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 September 30, 2006

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 12g3-2(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 12g3-2(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

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 our quarter ended September 30, 2006. 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 October 18, 2006, we announced our results of operations for the three months ended September 30, 2006. 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, respectively.

     On October 18, 2006, we also held a press conference to announce our results, which was followed by a question-and-answer session with those attending the press conference. The presentation made by the company in the press conference and the transcript of the proceedings of the press conference are attached to this Form 6-K as Exhibits 99.3 and 99.4, respectively. 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 99.5 and 99.6, respectively.

     In addition, our officers gave interviews with TV Channel CNBC India, TV Channel NDTV Profit, TV Channel Times Now and TV Channel CNN-IBN. Copies of the transcripts of these interviews are attached to this Form 6-K as Exhibits 99.7, 99.8, 99.9 and 99.10, respectively.

     Our officers also gave interview with Wire Agencies Dow Jones, Reuters, Bloomberg and Crisil NewsWire. A copy of the transcript of this interview is attached to this Form 6-K as Exhibit 99.11.

     Lastly, we placed advertisements in certain Indian newspapers concerning our results of operations for the three months ended September 30, 2006 under Indian GAAP. A copy of the form of this advertisement is attached to this Form 6-K as Exhibit 99.12.

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

Executive Vice President, Finance &

Chief Financial Officer

Dated: October 24, 2006

2

INDEX TO EXHIBITS

Exhibits
99.1	U.S. GAAP Press Release
99.2	Indian GAAP Press Release
99.3	Presentation made by the Company at October 18, 2006 Press Conference
99.4	Transcript of October 18, 2006 Press Conference
99.5	Transcript of October 18, 2006 11:45 a.m. Earnings Call (Indian Standard Time)
99.6	Transcript of October 18, 2006 6:45 p.m. Earnings Call (Indian Standard Time)
99.7	Transcript of October 18, 2006 TV Channel CNBC India Question-and-Answer Session with Company Officers
99.8	Transcript of October 18, 2006 TV Channel NDTV Profit Question-and-Answer Session with Company Officers
99.9	Transcript of October 18, 2006 TV Channel Times Now Question-and-Answer Session with Company Officers
99.10	Transcript of October 18, 2006 TV Channel CNN-IBN Question-and-Answer Session with Company Officers
99.11	Transcript of October 18, 2006 Media Interview of Wire Agencies with Company Officers
99.12	Form of Advertisement Placed in Indian Newspapers

3

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:     Sridhar Ramasubbu
Wipro Limited
408 242 6285

Wipro records 41% growth in Revenue and 48% growth in Profits
Revenue from Global IT Services & Products Business — $ 589 million

Results for the Quarter ended September 30, 2006 under US GAAP

Bangalore, India and East Brunswick, New Jersey, USA — October 18, 2006 — Wipro Limited (NYSE:WIT) today announced financial results under US GAAP for its second fiscal quarter ended September 30, 2006.

Highlights for the Results:

Ø	Total Revenue was Rs. 35.14 billion ($765 million1), representing an increase of 41% over the same period last year.
Ø	Net Income was Rs. 696 billion ($152 million1), representing an increase of 48% over the same period last year.
Ø	Global IT Services and Products Revenue was at Rs.27.17 billion ($591 million1), representing an increase of 44% over the same period last year.
Ø	Global IT Services and Products Earnings Before Interest and Tax (EBIT) was at Rs. 6.65 billion ($145 million1), representing an increase of 48% over the same period last year.
Ø	Global IT Services and Products added 54 new clients during the quarter.

Outlook for our Quarter ending December 31, 2006

Azim Premji, Chairman of Wipro, commenting on the results said “We believe that the focus we have on strategy and execution has continued to deliver robust results for the company. Our IT Services & Products business witnessed strong volume growth and operational improvements during our quarter ended September 30,2006. Our differentiated Services — Technology Infrastructure Services, Testing Services and Enterprise Application Services — have grown double digits sequentially. In addition, our Financial Solutions and Technology, Media, Transportation & Services (TMTS) Vertical demonstrated excellent traction and delivered superior performance. Our Global IT Services & Products business added 54 new clients during our quarter ended September 30,2006,11 of which were Global 500 or Fortune 1000 clients. Further, our BPO Services business also posted a strong Revenue growth and Operating Margin improvement, reinforcing our confidence that it is moving in the right direction of delivering industry-leading growth rates. Looking ahead, for the quarter ending December 31, 2006, we expect Revenue from our Global IT Services & Products business to be approximately $ 633 million.”

Suresh Senapaty, Chief Financial Officer of Wipro, said “During our quarter ended September 30, 2006, our Global IT Services & Products Revenue was $ 589 million, ahead of our guidance of $ 577

1. For the convenience of the reader, the amounts in Indian rupees in this release have been translated into United States dollars at the noon buying rate in New York City on September 29, 2006, for cable transfers in Indian rupees, as certified by the Federal Reserve Bank of New York which was US$1=Rs.45.95. However, the realized exchange rate in our Global IT Services and Products segment for the quarter ended September 30,2006 was US$1=Rs. 46.14

million for the quarter. On our margin front, operational improvements and superior BPO Services profitability helped us in significantly offsetting the pressure on profitability arising out of wage increases and non-cash charge of Restricted Stock Units issued during the quarter.”

Wipro Limited

Total Revenue for our quarter ended September 30, 2006 was Rs.35.14 billion ($765 million¹), representing an increase of 41% over the same period last year. Net Income for our quarter ended September 30, 2006 was Rs. 6.96 billion ($152 million¹), representing an increase of 48% over the same period last year. Earnings Per Share for our quarter ended September 30, 2006, were Rs. 4.89 ($0.11¹), representing an increase of 46% over the same period last year.

Global IT Services and Products (77% of Total Revenue and 89% of Operating Income for quarter ended September 30, 2006)

Our Global IT Services and Products business segment recorded Revenues of Rs. 27.17 billion² ($591 million¹) for our quarter ended September 30, 2006, representing an increase of 44% over the same period last year. EBIT for this segment was Rs.6.65 billion ($ 145 million¹) for our quarter ended September 30, 2006, representing an increase of 48% over the same period last year. Operating Income to Revenue for this segment was 24.5% for our quarter ended September 30, 2006, representing an increase of 70 basis points compared to same period last year. This increase was primarily due to profitability in our BPO Services business and favorable employee mix.

Return on Capital Employed (ROCE) for this segment was 62% for our quarter ended September 30, 2006, compared to 61% for the same period last year.

We had 61,179 employees as of September 30, 2006, which includes 45,824 employees in our IT Services & Products business and 15,355 employees in our BPO Services business. The net addition of 5,328 employees in our IT Services business included 605 employees from our completed acquisitions during the quarter.

