and the future vis-a-vis our Consumer Care and Lighting business. It has had a exceptionally good year.

Vineet Agarwal: This year, the Consumer Care and Lighting business grew by about 29% on top line, which is reasonably good because the industry is growing more like 4 to 5%. We have had good successes in Santoor, which has grown by about 24% in value terms, by 22% in volume terms, again in a category which is growing at a flat and 2% growth. Our commercial institution business has also grown well at about 38% — this is a lighting business which we supply to offices, streetlights, stadiums, etc., and that has grown by about 38%. We had a successful launch of modular furniture for offices wherein we started in Bangalore and we have got now about 30 non-Wipro customers. We placed close to about 10000 workstations in and around Bangalore.

Media Person: You have mentioned that despite the increased cost due to wages and other things going up, you mentioned that you had managed to keep the margins high because of the operational efficiencies. Could you give an idea what these are — the operational efficiencies. Did they involve a lot of technology, or was it more managerial expertise.

Vivek Paul: Basically, the operational efficiencies come down to three factors that have really helped us. One has been the utilization improvement. The second has been doing more work offshore, and the third has been that even though salary costs have gone up, by being able to balance the mix of people who execute a particular project towards more of the new hires, which are primarily more juniors and freshers, the average cost to the company of an average employee has actually come down in Q4 of this year versus Q4 of last year despite the increase in salary.

Azim Premji: Are there more questions? Well, if there are no more questions, we will end here. Thank you very much.

EX-99.4

EXHIBIT 99.4

Q4 & Full Year 2005-Q4 Analysts / Investors Conference Call
11:30 AM IST, April 22, 2005

Moderator

Good morning ladies and gentlemen. I am Pratibha, the moderator for this conference. Welcome to Wipro’s fourth quarter results conference call. For the duration of the presentation, all participants’ 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.

Lakshminarayana

Thank you Pratibha. Ladies and gentlemen, a very good morning to you in India, and a good day to you in all other parts of the world. My name is Lakshminarayana, and I am based in Bangalore, along with Sridhar in Mountain View, and Jatin in Bangalore, we handle the investor interface for Wipro. We thank you for your interest in Wipro and would like to welcome you to this teleconference post our results for the quarter and year ended March 31, 2005. We have with us Mr. Azim Premji, Chairman Wipro, Mr. Suresh Senapaty, CFO, who will comment on the results of Wipro for the quarter and the year. They are joined by Mr. Vivek Paul, Mr. Suresh Vaswani, Mr. Vineet Agarwal, Mr. Raman Roy, and other members of company’s senior management who will answer any questions that you may have. The conference call is of course archived and a transcript will be available on our website, www.wipro.com. Before Mr. Premji start his address, let me draw your attention that during the call, we might make certain forward-looking statements within the meaning of Private Securities Litigation Reforms Act of 1995. These statements are based on managements current expectations and are associated with uncertainty and risks, which could cause the actually results to differ materially from those expected. These uncertainties and risk factors have been explained in detail in our filings with the SEC. Wipro does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date of filing thereof. Ladies and gentlemen, Mr. Azim Premji, Chairman, Wipro.

Azim Premji

Good morning. By this time, you would have had an opportunity to study our financial results for the quarter and year ended March 31, 2005. Hence, I would like to take this opportunity to share with you some of our thoughts on our performance and our prospects.

The results of 2004-2005 were satisfying from many perspectives. Our global IT business grew revenue in dollar terms by 43%. Growth was broad based in terms of verticals, geographies, and service lines. Our differentiated services such as technology infrastructure services and testing services grew ahead of the overall growth rate as did our Europe geography where we invested early.

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We improved our client mining as indicated by the substantial increase in the number of customers contributing revenues of over $1 million, $3 million, $10 million, and $20 million.

We raised a bar on operational efficiency leading to improved price realization and enhanced proportion of revenues from offshore projects, resulting in a far healthier operating margin despite increase in compensation cost, non-cash charge of restricted stock units and a sharply appreciating rupee.

The process of strategic transformation in our BPO business continues. The key aspect of this transformation, apart from changing the revenue profile, is tighter integration with our verticals. This will help us not only building domain competency in our BPO business but also ensure a far superior go to market approach.

Our India, Middle East, and Asia Pac IT business recorded revenue growth of 43%, and operating profits growth of 32%. Equally important the investments we made in newer service lines and newer geographies in this business have started reflecting in the operational results of that business. Our Consumer Care and Lighting and Fluid power businesses delivered robust results also.

Prospects for 2005-2006 are exciting. Our success in strategy execution in 2004-2005 and the tangible results that it has delivered in terms of our operating performance has reinforced our confidence that we are on the track to achieve our vision of global leadership. As customers make increasing demands in terms of integrated solutions and improved cost performance, we are well positioned to meet them based on our unique business model of diversified services coupled with proven benefits to our customers. We are aware that these future opportunities will also bring in challenges. Managing scale, combating the uncertainties on currency front, and executing the strategic transformation in our business process outsourcing business are some of the immediate challenges that we face. Over the past 59 years of our existence, we have encountered many opportunities and challenges in our business. Every single time we have seized the opportunity and won over the challenges. We see no reason why we should not be able to do it again and again.

I will now request Suresh Senapaty, our CFO, to comment on financial results.

Suresh Senapaty

A very good morning to all of you ladies and gentlemen. Before we take on questions I thought I would touch upon areas in our performance and financials that would be of interest to you all. Let me start with giving the composition of our growth.

During the quarter ended March 31, 2005, we had sequential revenue growth of 6.4% in our global IT services business which comprised of 6.8% revenue growth in the IT services and 3% growth in the BPO services. The 6.8% growth in the services component was driven by a 8.5% growth in the volume of business partially offset by a 2.1% decline in realization of work performed onsite and 0.9% decline in work performed offshore. The decline in realization was primarily due to closure of certain fixed price projects and shift in the mix of customers.

On forex front, our realized rate for the quarter was Rs. 43.80 a dollar versus the rate of Rs.45.11 a dollar last quarter, that is quarter ending December 2004, representing a decline of 2.9% sequentially. As of March 31, 2005, after allocation of foreign currency assets on balance sheet, we have outstanding hedges of about 503 million dollars deliverable over the next four quarters.

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Operating margin for our global IT business for the quarter was 25.3%. We were able to broadly maintain our profitability and gross margin levels despite lower price realization and impact of currency appreciation through higher utilization, increase in the proportion of revenues from offshore projects, and operational improvements. However, we continue to invest for the future resulting in an increase in the G&A cost as proportion of our revenues.

During the quarter we obtained permission for change of name of Wipro Spectramind Services Limited to Wipro BPO Solutions Limited. Further, in line with the strategic transformation initiative, we propose to merge the Wipro BPO with Wipro Limited. Apart from the benefits indicated by Mr. Premji, this merger will strengthen the integration process in terms of facilities, infrastructure, and people, thereby providing a superior value proposition to customers and shareholders. The merger is subject to approval from the shareholders and the courts.

For the quarter ended June 2005, we expect volume led growth with broadly stable price realization. We expect operating margins to be flattish excluding the impact of currency appreciation.

We would be glad to take questions now.

Moderator

We will start with the Q&A session now. We will now begin the Q&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. First in line, we have Mr. Ashish Agarwal from IL&FS Investsmart.

Ashish Agarwal

My first question is regarding Wipro BPO, Spectramind basically, what is the reason that it has grown only 3% sequentially as against 9% last quarter?

Raman

Hi Ashish, this is Raman. We had indicated at last quarter that based on the transformation that we are taking the business through, and based on the cyclical nature of the business of some of our customers where post the holiday season some of the retail business decline, we would expect a sluggish quarter and our revenues for this quarter have been in line with what we had indicated at that time, showing a 3% increase quarter on quarter and a 56% in increase for the full year on the basis. Some of our major customers made a change in their business strategy and that also made a shrinkage in some of their business, leading to the reallocation of some of those people.

Ashish Agarwal

Okay, that is fine. Another thing regarding the IT business, are you seeing any slowdown in any of your verticals like last quarter, Mr. Vivek Paul has said about some slowdown you are seeing in telecom business, any such concerns.

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Vivek Paul

What we said last quarter was that we were seeing a moderation in the growth and we took some evasive action on that and as a result were able to get 8.5% volume growth this quarter. Going forward, we continue to see the same environment of growth moderating from last year, on an overall spending basis. In terms of the offshore opportunity, it continues to be significant.

Ashish Agarwal

Okay. Just one last question, any impact you see due to the FASB-123.

Suresh Senapaty

Yeah, actually we spoken it, impact of FASB-123 on us is concerned, the latest communication that we have is that the applicability of that has been postponed, which means as it stands today, it will apply for us in the financial year 06-07, April 06 to March 07.

Ashish Agarwal

What is the capex plan now going forward?

Suresh Senapaty

See, capex plan is not something that we share but as we have indicated before, compared to the last few years, we will be able to do, we will be spending little more than what we have been doing in the last few years in terms of trying to build facilities in anticipation of business, but eventually it will be more driven by the business that we have.

Ashish Agarwal

Thanks.

Moderator

Thank you very much sir. Our next question comes from Mr. Mahesh Vaze of Brics Securities.

Mahesh Vaze

Hi. Before my question, I would like to mention something. In terms of the speed of dissemination of results as well as other details, Wipro is by far the best in the industry and your IR team does a great job. Coming to the question, if one looks at the movement in the margins over last 8 quarters, then your gross margins have moved in a very narrow margin, but SG&A which used to be 16.7% of the revenues in first quarter 04 was down to 8.7% in third quarter 05, and it has stepped up a bit this time around. So just wanted to understand, it is a sustained and almost continuous decline, so while there could be some efficiencies could be gained, one wonders whether there has been some under investment on the business development side.

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Vivek Paul

I think clearly that is a relative term. I think that what we are seeing is that going forward we expect that SG&A will rise very slightly as a percentage of sales.

Mahesh Vaze

Okay. But Vivek at the same time 16.7 coming to almost 9, is a very significant move.

Suresh Senapaty

But quarter 4 we went up......

Mahesh Vaze

Yeah, it did go up.

Suresh Senapaty

.....and what Vivek is indicating is that it could be again on the side of going up going forward because we did add many people on the business development side.

Mahesh Vaze

Okay. I just wanted to understand the trend, meaning, what is it that has been happening when it has been going down. I have seen that it has gone up and it is expected to go up....

Suresh Senapaty

Partially the decline was sharper because if you look at the previous years, when we did the acquisitions, there were lot of retention bonuses which were linked up there and certain other acquisition related expenses also where lumped under the SG&A and some of that got phased out and also some of the initiatives to be able to take up the operating parameters... but eventually we are seeing partly loosening of that last quarter and going forward....will happen.

Mahesh Vaze

Okay. Secondly, on the BPO side of the business, the new customers being transitioned, engaged, there hasn’t been any number there for last couple of quarters. So while Raman did discuss about the existing business having some issues, some seasonal issues, even newer customers do not seem to be coming in, any reasons here.

Raman

Mahesh, basically, as we articulated as a part of the strategy, we are catering to the BPO needs of our existing customers, so at a Wipro level there are no new customers for us. In the quarter gone by, we started doing BPO business for 2 additional customers and we added 3 additional processes for our existing and our new customers. At this point of time, the BPO business has 24 separate customers, 9 of which, 38% of our customer base is existing Wipro customers, and we hope to increase that and

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penetrate more and more as we take our offerings to the customers to bring them a single point of contact for multiple offerings from Wipro corporation.

Mahesh Vaze

Raman, if one looks at the macro picture compared to let us say a year ago, year ago there was lots of optimism on growth and since then the growth optimism seems to have tapered off, the numbers have been a bit disappointing, not just from Spectramind but from some of the other BPO guys as well. Also, the attrition has been worse than expected, and at least in one or two cases, there have been some issues. So, how does it look from the customers’ perspective. Are customers less inclined or less eager to move to India their back office now?

Raman

Mahesh from the customer’s viewpoint, I think the customer has tasted the offerings from India. They have seen the pros and cons, majority pros we would like to believe. They realize that there are aspects of training where they have to participate and what they have to see, and from our little window what we are seeing is an increased traction. As we go through our transformation, that is in response to what the customers are asking because their more tricky business, or their more sticky business is in the non-voice side and they are saying based on demonstrated competencies of what India can offer and within that what Wipro can offer, they are asking for those kinds of services. So I do not see any decline in interest, but the quality of the need is undergoing a change.

Mahesh Vaze

Okay. Thanks a lot and all the best.

Moderator

Thank you very much sir. Next in line, we have a question from Mr. Shekhar Singh of ICICI Securities.

Shekhar Singh

Hi sir. Just wanted to know like, in the software business, which are the key verticals where you expect growth to be strong in the coming year.

Vivek Paul

Our financial services business has had a pretty good momentum, and although we do not break our guidance by vertical, maybe Girish can talk a little bit about what we are seeing there.

Girish

We have had a fantastic year, last year. And at this moment, the demand environment is pretty robust. So, barring any unforeseen situation, we think that business will continue to be very strong.

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Shekhar Singh

Okay. Secondly, just wanted to know like, on the telecom OEM side, how does the environment look like in terms of flow of fresh development contracts.

Dr. Rao

As far as telecom OEM vendors are concerned, definitely there are a lot of development programs, initiatives. You may be hearing for the last few quarters, all in the area of convergence, seamless mobility, and of course voice over IP. These three are the strong drivers for more and more development programs. Accordingly, we also see a trend in terms of business mix for us, in terms of more of the new development as compared to earlier days of more of sustenance and less of development. So we see that the business mix is changed but the development programs will continue.

Shekhar Singh

So does it mean like, okay, some of your IPRs might actually be getting a, might be finding a good market now and therefore the possibility of margin expansion because of some IPR sales.

Dr. Rao

I am not able to comment on margin expansion, definitely, IPRs will definitely play a role because everybody has got this problem of time to market, you know, whenever a new product development is initiated. So definitely this would be an advantage for us, if at all we have any few reusable components.

Shekhar Singh

Okay sir. Thanks a lot sir.

Moderator

Thank you very much sir. Participants are requested to kindly restricted to one question in the initial round of Q&A session. Follow-up questions will be taken later. Next in line, we have Ms. Mitali Ghosh from DSP Merrill Lynch.

Mitali Ghosh

Yes Good morning. I wanted to understand a bit from Vivek as to what are the changes that you have seen in the last....in the demand environment, I mean, that has been strong for a long time but incrementally what are you seeing in terms of sale cycles or ramp ups, you know, both from a volume and pricing perspective

Vivek Paul

What we are seeing is, if I must give you kind of a tour of what is going on here, I think that we are seeing continued slowness on the R&D spending side in terms of the product engineering businesses,

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and there we are trying to go after particular verticals that may be pockets of growth. As I mentioned earlier, if we saw semiconductor software in our embedded business, we went after computing platforms. So I think we are trying to pick & choose the components that still have good growth element in there but we are seeing overall R&D spending beginning to get constrained.

On the IT side, we have talked last quarter about this moderation of growth. We continue to see that. I think that what we are seeing is that there is still growth in IT spending, but much more around, and fortunately for us much more on development projects but at a muted level. So what we are doing is we are continuing to be able to use our services, continuing to be able to use the wide range of services, continuing to be able to go after the new service lines like testing so that we can continue to drive our growth. So there I would say on the demand side, we are beginning to see the moderation that we talked about but offset by our ability to again find the right sort of services and pockets that keep our growth going. If you look at it on a ramp up basis, I do not think we have seen any substantial changes in customer either slowing down ramp ups or anything like that. And finally, with regard to the sales cycles, again, there has not been anything specific that we have seen in terms of a trend shift on the sales cycle.

Mitali Ghosh

If you can comment a bit on what you are seeing in terms of pricing, you know, while one has been talking of stable prices, incrementally what does it look like especially from existing customers?

Vivek Paul

Sure. If you look at existing customers, where we have been out there asking for price increases, we have been getting the resistance and, you know, it is kind of an inching forward thing. We haven’t seen any pressure on the other side, but certainly it has been very very tough to make headway in terms of getting like on like price increases. I think that our realization increases have come from being able to do more fixed price projects at an average higher realization as well as the new business mixing in at higher realization rates. The third element was service lines, as we expanded into service lines that are higher value, in some sense they help us in terms of realization rate, but for example if you look at the testing service line, the testing service line on general is a higher operating margin line but is not generally a higher realization line. So as we see kind of mix shift around there, some of the stuff changes on the realization line, but on the head to head pricing basis, we continue to see modest improvements.

Mitali Ghosh

That was very helpful. If I can just clarify what you said on the first part on the volume part, is it, is my understanding correct that in a sense therefore the additions to the pipeline maybe slower this quarter than it was in the previous quarter given the moderation in project spending.

Vivek Paul

Yes, I think that you know, you have kind of balance what you see in terms of overall budget spending with the growing momentum of offshore. So I think that what is happening is that, you know, I mean, we have talked about this many times before, the widespread acceptance of offshore, the familiarity and confidence in companies like Wipro, all that helps us to do more. In some sense, if you think about our business, good times are good for us, bad times are good for us, moderate times are good for us, uncertain times are the only times that are bad for us because people just freeze. We are seeing, as I

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said, a moderateness being offset by higher propensity to offshore, but it is not in anyway freezing spending.

Mitali Ghosh
Thank you very much.