Our TMTS Vertical showed significant traction in Europe during our quarter ended September 30, 2006, which included a contract signed with a leading UK-based Media & Broadcasting firm for custom application work and a multi-million dollar deal with a leading Airline to provide a broad range of services covering infrastructure support, enterprise applications support and custom applications development.

We continue to lead the market in Our Technology Infrastructure services (TIS) & Testing Service-lines. Both these Service-lines grew 70%+ YoY. Our Enterprise Applications Services business grew 34% YoY. We won several contracts across all these service lines. Notable wins being - - in TIS, a win from a large Telecom Service Provider for comprehensive network operations & support, in Testing, a large end to end testing engagement of a suite of Applications for a leading Oil & Gas Major and in our Enterprise Applications Services business, a large contract for a global SAP implementation & roll out from a global Oil major.

2

Global IT Services and Products segment Revenues were Rs. 27.2 billion for the quarter ended September 30, 2006 under the Indian GAAP. The difference of Rs. 32 million ($0.7 million1) is primarily attributable to difference in accounting standards under Indian GAAP and US GAAP.

1.

For the convenience of the reader, the amounts in Indian rupees in this release have been translated into United States dollars at the noon buying rate in New York City on September 29, 2006, for cable transfers in Indian rupees, as certified by the Federal Reserve Bank of New York which was US$1=Rs.45.95. However, the realized exchange rate in our Global IT Services and Products segment for the quarter ended September 30, 2006 was US$1=Rs. 46.14

We recently launched Global Total Outsourcing Services (TOS), which combines both Technology Infrastructure and Application Management and provisioning, on the back of our domestic success. TOS value proposition has helped us win two large deals — one in US from a leading Retailer & another in Europe from a large Utility company

Our Wipro BPO Services business segment also experienced strong growth during our quarter ended September 30, 2006, with significant wins in Telecommunications, Back-office Services and Banking.

Our Global IT Services and Products business added 54 new clients during the quarter, of which eleven were Global 500 or Fortune 1000 companies, comprised of 53 new clients in our IT Services and Products business (18 new Technology clients and 35 new Enterprise clients) and 1 new client in our BPO Services business.

The results of our previously disclosed acquisition of Quantech Global Services, a leading provider of Computer Aided Design and Engineering services, were consolidated into our financial statement operating results effective as of July 1, 2006.

Wipro was declared as the winner of the IT Outsourcing Service Provider of the year award instituted by the National Outsourcing Association (NOA). Wipro has been ranked sixth in the American Society for Training & Development’s 2006 BEST Awards Program. Wipro is among 39 organizations from India, South Africa, and the United States to receive the ASTD BEST Award and the only Indian IT organization to win the award three years in a row.

India and Asia-Pac IT Services and Products (14% of Total Revenue and 6% of Operating Income for our quarter ended September 30, 2006)

Our India and Asia-Pac IT Services and Products business segment (Wipro Infotech) recorded Revenue of Rs. 5.0 billion ($109 million¹) for our quarter ended September 30, 2006, representing an increase of 28% over the same period last year. EBIT for this segment was Rs. 419 million ($9.1 million¹) for our quarter ended September 30, 2006, representing an increase of 30% over the same period last year.

Our Operating Income to Revenue for this segment was 8.4% for our quarter ended September 30, 2006, representing an increase of approximately 20 basis points over the same period last year. ROCE for this segment was 63% for our quarter ended September 30, 2006, compared to 61% for the same period last year.

Consumer Care and Lighting (5% of Total Revenue and 3% of Operating Income for our Quarter ended September 30, 2006)

Our Consumer Care and Lighting business segment recorded Revenue of Rs. 1.87 billion ($41 million¹) for our quarter ended September 30, 2006, representing an increase of 38% over the same period last year. EBIT for this segment was Rs. 245 million ($5.3 million¹) for our quarter ended September 30, 2006, representing an increase of 29% over the same period last year.

Our Operating Income to Revenue for this segment was 13.1% for our quarter ended September 30, 2006, representing a decrease of approximately 90 basis points compared to the same period last year. ROCE for this segment was 41% for our quarter ended September 30, 2006, compared to 86% for the same period last year.

1. For the convenience of the reader, the amounts in Indian rupees in this release have been translated into United States dollars at the noon buying rate in New York City on September 29, 2006, for cable transfers in Indian rupees, as certified by the Federal Reserve Bank of New York which was US$1=Rs.45.95. However, the realized exchange rate in our Global IT Services and Products segment for the quarter ended September 30, 2006 was US$1=Rs. 46.14

Our results for the quarter ended September 30, 2006, computed under Indian GAAP and US GAAP, along with our individual business segment reports, are available in the Investor Relations section of our website at www.wipro.com.

Quarterly Conference Calls

We will hold conference calls today at 11:45 a.m. Indian Standard Time (2:15 a.m. US Eastern Time) and at 6:45 p.m. Indian Standard Time (9:15 a.m. US Eastern Time) to discuss our performance for the quarter and answer questions sent to email ID: Sridhar.ramasubbu@wipro.com. An audio recording of the management discussions and the question and answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com.

About Wipro Limited

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 Bombay Stock Exchange, and the National Stock Exchange. 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 our earnings and revenue, 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)

1. For the convenience of the reader, the amounts in Indian rupees in this release have been translated into United States dollars at the noon buying rate in New York City on September 29, 2006, for cable transfers in Indian rupees, as certified by the Federal Reserve Bank of New York which was US$1=Rs.45.95. However, the realized exchange rate in our Global IT Services and Products segment for the quarter ended September 30, 2006 was US$1=Rs. 46.14

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

		Three months ended September 30,									Six months ended September 30,
		2005			2006			2006			2005			2006			2006
								Convenience									Convenience
								translation									translation
								into US$									into US$
	Note	unaudited			unaudited			unaudited			unaudited			unaudited			unaudited
Revenues:
Global IT Services and Products
IT Services		Rs.	17,052.15		Rs.	24,875.88		$	541.37		Rs.	32,653.98		Rs.	47,289.39		$	1,029.15
BPO Services			1,824.02			2,303.02			50.12			3,652.06			4,402.22			95.80
India and AsiaPac IT Services and Products
Services			1,422.73			2,076.98			45.20			2,845.34			3,685.25			80.20
Products			2,479.08			2,921.89			63.59			4,468.82			5,669.80			123.39
Consumer Care and Lighting			1,358.75			1,870.81			40.71			2,681.02			3,520.80			76.62
Others			829.68			1,089.31			23.71			1,530.37			1,882.74			40.97
Total			24,966.41			35,137.89			764.70			47,831.59			66,450.19			1,446.14
Cost of Revenues:
Global IT Services and Products
IT Services			1 1,065.97			16,467.49			358.38			20,908.81			31,084.87			676.49
BPO Services			1,390.26			1,498.67			32.62			2,862.53			2,991.92			65.11
India and AsiaPac IT Services and Products
Services			829.86			1,191.44			25.93			1,680.27			2,082.63			45.32
Products			2,219.88			2,642.92			57.52			3,986.08			5,131.03			111.67
Consumer Care and Lighting			878.44			1,242.64			27.04			1,704.27			2,299.03			50.03
Others			614.21			797.95			17.37			1,139.13			1,433.41			31.19
Total			16,998.62			23,841.12			518.85			32,281.09			45,022.88			979.82
Gross Profit			7,967.79			11,296.77			245.85			15,550.50			21,427.31			466.32
Operating Expenses:
Selling and marketing expenses			(1,599.45	)		(2,160.05	)		(47.01	)		(3,239.50	)		(4,196.50	)		(91.33	)
General and administrative expenses			(1,261.57	)		(1,793.86	)		(39.04	)		(2,432.53	)		(3,271.93	)		(71.21	)
Research and development expenses			(46.31	)		(70.69	)		(1.54	)		(88.86	)		(128.02	)		(2.79	)
Amortization of intangible assets			(10.54	)		(88.26	)		(1.92	)		(25.08	)		(141.76	)		(3.09	)
Foreign exchange gains / (losses), net			55.29			2.38			0.05			(92.94	)		(16.38	)		(0.36	)
Others, net			13.44			282.00			6.14			32.20			304.85			6.63
Operating Income			5,118.65			7,468.29			162.53			9,703.79			13,977.56			304.19
Other income, net			293.53			471.19			10.25			507.15			978.70			21.30
Equity in earnings/(losses) of affiliates			82.95			92.01			2.00			139.20			157.37			3.42
Income before income taxes, minority interest and cumulative effect of change in accounting principle			5,495.13			8,031.49			174.79			10,350.14			15,113.63			328.91
Income taxes			(790.95	)		(1,068.22	)		(23.25	)		(1,376.98	)		(2,047.44	)		(44.56	)
Minority interest			—			—			—			(1.40	)		—			—
Income before cumulative effect of change in accounting principle			4,704.18			6,963.27			151.54			8,971.76			13,066.19			284.36
Cumulative effect of change in accounting principle												—			39.09			0.85
Net income		Rs.	4,704.18		Rs.	6,963.27		$	151.54		Rs.	8,971.76		Rs.	13,105.28		$	285.21
Earnings per equity share
Basic
Income before cumulative effect of change in accounting principle			3.35			4.89			0.11			6.40			9.19			0.20
Cumulative effect of change in accounting principle			—			—			—			—			0.03			0.00
Net income			3.35			4.89			0.11			6.40			9.22			0.20
Diluted
Income before cumulative effect of change in accounting principle			3.32			4.83			0.11			6.33			9.08			0.20
Cumulative effect of change in accounting principle			—			—			—			—			0.03			0.00
Net income			3.32			4.83			0.11			6.33			9.10			0.20
Weighted average number if equity shares used in computing earnings per equity share:
Basic			1,403,065,125			1,424,691,434						1,401,305,426			1,422,047,916
Diluted			1,416,017,738			1,442,389,536						1,417,562,951			1,439,517,160
Additional Infomiation
Operating Income
IT Services			4,279.35			6,203.38			135.00			8,213.41			11,845.31			257.79
Acquistions			—			(94.14	)		(2.05	)		—			(223.15	)		(4.86	)
BPO Services			221.11			543.87			11.84			355.23			942.43			20.51
Global IT Services and Products			4,500.46			6,653.11			144.79			8,568.64			12,564.59			273.44
India and AsiaPac IT Services and Products			321.04			418.93			9.12			578.68			772.34			16.81
Consumer Care and Lighting			190.13			245.19			5.34			375.95			475.78			10.35
Others			134.49			148.11			3.22			233.24			220.62			4.80
Reconciling Items			(27.47	)		2.89			0.06			(52.72	)		(55.83	)		(1.21	)
Total			5,118.65			7,468.29			162.53			9,703.79			13,977.56			304.19

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

		As of September 30,									As of March 31,
		2005			2006			2006			2006
								Convenience
								translation
								into US$
	NOTE	unaudited			unaudited			unaudited
ASSETS
Current assets:
Cash and cash equivalents		Rs.	4,214.08			4,143.97		$	90.18		Rs.	8,857.70
Investments in liquid and short-term mutual funds			27,715.50			33,046.40			719.18			30,328.42
Accounts receivable, net of allowances			16,889.74			24,698.81			537.51			20,593.11
Costs and earnings in excess of billings on contracts in progress			4,539.89			5,439.48			118.38			4,336.06
Inventories			1,736.74			2,425.60			52.79			2,064.61
Deferred income taxes			111.79			220.17			4.79			168.28
Other current assets			4,157.42			6,297.26			137.05			5,463.04
Total current assets			59,365.16			76,271.67			1,659.88			71,811.22
Property, plant and equipment, net			15,211.91			21,195.07			461.26			17,777.40
Investments in affiliates			908.44			1,200.45			26.13			1,043.09
Deferred income taxes			227.27			55.84			1.22			182.91
Intangible assets, net			352.87			2,376.42			51.72			854.33
Goodwill			5,924.87			11,454.87			249.29			7,480.85
Other assets			1,244.04			1,528.00			33.25			1,243.99
Total assets		Rs.	83,234.56			114,082.31		$	2,482.75		Rs.	100,393.78
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Borrowings from banks and foreign state institutions		Rs.	1,175.10			807.43		$	17.57		Rs.	704.55
Current portion of long-term debt			—			89.86			1.96			—
Accounts payable			3,588.38			4,589.65			99.88			4,145.96
Accrued expenses			5,525.82			7,711.19			167.82			6,600.63
Accrued employee costs			3,750.21			4,884.59			106.30			4,425.12
Advances from customers			1,718.03			2,212.21			48.14			1,616.26
Other current liabilities			3,018.89			5,632.13			122.57			3,614.41
Total current liabilities			18,776.43			25,927.07			564.25			21,106.94
Long-term debt, excluding current portion			—			105.65			2.30			—
Deferred income taxes			0.00			468.08			10.19			127.46
Other liabilities			327.44			460.86			10.03			395.04
Total Liabilities			19,103.87			26,961.66			586.76			21,629.44
Minority interest			(0.00	)		—			—			—
Stockholders’ equity:
Equity shares at Rs. 2 par value: 1,650,000,000 shares authorized; Issued and outstanding: 1,414,957,082, 1,425,754,267 and 1,434,563,895 shares as of September 30, 2005, March 31 and September 30, 2006			2,829.91			2,869.13			62.44			2,851.51
Additional paid-in capital			11,116.80			17,532.90			381.56			14,318.65
Accumulated other comprehensive income			321.71			575.90			12.53			433.70
Retained earnings			49,862.35			66,142.80			1,439.45			61,160.56
Equity Shares held by a controlled Trust:			(0.08	)		(0.08	)		(0.00	)		(0.08	)
7,893,060 and 7,869,060 shares as of September 30, 2005 and 2006
Total stockholders’s equity			64,130.69			87,120.65			1,895.99			78,764.34
Total liabilities and Stockholder’s equity		Rs.	83,234.56		$	114,082.31		$	2,482.75		Rs.	100,393.78

EX-99.2

Exhibit 99.2

FOR IMMEDIATE RELEASE

Results for the quarter ended September 30, 2006 under Consolidated Indian GAAP

Wipro records 46% growth in Profits; Revenues grew 41%
Revenue in Global IT business was $ 589 million

Bangalore, October 18, 2006 –Wipro Limited today announced its results approved by the Board of Directors for the quarter ended September 30, 2006.