Moderator

Thank you very much ma’m. Participants are requested to kindly restrict to one question in the initial round. Our next question comes from Mr. Dipen Shah of Kotak Securities.

Dipen Shah

I had some questions on the macro basis, which have been eluded to by the management and asked by my predecessors, but just if we can throw some light more on the testing services business, like what exactly is the kind of work which you are doing, and Vivek just stated that testing services is a higher margin business, so just wanted to understand the reasons behind, how is it higher margin business as compared to others. Thank you.

Suresh Vaswani

On testing services, we do a range of testing services across our product engineering business as well as our enterprise business. It is all about testing application software, it is about testing products, it is about leveraging on testing technology, testing tools, and test automation. And testing is becoming more and more critical as applications more mission critical. The testing business actually lends itself to a lot of offshoring and you know, which is why the margin structure on testing tends to be higher than most of the other service lines because here we are able to drive testing to as much as 80% offshore and 20% onsite.

Dipen Shah

Thank you very much.

Moderator

Thank you very much sir. Next in line we have Mr. Pratik Gupta from Citigroup.

Pratik Gupta

Just wondering if you could elaborate a bit more on the interplay between pricing and cost and the implication thereof on the margin front, specifically you mentioned earlier that in this quarter you have seen pricing come off, or the realized pricing come off mainly because of the impact of FPPs and some customer mix issues, as the same time, I was just wondering if you could elaborate a bit more on the trend going forward, not just for the current quarter but for the year as a whole, do you expect further ramp downs in some of your fixed price projects which may affect the overall pricing, and also what does that do to your margins on a full year basis, I know, you don’t give a exact guidance, but if you can just give some sort of trends on the margins overall, especially given that in your case the wage hikes come in at the later part of this year.

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Vivek Paul

I think that if you look at the mix shift in terms of either service lines or customers of fixed price projects that has inversely affected realizations. There are no trend lines there, you know, that mix is in some sense not something you manage, it is what sort of comes out, so I think that we are not seeing any big reductions in fixed priced projects, we are not seeing substantial major shifts in volume, etc, so I do not think that we are seeing that as being a secular trend line in any way. As far as the pricing itself is concerned as I said, the secular trend lines we are seeing is that we are making very slow progress on like to like re-negotiations and we are getting new business in at higher rates than we have our existing businesses. So I think in aggregate on the pricing and realization, I would say that that would be the view. In terms of overall margins, I am going to allow Suresh Senapaty to comment on that.

Suresh Senapaty

So far as margin is concerned, like you said, there is impact of the exchange; there will be operational issues like the utilization, offshore mix, lever on the SG&A and so on and so forth. I think it will be our continued endeavor to be able to pull all these levers to be able to mitigate any of the downsides that we could see in mix change and also with compensation increase like we said that the thing to manage is the cost per person per month, and on that front on one hand you pay higher compensation increase per person, but you try to change the mix of the people in terms of the profile of experience and so that net-net you should be able to get that at a stable sort of level. So, like we said this quarter, we will be but for the exchange we expect to be about flattish in terms of the operating margin.

Pratik Gupta

Right. If I could just ask a quick follow-up question, we think some of your competitors like Infosys, and also in the US, IBM, talking about bit of a slowdown in the short term, I was just wondering if you would care to comment on that any particular areas where you are seeing any weakness in the IT services side.

Vivek Paul

I think that we have given the guidance for next quarter, and that really is sort of a quantification of our expectation.

Pratik Gupta

All right, thank you.

Moderator

Thank you very much sir. We have our next question from Mr. Trideep Bhattacharya of UBS.

Trideep Bhattacharya

Hi, good morning gentlemen. I also wanted to complement in terms of your timeliness of information dissemination — good job done by IR team. The first question is, like you know, as the company grows bigger, what is the kind of change in profile of the projects that you are seeing that you are now taking out today vis-à-vis let us say one year back.

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Vivek Paul

Can you speak into the mike please.

Trideep Bhattacharya

Okay, is it better.

Vivek Paul

Yeah, absolutely.

Trideep Bhattacharya

Okay, sorry for that. I was wondering if you could comment on the change in the profile of the projects taken up by your company given the fact that the size is increasing and which, the changing profile of the project that the customers want you to do today vis-à-vis about one year back, now that you have wider service offering and....

Sudip Banerjee

The profile of projects that we are seeing across the board is actually changing from lot of low end work moving to high end services. So we are doing a lot more development projects now as compared to maintenance projects. The component of fixed price projects as you see, is only seasonal for this quarter, there is still a lot of traction in fixed priced projects, and also we are seeing that we are selling a lot of our new service lines much more than our older service lines like application development and maintenance. So we are selling lot more of infrastructure services, lot more on the package implementation services, and a lot more in the testing services area.

Trideep Bhattacharya

Do you see customers increasingly asking for multi-country delivery or, like you know, as some of your multinational counterparts can provide, is that increasingly being seen or still mainly India.

Sudip Banerjee:

We have been doing multi-country delivery for our projects for quite a few years now, and the trend is no different now or expected in the near future because we are currently doing projects which have rollouts across North America, Europe, other regions in Asia, and sometimes even in Latin America.

Trideep Bhattacharya

Right. Any comments on, I mean, do you think that the size of the deal or the number of large size deals in the pipeline has increased this increase vis-à-vis last year, gone down, or any comments on that.

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Sudip Banerjee:

Well I think what is happening is that customers are today selecting their partners as opposed to handing out very large contracts, and the good news for us is that in recent times, we have had several large fortune 100 customers selecting us as partners.

Suresh Senapaty

At least we are seeing that the revenue that we are getting per customer has been inching up from about 3.14 million dollar in quarter three to 3.23 million dollars in quarter four.

Trideep Bhattacharya

Thanks a lot. Best of luck

Suresh Senapaty

Thank you.

Moderator

Thank you very much sir. Participants are requested to kindly restrict to one question in the initial round. We have our next quarter from Mr. Anthony Miller of Arete Research.

Anthony Miller

Hello gentlemen. My main question is on recruitment, can you just first quickly.., have you noticed any change in either the intensity or the mix of competition that you are meeting in the major markets?

Vivek Paul

Are you talking about it from a recruitment perspective or sales perspective?

Anthony Miller

Sorry, the sales perspective.

Vivek Paul

No, I don’t think there is any increase in intensity. I think it has been same old competitors with the, you know, same old competitive intensity, not much of a change. If anything, couple of the big companies, SI firms that have been undergoing financial pressure have backed off like Barring Point or Cap Gemini, so we see less of those.

Anthony Miller

Right. Okay, and one question on recruitment, can you just give us an idea or the numbers of staff you are expecting to recruit in FY06 and if you haven’t said it already but your guidance on salary increases?

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Laxman Badiga

I don’t think we can give any numbers, forward looking, except the guidance which has been given, but in terms of the recruitment market, I would say that we have not seen major increases either at the campus or at the low end level, but definitely the senior project management architects and so on, depending on the expertise and demand at that point of time, it is a call we have to make depending on, but the numbers will be relatively small in terms of recruitment for those....

Anthony Miller

Okay, thank you very much.

Moderator.

Thank you very much sir. Next in line, we have Mr. Anantha Narayan from JM Morgan Stanley.

Anantha Narayan

Thanks and good afternoon everyone. It is related to the plans to merge Wipro BPO with Wipro Limited, do you foresee any significant organizational changes in either of these entities, and just a related question on the BPO business, and has the recent incident involving MsourcE and Citigroup changed the perceptions of customers significantly?

Raman

This formal merger that is happening right now is the culmination of a process that we started with the acquisition, and over a period of time we have been realigning the BPO business along what our customers’ need, along with the vertical architecture we have. So we have been making those changes whether it was in terms of go to market, whether it was in terms of fulfillment, so this will not lead to any major changes immediately as we merge. In terms of the Pune incident of what has been reported and what is alleged to have happened. Fraud is an unfortunate reality of the financial services business. It happens all over the world, unfortunately billions of dollars are lost. Our customers are well aware of these challenges; they are not linked to a particular geography or fulfillment. They are not linked to a particular nationality. So, there is a desire for customers to understand what happened and whether there was any kind of laxity, there is a desire to understand that the security norms that we at Wipro have in place are being regularly monitored and seen. So do we see any change in intention? No, we do not.

Anantha Narayan

Thanks Raman. That is helpful.

Moderator

Thank you very much sir. Our next question comes from Mr. Nimesh Mistry of Network Stock Broking.

Nimesh Mistry

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Hello everyone. I just wanted to know, your Asia pacific business is doing very good, and we have seen some good growth in this business. So, can you kind of give some kind of color on how we are going to see this particular Asia Pacific business going ahead, and what will be the margins in this particular business?

Vivek Paul

Suresh Vaswani will answer that question, but could you repeat the question please.

Nimesh Mistry

Yeah. Actually I just wanted to have some color on the Asia pacific business which is growing very well, and how do you see the business in Asia pacific going ahead, and in terms of margins what is the contribution of margins and what would be the business from India especially in this particular segment?

Suresh Vaswani:

Let me just step back a bit, in Wipro Infotech which handles India, Middle East, and Asia Pacific, we do the technology products business and we do, large proportion of our business today is really in the area of services software and consulting. We have been having good growths in India, something like 40%+ in terms of services growth, and Asia Pac and Middle East we have expanded over the last three years into this market, and we have been seeing significant growth both in Asia pacific and Middle East and we spoke about earlier growth of 85%. What we are offering in these markets, in all these markets, is a lot of software integration services, and a lot of application development maintenance services very similar to what we do in the global market. We also offer pretty intensive infrastructure management services as well as specifically in India we do a lot of maintenance services and product integration services. So this is broadly the spectrum of what we do in these markets. In India, our focus is a lot also on products and services in addition to services and software, while globally Asia Pacific and Middle East it pretty much resembles the footprint of our global markets.

Suresh Senapaty

And your question of revenue from Asia pac and Middle East is about 7.4% of the revenue of Wipro Infotech, and in terms of the margin point that you talked about, we do not specifically share the margin on Asia Pac per se, but if you look at the onsite rate, this is typically at this point in time is highly onsite centric, but the realizations there are comparable to our Wipro global IT business realizations, and therefore the margins are, in particular the gross margins are at least in commensurate with that.

Nimesh Mistry

Right, and is it the same scene in case of business from India, regarding the margins?

Suresh Vaswani

See, India has got a significant element of products, so the margins, the overall operating margins that we operate in, in Wipro Infotech businesses is close to 10%. But the margin structure is higher on services and as expected, lower on products, because the significant part of our business is also PC business.

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Nimesh Mistry

Okay. And one more thing, I wanted to, just a data point, could you just tell me what would be the attrition rate in your BPO side?

Raman

For the quarter ended March 31, 2005, our attrition rate for the BPO business was 22.8%, for the quarter which included 9.7% of people in training and 13.1% of people post training. This compares with 25.4% of last quarter. So we had a reduction of about 2.8%.

Nimesh Mistry

Thanks a lot and all the best.

Moderator

Thank you very much sir. Our next question comes from Mr. D. Irani of Share Khan.

D. Irani

Hello

Sudip Banerjee

Yeah, please go ahead.

D. Irani

I just wanted to understand, you spoke about 6.4% growth in global IT business and in rupee terms if I look at it, comes out to be somewhere around low 3 or 4%, can you just tell me what rate, exchange rates you have taken...

Suresh Senapaty

The exchange rate in the quarter ending December was 45.14. The exchange rate in quarter ending March was 43.80. So that accounts for 3% depreciation. Therefore 6.4 minus 3 is the amount you are getting in rupee terms.

D. Irani

Okay. Thanks a lot.

Moderator

Thank you very much sir. Next quarter comes from Mr. Pankaj Kapoor of ABN Amro.

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Pankaj Kapoor

Can you give some color on the differences that you see in selling of traditional services versus the new set of services that we have been talking about like infrastructure management, testing and all. Like in terms of elements like, what is the customers’ willingness to offshore, what is the average deal size, what is the competition profile, and especially what is the intensity of pricing negotiation.

Rich Garnick

It is a fairly broad question. What we did see is that customers are looking to partner, as Sudip Banerjee talked about earlier, look for partners that provide breadth of capabilities versus selecting discrete components as one off as they look to solve business problems, the business problems revolving around technology, IT, business process outsourcing, training and transformation opportunity to the business. So, from a standpoint of the sales process we are seeing a change the mix from one where historically, if you go back four-five years ago, offshore was a model of building competencies and capabilities, receiving RFPs, answering to those requests and meeting those requests. Our business today is moving towards where we understand our customer’s needs more and provide rapid capabilities and provide solutions to meet those needs whether they are at any one of those component levels and the competitive nature of who do we compete with can be more and more, we see competition not only from the Indian sector but the multinationals, the global IT service providers like IBM, Accenture, EDS, and others, and we are winning as much as, given the growth rates that we had, we are winning many of these opportunities.

Pankaj Kapoor

So, do you see that as we get more aligned to the customer’s basic business operation, does that also expose us to risk of elongated decision making cycles because of the issues that a customer may be facing in their businesses?

Rich Garnick

Actually we are seeing, in some cases, you can see longer, in some cases we are seeing it shorter because in fact we are going in and helping them define what their problems are, consulting offering goes in there and does large scale diagnostics, evaluating the business problems and then bringing in our capability to execute and implement those projects. So some cases were getting engaged faster at the consulting side.

Pankaj Kapoor

Just one last question, are there any instances of a deal in which a customer is asking for a integrated offering in terms of a BPO as well as an IT as well as the infrastructure part, whereas we are looking at a single service contract and a single point of interaction. So are there any increases in terms of such instances, and if yes, what will be the typical deal sizes of this kind and the closure time of these deals?

Rich Garnick

First up, the overall strategy that we have been employing, we talked about it, is the growth of our existing customer base, and you are seeing that by, one, that existing customer base will penetrating across our service offerings.., you know, it is hard to define a sales cycle specifically because there is no clear start and stop. We are involved in a partnership and we engage in ongoing basis. With regard

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to the integration of opportunities, Raman spoke about it earlier, as being 38% of his business comes from Wipro Technology’s existing customer base. So, we are seeing, and we believe that the merger will enhance our go to market effort in bringing the verticalization, the domain expertise, and bringing the ability to transform client’s business, and from IT to the IT-enabled services, and helping them build business solutions that either help them on their top line or reduce their cost improving the bottom line.

Pankaj Kapoor

Thank you and all the best.

Moderator

Thank you very much sir. Participants are requested to kindly restrict to one question in the initial round. Coming up next is a question from Mr. Nimesh Chandan of Strategic Capital.

Nimesh Chandan

Yeah, Hi! My question is also on the services side. Now, for services like consulting and package implementation, we have seen a sequential decline as a concentration percentage of revenues, and we have also been talking about interesting concept of partnering with our clients. The clients are looking at us as a partner and not just a vendor. So, should we be actually seeing more diversified services mix to get a better share of the client’s wallet?

Sudip Banerjee

This is Sudip Banerjee. I will answer the consulting part and Rich will take over for the package implementation part. On the consulting part, what we have done is we have repositioned the consulting service line. Earlier we were showing the consulting services revenue under one head. In the last 12 months, we have progressively put the consulting services line into different vertical domains. So, as a result, much of consulting revenue, if you compare with the earlier base is now under the vertical revenue. It is very difficult to segregate the two. But I think going forward we will see much more of that. So we will have pure play consulting as a much lower component than the overall consulting that we are doing. In fact, what we have found is that the total consulting revenue across all these areas, verticals, and practices within Wipro has now gone up to about 5% of our total revenues.

Rich

And on the a package implementation business, only clarification is that, sequentially we grew last quarter again, little bit muted quarter, we recorded 3.2%, however, on a year-on-year basis we grew over 45% exceeding our plans and achieving improved business parameters as we focus on bringing this improved operations at the same time improved prospects going forward. Going forward, yes, we stated our guidance that package implementation will be part of the business-mix to meet our guidance expectations.

Nimesh Chandan

Okay, any comments on whether, you know, we will see, we have added good number of clients, new clients last year. Now, I mean, what strategy do we have to mine these clients and get to a better share of their budgets? And some thoughts on, further thoughts on this looking at expanding our service lines?

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Sudip Banerjee

Yes, Sudip Banerjee again. The question, if I understand it right is basically you are asking our strategy for mining existing clients.

Nimesh Chandan

Yeah.

Sudip Banerjee

You know, compared to the previous quarter, our top ten clients have shown a sequential growth of more than 9%, about 9.6%. So that is evidence of our mining our existing client base. Also, 22 of our top 50 clients have shown sequential double-digit growth this quarter. So, we have, as Vivek had earlier pointed out, anticipated what is happening in different segments of the market and then take an action to address our existing client base much more effectively, and that is paying results now. And, this mining that we are doing in the existing client base is across all service lines. So, we are selling multiple service lines to the same client, and that is what has given us the volume growth in this quarter, which is 8.5%.

Nimesh Chandan

Okay, thank you.

Moderator

Thank you very much sir. Participants are requested to kindly restrict to one question in the initial round. We have our next question from Mr. Elroy Lobo of Kotak.

Alroy Lobo

Yeah, Hi! I have just one question. I just wanted to know if there is, you know, a very distinct trend between customers moving away from full service providers to best of breed vendors? And is that having an impact on deal sizes?