Highlights of the Results

• Wipro Limited Profit After Tax grew by 46% year on year (YoY) to Rs. 7.0 billion (Rs. 700 Crores). Total Revenue increased by 41%YoY to Rs. 35.46 billion (Rs. 3,546 Crores)

• Global IT Services & Products Revenue was at Rs. 27.2 billion (Rs. 2,720 Crores), a 44% increase YoY

• Global IT Services & Products Profit before Interest and Tax (PBIT) was at Rs. 6.64 billion (Rs. 664 Crores) and grew by 44%YoY; Operating Margin was at 24.4%, similar to the same period last year

• Global IT Services & Products added 54 new clients in the quarter

• Wipro’s India, Middle East & Asia Pac business recorded 57% growth in PBIT YoY. Revenue grew 36% YoY

Outlook for the Quarter ending December 31, 2006

Azim Premji, Chairman of Wipro, commenting on the results said “We believe that the focus we have on strategy and execution has continued to deliver robust results for the company. Our IT Services & Products business witnessed strong volume growth and operational improvements during our quarter ended September 30, 2006. Our differentiated Services — Technology Infrastructure Services, Testing Services and Enterprise Application Services – have grown double digits sequentially. In addition, our Financial Solutions and Technology, Media, Transportation & Services (TMTS) Vertical demonstrated excellent traction and delivered superior performance. Our Global IT Services & Products business added 54 new clients during our quarter ended September 2006, 11 of which were Global 500 or Fortune 1000 clients. Further, our BPO Services business also posted a strong Revenue growth and Operating Margin improvement, reinforcing our confidence that it is moving in the right direction of delivering industry-leading growth rates. Looking ahead, for the quarter ending December 2006, we expect Revenue from our Global IT Services & Products business to be approximately $ 633 million.”

Suresh Senapaty, Chief Financial Officer of Wipro, said “During our quarter ended September 30, 2006, our Global IT Services & Products Revenue was at $ 589 million, ahead of our guidance of $ 577 million for the quarter. On our margin front, operational improvements and superior BPO Services profitability helped us in significantly offsetting the pressure on profitability arising out of wage increases and non-cash charge of Restricted Stock Units issued during the quarter.”

Wipro Limited

Total Revenue for the Quarter ended September 30, 2006, was Rs. 35.46 billion, representing a 41% increase YoY. Profit after Tax for the quarter was Rs. 7.0 billion, an increase of 46% YoY.

Global IT Services and Products

Global IT Services & Products reported Revenue of Rs. 27.2 billion for the Quarter ended September 30, 2006, representing an increase of 44% YoY and PBIT of Rs. 6.64 billion, an increase of 44% YoY. Operating Margin

for the quarter was 24.4%,similar to the corresponding quarter last year. Our Technology Business contributed 33.0% of the Revenue of Global IT Services. Enterprise Business contributed 58.6% of Revenue with the balance 8.4% being contributed by Business Process Outsourcing (BPO)Services.

We had 61,179 employees as of September 30, 2006, which includes 45,824 employees in our IT Services & Products business and 15,355 employees in our BPO Services business. The net addition of 5,328 employees in our IT Services business included 605 employees from our completed acquisitions during the quarter.

Our Global IT Services and Products business added 54 new clients during the quarter, of which 11 were Global 500 or Fortune 1000 companies, comprised of 53 new clients in our IT Services and Products business (18 new Technology clients and 35 new Enterprise clients) and 1 new client in our BPO Services business.

Our TMTS Vertical showed significant traction in Europe during our quarter ended September 30, 2006, which included a contract signed with a leading UK-based Media & Broadcasting firm for custom application work and a multi-million dollar deal with a leading Airline to provide a broad range of services covering infrastructure support, enterprise applications support and custom applications development.

We continue to lead the market in our Technology Infrastructure services (TIS) & Testing Service-lines. Both these Service-lines grew 70%+ YoY. Our Enterprise Applications Services business grew 34% YoY. We won several contracts across all these service lines. Notable wins being – in TIS, a win from a large Telecom Service Provider for comprehensive network operations & support, in Testing, a large end to end testing engagement of a suite of Applications for a leading Oil & Gas Major and in our Enterprise Applications Services business, a large contract for a global SAP implementation & roll out from a global Oil major.

We recently launched Global Total Outsourcing Services (TOS), which combines both Technology Infrastructure and Application Management and provisioning, on the back of our domestic success. TOS value proposition has helped us win two large deals — one in US from a leading Retailer & another in Europe from a large Utility company.

Our Wipro BPO Services business segment also experienced strong growth during our quarter ended September 30, 2006, with significant wins in Telecommunications, Back-office Services and Banking.

The results of our previously disclosed acquisition of Quantech Global Services, a leading provider of Computer Aided Design and Engineering Services, were consolidated into our financial statement operating results effective as of July 1, 2006.

Wipro was declared as the winner of the IT Outsourcing Service Provider of the year award instituted by the National Outsourcing Association. Wipro has been ranked sixth in the American Society for Training & Development’s 2006 BEST Awards Program. Wipro is among 39 organizations from India, South Africa, and the United States to receive the ASTD BEST Award and the only Indian IT organization to win the award three years in a row.

Global IT Services and Products accounted for 77% of the total Revenue and 89% of the PBIT for the quarter ended September 30, 2006.

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

For the quarter ended September 30, 2006, Wipro Infotech recorded Revenues of Rs.5.4 billion, a growth of 36% YoY and Profit before Interest and Tax of Rs. 468 million, a growth of 57% YoY. Services business contributed 38 % to total Revenue during the quarter and grew by 46 % YoY. Products business grew by 31% YoY. Middle East and Asia Pacific business grew by 59% YoY.

Wipro Infotech won two long term Total outsourcing contracts in India totaling $100 million covering application & infrastructure provisioning & management.

We won 65 contracts across Consulting, Solutions and Infrastructure Management in this quarter across India, APAC and Middle East. The marquee wins included My SAP suite implementation for a business unit of Aditya Birla Group, Oracle E-Business Suite implementation including Real Estate Management for United Development Company, Qatar, a comprehensive consulting assignment for Indian Railways for efficient traffic management of freight and passenger movement, Call center Integration and management services for Adventity, Stracon Systems and a bank in the Middle East.