Rich Garnick

The trends in the marketplace that we are seeing is that customers are looking to optimize their mix of providers and look to best, you know, the optimal solution of meet the specific business requirement. In many cases, the trends of global sourcing and looking to a partner that has aggressive capabilities as I mentioned earlier that can provide end-to-end services such that when they select that partner, they can grow over time and expand the capabilities that is what we are seeing consistently.

Alroy Lobo

You are saying that......

Rich

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....... one specific category.....

Alroy Lobo

Okay, thank you.

Moderator

Thank you very much sir. Next question comes from Mr. Manoj Singla of JP Morgan.

Manoj Singla

Yeah, Hi! Congratulations on an excellent quarter. Just the first question on the pricing side, you have seen some drop quarter-on-quarter. One, what do you attribute this to? And secondly, do you expect it to get it back to the levels that we had a quarter ago?

Vivek Paul

Hi! Thanks for the complement. Vivek here, and I think you might have missed the early part of the call because we actually went through this in some great detail. If it is all right, since we do have many questions lined up, would it be possible for you to take this Lan separately since we have already did cover this earlier on?

Manoj Singla

Sure, actually I did dial into the call little bit late. Just the second question I had on the ADR side, given moves by some of our other peer group, do we have any plans to increase our ADR free float? Thank you.

Vivek Paul

No, we have not taken any decision to that extent as yet.

Manoj Singla

Sure, sure, thanks.

Moderator

Thank you very much sir. We take our next question from Mr. Hitesh Zaveri of Edelweiss.

Hitesh Zaveri

Yeah, Hi! Actually, I could not hear properly the response with regard to the integrated offerings when it comes to IT, BPO, as well as the infrastructure services. But, if we broaden the question, what trends do you see, if at all, in terms of business service provisioning and whether you think that could be an important trend contributing to a meaningful portion of your revenue in couple of years?

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Raman

Hitesh, this is Raman. Let me give you a little flavor over to what was said earlier. Sudip brought out the fact that what the customers are looking for today are partners. They are identifying partners who have demonstrated competency and capability across multiple needs that they have now and that they are likely to have in the future, and that customers are working on those partnership making their own investments in building up a knowledge base and the domain capability. So, we are seeing that traction where there is, the partnership as co-reliance, and there is investment on both sides in building competence-capability, and therefore, you know, as Rich also brought out earlier, 38% of the customer base on our BPO business are the existing customers of Wipro Technology where there is a knowledge resident within Wipro for their business, and are we seeing traction into the future for this? Yes, we are. And if we are able to leverage that, if we are able to mine that capability, we think it will be mutually beneficial for us and for our customers.

Hitesh Zaveri

Sure, thanks for that. If could I ask a couple of more questions, one is actually, if you could elaborate on outlook for the financial services for next year, qualitatively, and also on the horizontal actually. I would be interested in what is your outlook for enterprise service implementation business, EI business overall, how does that vertical and horizontal look to you?

Girish Paranjpe

Let me speak to you about financial services business on the outlook. As I said earlier, we had a very good year, and at this moment at least it looks like we have another good year ahead of us. I do not intend to give any specific numbers but if I look at the customers, the expanding clients, what is the kind of depth of relationship we have with them, our execution track record, everything seems to be positive at this point of time.

Rich Garnick

On the package implementation side, we had a..., current quarter the growth rate has somewhat slowed down, you know, going forward, we still see that we have a good performance overall, and outlook for the next year is challenging but we believe we are committed to doing the right thing to get back the growth rates that we have seen in the past.

Hitesh Zaveri

Sure, thank you so much.

Moderator

Thank you very much sir. Our next question comes from Mr. Sudhakar of Span Capital.

Sudhakar

Yeah, Hi! Can you throw some light on your consumer care and lighting business as to how that segment is doing?

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Azim Premji

We will just come to that question.

Sudhakar

Hello? Hello?

Suresh Senapaty

Yeah, we will have Mr. Vineet Agarwal in five minutes. Can we take the next question so that we will answer that little later.

Sudhakar

Yeah, sure.

Moderator

Sure sir, we will move over to the next question. Next in line, we have Mr. Sandeep Shah from Tower Capital.

Sandeep Shah

Yes sir, as the management and the other competitors have sounded that the IT spending is not increasing or decreasing moderately, but at the same time the offshore momentum is very high. But if that is the case, does that mean that the wallet share of the Indian IT from all the vendors is increasing? And if that is the case, why with Wipro and the other competitors, the concentration of the top 10 clients is decreasing? What I mean to say is, for example, in Wipro, the IT services, the top 10 clients have grown at 16% YOY, but overall the IT services growth was 42% for the company.

Sudip Banerjee

You know, this is a reflection of churn and there is no pattern. As I said earlier that in the quarter that was just concluded, out top ten clients grew sequentially in double-digit terms and that is a reflection of the account mining that we have started doing with our existing customer base.

Sandeep Shah

Okay, but does that mean that the offshore momentum is so strong that the wallet share with the global or fortune companies is increasing or will increase at a faster pace going forward?

Sudip Banerjee

Well Vivek has already answered that in terms of saying that there is a moderation, which is coming into the market in terms of the growth that can be expected. And what will happen is very much in line with that. I think it will perhaps be fair to say that the larger fortune 100 companies are looking at much more offshoring now than they have been at any point in time in the past. And that is reflected in the, you know, their selection of partners as opposed to just doing one-off projects with IT companies.

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Vivek Paul

And at this time, Vineet Agarwal just walked, so maybe we can answer the Consumer Care and Lighting question about the general outlook and color on the business.

Vineet Agarwal

Consumer Care has grown well this year. We have done about 29% growth and we would rate ourselves as one of the fastest FMCG companies in India today. This is led by our toilet soap brand Santoor, which has grown by about 24%. Our Commercial and Lighting Business, which is largely lighting for offices, street lights, architectural lighting for landscape, that has done well at about 38%. We entered the modular furniture business last year in a small way in Bangalore, and we have got about 30 non-Wipro customers and installations of about 10,000 workstations. We would plan to expand that to the rest of the country this year. In terms of acquisitions, both our Glucovita and Chandrika acquisitions which we had over the last two years have done well. We plan to re-launch Chandrika in the new advertising, new packaging, new shape, etc. during the course of this year.

Moderator

Thank you very much sir. Next in line, we have a question from Mr. Vipin Khare of Citigroup.

Vipin Khare

You mentioned about lowering the cost per employee because of the employee pyramid, can you elaborate on that? What is the percentage of employees in 0-3 and 3-5 years compared to what it was last year? Secondly, what is the total number of offers in colleges you have given as a number of fresh level people you expect to join in the next two quarters?

Vivek Paul

He will answer the second part of the question, the first part we have not shared the mix of people in the past

Laxman Badiga

We have roughly around 7000 offers in the campus.

Moderator

Hello sir?

Vipin Khare

And secondly, Raman, if you can share something on what is the target percentage of non-voice business that you will target for Spectramind, what is it currently?

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Raman

No, we do not give any guidance on specific numbers for any business line, but what we have stated is that last quarter, we have initiated the transformation of the business and we have stated that our focus is going to be to increase the non-voice component of the business and as I have stated earlier we have seen traction of that with our customers. We are heading towards their needs and building competency to fulfill those needs.

Vipin Khare

One last question, what was the percentage of lateral employees hired in last year?

Bala Krishnan

60% is the lateral.

Vipin Khare

60?

Bala Krishnan

Yeah.

Vipin Khare

Thank you.

Moderator

Thank you very much sir. Next in line, we have a question from Jyothi Roy of Mata Securities.

The line of Jyothi Roy has disconnected. We will move over to the next question, Mr. Amit Khurana from IL&FS corporate.

Lakshminarayana

Yeah, Pratibha, after Amit’s question, we will take the last question please?

Moderator

Sure sir, we will do that.

Amit Khurana

Yeah, this is Amit here for IL&FS Corporate. Just wanted to get a sense, while you do not give the capex number as such, I was just wondering what is the kind of, you know, percentage utilization of the kind of seats that you have currently on IT services, a sense of that would help?

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Male Speaker

Amit, we do give the capex, that we have sent in the past and I will just give it to you in a moment.

Vivek Paul

For... seat utilization, you know, we haven’t published that number, but it is very high because we are constantly running short of seats. I do not know what the exact number is, but we do not have a large inventory of seats.

Amit Khurana

Okay, currently the number of people that we have, we do not have that many seats to provision them. Is that a fair assessment?

Vivek Paul

I would say that we run out of seats three months in advance, let me put it that way.

Suresh Senapaty

What happens is typically for any reason our seats are yet to be done, then we take a rented premises and then do the shifting.

Amit Khurana

I see.

Suresh Senapaty

So it is just in time. So we try to make sure that the facilities are constructed by ourselves, but if for any reason it is not been done, temporarily, we fill it in through hiring, leasing...

Amit Khurana

Okay, all right. Fair enough. Can we have the capex number?

Suresh Senapaty

...So that the utilization is very very high.

Lakshminarayana

And Amit, capex for last quarter in global IT was Rs. 1.437 billion, Indian IT was Rs. 38 million, consumer care and lighting was Rs. 56 million, and all others were Rs. 127 million.

Amit Khurana

All right, thank you very much.

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Moderator

Thank you very much sir.

Lakshminarayana

The last question Pratibha.

Moderator

Yes sir, the last question comes from the line of Ms. Mitali Ghosh of DSP Merrill Lynch.

Mitali Ghosh

Thanks for getting me the last one. I had a question on the taxation. If you could give us any update on the, you know, the taxation litigation one that is going on? Secondly, to what extent is your tax rate likely to move up this year, you know, based on the 10-A probably going away? And third, any estimate on fringe benefit tax?

Suresh Senapaty

Yeah, So far as the legal issue on the taxation is concerned, in line with what happened in the previous year, we got a similar order, but as you know, there wasn’t any appeal disposal on that matter. So, we hope some of the disposal could happen in the current year, but we never say for sure. And so far as the FBT is concerned, we have not factored in the FBT, because you know that the government is re-looking at this, there is a high power committee sitting on re-looking at it. There have been promises made that the genuine business expenditure will not be subjected to fringe benefit tax, and we hope the impact of that to our kind of companies is very minimal.

Mitali Ghosh

Thank you.

Moderator

Thank you very much ma’am. At this moment, I would like to hand over the floor back to the Wipro management for final remarks.

Lakshminarayana

Thank you Pratibha. Thank you ladies and gentlemen for participating in the call. Should you have missed anything during in the call, the audio archive of this call will be available on our website and we will also be putting up a transcript very shortly. And of course, you can always talk to investor relations team, we will be more than happy to clarify your doubts. We look forward to talking to you again next quarter. Thank you and have a nice day.

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Moderator

Ladies and gentlemen, thank you for choosing WebEx conferencing service. That concludes this conference call. Thank you for your participation. You may now disconnect your lines. Thank you and have a nice day.

******

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EX-99.5

EXHIBIT 99.5

Q4 & Full Year & 2005-Q4 Analysts / Investors Conference Call

7:15 PM IST, April 22, 2005

Moderator

If you should require assistance during the call, please press * then 0. As a reminder this conference is being recorded. I would now like to turn the conference to your host, Sridhar Ramasubbu, please go ahead.

Sridhar

Good morning. Jatin, Lan, and myself in the IR team, extend a warm welcome to all the participants to Wipro’s fourth quarter results and earnings call for quarter ended March 2005. We have here the entire senior management team from Wipro, Azim Premji, Vivek Paul, Suresh Senapaty, Suresh Vaswani, and others. In addition, we also have the management team from global IT business who are assembled here to answer specific questions related to their business as well as geographies. Azim Premji, Chairman, and Suresh, CFO, will provide the opening remarks on US GAAP results for the quarter ended March 2005. Before we get on with the call, we would like to provide the disclaimer on forward-looking statements within the meaning of the Private Securities Litigation Reforms Act, 1995. These statements are based on managements current expectations and are associated with uncertainty and risks, and we do not undertake any obligations to update forward-looking statements to reflect events or circumstances after the date of filing thereof with SEC. The call is scheduled for one hour. The presentation of the fourth quarter results will be followed by a Q&A session. The operator will walk you through the procedure of asking questions. The entire earnings call proceeding are being archived and transcripts will be made available after the call at www.Wipro.com. I am online on e-mail and if you have any specific questions, which you are unable to ask, please send me an email and we will address those questions as well at the end of the Q&A. Ladies and gentlemen, over to Mr. Azim Premji, Chairman, Wipro.

Azim Premji

Good morning to all of you all. By this time, you would have had an opportunity to study our financial results for the quarter and year ended March 31, 2005. Hence, I would like to take this opportunity to share with you some of our thoughts on our performance and on our prospects.

The results of 2004-2005 were satisfying from many perspectives. Our global IT business grew revenue in dollar terms by 43%. Growth was broad based in terms of verticals, geographies, and service lines. Our differentiated services such as technology infrastructure services and testing services grew ahead of the overall growth rate as did our Europe geography where we invested early.

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We improved our client mining as indicated by the substantial increase in the number of customers contributing revenue of over $1 million, $3 million, $10 million, and $20 million.

We raised a bar on operational efficiency leading to improved price realization and enhanced proportion of revenues from offshore projects, resulting in a far healthier operating margin despite increase in compensation cost, non-cash charge of restricted stock units and a sharply appreciating rupee.

The process of strategic transformation in our BPO business continues. The key aspect of this transformation, apart from changing the revenue profile, is tighter integration with our verticals. This will help us not only in building domain competency in our BPO business but also ensure a far superior go-to-market approach.

Our India, Middle East, and Asia Pac IT business recorded revenue growth of 42%, and operating profits growth of 27%. Equally importantly the investments we made in newer service lines and newer geographies in this business, have started reflecting in the operating results of that business. Our Consumer Care, Lighting, and Fluid power business delivered robust results also.

Prospects for 2005-2006 are exciting. Our success in strategy execution in 2004-2005 and the tangible results that it has delivered in terms of our operating performance has reinforced our confidence that we are on the track to achieve our vision of global leadership. As customers make increasing demands in terms of integrated solutions and improved cost performance, we are well positioned to meet them based on our unique business model of diversified services coupled with proven benefits for our customers. We are aware that these future opportunities will also bring in challenges. Managing scale, combating the uncertainties on currency front, and executing the strategic transformation in our business process outsourcing business are some of the immediate challenges that we face. Over the last 59 years of our experience, we have encountered many opportunities and challenges in our business. Every single time we have seized the opportunity and triumphed over the challenges. We see no reason why we should not be able to do it again and again in the future.

I will now request Suresh Senapaty, our CFO, to comment on our financial results.

Suresh Senapaty

Good morning everybody. Before we take on questions I thought I would touch upon areas in our performance and financials that would be of interest to you all. Let me start with giving the composition of our growth.

During the quarter ended March 31, 2005, we had sequential revenue growth of 6.4% in our global IT services business which comprised of 6.8% revenue growth in the IT services and 3% growth in the BPO services. The 6.8% growth in the services component was driven by a 8.5% growth in the volume of business partially offset by a 2.1% decline in realization for work performed onsite and 0.9% decline in work performed offshore. The decline in realization was primarily due to closure of certain fixed price projects and shift in the mix of customers.

On forex front, our realized rate for the quarter was Rs. 44.44 a dollar versus the rate of Rs.45.11 a dollar the earlier quarter. Realization for the quarter ended December 2004 representing a decline of 1.5% sequentially. As of March 31, 2005, after allocation of foreign currency assets on balance sheet, we have outstanding hedges of about $503 million deliverable over the next four quarters.

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Operating margin for our global IT business for the quarter was 26.1%. We were able to broadly maintain our profitability and gross margin levels despite lower price realization and impact of currency appreciation through higher utilization, increase in the proportion of revenues from offshore projects, and operational improvements. However, we continue to invest for the future resulting in an increase in the SG&A cost as proportion of our revenues.

During the quarter we obtained permission for change of name of Wipro Spectramind Services Limited to Wipro BPO Solutions Limited. Further, in line with the strategic transformation initiative, we propose to merge the Wipro BPO with Wipro Limited. Apart from the benefits indicated by Mr. Premji, this merger will strengthen the integration process in terms of facilities, infrastructure and people, thereby providing a superior value proposition to customers and shareholders. The merger is subject to approval from shareholders and the Board.

For the quarter ended June 2005, we expect volume led growth with broadly stable price realization. We expect operating margins to be flattish excluding the impact of currency appreciation.

We would be glad to take questions now.

Moderator

Ladies and gentlemen if you wish to ask any questions, please press * then 1 on your touchtone phone. You will hear a tone indicating that you have been placed in queue. You may remove yourself from queue at anytime by pressing the £ key. If you are using a speakerphone, please pick up the handset before pressing numbers. Once again, if you a have question, please press *1 at this time. Your first question comes from the line of Moshe Katri from SG Cowen, please go ahead.

Moshe Katri

Thanks operator, and congratulations for a very nice quarter gentleman. I wanted to first talk about the demand environment, maybe you can talk about demand by the various verticals that Wipro focusses on.

Vivek Paul

Sure, maybe what we can do is we will ask our different SBU heads to speak about their verticals. We will start with Sudip Banerjee who will talk about Enterprise, Girish, who runs our Financial Services Business had a conflict so I will cover that for him.

Sudip Banerjee:

Within enterprise solutions, the verticals that we service are manufacturing, retail, energy and utilities, travel and transportation, media and services, and healthcare. If you look at each of these verticals, in the past year we found that our travel transportation, media and services vertical grew year on year by 84%. So we have had a very strong demand engine, and as we look into the year ahead, we think that we are going to see growth in that sector as well.

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Retail is another area where we are finding a lot of traction. Customers are coming back for the industry solutions and our focus on solutions with respect to RFID or global data synchronization are creating demand for us in that space.

In the energy and utilities space, within that the oil sector is showing a lot of buoyancy. We have had strong client additions and in that particular sector we think that the demand will continue to be high.

As far as manufacturing is concerned, it is broken up into several sub-practices like automotive and pharma, and the ones which I would like to pickup are really pharmaceuticals where we find that there is great interest from the pharma companies in the last six months and they are coming onto offshoring bandwagon, which they weren’t there earlier.

So that covers the enterprise space, and I will hand it back to Vivek to cover the Financial Services.

Vivek Paul

On the financial services side what we are seeing is that our insurance business where we have a very strong position continues to be the driver for growth, particularly in Europe where we have relationships with pretty much every insurance company, and we are seeing growth there.

In terms of banking, we are seeing us beginning to enter multi-vendor situations where we were out all together, in other words, companies that were sole sourcing are now multiple sourcing and as a result we are able to get some breaks in there.

On the securities business, while we have done well, we see a little bit of a slowdown, not a slowdown in terms of reduction, but a slowdown in terms of the rate of the growth. I think that that is still a decent business for us and we continue to have a strong position with big securities players.

In terms of the R&D businesses, I will now ask Ramesh Emani to talk about embedded and Dr. Rao will talk about the telecom business.

Ramesh

In the embedded business, you can broadly classify the work what we do under one segment what I call the computing segment, which includes the computing server, software products, and then the storage and the peripheral companies; that is one category. And the other category around the semiconductor companies and the associated work like consumer electronics, automotive, industrial automation, and the avionics.

We have seen a revival in the semiconductor business. We have seen some slowdown in that market in the earlier quarters. This quarter we have seen a revival happening and we have seen good growth. We have seen a very good growth in the storage space, where we are working with a number of storage companies. We are seeing a moderate kind of a growth in the consumer and the automotive space and we are yet to make a big impact in the automation and the avionics market. But because we are addressing so many varieties of verticals, wherever there is some dip in one of the verticals we are able to be recovering in the other areas. But overall, the R&D space is very dependent on the market feel in terms of the overall GDP growth and other parameters, so in that sense I will definitely say this market has a..., will have a little lower growth compared to may be some other verticals.

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Moshe Katri

And then if we are looking at your top 5 or top 10 clients for the quarter, are we seeing at this point stable demand, increasing demand? What should we model for going forward do you think, maybe moderate growth on a sequential basis?

Vivek Paul

I think if you look at our top 10 accounts they grew at 9.5% or so, sequential basis. So I think we have had pretty good growth. I think that it is really difficult for me to be able to give you guidance that such a precise level down to account wise for you to be able to do your modeling, I think that what I could do is just pull back, and I am sorry, I cannot help you anymore on that to say that we are seeing growth, we are seeing the overall spend moderate, we are seeing more offshore intensity, and as a result as this quarter has indicated, kind of a steady as ship goes performance.

Moshe Katri

And then finally, obviously we can’t live without talking about pricing, maybe talk a bit about the general pricing environment or get new deals, and maybe pricing of your top 5, top 10 clients.

Vivek Paul

Sure. What we will do is, first we will talk about the fact that the difference as we talked many time before between realization and pricing. This quarter we did see a drop in realization, and that realization was driven on the back of not at all any head to head price negotiations where we have lowered price, not at all any reduction in new account pricing, in fact the new account pricing continues to run nicely ahead of our overall average. It was purely the result of a mix resulting from two factors, one is the service line mix and the second is a lower fixed price project mix into the overall revenues. That stuff is difficult to call. That stuff is, you know, sort of, you just collect whatever revenue come in, you kind of do the percentages at the end. We try to sell every service as much as we can. So I think that having said that, I will now focus in on pricing and answering your question about what is the outlook for pricing. While we are proud that we have had a very good track record of raising prices and realizations over the past several quarters, we have always maintained that this is not something that we want to forecast, but we will take to the bank as and when we can get. And the reason for that is that we want to be very flexible, competitive environments change, competitive dynamics change, and we want to be flexible. And as things stand today, in the war for new accounts, we haven’t seen any change in pricing intensity. In terms of existing accounts coming back and asking for price reductions, we haven’t seen any change in that push. And finally, and unfortunately, in our quest for getting price increases and the customer resistance there too, we have also not seen any reduction in that resistance. So I think it is a pricing environment where we continue to push every button we can get. We have had a pretty good track record, but we are just not going to call that one.

Mosha Khatri

Thanks. Good quarter.

Vivek Paul

Thank you.

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Moshe Katri

Thank you.

Moderator

Your next question comes from Edward Caso from Wachovia Securities, please go ahead.

Edward

Good evening. Thank you for taking my call. A few questions, one is, if you could get us updated on the Indian government budget, what is the timing, what the implications are particularly on the tax side, what implications that would be there, and then I have one other question.

Suresh Senapaty

We had a demand last year for financial year 1999-2000...

Sridhar

Senapaty, I think he is talking about the FBT tax..

Suresh Senapaty

Okay, I am sure. So far as the fringe benefit tax is concerned, as you know the government of India has set up a high level committee to talk with industry and get into details to be able to say what are the kind of changes that has to be brought out, and one of the statements this committee did make was that the genuine business expenditure will not be subjected to fringe benefit tax. So at this point of time, one is unsure. We expect much more clarity in the middle to end of May, when the final finance bill will get passed. At this point in time, we haven’t sort of factored any of that because in any case we expect the fringe benefit tax whatever it is, it will finally come to will be not significant, and if and when it comes it will be in the tax line.

Edward

One other question, you mentioned that you were getting traction getting into multi-vendor situation that have previously been someone else’s sole opportunity. Is it that sole opportunity, was it of the multinationals or was it of some of your peers?

Vivek Paul

A little bit of both.

Edward

Great. Thank you.

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Moderator

Your next question comes from the line of Ashish Thadhani from Gilford Securities, please go ahead.

Ashish

Yes, good morning. There have been some hints of erratic revenue growth at some of your larger peers. Just wanted to know if Wipro was experiencing any negative effects on revenue from certain trends, specifically three, which you can turn. First, if there is any diminished urgency or diminished cost pressure at some of your clients. Number two, is the rapid transfer of work to offshore centers with lower billing rates is having any impact on revenue, any serious impact. And number three, if vendor diversification by clients to hold pricing down is having any impact?

Vivek Paul

Let me take first of all on an overall trend. I think that what we are seeing is that there is no overwhelming customer trend that is changing by behavior. I think whether it is them buying offshore, whether it is them taking a look at doing more with us, I mean, we are not seeing any significant trend. I mean, you perspective of offshore, frankly, our revenue growth for this year did seem to account the fact that our offshore component grew from 42 to 45% versus the year ago. So I think that we are not seeing any significant shift.

Ashish

Okay. And also, just to move forward, is it realistic to expect a full blown consulting revolution towards offshoring, in broad terms, how large is the addressable market in consulting relative to the present, and what are some of the key challenges that you might face and the timeframe during which your progress should be judged?

Vivek Paul

I think that, first of all, the big question really becomes, how do you define consulting, you know, I think if you take a look at consulting being, you know, on the one side, IT governance, IT architecture, IT strategy, the next level being business process and functional excellence, the third being competitive strategy and the fourth being corporate strategy. I think that most of our revenue comes from the first two, and I think that as you climb up that piece, the amount of offshorability declines. If you look at the total consulting revenue we get across all of the consulting lines we have, the Wipro Consulting piece that is under banking international services, the energy and utilities consulting, the quality consulting, the technology consulting, and then consultants we have embedded into different verticals, we get about 70 million dollars a year in overall revenue. So I think that.., and a lot of it is in the first couple of categories that I talked about, so there the offshore component is reasonable but it also has much higher onsite component than our normal ADM practice. Having said that, in terms of our outlook for the overall industry, I do not think we know enough yet to be able to answer that. I mean if I think about it in the very large, you know, multi billion dollar market when we are at 70 million dollars, I do not think we have as good a view of the overall capability as you might be expecting. I think that you just have to do this step at a time, and once you get a real view on the market, we will share it.

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Ashish

I understood. Very helpful. And a quick one for Suresh, you know, the tax rate is expected to rise as some of your exemptions expire through 2009, do you have any feel for what level and what timeframe your affective tax rate might peak?

Suresh Senapaty

I think, as you know that the tax concessions will seize to be by 2009 as, we are expecting it to peak soon after that year, that means the financial year 2009-2010. And from now to then, of course, we will have unit by unit some of them coming out and tax the effective tax rate, but more of it would be fairly rear-ended.

Ashish

Would it be a gradual increase or would it be a major step function in that 2009-2010 timeframe.

Suresh Senapaty

Yeah, it will be very gradual movement, and also if you have seen, now there are units being set up in SEZ, which is called Special Export Zone, which are export zones, and that tends to have a little different kind of a tax holiday, but net-net I think fair amount of tax rates will go up by 2009-2010.

Ashish

Excellent. Thank you very much. Good quarter.

Suresh Senapaty

Thank you.

Moderator

Your next question comes from the line of Trip Choudhary from Midwest Securities, please go ahead.

Mr. Choudhary

Thank you. Again, congratulations on a very good quarter here and a very phenomenal growth execution I would say. A few questions here, first of all, Vivek, it seems your Indian counterpart had a problem realizing the opportunities presented by compliance, especially they gave a reason that there quarter was not so great because of Sarbanes-Oxley issue, and it seems to me based on some comments that have come out of Wipro is that you were proactive and you had something to use the Sarbanes Oxley as a leverage and as an opportunity, I was wondering what prompted your thought process and how where you proactive while the other were not?

Vivek Paul

First of all, I want to give a lot of credit to everybody else, I mean, you know, I think we are very fortunate to be in this position and having been on the other side many times as well, I can tell you that

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there is no sort of singularity. I think that the way that we are looking at it is, we launched SOX practice about year ago, and you know, as a go-to-market, and I will ask Sudip Banerjee really under whom, it has been launched to speak about it for a moment, but it was just purely that we saw the spend increasing on the SOX side, and there was an opportunity to go after. Having said that, with regards to this particular quarter, I also want to be sympathetic that, you know, while SOX may not have been an industry wide issue, it could be an account specific issue in several accounts. We have been fortunate that it wasn’t an issue in any of our accounts, and if it was, it wasn’t as big an issue, and we were able to offset it elsewhere, but it is definitely an account specific possibility. I will turn over to Sudip who can talk about the SOX practice.

Sudip Banerjee:

We started the SOX practice about little over a year ago, and we saw a market opportunity because there was a lot of work which companies were wanting to give out to people who had the expertise to be able to do this documentation, fill in those templates, make sure the reports are as per the required formats, etc. So we started by developing our own team of consultants, who then did assessment studies, and finally we started winning projects, and those projects we started winning about 9 months back. The nature of the projects first where purely consulting projects, which means, 4-6 weeks type of projects, but they have now moved on to projects where we are doing a lot of work for clients, and our entire team on the SOX consulting side has gone up to over 200, and we are working today with a large number of clients in North America, providing SOX consulting and SOX execution. We look at this as an opportunity, where we invested early and we are hopeful that during the course of the next 12-15 months, when this activity peaks, we will be able to realize the opportunity in terms of having fairly good growth from this particular segment of the market.

Mr. Choudhary

Excellent. Second question I have was regarding the competitive dynamics in which we play here, especially in Europe as well as in US, I was wondering how is your win rate against the domestic, I mean, the US based big 5 companies, and how do you see that changing say over the next 11 months to 24 months.

Rich Garnick

From a competitive landscape standpoint you know I think, you know, just to Vivek’s point regarding consulting even with the scale that we have achieved as a business, we still as a company represent a small percentage of the overall IT services market. So to say, you know, what the broad trends are, I do not know if we could really answer that, I think we can first look at our own results. I think we are winning against multinationals as often as I am sure we are losing. We keep the statistics, our win rates continue to grow. Our focus has been for the past year or so to penetrate deeper our existing customers and on a strategic basis win new customers that match our ideal client profile so that we can grow and scale our opportunities within these customers based on a partnership model instead of a transactional and discrete customer by customer engagement. So, from our own internal view point we are winning more than we are losing.

Mr. Choudhary

And the last question would be for AHP. I was wondering like on your top 10 customers you have, you have been getting a lot of deals from them, I was wondering, do you think you may have, those

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customers may have totally saturated amount of IT spend they need to outsource and probably in some situations as another analyst pointed out there may be a trend towards mutli-sourcing. I was wondering what is Wipro’s strategy to, number one, to probably in some situation say multi-sourcing as an advantage, and in certain situations pick your single sources, like in certain customer base, you are primarily almost 80 or 90% of their IT spend, I was wondering what dynamics you are seeing and how do you see you know this industry evolving over the next few years.

Azim Premji:

You know, just let me give you a broad comment on this, and I will ask Vivek to give you some more details on this. Frankly, we see a large opportunity in mining our large customers. We think we are nowhere anywhere saturation levels. We are nowhere near saturation levels vis-à-vis cross selling across geographies. We are nowhere near saturation level vis-à-vis cross selling across verticals. And many of our large customers are multi-sourcing now any way. Let me just have Vivek supplement this answer.

Vivek:

I think that, Azim pretty much covered it, I think that we are not convinced all that we are reaching a saturation point either in terms of our share of spend or their overall spend that can be moved offshore. And also, you could see the demonstration of that in the last quarter, where the top 10 we have grown about 9+ percent, about 9.6%, which is much better rate than what our average growth has been sequentially.

Rich Garnick

In 22 of our top 50 accounts, we had double digit growth.

Azim Premji

I don’t think you should underestimate the amount of shift, which is taking place to global sourcing versus sourcing in the locale in which these companies are located. There is a major opportunity in them shifting from partners who have not yet, built up very competent offshore centers.

Mr. Choudhary.

Okay, congratulations.

Moderator

Next question comes from the line of Louis Miscioscia, from Lehman Brothers. Please go ahead.

Louis:

Yes, thank you. If you look back at the fiscal you just ended, I guess..

Sridhar

Louis, can you speak up a little bit.

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Louis

Sure, is this better?

Sridhar

Yeah.

Louis

Okay. If we look back at the fiscal you just ended, broadly as an industry obviously it was a fantastic year, but it does seem like growth....

Rich Garnick

We cannot hear.

Louis

.... on year to year comparison is growing for many of them...

Sridhar

I think Louis they are not able to hear, I think you need to repeat the question, talk a little bit, speak up, little more.

Bala Krishnan

Or if we have still difficulty, Sridhar, you will have to again repeat it to us.

Sridhar

Okay not a problem.

Louis

Can you here me now?

Sridhar

Much better.

Louis

Okay. Fiscal 05 was a fantastic year for many of the Indian providers, but when you look at Fiscal 06, it does seem that there growth is slowing year over year and even on a quarter-to-quarter basis, could you cover maybe top two or three reasons why we are seeing this slowdown in growth?

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Vivek Paul

Are you asking about our sequential quarter growth going from lets say 9% to about 6%?

Sridhar

He is talking about the industrial as such, where he sees the overall growth slowing down in the past few quarters.

Vivek Paul

I think that there is an overall moderation in technology spend. I mean, I think that you had a bit of a snapback spend last year, which is not there this year, and I think that what we are seeing is the overall economic environment in the US softening a little bit, I mean, we are seeing that.

Louis:

Would do you think that, for that reason that the most companies would look to cut their costs, and that the growth at least for something like this with the delta so significant would maintain a higher level?

Vivek Paul

I hate to be overly optimistic. But, if I look at our business and the great value proposition we have, we are in a great position where, when the business is good for our customers, we do well. When business is bad for them we do well, and when business is moderate for them we do well. The only time we do not do well is when there is uncertainty. And, I think right now, nobody is seeing any dramatic uncertainty, it is just a softening, and in that background I think that customers are going to continue to push the lever for as much productivity as they can do to fight off inflationary pressures...

Louis

Okay, any other reasons two or three, do you think there was a bounce back just because of may be a stagnation going into the election and after the... getting into the election.., unleashing of more of an active business.

Vivek Paul

See, Louis you are inviting me to play economist, which is always dangerous. I truly believe that we have seen over the last quarter a softening on the consumer spending side and a softening on the industrial spending side, and if you add on top of that the inflationary stuff has crept it, companies are beginning to sort of you know tighten their sales, and we are seeing that, and we are seeing them begin to take a much more cautious stance on spending.

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Louis

Just one more quick one on your India and APAC Technology business, which was quite strong, one, can you explain why it was so strong? And two, would you expect that continuing into the new fiscal year?

Sridhar

Suresh, did you get the question.

Suresh Vaswani

Ya, if you could repeat, that would be good.

Sridhar

Ya, the question is that why are you seeing strong growth in APAC, and how do you see that going forward this year, coming year?

Suresh Vaswani:

See, APAC and Middle East, we have been inventing for about the last three years now, and we still have a lot of room to grow, lot more we could be doing and we are focusing on it in terms of making sure that we have all our service lines focused in two specific markets, Australia, and the middle east. In so far as the India is concerned, I think the market is certainly recovering, and has done pretty well, and we have kept ahead of the market growth, consistently across all our services lines, products, services, and software.