Wipro Infotech continued to build on the positioning of being the largest System Integrator for Technology players in India and received the Majestic Partner Award from Sun Microsystems. We also received the Largest Partner and Regional Excellence award from Riverbed Technology and Check Point Software Technologies respectively.

Wipro Infotech accounted for 15% of the Revenue and 6% of the PBIT for the quarter ended September 30, 2006.

Wipro Consumer Care and Lighting

For the quarter ended September 30, 2006, Wipro Consumer Care and Lighting recorded Revenues of Rs. 2.03 billion, a growth of 41% YoY and Profit before Interest and Tax of Rs. 246 million, a growth of 26% YoY. It accounted for 6% of the Revenue and 3% of the PBIT for the quarter ended September 30, 2006.

Wipro Limited

For the quarter ended September 30, 2006, the Return on Capital Employed in Global IT Services and Products was 68%, Wipro Infotech was 67% and Consumer Care and Lighting was 42%. At the Company level, the Return on Capital Employed was 37%, lower due to inclusion of cash and cash equivalents of Rs. 33.83 billion in Capital Employed (40% of Capital Employed).

For Wipro Limited, Profit after Tax computed in accordance with US GAAP for the Quarter ended September 30, 2006, was Rs. 6.96 billion, an increase of 48% 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 treatment of amortization of stock options, deferred taxes and amortization of intangible assets.

Global IT Services & Products segments Revenue was Rs. 27.17 billion for the quarter ended September 30, 2006, under US GAAP. The difference of Rs. 32 million is primarily attributable to difference in accounting standards under Indian GAAP and US GAAP.

Quarterly Conference call

Wipro will hold conference calls today at 11:45 am Indian Standard Time (2:15 am US Eastern Time) and at 6:45 pm Indian Standard Time (9:15 am US Eastern Time) to discuss the company’s performance for the quarter and answer questions sent to email ID: rajesh.ramaiah@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.

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 Bombay Stock Exchange, and the National Stock Exchange. 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
R Rajesh Ramaiah	Radha Radhakrishnan
Corporate Treasurer	SeniorManager-Corporate Communications
Phone: +91-80-2844-0079	+91-80-2844-0378
Fax:      +91-80-2844-0051	+91-80-2844-0350
rajesh.ramaiah@wipro.com	radha.rk@wipro.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 our earnings and Revenue, 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, CONSOLIDATED
AUDITED SEGMENT WISE BUSINESS PERFORMANCE FOR THE QUARTER & SIX MONTHS ENDED SEPTEMBER 30, 2006

Rs. in Million

	Quarter ended September 30									Six months ended September 30									Year ended
Particulars	2006			2005			Growth %			2006			2005			Growth %			March 31, 2006
Revenues
IT Services		23,538			17,131			37	%		45,380			32,626			39	%		72,531
Acquisitions		1,368			—			—			1,933			—			—			502
BPO Services		2,299			1,817			27	%		4,397			3,640			21	%		7,627
Global IT Services and Products		27,205			18,948			44	%		51,710			36,266			43	%		80,660
India & AsiaPac IT Services and Products		5,426			3,980			36	%		9,990			7,362			36	%		17,048
Consumer Care and Lighting		2,025			1,437			41	%		3,793			2,801			35	%		6,008
Others		1,098			841			31	%		1,902			1,548			23	%		3,323
Eliminations		(292	)		(138	)					(508	)		(290	)					(781	)
TOTAL		35,462			25,068			41	%		66,887			47,687			40	%		106,258
Profit before Interest and Tax — PBIT
IT Services		6,099			4,396			39	%		11,789			8,398			40	%		18,751
Acquisitions		14			—						(82	)		—						45
BPO Services		526			228			131	%		952			384			148	%		1,058
Global IT Services and Products		6,639			4,624			44	%		12,659			8,782			44	%		19,854
India & AsiaPac IT Services and Products		468			299			57	%		821			517			59	%		1,459
Consumer Care and Lighting		246			195			26	%		477			382			25	%		805
Others		95			123			-23	%		164			199			-18	%		388
TOTAL		7,448			5,241			42	%		14,121			9,880			43	%		22,506
Interest & Dividend — Net		512			287			78	%		1,019			501			103	%		1,272
Profit Before Tax		7,960			5,528			44	%		15,140			10,381			46	%		23,778
Income Tax expense including Fringe Benefit Tax		(1,050	)		(831	)		26	%		(2,091	)		(1,459	)		43	%		(3,391	)
Profit before Share in earnings / (losses) of Affiliates and minority interest		6,910			4,697			47	%		13,049			8,922			46	%		20,387
Share in earnings of affiliates		92			83						157			139						288
Minority interest		—			—						—			(1	)					(1	)
PROFIT AFTER TAX		7,002			4,780			46	%		13,206			9,060			46	%		20,674
Operating Margin
IT Services		26	%		26	%					26	%		26	%					26	%
Acquisitions		1	%		—						-4	%		—						9	%
BPO Services		23	%		13	%					22	%		11	%					14	%
Global IT Services and Products		24	%		24	%					24	%		24	%					25	%
India & AsiaPac IT Services and Products		9	%		8	%					8	%		7	%					9	%
Consumer Care and Lighting		12	%		14	%					13	%		14	%					13	%
TOTAL		21	%		21	%					21	%		21	%					21	%
CAPITAL EMPLOYED
IT Services		27,552			26,147						27,552			26,147						27,952
Acquisitions		8,689			—						8,689			—						2,692
BPO Services		1,991			5,313						1,991			5,313						6,357
Global IT Services and Products		38,232			31,460						38,232			31,460						37,001
India & AsiaPac IT Services and Products		2,372			1,883						2,372			1,883						2,401
Consumer Care and Lighting		2,488			1,021						2,488			1,021						1,210
Others		40,663			31,148						40,663			31,148						26,272
TOTAL		83,755			65,512						83,755			65,512						66,884
CAPITAL EMPLOYED COMPOSITION
IT Services		33	%		40	%					33	%		40	%					42	%
Acquisitions		10	%		—						10	%		—						4	%
BPO Services		2	%		8	%					2	%		8	%					10	%
Global IT Services and Products		45	%		48	%					45	%		48	%					55	%
India & AsiaPac IT Services and Products		3	%		3	%					3	%		3	%					4	%
Consumer Care and Lighting		3	%		2	%					3	%		2	%					2	%
Others		49	%		47	%					49	%		47	%					39	%
TOTAL		100	%		100	%					100	%		100	%					100	%
RETURN ON AVERAGE CAPITAL EMPLOYED
IT Services		92	%		65	%					85	%		64	%					76	%
Acquisitions		1	%		—						-3	%		—						3	%
BPO Services		47	%		33	%					46	%		17	%					14	%
Global IT Services and Products		68	%		62	%					67	%		57	%					59	%
India & AsiaPac IT Services and Products		67	%		63	%					69	%		64	%					77	%
Consumer Care and Lighting		42	%		90	%					52	%		79	%					76	%
TOTAL		37	%		34	%					37	%		33	%					37	%