Sridhar

And how do you look at the coming year?

Suresh Vaswani

I think the India market continues to look positive, and we will continue to focus in terms of making sure that we stay ahead of the market growth. In Asia PAC and Middle East, our presence is growing, and I think we should be able to keep the same sort of pace in terms of growth.

Louis

Okay, thank you and good luck on the New Year.

Moderator:

Your next question comes from line of Julio Quinteros, from Goldman Sachs, please go ahead.

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Winston Lane

Hi gentlemen, this is Winston Lane sitting in for Julio. We just have a couple of question, the first one, what are the margins in some sense that we need to factor in for the June quarter, specifically would you provide us some more color on wages, discretionary spending, and then depreciation trend that you are seeing for the June quarter?

Suresh Senapaty

Our overall guidance is, as you know, we give guidance only for the quarter in terms of the global IT services revenue only. But I believe, see, like we have been saying the past, there are many levers on which we would still work on in terms of improving our operational efficiencies. There are areas in terms of appreciation of the currency as well as the compensation price, which will impact us. For the quarter 1, that is the coming quarter, our expectation is but for the exchange impact that it would have, our margins would be flattish.

Winston Lane

Okay, great. Another question. How much more do you think that you can squeeze out from the efficiency gains that you talk about?

Vivek Paul

Let me talk about that. I think that last year we have seen a lot of stretching of the SG&A line, and I think this year what we are going to see is some re-investment, we are not going to do much, but I think this may rise a little bit as a percentage of sales. I think that if you look at the operational efficiencies that come from utilization, that come from the ability to do more work offshore, that comes from balancing the skill mix and operating projects. I think those are all areas that continue to be ones that we can push on, and finally what is really exciting for us is early wins we have had, as we have embraced LEAN techniques into our software development, we are beginning to see as much as 30% cycle time as well as cost improvements, and if we can roll that out and capture that benefits, that is of enormous value, so I think that is one that, you know, one we are going to give up on little bit, one we are going to sort of continue to push on, and this one is pretty exciting.

Winston Lane

Okay, great. Congratulations on great quarter.

Moderator:

Next question comes from the line of Herschel, private investor, please go ahead.

Herschel

Hi, now I have a few questions, one is, how exposed are you to the US auto industry and what impact have you seen?

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Sudip Banerjee

You know, we have a fairly strong business in the automotive sectors within our manufacturing vertical, and that covers customers in the US, it covers customers in Europe and customers in Japan. One of our clients is in the US, about whom you probably heard or read a lot, which is General Motors, and we have fairly strong business with them. At this point in time, we do not see any imminent change in the way that business is moving forward.

Herschel

Okay. And the next is, I had bought your shares quite a while back, and they are under performing from the time I bought, now with this recent news of bonus share issue, I would think that the share price would go down because there is going to be an over supply and may be the demand is going to be flat or nearly flat. Now, with this in mind, what kind of confidence can you instill in individual investors like me to keep us vested with your company, invested in your company for a longer term, though the outlook for three year or five year period is really good, but in the short term what would you say.

Suresh Senapaty

I think if you look at the past few quarter we have been able to post a very very decent growth, both in terms of revenue terms as well as in the net income terms. In terms of margin expansion that we saw, we have been able to improve upon lot of operating parameters we have been able to achieve it. If you look at the customer adds, service lines add, and the geography penetration. I think, all in all, and despite this fact that there is a little bit of moderation in the demand that we are talking about, we think that offshore continues to be the main thing. The value proposition of the Indian IT services company continues to be strong, and therefore in medium to long term, we see a very sustainable momentum so far as the growth is concerned, and our objective of giving this particular bonus share is primarily to make sure that we have more number of shares, it enhances liquidity in the system to be able to ensure more participants in the owning of the company.

Herschel:

Okay, and in addition to development centers in India, I believe you have a few other development centers around the world, now what kind of a mix in terms of service offerings are you doing from those development centers compared to those in India?

Vivek Paul

Just to give everybody else a fair chance, I am afraid this will be the last question we will answer for you. I think that in terms of development centers outside India, we already have development centers in the US, in Europe. In US we have then Seattle, in Mountain View, and we have it in New Jersey. And In Canada, we have it in Windsor Canada. In Europe, we have in Reading, in Kiel and in Munich. And in Asia we have development centers obviously in India as well as in China. We continue to balance the workload as customers require. We don’t have religion in terms of country versus another, and depending on where the demand comes in from, we have been very open to move that around.

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Herschel:

Okay, thanks.

Moderator:

Your next question comes from Neil Mellquist from Alliance Capital Management. Please go ahead.

Neil:

Good morning and congratulations on excellent results. Two questions; one, could you go down a little bit further into your different levers you have on margin, and which of those whether it is utilization or the balance of, you know, onshore/offshore, which one, or even the 6 sigma, which one do you sort of have the most confidence in that you can push more aggressively. That’s question one. And question two, could you talk little bit, within the pharmaceutical vertical where you saw that uptick, was it coming from US or European, and any more specifics if you can make on that would be appreciated. Thanks.

Balakrishnan

I will handle the first portion of the question and my colleague Sudip Banerjee will handle the second portion. In terms of the levers we have as Vivek explained, basically there are four major levers, which he proposed. The first one is on the utilization, second one is on offshore mix, and third one is in terms of the skill set mix, and fourth one is on the Lean initiative. If you look at the utilization for the last quarter, we ended up at 68%, and at the peak of levels we operated in, if you go back and see in the past is about 71 or 72%, that is the headspace we have. And on the mix..

Neil

You are talking about the gross utilization right?

Balakrishnan

Yes.

Suresh Senapaty

This is the gross utilization in terms of total head count billed versus total head count being paid for including the support staff, including the training and everything else you can put together.

Balakrishnan

So on the utilization, we have over 3-4 percentage point more, is the peak that we have achieved in the past. So, that is the headspace we have. And the offshore mix, currently we are operating at 45%. If you look at the many of our industry peers they are operating around 48-49%. We feel at least 2 to 3% headspace is there on that front. On the skill-set, last 3-4 years we weren’t there, where we are making progress and will continue to get a good amount of leverage on that front.

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Neil:

I am sorry, could you just repeat the offshore utilization again.

Balakrishnan:

Offshore, currently we are at 45% for the last quarter and we feel there are about 2-3% scope is there in terms of improving it, may not happen in the immediate term but that is the scope which is available.

Sridhar

That is, the revenue mix between offshore/onsite is 45:55 and he says that the peers are doing 48%, so there is a headspace up to 3% for us to go from 45 to 48.

Neil

Okay.

Balakrishnan

And I will ask Sudip to handle the second question.

Sudip Banerjee:

Well, pharmaceutical is a new vertical for us, and we have acquired the first few customers within the last 12 months, and between US and Europe there is no particular pattern, they are pretty much even in terms of the number of pharma customers that we have from the two geographies. In terms of the prospects again, there is no particular pattern. We are having a lot of traction. We are seeing traction from both customers in the US as well as from Europe.

Neil

And what sort of functions are you guys doing from the pharma companies?

Sudip Banerjee

Host of activities, we are doing work in the application development and maintenance area. We are doing work in the package implementation area. We are running a lot of pilots on very specific pharmaceutical applications like clinical data management.

Neil

Okay. Thank you very much.

Moderator:

You next question comes from the line of Ajay Diwan from Seligman. Please go ahead.

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Ajay:

Thank you. My questions have already been answered. Thank you.

Moderator:

Okay, we will move on. Your next question comes from Bhuvnesh from CSFB, please go ahead.

Bhuvnesh

Hi sir, congratulation on good results. It is Bhuvnesh from CSFB. I was wondering that this quarter our forex rate, the US dollar to rupee rate, suddenly dipped significantly. What was the reason for that?

Lakshminarayana:

Ya. The reasons primarily are three factors. One is the drop in the spot rate. Quarter ending December, the average spot rate for rupee-dollar was 44.70, which dropped to about 43.70 for the quarter ending March. The second factor was that there was similar significant drop in the rate of currency for crosses, which is pound, sterling and the Euro. And the third reason was that as we had taken the covers earlier, the rates at which we had the covers mature now are getting progressively at lower rates. These three factors have contributed to the overall decline in rate.

Suresh Senapaty

But, if I may supplement, I think relatively it looks little higher decline because in quarter ending December the rates were far superior in comparative terms as a result of which the data looks higher.

Bhuvnesh:

If I may just ask for a clarification, see, our forex rate, which we take is just based on the forward rate which we have contracted earlier, and it was 45.1 last quarter. This quarter suddenly dropped to 43.8. So, that seemed a significant fiscal drop to me as such.

Lakshminarayana:

Ya, Bhuvnesh, the only...

Suresh Senapaty

That was the Indian GAAP rates.

Lakshminaryana:

The issue that you are missing out is that, what we have covered was primarily on the rupee-dollar leg. We have close to 20% of our revenues are billed in non USD currency, those legs are not covered, they are open to the fluctuations in the market. For instance, the average rate on the pound sterling in the quarter ending December was 1.92 to 1.93 to the dollar. In the quarter ending March was close to 1.87 to 1.88. Similarly, on the Euro, it dipped from about 1.33 to the dollar to about 1.27 to the dollar. So,

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these significant movements on 20% of revenues coupled with a similar appreciation on the dollar, all added to making this particular move.

Bhuvnesh:

Can you just clarify that how much this movement, what was its impact on our margins. How much it impacted our margin side?

Lakshminarayana:

Basically on the margin front, the appreciation of currency impacted operating margins by 0.8%.

Bhuvnesh:

Okay. That’s fine. Thanks a lot.

Moderator:

We have time for just one last question, and it comes from line of Mayank Tandon from JMS. Please go ahead.

Mayank:

Thank you. Lan, I just wanted to get some clarity on that rupee-dollar impact. That is a negative 0.8% on the operating margin line, is what you said?

Lakshminaryana:

Yes, that is right. On the operating margin line, but if you include at segment level, we have include the currency and account for the changes between the Indian GAAP and the US GAAP, it kind of gets negated for forward contracts between Indian GAAP and US GAAP on cash-hedge accounting.

Mayank:

Okay, so on a consolidated basis, it is 0.8% negative percent impact on the operating line?

Lakshminarayana:

That is correct.

Mayank:

Okay, and just if I could also get one more housekeeping item, could you or Suresh, please give us the diluted share count that we should use for US GAAP purposes for the quarter-ended March?

Lakshminarayana:

For the quarter ended March, going by the segment table, the rate you need to assume is 44.44.

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Mayank:

I am sorry, the share account, the diluted share account.

Lakshminaryana:

Diluted share account, I will just give it you in a moment.

Suresh Senapaty:

Well, the split will be impacted much later after the shareholder’s approval, and this will be sometime in about July-August timeframe. So, the number of shares outstanding will continue to be broadly same as it was as of December end.

Lakshminarayana:

Diluted shares for the year ending March 31, is 699.92 million shares.

Mayank:

And that is what we should use for also the quarter ended March, just to be clear because it will give us 15 cents in terms of GAAP EPS.

Lakshminaryana:

We will just come back to you.

Mayank:

Okay sure.

Sridhar

If you don’t mind, I will give you offline that information to you.

Mayank

Sure, just a final question here. Vivek, if you could please comment on Transco, your biggest account, obviously this quarter seemed to actually grow almost in line with the company or little bit lower and also if you could just talk about your BPO initiative that I think you mentioned upfront in your initial comments. Thank you.

Sudip Banerjee

Sudip Banerjee here. On Transco, you know, we do not have any specific comments on individual customers. In general, I think we have had very good growth in all our top 10 customers, and the volume growth for the top 10, average of the top 10 has been 9.6%. I will hand over to Raman for the BPO.

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Raman

See, on the BPO strategy, at this point of time, out of the 24 customers that we service for BPO business, about 38% of that business is the existing customers of our technology business. Also in terms of the pipeline and what we are seeing and the traction that we are seeing, that is with the existing technology customers. Customers are looking at higher value add and they are bring in needs for transaction processing kind of business where the domain knowledge, which we have demonstrated on the IT side of the business, they want to leverage that on the BPO side of the business. So, what we are looking towards doing is consolidating that need and presenting a single front to the customer as we transform our business towards the non-voice side of the business in line with needs of our customers.

Lakshminarayana

Ya, and just to give the data that you asked before. For the quarter, the weighted average diluted shares were 703 million.

Mayank

Okay, that is very helpful. And, just one last question, can you comment on the hiring plans for fiscal 06, at all, even broadly just in terms of how it breaks out seasonally as you look at campus versus lateral recruiting.

Suresh Senapaty

We do not specifically give any guidance with respect to the hiring plans, but all we are saying is the guidance that we have given will be more volume driven and consequently the hiring would be to the plan. And so far as the mix of lateral and fresh is concerned, we already have been improving the percentage of mix of reduction in the lateral hiring, more of the fresh hiring. And year on year, we have been able to improve it by about 10 to 15%, and we will continue to optimize on that lever.

Mayank:

Okay. Thank you.

Sridhar

If we don’t have any other questions, I think. thank you very much. Do you have any other questions operator?

Moderator:

No, we do not.

Sridhar

Okay. Thank you very much, and if you have any further questions, please do get in touch with me on my cell phone and the entire proceedings are being archived, over to the operator.

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Moderator:

Ladies and gentlemen that does conclude our conference for today. Thank you for your participation and for using AT&T Executive Teleconference. You may now disconnect.

*****

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EX-99.6

EXHIBIT 99.6

April 22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the
quarter & year ended March 31, 2005

Dow Jones
Interviewee: Suresh Senapaty, CFO-Wipro Limited

Dow Jones: How are you doing in terms of billing?

Suresh Senapaty: Billing rates, we had a short fall. There was a reduction in the billing rates, both in the onsite as well as offshore. But we have customers with better pricing.

Dow Jones: How about getting new customers?

Suresh Senapaty: Increase in the count has been decent. We have added 41 new customers.

Dow Jones: What has been the increase in the headcount?

Suresh Senapaty: We have added 1333 people in the BPO business and 1187 people in the IT Service.

Dow Jones: Do you have any plans for giving salary hike?

Suresh Senapaty: There was a salary hike given in October – December. In spite of the hike we were able to reduce the cost per person. Currently we don’t have plans for the same

Dow Jones: What is the outlook for the future? Do you have any specific plans for expansion?

Suresh Senapaty: There is no specific decision towards that direction. The environment is decent for offshore to be the main stream as more and more customers are even looking forward and the trend is also in this direction. We also have been able to grow existing account by 9.6% (top 10). Top 22 accounts have given double digit growth

Indian IT in APAC shows good growth. WCCLG, Lighting, and WFP also show good growth.

Page 1 of 1

EX-99.7

EXHIBIT 99.7

April 22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the quarter &
year ended March 31, 2005

Reuters
Interviewee: Vivek Paul, Vice Chairman – Wipro Limited

Reuters: Do you think technology spending will bounce back.

Vivek Paul: That is right. I mean, when we said last quarter, that the growth in technology spending was coming down this year, there were not a lot of takers of our position. And the advantage of having said that early was that we were able to trim our sales in the direction we needed to, to get the growth. If you think about this quarter, you have the highest ever billed man month position, ever. You have a volume growth on IT side of 8.6%, and really what drove it is because we saw that there seemed to be not a reduction in spending but a slowdown in the rate of growth of spending. What we did is to focus hard on mining our existing accounts. And so if we look at our existing accounts, it is pretty interesting. You will see that the number of customers greater than 1 million, greater than 3 million, greater than 10, greater than 20, all those numbers grew. So, as a result what we saw was good account only.

If we look at our top 10 customers, they on average grew faster than the overall Wipro Technologies have. So that means that we got more from our top 10 customers. And if you look at our top 50 customers, more than 22 customers grew more than double-digit sequentially. We saw that there was some reduction in technology spending and we used that sort of anticipation to go after our existing customers and that paid off for us.

Reuters: That means, you just ramped up the whole deals rather than spend management time on getting ...

Vivek Paul: We had 41 new accounts, very high number. So, we did get new deals. But we knew that the revenues we were counting on was going to come from existing accounts and that is where we went to.

Reuters: What about the pricing because I know that last quarter you had said there was improvement in pricing has there been a further sustaining of that?

Vivek Paul: No, so the pricing actually came down this quarter, and the reason it came down had nothing to do with price negotiations. It had entirely to do with the mix of business. Because existing accounts pricing did not come down and new account pricing continues to run at a nice premium to existing account pricing. What we saw was that the mix of our business in terms of higher value added services as well as the mix of business in terms of fixed price projects came down. So, to us, quarterly it is going to shift around. So, you cannot really call it specifically, but the realization came down on a quarter on quarter basis. After many quarters of going up, this time it was more a mix issue than a pricing issue.

Reuters: In simple terms because you mentioned fixed price and you mentioned new accounts, so basically it is because we are shifting gears towards ...

Vivek Paul: No, it is transient. One thing is, it is not a trend. It is an outcome of whatever happened. So, there is a difference between realization and pricing. Because if I buy these two things and these costs more, this costs less, my average price is higher. But if I stop selling this,

my average price falls. That does not mean that the price for this fell. So, that is the difference between price and realization. So, our realization fell but not our pricing. Our pricing for existing accounts continue to be better than the..

Reuters: So there is no demand side pressure on that.

Vivek Paul: Yes, that is right. So, what we had was the mix of business drop; higher value added services drop.

Reuters: Where are we on salary hikes? In October you had affected some. Has there been further cost rise this April?

Vivek Paul: No, I think that we are planning to do in mid October.

Reuters: But it does not affect you that you are in the company of those where hikes are given recently?

Vivek Paul: No, every company has its own cycles. We have ours, at the October cycle. I do not worry about that.

Reuters: No immediate hike plan?

Vivek Paul: No immediate hike plan. If you think about one interesting factor that over the last year we were able to manage was the skill mix of our business in a way that despite the salary hike our cost to company of the average employee was lower in Q4 than in Q1. So basically, if you can manage the pyramid, flatten the pyramid a little bit more, you can actually get a lower salary hit.

Reuters: Basically that you have the cream and the bottom of the pyramid gets balanced out in an optimal way.

Vivek Paul: Exactly, exactly. Coming back to the growth side, I just pick on three sorts of things that stood out as highlights. On the vertical side, we saw our financial services business do really well, and telecom is doing very well. On the geography side, we saw Europe do very well. And on the practice line side, we saw testing business do very well.

Reuters: What about Europe versus America, is there any number mix that you want to mention?

Vivek Paul: Not an exact number mix but certainly Europe grew almost at double-digit rates. If I was to round up, I could say 10%

Reuters: Double digit, is year on year?

Vivek Paul: Sequential

Reuters: Talking of financial services, you know, Infosys has said something about Sarbanes Oxley slowing down orders because managers and bandwidth is too preoccupied there. How do you see that, does Wipro make any say out of that?

Vivek Paul: I think it is more an account specific issue perhaps than industry issue. I am not sure that we have that same account in our customer base

Reuters: So, basically US accounting need not necessarily hold up industry demand as such in that sense. You were talking about price realization. The margins essentially aside from the factors that you mentioned product mix or the service mix you want to call it, what is affecting the margins.

Vivek Paul: First of all if you look at the year, our earnings grew 68%. So that is not a bad situation to be in. And if you look at the margin growth, you know, in percentage terms, our margin improved by 4.5%, that is a lot over one year. I am just giving you the first one-year number, 68% year-on-year growth in our absolute margins. 4.5% improvement in OM percent.

Reuters: That is 21.5% a year ago roughly, or 20.5%.

Vivek Paul: I will give you that number. If you look at this quarter per se, what we saw was the drags were the pricing, plus more offshore work, continued rebalancing of the skills, and better utilization. And as a result if you look at the IT side of the business, on a quarter-on-quarter business, our operating margin actually improved.

Reuters: In plain English it means efficiency has made up for any drags on pricing or currency.

Vivek Paul: Exactly, in the IT business. On BPO , it went the other way. It came down but on the IT side, perfect the way you said.

Reuters: I have separated the Spectramind part because there is no point in adding apples with oranges... even if they in revenue terms.

Vivek Paul: Okay.

Reuters: So what happens in Spectramind? Because, last time you were worried about the attrition, is it 90% and odd. Where is Spectramind right now in terms of attrition

Vivek Paul: Attrition rates annually haven’t changed. So, they have not improved and we are still struggling with that. And as I mentioned earlier, we did see both revenue slow down and a margin decline on a quarter-on-quarter basis.

Reuters: Growth decline, you mean growth rate decline...

Vivek Paul: Forget that, that is too complicated, people do not understand. So we should say that you know we saw moderate growth and we saw a drop in margins.

Reuters: So that means Spectramind continues to be slow, except that you added new staff. So I thought may be things were looking up because I think in the previous quarter even staff addition had seemed to have come down?

Vivek Paul: No, unfortunately even though we did add more staff, utilization fell. So that is why the, the operating margin fell....

Reuters: Coming back to one question in outlook terms in pricing, do you see further scope for improvement ?

Vivek Paul: You know, pricing we have always maintained a view that even though we have the best performance in the industry in the past several quarters, we have never allowed ourselves to get optimistic about that. Our view is very very opportunistic. We will manage this on a day-to-day basis in a way that optimizes our overall growth and profitability. So we just refuse to get too optimistic. We have always maintained that we have been taking this to the bank every quarter.

Reuters: So that means you are just watching space, but do you smell something?

Vivek Paul: On a head-to-head pricing basis, so far there has not, we have not seen any danger signal to worry, either from new accounts or existing accounts

Reuters: What about positive signals, because that is what right now people seem to be looking for.

Vivek Paul: Positive signals are scarce. You know, you have to sneak a price increase by. You cannot negotiate a price increase. And by sneak, I do not mean it in a bad way. I mean, in a way that gets a higher mix. Change some of the contract terms rather than have a head to head negotiation.

Reuters: Tweaking at the edges rather than...

Vivek Paul: Exactly. So, that is a good way to put it, I mean I tweak...

Reuters: So stable is the word. If you don’t see danger and no positive signals, you know it comes to a stable environment. And what about the rupee — that this quarter it has been hardening but that has been very minor. So, is rupee worries behind you ?

Vivek Paul: No, I will tell you it is — that is just anybody’s guess. You think rupee has settled down then you wake up in the morning and you read that China is going to re-value shortly. What the hell does that mean for the rupee... I don’t know, I can’t make sense of it.

Reuters: What about coming back to the hard core high margin business. I am talking about R&D and embedded services in IT. How do you see the outlook? Because you know during the slow down Wipro nearly reinvented itself to become more heavy IT enterprise kind of a company. But now you seem to be doing well again in the embedded and R&D. What is the outlook on that in terms of milking the market and how it bounced back, general?

Vivek Paul: Well, if you look at the embedded business, it is really interesting, it is sort of a joy of anticipation which is that because we saw the softness in semiconductor, we actually made that up by driving harder into the computing platforms business. That is how we were able to get that growth. What we are seeing is that looking forward, the growth is going to be moderate. So, given that what we are trying to take a look at is what are the new areas that we can go into, for example, our professional services for telecom equipment manufacturers and the installation and management of their equipment. So we are trying to identify new areas to go after. We are trying to continue to expand that footprint that we have so that in a moderate spending environment, how can we keep using the values that we bring for maximum growth.

Reuters: That means within the equipment’s and R&D space, you are looking for more product mix story rather than a simply ramp up story in that business. And just one more point. It is basically an efficiency story and with existing customers being ramped up.

Vivek Paul: And in the context of the market place, it really is a very decent growth rate.

Reuters: Outlook on hiring, what do you think this year will be?

Vivek Paul: Hiring is purely driven by business. We do not give an annual guidance on the revenue, so it is tough for me to say. We do not hire to inventory, we hire to demand. So, as much as the demand is we hire to that.

Reuters: Sarbanes Oxley does not seem to have worried you at all; does it worry you in any way?

Vivek Paul: No it doesn’t. I think it is customer specific.

Reuters: I am talking about as a service provider rather than a company?

Vivek Paul: May be it will come up. As I said, I think it is an account specific rather than industry specific.

Reuters: Do you see an opportunity there, given that it is so much of business process and IT related?

Vivek Paul: We have got pretty successful Sarbanes Oxley practice. So we do sell that services and we have done quite well at it actually. Quite a lot of investment in different tools.

EX-99.8

EXHIBIT 99.8

April 22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the
quarter & year ended March 31, 2005

CNBC
Interviewee:
Vivek Paul, Vice Chairman, Wipro Limited
Suresh Senapaty, CFO, Wipro Limited
Raman Roy, Chairman, Wipro BPO Solutions Limited,
Sudip Banerjee, President, Enterprise Solutions, Wipro Limited

First half

CNBC: It is time for Wipro. That’s what we are going to discuss over the next few minutes because the results are out and we’ve the top management with us, Vivek Paul, Vice Chairman of Wipro, and we have got Suresh Senapaty, Chief Finance Officer also joining in. In a bit we will also be joined by Sudip Banerjee and Raman Roy of Wipro, BPO.

Vivek, Suresh, good morning to you. Let me start with you Vivek. We’ve seen good volume growth in this quarter but a little bit of margin compression. How would you sum up what has gone through in Q4.

Vivek Paul: If you go back to the last quarter we talked about the fact that the spending in technology growth was going to come off a little bit. In other words we would be seeing a moderate spending environment, and the joy of anticipation is that you can take action in advance. So we focused on our existing accounts, and as a result, a lot of our volume growth came from existing accounts. We were able to grow virtually every category of account greater 1 million, greater than 5, greater than 10, greater than 20. Something like 22 out of our Top 50 customers grew at a double-digit sequential growth. What we were able to do was go after the existing accounts. If I can just highlight by verticals, what we saw was financial services did really well for us this quarter on a sequential basis as well as Telecom. On the practice line side, the testing business unit did really well. And in geography, Europe was an outstanding winner for us. So we got good growth along those lines. If you look at the operating margin line, we kind of had a balance. We got actually operating margin improvements on the IT side off set by some declines on the BPO side. Improvements on the IT side were driven primarily by the fact that you had utilization and offshore improvement.

CNBC: Suresh, good morning to you. Could you just take us through the complete margin picture? Because I believe realizations have come up a little bit sequentially and off course the foreign exchange side might have contributed to a little bit of dent there as well.

Suresh Senapathy: We have said in the past that we continue to concentrate on the operating efficiencies. We got that well on the offshore mix. We did well in terms of utilization and various other parameters. Yes, we did have an adverse impact vis-a-vis the exchange which was about 80 basis points, and also we had a little bit of service mix related, or fixed price related, little bit of price drop, that had an adverse impact. Net-net we have been able to contain the overall margin decline to about 0.8% and I think going forward we will continue to have a fair amount of flattish kind of an operating margin but for the exchange gains.

Vivek Paul: If I may just add here on the pricing comment that you made. Actually, we have this discussion every time — it is really realization not pricing. On a head-to-head basis, we saw no pricing declines. Our new accounts, our new business keeps coming in at a pricing that’s higher than the average existing. What we saw was that the realization fell this quarter on a quarter on

quarter basis related to two things, one is the mix of our business that comes in fixed price projects, and the second is that we had a drop also in terms of the growth in the higher revenue per employee lines.

CNBC: Vivek, I will come to your Q1 guidance in a bit but just do speak your mind about FY06. I know Wipro does not give specific guidance for the full year ahead, but in terms of volumes and pricing trends, simply trends, what do you see ahead as you go into the new financial year?

Vivek Paul: I think that it is pretty consistent with what we said last time. We think that technology spending is going to be moderate. We think that on the R&D side particularly we are going to see not the snap back that we saw, For example, if you look at the last quarter, we said that semiconductor would see softness, but we still did reasonably well on the embedded side, primarily because of the joy of anticipation. So, as we saw semiconductor was softening, we pushed hard on the computing platform side and we were actually able to get growth. I think that the environment for next year is what you might call an operating managers joy. Moderate growth, the ability to have enough levers to be able to drive operational improvements and continue to try and gain share by adding service lines.

CNBC: Vivek, morning. Just getting back to the point that you made about pricing, give us a sense of what we can expect from the quarter ahead because there has been a downtick in billing rates onsite and offshore. You think of some stickiness there?

Vivek Paul: Again, I would like to make sure that it is not a pricing issue, it is a mix issue. So it is not the realization rates rather than the billing rates. On a pricing head to head comparison there has not been a pricing drop. If you think about the last several quarters, Wipro has had the best performance in terms of pricing or realization improvement, but we have always maintained that this is one thing that we will take to the bank every time we can, but we are absolutely not going to count on it.

CNBC: The growth in the global IT Services, Vivek, did it face any compliance issues, SOX, the Patriot Act, has that put a little bit of dent in the growth in IT services for you?

Vivek Paul: What we see is that is more an account specific issue rather than industry general issues, and we have been fortunate that the account mix we have had that has not cropped up as an issue.

CNBC: Suresh, just want to get you back on the margin outlook, you said flattish margin outlook. Is that just for the quarter or for the foreseeable future, you think you can hold on to that 25% number, give or take just a few basis points?

Suresh Senapathy: We will keep to our guidance for a quarter, particularly in the revenue terms. So we really do not get into the full year guidance at all.

CNBC: On the foreign exchange side, could you just take us through what you are doing right now, are you cutting any of your hedges because the dollar snapped back? Have you had any reason to change your forex management strategy?

Suresh Senapathy: I think we are staying on course. We are not the experts to say that what rupee dollar movement would be, and for the basic reason that we are not in that game, we do hedge forward. We also have an accounting policy to match with that. As of 31^st of March we had about $503 million of hedges over and above that has been assigned to the outstanding positions

on the balance sheet in terms of receivables, etc. They are fairly at a 43.50 to 44.20 levels and they will come into the balance sheet, P&L as and then those kinds of assignments fall due.

CNBC: Suresh, morning. Any pressure on the margins coming in from the salary front? I know that your hikes came in largely in the third quarter, but anything that has fallen through or filtered through into the fourth quarter as well?

Suresh Senapathy: Yes, you are right, that the increases were given in the quarter ending December. There was nothing much done in Q4, and as of now it looks like we will get into a review down the line, and there is no specific day that we have assigned in terms of when will look at these new compensation increase.

Vivek Paul: If I may just add, one of the things that we tried this year was to manage the pyramid if you will, to be able to get a lower cost to the company of an average employee. And even though we had salary increases as we mentioned in the last call of 12-15%, our average cost per employee for the quarter four was actually lower than the average cost per employee on the quarter four of last year despite these salary increases.

CNBC: Vivek, are you seeing any kind of ramp down on any of your key clients? When you look at your basket of Top 10 clients, essentially more than $5 million clients, do you see any sense of ramp down at all for any reason?

Vivek Paul: Really searching for down sides, aren’t you? You work with multiple customers; obviously you’re going to have some ups and downs. The key is how you manage the portfolio. The beauty of our model is that we have the mix of all the businesses across verticals, across service lines, across geographies, and so it’s the portfolio factor that really we should look at.

Suresh Senapathy: And if I can supplement, the top 10 customers have grown about 9.6%, which is higher than the average sequential growth that we had for last quarter.

CNBC: Any new additions in this quarter Suresh that have filtered into or gone into your top 10 now?

Suresh Senapathy: We had about 41 new customers added on quarter ending March 04-05, which is very decent compared to the earlier quarters, and this has been fairly across in terms of both the US geography as well as Europe and also across the verticals whether telecom OEM, financial services or even enterprise space.

CNBC: Vivek, you talked about Europe being one area where you have seen a fair amount of growth. Take us through the picture you’ve also seen in India and in the APAC region, is that area also growing as a market now for Wipro?

Vivek Paul: Absolutely. If you think about the growth that we have had in the Indian side, it has been very much in line with what we are seeing as a big industrial recovery and a big spending increase in this domestic market. You know, in some sense I think that you will see more and more that the Indian presence that Wipro has will continue to be a source of great strength.

Suresh Senapathy: Year on year the Indian IT business has grown about 32%, much ahead of the industry. Particularly in the service lines part of the business, the growth has been significantly higher at about 36%.

CNBC: Vivek, just take us through what kind of capex you plan for 2006 and what kind of employee addition picture do you see going into the New Year. It will give us some sense of how optimistic you’re feeling about this.

Vivek Paul: The reality is we are a cash-rich business, which is why we had the big dividend as well as we continue to generate lot of cash. So the question we always ask ourselves is how can we deploy this most productively. Nevertheless, we are not letting it get us into a position where because we have cash in the pocket, we begin to feel an urge to spend it. As far as Capex is concerned over the past few years I think we have made investments that were, very tight. I think this year we want to loosen up a little bit in terms of spending more on infrastructure in anticipation of future growth. On a capex perspective, we will probably see an increase. I don’t want to give an exact number because we don’t give guidance on capex. As far as hiring is concerned, again, you know, same line we have had many times before which is we do not hire to inventory, or we do not hire to bench, we hire to demand. So it really is purely going to be a matter of how much we grow, how we continue to manage recruit to induct cycle time, and that continues to come down.

CNBC: When you sat and spoke to us in April 2004, how are you feeling right now about the business? Any changes at all with one year having past?

Vivek Paul: You feel like a year older. So, I think that and I mean that both personally and as a company. The reality is that this business is beginning to reach adolescence. So the growth curve is still there. You are still seeing that opportunity, but now it is not sort of as easy to collect up all that. You have a bigger base to work on. You have got more customers to work with; you have got growth issues to resolve. So it is beginning to feel more sort of repetitive in some sense. You might argue it is almost getting boring coming to the same thing again and again and do it really well and do it without faltering.

CNBC: Well I never thought that adolescence was boring at all Vivek, but I thought you were talking about that in a professional context rather than personal, right? Thanks very much both of you for joining in. We will see you next quarter again as always. Thanks very much for that chat. We will come back after this break and carry on with Wipro but this time with Raman Roy of SpectraMind and Sudip Banerjee.

Second part:

CNBC: We have just been talking to Vivek Paul of Wipro and Suresh Senapaty and they have pretty much taken us through the volume, price, and margin picture for Q1 and for the year FY06. It is time now to move on to the next leg of the Wipro Board Room. We have got Raman Roy, President of Wipro BPO, and Sudip Banerjee who is President of Enterprise Solutions at Wipro. Raman, let me start with you. Last quarter you were not feeling terribly good about Wipro BPO as you call it now. What’s been the picture in Q4 and how is it looking going forward?

Raman Roy: We have had a reasonable quarter; we showed a 38% growth against the same quarter last year. We ended the year with 56% growth. We anticipated and worked on the change of strategy that we articulated last time to say that we will go more for the non-voice business. That is where we saw the future, and we had indicated that we will see a bit of a subdued quarter and we came across along those lines slightly better. We added about 1300 plus employees and things are looking good.