Notes to Segment Report

1.	The segment report of Wipro Limited and its consolidated subsidiaries and associates has been prepared in accordance with the Accounting Standard 17 “Segment Reporting” issued by The Institute of Chartered Accountants of India.
2.	Segment revenue includes exchange differences which are reported in other income in the financial statements.
3.	PBIT for the quarter and six months ended September 30, 2006 is after considering restricted stock unit amortisation of Rs. 448 Million (2005: Rs. 150 Million) and Rs. 596 Million (2005: Rs. 323 Million) respectively. PBIT of Global IT Services and Products for the quarter and six months ended September 30, 2006 is after considering restricted stock unit amortisation of Rs. 392 Million (2005: Rs. 133 Million) and Rs. 522 Million (2005: Rs. 278 Million) respectively.
4.	Capital employed of segments is net of current liabilities as follows –

(Rs. in Million)

	As of September 30,				As of March 31,
Name of the Segment	2006		2005		2006
Global IT Services and Products		17,747		11,766		13,510
India & AsiaPac IT Services and Products		5,619		4,056		5,314
Consumer Care and Lighting		1,327		1,146		1,080
Others		839		833		8,866
		25,532		17,801		28,770

5.	Capital employed of ‘Others’ includes cash and cash equivalents including liquid mutual funds of Rs. 33,826 Million (2005: Rs. 26,689 Million & 2006: Rs. 28,912 Million).
6.	The Company has four geographic segments: India, USA, Europe and Rest of the World. Significant portion of the segment assets are in India. Revenue from geographic segments based on domicile of the customers is outlined below:

(Rs. in Million)

	Quarter ended September 30,										Six months ended September 30,
Geography	2006		%			2005		%			2006		%			2005		%
India		7,131		20	%		5,272		21	%		13,072		20	%		9,899		21	%
USA		18,063		51	%		12,649		51	%		34,453		52	%		24,094		51	%
Europe		8,181		23	%		5,611		22	%		15,697		23	%		10,713		22	%
Rest of the World		2,087		6	%		1,536		6	%		3,665		5	%		2,981		6	%
Total		35,462		100	%		25,068		100	%		66,887		100	%		47,687		100	%

7.	For the purpose of reporting, business segments are considered as primary segments and geographic segments are considered as secondary segment.
8.	Until June 30, 2005, the Company reported IT services and BPO services as an integrated business segment — Global IT Services and Products. Effective July 2005, the company reorganized the management structure of Global IT Services and Products Segment, the segment reporting format has been changed accordingly. Revenues, operating profits and capital employed of Global IT Services business are now segregated into IT Services and BPO services.
9.	Effective December 1, 2005, Wipro Inc. acquired 100% equity of mPower Software Services Inc. and its subsidiaries for an aggregate cash consideration of Rs. 1,275 Million. This acquisition resulted in goodwill arising on consolidation of Rs. 1,089 Million.
	In the terms of the scheme of amalgamation filed with and endorsed by the State of Delaware, USA, mPower Software Services Inc amalgamated with Wipro Inc with effect from April 2006. Wipro Inc has accounted for the amalgamation as an amalgamation in the nature of purchase in accordance with AS 14 – Accounting for amalgamation.

Following are the salient features of the scheme:

a)	200 equity shares of USD 0.01 each held by Wipro Inc in mPower Software Services Inc. were cancelled and extinguished, from the effective date of the scheme.
b)	All the assets and liabilities of mPower Software Services Inc are recorded in the books of the Wipro Inc at their fair value amounts determined by management as on the effective date of the amalgamation.

	The amalgamation did not have a material impact on the consolidated financial statements.
10.	In December 2005, the Company acquired 100% equity of BVPENTE Beteiligungsverwaltung GmbH and its subsidiaries (New Logic) for an aggregate consideration of Rs. 1,157 Million and earn-out of Euro 26 Million to be determined and paid in future on financial targets being achieved over a 3 year period. This acquisition resulted in goodwill arising on consolidation, amounting to Rs. 849 Million.
	The consideration paid was subject to certain working capital adjustments. In the period ended September 30, 2006, the Company has completed the working capital adjustments and paid an additional consideration of Rs. 69 Million, which has resulted in additional goodwill.
11.	Effective April 1, 2006, the Company acquired 100% equity of cMango Inc and subsidiaries (cMango). cMango is a provider of Business Service Management (BSM) solutions. The consideration includes cash payment of Rs. 884 Million and an earn-out of USD 12 Million to be determined and paid in the future based on specific financial metrics being achieved over a two year period. The earn-out will be recorded as additional purchase price when the contingency is resolved.
	Through this acquisition, the Company will expand its operations in Business Management Services sector. This acquisition also enables the Company to access over 20 customers in the Business Management Services sector.
	The purchase consideration has been allocated based on book value of assets / liabilities and goodwill of Rs. 907 Million has been recorded.
12.	Effective June 1, 2006, the Company acquired 100% equity of RetailBox BV and subsidiaries (Enabler). Enabler is in the business of providing comprehensive IT solutions and services. The consideration includes cash payment of Rs. 2,442 Million and an earn-out of Euro 11 Million to be determined and paid in the future based on specific financial metrics being achieved over a two year period. The earn -out will be recorded as additional purchase price when the contingency is resolved.
	As a part of this acquisition, the Company aims to provide a wide range of services including Oracle retail implementation, digital supply chain, business optimisation and integration. Through this acquisition, the Company is able to expand domain expertise both in retail and technology sector and enables presence in five different geographical locations.
	The purchase consideration has been allocated based on book value of assets / liabilities and goodwill of Rs. 2,053 Million has been recorded.
13.	On June 29, 2006, the Company acquired 100% equity of Saraware O y (Saraware). Saraware provides design and engineering services to telecom companies. The consideration includes cash payment of Rs. 947 Million and an earn-out of Euro 7 Million to be determined based on financial targets being achieved over a period of 18 months. In addition, the purchase price payable to the sellers includes an amount payable equivalent to the amount collected against certain specific reward / incentives estimated to be receivable as on the acquisition date. The earn-out and additional payments will be recorded as additional purchase price when the contingency is resolved.
	Through this acquisition the Company would be able to expand it’s presence in the engineering services sector in Finland and the Nordic region.
	The purchase consideration has been allocated based on book value of assets / liabilities and goodwill of Rs. 760 Million has been recorded.
14.	In May 2006, the Company acquired the trademark / brand “North-West”, plant and machinery, moulds and dies and technical know-how relating to plant and machinery from North-West Switchgear Limited for an aggregate cash consideration of Rs 1,053 Million and an earn-out of Rs. 200 Million to be determined and paid in future based on specific financial metrics being achieved during a four year period. The Company has also entered into a non-compete agreement with the sellers of “North-West” brand for a cash consideration of Rs. 30 Million.
	Based on the performance of various other established brands in the market of similar products, and based