CNBC: That’s a bit of a departure from what you said last time, Raman. You spoke about people issues, the employee hiring, and how difficult that is getting. Have things changed or are you pretty much seeing the same thing as you told us last time that things are not so easy?

Raman Roy: Things are not easy. We are not getting as many employees in as much state of

readiness. Our average to train people has gone up because of the quality of the hires that we are seeing. As on 31^st March, we have more than 4000 people in training, which is a large number out of a base of little over 15000. So our investments into the training are increasing. But are we able to get them to an international level, yes, we are, and we are being able to service the needs of the customer. We are very delighted to see that on a global platform we are tracking as number one or number two for majority of our customers

CNBC: Raman, good morning. Aside from not getting enough employees, there was also an attrition rate that was concerning for you. Has that stemmed a little bit in this quarter. Give us a picture in terms of your attrition?

Raman Roy: We had a decline in attrition for this quarter, the decline that equates to about little more than 11% on an annualized basis as a decline, but attrition continues to be an issue. We had 22.8% attrition for this quarter, and that continues to be an element of concern. The only good news is that against the last quarter we are seeing a decline, but there is still a lot of distance to cover. A large portion of our decline, which is about 9.7% of the attrition happens during training, which is where people do not measure up to the needs that we have on an international platform, and we need to focus on finding ways to get the right kind of raw material to feed the international market place.

CNBC: Is that a cost concern for Wipro BPO, Raman, training issues as also attrition versus retention measures?

Raman Roy: Yes, obviously. All of this impacts cost because we pay a salary to our staff while we train them, and if they do not measure up to the needs and there is an attrition, whether voluntary or involuntary, that impacts the cost.

CNBC: Sudip, good morning to you. Vivek spoke a little bit about the kind of change in mix that might be happening out there and also the fact that a large part of the growth in this quarter came from existing clients. Could you just elaborate on those two aspects?

Sudip Banerjee: As you heard earlier we had volume growth of about 8.5 to 9% sequential quarter on quarter and that has come across a broad range of existing customers. Our Top customers all grew. And the top 10 customers grew much faster than the other customers. So if you recall the last time we were here, we mentioned about our top customers, the top 10 customers which were not growing in that quarter very well. This quarter we had a complete reversal of that. We had very strong sequential volume growth which was led by growth in our top 10 customers, and that was spread across all industry verticals.

CNBC: When you look ahead into FY06, do you think your vertical composition as part of your revenue composition will change significantly, the kind of signals that you are picking up at this point?

Sudip Banerjee: I don’t think the vertical composition of revenue next year will change that much because what is happening is that we are seeing strong growth across all the enterprise verticals, you know, financial services had an outstanding year and they continue to grow. Retail had a very good year as well. The travel and media sub-segment grew very fast, and we are finding new traction within manufacturing and sectors like automotive and pharma. So we do expect that across the board all our verticals will show healthy growth next year, and therefore the overall composition as it stands today will more or less be the same as we go into 05-06.

CNBC: Here is the point that was made by the Chairman of Wipro himself saying that perhaps going ahead this is the end of mega deals. What is your sense? Are you sensing that there is a change in the kind of deals and contacts you’re getting into with new clients now?

Sudip Banerjee: Yes, I think what is really happening is that clients are seeking out long term partners. So they are not giving large 100 million or 200 million deals at one go, but they are rather selecting two or three partners and then working with them in many-many deals. So that is one change from the past. The other thing that we are noticing is that across industry verticals, we are adding healthy customers in each of these industries. For example last quarter we added seven customers across manufacturing and within manufacturing in sub segments like automotive and pharma, we added about five in retail, we added about four or five in travel and media sub segment. So every sub segment we are adding customers, and all these customers are very large organizations who are seeking partners with whom they think that they will get into a long-term relationship.

CNBC: Sudip, Raman, we will leave it there today. Thanks very much as always for talking to us. Sudip, Raman: Thank you

EX-99.9

EXHIBIT 99.9

April 22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the
quarter & year ended March 31, 2005.

Newspapers: Economic Times and Times of India
Interviewee: Suresh Vaswani, President , Wipro Limited (Infotech Division)

Media Person: Please tell us about your performance this year?

Suresh Vaswani: Wipro Infotech recorded good performance for 04-05. For the first time, we crossed Rs.100 crore profitability mark and Rs.1000 crore net sales.

For the year ended March 31, 2005, Wipro Infotech recorded Revenues of Rs.13.96 billion representing a growth of 43% year-on-year. Profit before Interest and Tax at Rs.1042 Million grew by 32% year-on-year. Services business contributed to 35% of total Revenue during the year. Services revenues grew by 49% compared to the previous year, fuelled by growth in Software Solutions, Infrastructure Management Services and Consulting. Products revenues grew by 40% contributed by growth in manufactured PCs, platform and networking businesses. The APAC and ME revenues grew by 85% compared to previous year.

Key Wins for the quarter include first of its kind Business Strategy Consulting project for a FMCG company in consulting business, one of the first public sector bank SAP HRMS implementations for Indian Bank, implementation of an eProcurement solution in Municipal Corporation of Delhi, NTPC and BEST and a complete call centre implementation at Centurion Bank. For the year we won 30 contracts in Asia pacific, 43 contracts in Middle East and 272 contracts in India.

Wipro Infotech was awarded the “Best Gold Partner for South Asia” for the year by Cisco and “Largest Partner of Sun in South Asia” for the year by Sun and accorded “Premium System Provider” status. Our Wipro PC division bagged the global “Value Buy Award” from GE, reinforcing Wipro’s commitment to quality, design and manufacturing capabilities and its strong customer commitment.

Media Person: How has been the performance of the Services business?

Suresh Vaswani: Our Services business continues to show a healthy growth of 37% in Q4 (full year 49%). Professional services grew by 33% contributed by growth in Infrastructure Management, Availability Services & Total outsourcing. Solutions and Consulting businesses grew by 67% and 77% respectively. Revenues from both APAC and Middle East geographies grew by 36% mainly in Solutions & Consulting service lines.

For the full year 04-05 our services business grew by 49%. Our Professional services grew by 35% fuelled by growth in System Integration Services, Infrastructure Management and Availability Services. Solutions and Consulting businesses grew by 122% and 35%. Revenues from APAC and Middle East geographies have grown by 85% y-o-y.

Many new initiatives that we adopted the last couple of years have beginning to bear fruit. Our consulting business for example has been gaining greater acceptance and is able to build traction with customers. The best illustration point is the fact that we have won a business consulting project for a FMCG company to implement six sigma across the organization.

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Media Person: What about products?

Suresh Vaswani: Our products business has grown well in Q4. Overall Products increased by 30% (From Rs. 2675 M to Rs. 3481 M) (Sequential growth 57%). Wipro branded Personal Computing business increased by 26% YoY Enterprise platforms/networking revenues grew by 33% YoY. The key thing about our products business is unlike market perception that our PC business is a drain on the company, we have been successfully been able to focus this business on the SMB sector and also on non-metro and out location geographies and get greater penetration into those accounts where we have not done any business. So, WPC has provided us an entry into these accounts.

Media Person: What is the progress in Asia Pacific and the Middle East markets?

Suresh Vaswani: Continued Investment in building the Software and Services business in APAC & ME has paid rich dividends this quarter. Our growth in the region is 36% YoY during the quarter and 85% for the year. During the quarter we won 23 projects (ME 10 and APAC 13) in the region.

Media Person: How do you see the market in India next year?

Suresh Vaswani: We are bullish about the domestic market. We have in the last couple of years have made the right moves and investments to capitalize on this growth phase and move towards leadership in the domestic market place. Our innovation initiatives last year has given us 15 new services that we can offer to the market apart from what we are currently offering. Some of the key ones in this are ATM Outsourcing, RFID, dealer management system, retail automation specific to petroleum companies.

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EX-99.10

EXHIBIT 99.10

April 22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the
quarter & year ended March 31, 2004.

TV Channel NDTV

Interviewee:
Suresh Senapaty CFO-Wipro Limited
Raman Roy, Chairman, Wipro BPO Solutions Limited

NDTV: Can you give us a feel of what really drove the performance during the quarter?

Suresh Senapaty: We continued to focus more this quarter on the operational side being the utilization and the offshore mix.

NDTV: In terms of billing rates, how are you doing?

Suresh Senapaty: There is a short fall in the billing rates but realization head to head with the customer was not low. It was mainly due the T&M and the FPP mix. We had more of T&M projects leading to a dip.

NDTV: How has the growth been for the last quarter and can you break it down to top customers?

Suresh Senapaty: One can’t comment on specific accounts but the top 22 accounts have given double digit growth. So the overall picture is quite good. We have added 41 new customers. The number of 3 Mn, 10 Mn, 30 Mn Accounts has gone up.

NDTV: Given the kind of rupee-dollar movements we are looking at now, it is not sure where it is actually going to end up. Do you think you have hedged comfortably for the quarter ahead?

Suresh Senapaty: The Operating Margin has been hurt due to the exchange impact. But we have about 503 million dollars of hedges over the next four quarters, appearing in the Balance Sheet. Thus the growth would be cross. OM growth would be flattish. Increase in revenue would be through volume.

NDTV: Will you be able to tell us, whether the growth would come from the new or the existing accounts?

Suresh Senapaty: The growth would be coming from the combination of new and the existing accounts. The growth of 41 is a decent count and this is mainly from US/Europe. We have been able to get new customers in Telecom, FS, E&PE. We will continue to look up for revenues from new customers also.

NDTV: The next question would be for you Mr. Raman Roy. What do you comment about the day by day increase in the frauds.

Raman Roy: Fraud is an unfortunate component globally. They don’t come from particular geography. It can be due to lack of control. But at Wipro, security is the basic hygiene. We are BS7799 certified.

NDTV: Where was the main focus in the last quarter?

Raman Roy: Last Quarter we indicated more towards Transaction processing/non voice processes. We are getting good traction from the existing/new customers.

NDTV: What has been the attrition for the last quarter?

Raman Roy: The Attrition was at 22.8% which shows about 2% decline sequential Quarter to Quarter. The single business challenge we are facing today is training. Training them and getting them to production is a great thing.

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NDTV: How about the training in Wipro

Suresh Senapaty: Out of the 16000 people we have 4000 people in training. Wipro is a company which pays salary even during the training. We are now in competition with Philippines/ Mexico/Ireland.

NDTV: Mr. Senapathy, what are your expectations towards getting some new customers?

Suresh Senapaty: Our average per quarter addition ranges from 35-40. Last quarter the addition was 32 (including Wipro BPO). This year we had 41 new additions. 7 out of the 41 new additions are fortune 1000 customers. The number of new additions will result into good business.

NDTV: What is the percent of business Wipro gets from the existing customers?

Suresh Senapaty: Q4, 93% of the revenues were from existing customers i.e. customers present on 31^st March 2004. Going forward also we see the same trend. Our main concentration is how to get it from the existing customers. Customers are also strategic. We try offering multiple services to same customers to get high penetration.

NDTV: Do we have cases where we have lost the customers totally?

Suresh Senapaty: This kind of thing doesn’t happen unless the company becomes bankrupt, or there is major reconstruction. So we have not seen cases where the customer totally gets out except E&PE where they work on project basis and are also in niche activities.

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EX-99.11

EXHIBIT 99.11

April 22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the
quarter & year ended March 31, 2005

Financial Times
Interviewee: Vivek Paul, Vice Chairman – Wipro Limited

Financial Times: I wonder whether we could just go through some sort of looking back and get a sense of way of the business. First of all, what do you regard as the highlight?

Vivek Paul: If you remember last quarter we had talked about the fact that we were beginning to see technology spending moderate. At that time, not a lot of people agreed with us or liked our story, but you know, it gave us the joy of anticipation. So because we saw that that it is going to moderate, we pushed harder on the existing accounts. If you look at this quarter’s performance, the highlight really is the 8.5% sequential improvement in terms of volume. We got that from existing accounts where accounts in every category greater than 1 million, 5 million, 10 million, 20 million, 30 million, etc all grew in number. If you look at the top 10 accounts, that grew faster than our overall mix. If you look at our top 50 accounts, 22 of those accounts grew sequentially in double-digit terms. So I think that that really, that anticipation really helped.

Also the second thing we had said was that on the technology side that we were beginning to see that moderate, particularly in semiconductor, spending. And again, because we saw that coming, we pushed harder on the telecom side and we pushed harder on the computing platform guys, and as a result we had a fantastic year.

Financial Times: Could you please repeat that?

Vivek Paul: We actually got pretty nice growth on the telecom as well as the embedded side, and finally I would say that we continue to see growth in financial services that has been a good growing business for us, and it continued to be that way. I would say sort of story on the top line really would be around that. If you look at the story on the operating margin, we actually had an improvement on a quarter on quarter basis on the operating margin on the IT side of the business, and overall we were negative because we had a pull down on the BPO side of the business, we shall talk about in just a moment. If you look at the pure IT services side, we had an improvement, and that was led by utilization and by more work being done offshore. So I think that that combination is really what has helped us. I mean, if you think about this year that just ended, our earnings growth over the year ago was 68%, which is not bad, we feel pretty good about that.

Financial Times: Yes, it is huge. You mentioned that the offshore component has increased, what is your ratio now?

Vivek Paul: Hang on one second, I will give you that. While I am digging up, if you have any other questions, why don’t you keep firing.

Financial Times: The joy of anticipation, how long do you think this will continue? This moderation in IT spending, because if that is the case you must be looking at flattish growth for the next two or three quarters for an industry which has been growing exponential in the recent years.

Vivek Paul: Sure, let me answer that question, but first I will give you the number, offshore revenue grew from 44.1% last quarter to 44.8% this quarter. And then to come back to your

question, it is not that we are seeing technology spending flatten, it is that the growth rate that we had last year in technology spending is going to moderate this year. To us, that is the environment in which an operating manager makes a, you know, you have the ability to be able to gain share because of the value of services, because in our business, particularly with the value proposition we have, good times are good for us, bad times are good for us, moderate times are good for us, the only bad times for us are uncertain times when people just freeze because they say, I don’t know what to do.

Financial Times: But uncertain times, do you think are behind you?

Vivek Paul: I think that what we are seeing is, we are seeing a moderation in the spending and therefore not an uncertainty as much as a customer saying, “I have less to spend.” And if they have less to spend, they are going to be saying that they have less of the more to spend.

Financial Times: Couple of issues like security concerns, Vivek, is there a greater focus of security requirements and compliance issues among the new customers that you have?

Vivek Paul: Absolutely. I think that that is an issue, but we work it, and the bottom line is that we work it in a way that it does not hurt our business. So, we spend lot of time in our own intellectual property protection, due diligence, in our internal audits, in the external audits, and again, when you have an industry with, 40,000 people, you are not going to find everybody be blemish less just like you won’t find 40,000 IT workers in the US be blemish less. The point is that it is the process that reigns and we have been able to get the confidence of our customers with our process.

Financial Times: Right. You got a good quarter haven’t you?

Vivek Paul: Indeed, so if I look at sort of on the revenue side kind of which are pieces that really stand out, I talked about the telecom and financial services, I would say on the service line side, our testing business did really well this quarter. And in terms of region, Europe did very well for us, so Europe you know grew sequentially at 9.6%, so I am tempted to round that up to double digits but I am being very honest.

Financial Times: But can you be specific about Europe. Is it in Germany, or the size of the European market like Germany and so forth.

Vivek Paul: Certainly, Germany has been very good to us. But we continue to see good strength in UK and Scandinavia, which have been strong positions for us for many years.

Financial Times: The Indian market has also been good for you, if that is a bit of fair attitude towards the Indian market. You had a very good year in India, haven’t you?

Vivek Paul: Absolutely, and I think that, the reality is the Indian economy is poised for take off. Part of that is going to be spending by corporate India and part of that is going to be a lot of spending on productivity. Those are very nice environments to have in India, so just as I was talking about technology spending moderating outside India, we are going to see technology spend accelerate inside India, and so we are in a pole position in terms of being ready to serve that.

Financial Times: Traditionally, how much has India generated for you?

Vivek Paul: In terms of revenue or profit.

Financial Times: Revenue.

Vivek Paul: I think it has about 30%, but may be I will ask somebody to check the number and get back to you.

Financial Times: Are you looking at any sort of new business initiatives in India, or is it pretty much with existing sort of service lines?

Vivek Paul: Yes, I think that what we are doing is, we are basically water falling all of our learning from the global market into the Indian market very rapidly, and so for example, whether it is total outsourcing, whether it is data warehousing, you know, the skills that we learn as we grow globally, we bring to our customers in India.

Financial Times: BPO has been a bit disappointing for you, especially on the HR side.

Vivek Paul: That is right, and frankly also on the margin side.

Financial Times: Yes, why is that?

Vivek Paul: Well, I think that what we saw this quarter was that our attrition rate continued sort of at that unabated very high percentage terms. And the second is that we also saw that the refocus we are trying to do in terms of building more transaction processing, also ended up costing us some investment. Finally, we had couple of customer ramp downs that were sort of more kind of a one off oriented, but still, you know, when you are a small business of that size, it begins to hurt you.

Financial Times: Some of your rivals, I mean, not just Infosys, I am sure you would have read it, are saying that there could be a delay in contracts on Wall Street leading to slower growth in the next quarter, are you seeing any of that hesitation or slowing down because of Sarbanes Oxley and compliance issues.

Vivek Paul: Well, you know, I think that we knew that it is more of a client specific issue than an industry general issue, and we have seen that come up in customers. But it hasn’t really hurt us to a significant effect as I mentioned earlier. Our financial services business did quite healthy this quarter.

EX-99.12

EXHIBIT 99.12

April 22, 2005 Media Interviews on the Financial Performance of Wipro Limited for the
quarter & year ended March 31, 2005.

Bloomberg
Interviewee: Suresh Senapaty, CFO-Wipro Limited

Bloomberg: There were some concerns in the US geography and the OEM part but Wipro says that things look to be very good.

Suresh Senapaty: No, I think telecom OEM has given a double-digit sequential growth to us. Most of it has also been because of the wireless segment. In the mobility segment, there has been significant amount of developmental activities that the customers are getting into and that has led to a very decent growth for us. So I think that momentum will continue, though of course the pace will go down, and also there is a little bit of time lag in terms of converting the development into maintenance, but we are finding the telecom OEM fairly exciting.

Bloomberg: On the R&D side, I mean specially the semiconductor side, what is the scene?

Suresh Senapaty: In the embedded space we have again seen decent growths, about 7% sequential growth. The reason for that has been while we had got a different growth in the computing part of the sub-segment on the embedded side of the business, the semiconductor part, particularly in Japan, has given us a very good growth. The combination of these two factors has been able to give us a decent sequential growth.

Bloomberg: And as for the outlook out there?

Suresh Senapaty: Outlook, again, I would say that, very decent, because the embedded part of our business has sub-segments of computing, semiconductor, consumer electronics, avionics, automotive, etc, so that is a fair amount of de-risking within because of the diversified portfolio. But we will see the impact of an increased base. The momentum continues in some form and we look forward to Japan which has a fairly decent potential for us to exploit more.

Bloomberg: Infosys has been saying a lot about SOX, do you feel or share the same kind of concerns about SOX, Patriot, Anti-money laundering?

Suresh Senapaty: I think there are customer specific issues. There may have been some cases related to SOX related, but we have not found that as a big impediment in terms of our own customer base in terms of growth. In fact, we have a practice for SOX, and we have been decently benefited out of that because of the SOX compliance that the customer had to undergo. So, one cannot deny that there could have been some problems with certain customers, but overall I think we are fairly comfortable.

Bloomberg: And what has happened to your biggest customer, there was some problem with Transco...?

Suresh Senapaty: I think from the top ten customers we have been able to get a decent growth in this quarter. The top ten customers and top 22 customers of the top 50 have given us a double-digit sequential growth, and similarly the top 10 customers have given us a growth faster than average growth of the company.

Bloomberg: Any numbers?

Suresh Senapaty: The top 10 was about 9.6% growth.

Bloomberg: Can you break it down to top customer?

Suresh Senapaty: I can’t, because it is unfair to give, because we do not give it customer wise. But the top 10 cluster has done very well for us.

Bloomberg: So the top 10 you said was 9.67.

Suresh Senapaty: That is right. 9.6 I said right?

Bloomberg: 9.67.

Suresh Senapaty: 9.6% versus our total services, IT services growth has been 6.8%.

Bloomberg: Sequentially?

Suresh Senapaty: Sequentially.

Bloomberg: As previously mentioned there were certain customer specific issues, reorganization that something is going on. Are they over, are you seeing ramp up in those accounts?

Suresh Senapaty: You have a top ten customer as a basket. There could be specific issues with one or the other, but overall we found that top 10 has given us these results.

Bloomberg: Can I ask you about the rupee, how much has that impacted this year? US GAAP because most of the countries follow US GAAP...

Suresh Senapaty: If you look at our realizations, last quarter it was about 45.14 which got reduced to about 43.80 for March quarter compared to the December quarter. So we had an impact adverse to us. I think we had ....

Bloomberg: 45.14 to 43.8.

Suresh Senapaty: Right. We had an impact of about 80 basis points on our operating margin, in the quarter ending March. But we continue to focus on our operating parameters in terms of utilization, in terms of bulge mix, in terms of offshore mix, a combination of these operational efficiencies that we achieved, we were able to mitigate significant part of the foreign exchange impact as well as price impact.

Bloomberg: In terms of billing rates, how are they doing?

Suresh Senapaty: Billing rates, we had a short fall, reduction in the billing rates, both in the onsite as well as offshore.

Bloomberg: It has gone down? Why?

Suresh Senapaty: I don’t think we need to read much more than what is in terms of what it should be. You move in a narrow range, it is fairly stable. It is primarily because of a change in the business mix. , It is also a function of some of the fixed price projects that got ramped down or got over, actually that is the right word, and a combination of these factors, but we can say that they are pretty stable.

Bloomberg: What kind of business mix?

Suresh Senapaty: In the sense that we have always been talking that the prices are stable but for the business mixes, service mix is the right word. So when you talk about enterprise application

service, technology infrastructure support services, etc., etc., they have better realizations. So based on the mix of the businesses, it does impact quarter to quarter.

Bloomberg: Okay, so it is not permanent shift in one direction or the other?

Suresh Senapaty: That is right. And we feel comfortable because in terms of stability new customers are still at better rates than the existing

Bloomberg: If you put a percentage, give the percentage....

Suresh Senapaty: I will stay away from that.

Bloomberg: I think there have been increases with the new customer renegotiations?

Suresh Senapaty: Not much.

Bloomberg: I could ask you a few questions about employee issues, if you could address compensation, attrition, and what you expect to add in terms of employees for the next fiscal year, what is the compensation increase?

Suresh Senapaty: We do not give employee forecast because we are saying that we build facilities and hire people to need of the business. So all we are saying is that whatever we are seeing as the potential for the customer, we see a decent growth. That is where we are giving a guidance of about 395 million dollars, and we think that most of that growth will come through volume, and consequently it will have its impact in terms of the head count increases.

Bloomberg: What have attrition rates been like?

Suresh Senapaty: Attrition rates were fairly decent about 12%.

Bloomberg: And how is that compared to the past?

Suresh Senapaty: Similar levels.

Bloomberg: You know, obviously, like Satyam gave a double, they had increased the salary in October and they increased it again to align, or I can say, probably because their attrition rate was at 17-18%, but do you see any kind of such pressures to bring, increase in compensation, and bring it to the cycle of the financial year?

Suresh Senapaty: If you look at the last five years or last ten years, it has not been sacrosanct that it will be in April, it will be in June, it will be in September or October. I think it has been a fairly flexible timing; you can only say that last two years has been in October.

Bloomberg: But onsite was before, is it?

Suresh Senapaty: No, also around the same November kind of time.

Bloomberg: No changes in that?

Suresh Senapaty: So far looks like we will take this review around the same time as last year, but I can’t say for sure.

Bloomberg: And what is the hedged amount we have?

Suresh Senapaty: Apart from assigning the hedges to the receivables that we have, and other balance sheet items, about 503 million dollars of hedges we have over the next four quarters.

Bloomberg: What are you expecting out of the rupee?

Suresh Senapaty: The main reason why we are hedging is not to take front on what rupee-dollar would be. We are saying that we are not the experts to be able to deal with that and to be able to have a little bit of certainty, we do these hedges. But eventually we think there will be both way movements of rupee-dollar because of the sound economic position and the investments that India is attracting, there could be strength in the rupee vis-à-vis dollar.

Bloomberg: What is the company’s expansion strategy both in India and abroad and anything you can tell us about the acquisition strategy?

Suresh Senapaty: I think we are going to take calls in terms of what we have been doing so far. In terms of coming out with newer and newer services concentrating in Europe. I mean continuing to focus in Europe and Japan for getting better growth and using consulting as a lever, using multiple other services as a lever to be able to get higher level of shares in the customer. Acquisition will continue to be a strategic tool that we will be using to be able to address certain new geographies, to be able to address some of the gaps that we have in each of our verticals, in terms of completing the range of services. So that is where we are and we will stay on course with that. We will continue to focus on operating efficiencies to be able to contain the margin pressures because of the compensation or rupee appreciation, and we will continue to look forward to opening up centers in East Europe and other locations based on the demands from the customer.

Bloomberg: Is there amount you set aside for acquisitions, or can you give us any guidance on how much you have available?

Suresh Senapaty: No, we do not have. Because you know that we have enough cash on the balance sheet, plus we could always have multiple other ways.

Bloomberg: My last question is on the macro environment, do you still see continued IT spending going up?

Suresh Senapaty: Last time we had said that there could be a little bit of IT spend reduction compared to the previous year, and that has helped us to strategize better in terms of our action plans vis-à-vis our customers, but as we said that just because certain IT spends come down that does not impact the IT industry significantly in India because we continue to hold a strategic position when the market is good or bad. We think the momentum will continue, but it is on a larger base so you will have that impact on that.

EX-99.13

25x8 column (32.9 cms) - - Business Standard

EXHIBIT 99.13

Wipro Limited — Results for the quarter and year ended March 31, 2005

Wipro Limited - Consolidated
Audited Segment-wise Business performance for the quarter and year ended
March 31, 2005 (In Rs. Million)

	Quarter ended								Year ended
	March 31,								March 31,
Particulars	2005			2004			Growth %		2005			2004			Growth %
Segment Revenue
Global IT Services and Products		16,409			12,549			31		60,753			43,575			39
India and AsiaPac IT Services and Products		4,842			3,666			32		13,964			9,762			43
Consumer Care and Lighting		1,227			1,020			20		4,723			3,649			29
Others		643			628			2		2,258			1,826			24
Total		23,121			17,863			29		81,698			58,812			39
Profit Before Interest and Tax — PBIT (1)
Global IT Services and Products		4,148			2,966			40		16,041			9,539			68
India and AsiaPac IT Services and Products		415			399			4		1,042			792			32
Consumer Care and Lighting		177			136			30		672			551			22
Others		81			119			-32		397			277			43
Total		4,821			3,620			33		18,152			11,159			63
Interest (net) and Other Income		198			343					796			873
PROFIT BEFORE TAX		5,019			3,963			27		18,948			12,032			57
Income Tax expense		(715	)		(759	)				(2,750	)		(1,681	)
Profit before share in earnings / (losses) of affiliates and minority interest		4,304			3,204			34		16,198			10,351			56
Share in earnings of affiliates		42			28					175			23
Minority interest		(16	)		(24	)				(88	)		(59	)
PROFIT AFTER TAX		4,330			3,208			35		16,285			10,315			58
Earnings per share — EPS
(PY: Adjusted EPS for bonus issue in ratio of 2:1)
Basic (in Rs.)		6.20			4.62					23.41			14.87
Diluted (in Rs.)		6.11			4.61					23.19			14.85
Operating Margin
Global IT Services and Products		25	%		24	%				26	%		22	%
India and AsiaPac IT Services and Products		9	%		11	%				7	%		8	%
Consumer Care and Lighting		14	%		13	%				14	%		15	%
Total		21	%		20	%				22	%		19	%
Capital employed (2)
Global IT Services and Products		29,888			21,732					29,888			21,732
India and AsiaPac IT Services and Products		1,370			1,941					1,370			1,941
Consumer Care and Lighting		917			596					917			596
Others		21,538			14,498					21,538			14,498
Total		53,713			38,767					53,713			38,767
Capital Employed Composition
Global IT Services and Products		56	%		56	%				56	%		56	%
India and AsiaPac IT Services and Products		3	%		5	%				3	%		5	%
Consumer Care and Lighting		2	%		2	%				2	%		2	%
Others		40	%		37	%				40	%		37	%
Total		100	%		100	%				100	%		100	%
Return on average capital employed:
Global IT Services and Products		59	%		58	%				62	%		47	%
India and AsiaPac IT Services and Products		119	%		93	%				63	%		53	%
Consumer Care and Lighting		90	%		97	%				89	%		86	%
Total		36	%		35	%				39	%		30	%

(1)	PBIT is after considering restricted stock unit amortisation of Rs. 177 Mn for three months ended and Rs. 346 Mn for year ended March 31, 2005. PBIT of Global IT Services and Products is after considering restricted stock unit amortisation of Rs. 159 Mn for three months ended and Rs. 310 Mn for the year ended March 31, 2005.
(2)	This includes cash and cash equivalents of Rs. 28,497 Mn (2004: Rs. 21,760 Mn).

(In Rs. Million)

Geography	Quarter ended March 31,								Year ended March 31,
	2005		%		2004		%		2005		%		2004		%
India		6,557		29		5,725		32		19,513		24		15,205		26
USA		11,201		48		8,738		49		41,935		51		30,868		52
Rest of the world		5,362		23		3,400		19		20,249		25		12,739		22
Total		23,121		100		17,863		100		81,698		100		58,812		100

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. The Company has three geographic segments: India, USA 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.

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

4. As of March 31, 2005, forward contracts to the extent of USD 318 Mn have been assigned to the foreign currency assets as on the balance sheet date. These assets are valued at the forward contract rate, adjusted for premium / discount in respect of the expired period.

The Company has designated certain forward contracts to hedge highly probable forecasted transactions. The gain or loss on these forward contracts is recognized in the profit and loss account in the period in which the forecasted transaction is expected to occur. In certain cases, the Company has entered into forward contracts having a maturity earlier than the period in which the hedged transaction is forecasted to occur.

The gain / loss on roll over / cancellation / expiry of such contracts is recognized in the profit and loss account in the period in which the forecasted transaction is expected to occur, till such time the same is grouped under Loans and Advances/Current liabilities

The Company has also entered into option / forward contracts which are not designated as hedge of highly probable forecasted transactions. Gain or loss on such contracts is recognized in the profit and loss account of the respective periods. The outstanding contracts as at the balance sheet date are marked to market, the impact of which is taken to profit and loss account. Consequently, the Company has recognized marked to market gain of Rs. 1.03 Mn in the current period.

As at the balance sheet date, the Company had forward contracts to sell USD 503 Mn in respect of forecasted transactions. The effect of marked to market and of intermediary roll over / expiry of the said forward contracts is a gain of Rs. 275.31 Mn. 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.

Wipro Limited — Stand alone — Parent Company
Audited Financial Results for the quarter & year ended
March 31, 2005 (In Rs. Million)

	Three Month ended						Year ended
	March 31,						March 31,
Particulars	2005			2004			2005			2004
Net Income from Sales / Services		20,555			15,787			72,355			51,685
Cost of Sales / Services
a. Consumption of raw materials		3,886			3,039			11,477			8,209
b. Other expenditure		9,471			7,568			34,334			25,155
Gross Profit		7,198			5,180			26,544			18,321
Selling and Marketing expenses		1,229			1,295			5,060			4,567
General and Administrative expenses		813			467			2,911			2,292
Operating Profit before interest and depreciation		5,156			3,418			18,573			11,462
Interest expense		10			11			56			35
Depreciation		564			443			1,860			1,516
Operating Profit after interest and depreciation		4,582			2,964			16,657			9,911
Other income		289			368			913			912
Profit before tax		4,871			3,332			17,570			10,823
Provision for tax		657			744			2,622			1,674
PROFIT FOR THE QUARTER		4,214			2,588			14,948			9,149
Paid up equity share capital		1,407			466			1,407			466
Reserves		47,517			34,610			47,517			34,610
Earnings per share (EPS) — in Rs.
(PY: Adjusted EPS for bonus issue in ratio of 2:1)
Basic (in Rs.)		6.03			3.73			21.48			13.19
Diluted (in Rs.)		5.94			3.72			21.29			13.17
Aggregate of non-promoters shareholding
Number of shares		118,832,392			113,539,326			118,832,392			113,539,326
(PY: Adjusted for bonus issue in ratio of 2:1)
Percentage of holding		16.89	%		16.26	%		16.89	%		16.26	%
Details of expenditure
Items exceeding 10% of total expenditure
Staff Cost		7,924			6,349			28,785			20,962
Travel		1,277			1,073			4,765			4,320

Status of Redresal of Complaints received for the period
from January 1, 2005 to March 31, 2005

	Opening balance		Complaints		Complaints
	for the		received during the		disposed during the
Nature of Complaints	quarter		quarter		quarter		Unresolved
Complaints with respect to transfer / transmission / split / consolidation / exchange / duplicate issue of shares		0		0		0		0
Complaints with respect to Dematerialisation / Rematerialisation of shares		0		0		0		0
Complaints with regard to non-receipt of Corporate benefits like Dividend / Dividend Warrants / Interest / Bonus Shares		0		20		20		0
Total		0		20		20		0

Had the Company continued to follow the earlier accounting policy, the profit for the quarter would have been higher by Rs. 280.22 Mn (higher by Rs. 83.22 Mn for the year ended March 31, 2005).

5. 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 (WGE), a joint venture with General Electric, USA. The joint venture agreement provides specific rights to the joint venture partners. The 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.

Notes:

1. The above financial results were approved by the Board of Directors of the Company at its meeting held on April 22, 2005. There are no qualifications in the report issued by the Auditors for these periods.

2. The Board of Directors of the Company have recommended a final dividend of Rs. 5 per share.

3. The Board of Directors have also recommended issue of Bonus Shares in the ratio of 1:1 i.e. one equity share for every one equity share held. The issue of Bonus Shares is subject to the approval of the members of the Company.

	By order of the Board
Place: Bangalore	Azim H Premji
Date: April 22, 2005	Chairman