	on future economic benefits using reasonable and supportable assumptions that represent best estimate of the set of economic conditions that will exist over the useful life of the asset, the Company estimates that the useful life of the brand is 20 years. The brand is amortised on a straight line basis. Intangibles economic life includes period for which renewal of legal rights is virtually certain. Payment for non-compete is amortised over the period of the non-compete agreement.
15.	In July 2006, the Company acquired 100% equity of Quantech Global Services LLC and Quantech Global Services Ltd (Quantech). Quantech provides Computer Aided Design and Engineering services. The consideration includes upfront cash payment of Rs.142 Million, a deferred cash payment of USD 3 Million and an earn-out to be determined and paid in the future based on financial targets being achieved over a period of 36 months.
	Through this acquisition, the Company aims to strengthen its positions in mechanical engineering design and analysis service sector.
	The purchase consideration has been allocated based on book value of assets / liabilities and goodwill of Rs. 512 Million has been recorded.
16.	As at September 30, 2006, revenues, operating profits and capital employed (including goodwill) of mPower, New Logic, cMango, Enabler, Saraware & Quantech are reported separately under ‘Acquisitions’.
17.	As of September 30, 2006, forward contracts and options (including zero cost collars) to the extent of USD 160 Million have been assigned to the foreign currency assets as on the balance sheet date. The proportionate premium/discount on the forward contracts for the period upto the balance sheet date is recognized in the profit and loss account. The exchange difference measured by the change in exchange rate between inception of forward contract and the date of balance sheet is applied on the foreign currency amount of the forward contract and recognized in the profit and loss account.
	Additionally, the Company has designated forward contracts and options to hedge highly probable forecasted transactions. The Company also designates zero cost collars to hedge the exposure to variability in expected future foreign currency cash inflows due to exchange rate movements beyond a defined range. The range comprises an upper and lower strike price. At maturity, if the exchange rate remains within the range the Company realizes the cash inflows at spot rate, otherwise the Company realizes the inflows at the upper or lower strike price.
	The exchange differences on the forward contracts and gain / loss on options are recognized in the profit and loss account in the period in which the forecasted transaction is expected to occur. The premium / discount at inception of forward contracts is amortised over the life of the contract.
	In respect of option/forward contracts which are not designated as hedge of highly probably forecasted transactions, realized/unrealized gain or loss are recognised in the profit and loss account of the respective periods.
	As at September 30, 2006, the Company had forward / option contracts to sell USD 201 Million, relating to highly probable forecasted transactions. The effect of mark to market of the designated contracts is a loss of Rs. 27 Million. The final impact of such contracts will be recognized in the profit and loss account of the respective periods in which the forecasted transactions are expected to occur.
18.	The Company has been granting restricted stock units (RSUs) since October 2004. The RSUs generally vest equally at annual intervals over a five year period. The stock compensation cost is computed under the intrinsic value method and amortized on a straight line basis over the total vesting period of five years. As permitted by generally accepted accounting principles in the United States (US GAAP), the Company applies a similar straight line amortization method for financial reporting under US GAAP. The Company has been advised by external counsel that the straight line amortization over the total vesting period complies with the SEBI Employee Stock Option Scheme Guidelines 1999, as amended.
	However, an alternative interpretation could result in amortization of the cost on an accelerated basis. Under this approach, the amortization in the initial years would be higher with a lower charge in subsequent periods (though the overall charge over the full vesting period will remain the same). If the Company were to amortize the cost on an accelerated basis, profit before tax and profit after tax for the quarter ended September 30, 2006 would have been lower by Rs. 18 Million & Rs. 15 Million respectively and the profit before tax and profit after tax for the six months ended September 30, 2006 would have been lower by Rs. 45 Million & Rs. 39 Million respectively.
	Similarly, the profits before tax and profit after tax for the quarter ended September 30, 2005 would have been lower by Rs. 206 Million & Rs. 191 Million respectively and the profit before tax and profit after tax

for the six months ended September 30, 2005 would have been lower by Rs. 419 Million & Rs. 388 Million respectively. Profit before tax and profit after tax for the year ended March 31, 2006 would have been lower by Rs. 490 million and Rs. 449 million respectively.

This would effectively increase the profit before and after tax in later years by similar amounts.

In July 2005, the Company established Wipro Restricted Stock Unit Plan (WRSUP 2005). The Company is authorized to issue up to 12,000,000 Restricted Stock Units (RSUs) under the plan to eligible employees.

In July 2006, the Company granted 2,482,560 RSUs under WRSUP 2004 and 918,130 options under WARSUP 2004. The Company also granted 3,556,466 options under WRSUP 2005.

For the quarter ended September 30, 2006 the company recorded stock compensation expense of Rs. 448 Million in respect of these grants.

19.	a)	In accordance with Accounting Standard 21 “Consolidated Financial Statements” issued by The Institute of Chartered Accountants of India, the consolidated financial statements of Wipro Limited include the financial statements of all subsidiaries which are more than 50% owned and controlled.
	b)	The Company has a 49% equity interest in Wipro GE Medical Systems Private Limited (Wipro GE), an entity in which General Electric, USA holds the majority equity interest. The shareholders agreement provides specific rights to the two shareholders. Management believes that these specific rights do not confer joint control as defined in Accounting Standard 27 “Financial Reporting of Interest in Joint Venture”. Consequently, WGE is not considered as a joint venture and consolidation of financial statements are carried out as per equity method in terms of Accounting Standard 23 “Accounting for Investments in Associates in Consolidated Financial statements”.
	c)	In accordance with the guidance provided in Accounting Standard 23 “Accounting for Investments in Associates in Consolidated Financial Statements” WeP Peripherals have been accounted for by equity method of accounting.

EX-99.3

Exhibit 99.3

PN 799.03.01 Desc: EX-99.3

WIPRO Af’ptfinf Thought

. Performance of Wipro Limited for

Quarter ended Sept 30, 2006

Oct 18, 2006

Suresh C Senapaty

Executive Vice President & Chief Financial Officer

Financial Summary of quarter ended Sept 30, jffc

2006 (Indian GAAP) — Wipro Limited Consolidated            wfRfo

Wioro Limited (Consolidated)

Wipro Limited (Consolidated) — Revenue 3,546.2 41% —— —— — Profits After Tax 700.2 46% —— —— —

Key Segmental Results — Global IT            Services 2,720.5 44% 663.9 44% —— —— —— —— —— — Consumer Care & Lighting 202.5 41% 24.6 26% —— —— —— —— —

Highlights for the quarter — Global IT business

§ Revenues at $588.9 M (YoY growth of 36.7%), well ahead of guidance of $577 M for the quarter. § Driven by Volume growth of 7.9%and Realization improvement of 0.9%.

§ For First Half of 2006- 07, Global IT Business’s Revenues grew 43%(to Rs. 51,71 0 Mn) and PBT grew44%(to Rs. 12,659 Mn)

§ Net organic addition of 4,723 employees in IT Services is highest-ever Quarterly employee addition.

§ Our Business Process Outsourcing business delivered a 8.5% sequential growth and yet again expanded Margins by 260bps, with consistent improvements in operating parameters and significant customer wins.

§ Acquisitions completed till 01 06- 07 grew ahead of company and improved profitability.

§ The results of Quantech Global Services, a leading provider of Computer Aided Design and Engineering Services, consolidated with effect from July 1, 2006.

§ Wipro was declared as the winner of the IT Outsourcing Service Provider of the year award instituted by the National Outsourcing Association.

§ Wipro has been ranked sixth in the American Society for Training & Development’s 2006 BEST Awards Program. Wipro is the only Indian IT organization to win the award three years in a row.

Revenue Dynamics — Global IT Services ^ Applying Thought Vertical distribution            Geographical distribution —— — Retail 11% —— —

§ Verticals:

Our Financial Solutions SBU delivered 11%seq & 55%YoY growth

Within our Enterprise Solutions SBU, TMTS vertical grew 12%seq & 43%YoY and Retail vertical grew 26%

seq and 48%YoY

Our Combined Technology business grew 36%YoY § Differentiated Services:

Testing, TISand Package Implementation-all grew double digit sequentially (TIS14%Testing 13%and PI 10°/4 . Testing has now grown 16%CQGRand TISat 14%CQGRover last 5 quarters

§ Geography:

US grew 9%seq and 38%YoY and Jbpan grew 23%seq and 54%YoY

Customer Dynamics — Global IT business

Applying Thought

§ Added 54 new clients (including 1 in BPO). Of this, 11 from Fortune 1000/ Global 500 Corporations.

§ 18 new customers were in the Product Engineering Solutions business; 35 of the new customers were from Enterprise Business.

§ For the last 13 quarters, we have added, on an average, 10 clients to the > $1 Mn bucket and 2 clients to the > $20 Mn bucket. Now have 243 customers with > $1 Mn Revenue run rate and 35 customers with > $20 Mn Revenue run rate.

§ Our Technology, Media, Transportation and Services (TMTS) vertical signed a large custom application work for a leading UK based Media & Broadcasting firm and a multi-million dollar Total Contract Value (TCV) deal with a leading Airline to provide a broad range of services.

§ In Technology Infrastructure Services, we signed a contract with a large Telecom Service Provider for comprehensive network operations & support. We also won a large end-to-end Testing engagement from for a leading Oil & Gas Major and in our Package Implementation business, signed a large contract for a Global SAP implementation & roll out from a global Oil major.

Key Highlights — Wipro Infotech

§ Wipro Infotech won two long term Total outsourcing contracts in India totaling $100 million covering application & infrastructure provisioning & management.

§ We won 65 contracts across Consulting, Solutions and Infrastructure

Management in this quarter across India, APAC and Middle East. The marquee wins included:

An Oracle implementation including Real Estate Management for UDC, Qatar An End to End SAPimplementation for a leading corporate in India across four geographies

A network expansion project across 500 branches for a public sector bank

Integration and management services of Call Centers for Adventity, Stracon Systems and a bank in the Middle East.

§ Wipro Infotech continued to build on the positioning of being the largest System Integrator for Technology players in India and received the Majestic Partner Award from Sun Microsystems. We also received the Largest Partner and Regional Excellence award from Riverbed Technology and Check Point Software Technologies respectively.

Key Highlights — WCCL & WIN J -+J -+J Applying Tt,t,<i_shl

WCCL

§ Consumer Care & Lighting grew Revenues by 41%YoYto Rs. 2,025 Mn and PBITgrew by 26%YOYto Rs. 246 Mn.

§ Acquisition of North West Switches showing good prospects in the market place.

§ Office Modular Furniture Business and Compact Fluorescent lamp (CFL) continue to show great potential.

WIN

§ Revenues of WIN grew 48%YoYto Rs. 1,017 Mn and profits grew 52%YoY.

§ During our quarter, WIN signed an agreement to acquire 100%of the equity of Hydrauto Group AB, a leading provider of hydraulic components and solutions in Europe.

§ Combined Entity among Top 3 independent Hydraulic Cylinders in the World.

Summary J Applying Thought

§ Track record of consistent growth continues — Global IT business continues to witness broad-based growth -across verticals, service lines and geographies; Differentiated service lines continue to demonstrate significantly higher growth

§ Continued focus on inorganic strategy to supplement organic growth-Acquisitions in aggregate turned around to deliver a marginal profit in Q2 as compared to a loss in the previous quarter

§ Wipro Infotech recorded yet another quarter of strong performance; Non- IT businesses too sustaining growth momentum

§ Wipro well positioned to deliver strong value for its stakeholders

§ Key Client Metrics

Financial Summary of quarter ended Sept 30,
2006 (As per US GAAP)

Wipro Limited (Consolidated)

Revenue 3,513.8 41% —— —— — liiiiiiM — Profits After Tax 696.3 48% —— —— —

Key Segmental Results Global IT Services 2,717.3 44% 665.3

48% India, ME & Asia Pac IT Biz. 500.4 28% 41.9

30% Consumer Care & Lighting 187.2 38% 24.5 29% —

Key Operating Metrics in Global IT Business for quarter ended Sept 30, 2006

Key Operating Metrics in Global IT Business for quarter ended Sept 30, 2006 Particulars            Sept 06 June 06 Sept 05 Revenue Break-down: IT Services

Tech. Services 36.0% 36.4% 36.6% Financial Solutions 23.3% 22.9% 20.7% Enterprise Solutions 40.7% 40.7% 42.7% North America 62.5% 62.7% 62.8% Europe 32.1% 32.6% 32.4% Japan 4.0% 3.5% 3.6% Others 1.4% 1.2% 1.2% Onsite Revenue 54.9% 53.4% 54.7% Offshore Revenue 45.1% 46.6% 45.3% People related No of people (Quarter end data)

IT Services 45,824 40,496 32,856

BPO Services 15,355 15,939 12,979

Total 61,179 56,435 45,835

Net Addition during the quarter

IT Services 5,328 2,841 4,575

BPO Services -584 -148 -651

Total 4,744 2,693 3,924

Key Client Metrics for quarter ended Sept 30, 2006 Particulars            Sept 06 June 06 Sept 05 Customer Concentration: IT Services

Top Customer 3.6% 3.6% 3.2% Top 5 15.2% 15.8% 14.6% Top 10 25.7% 27.1% 26.7% Active Customers 593 565 433

No. of New Customers 53 60 37

Revenue from New Customers 2.2% 0.6% 1.7% Customer Size Distribution: Global IT business

>$20Mn 35 32 26

$10-$20Mn 30 26 27

$5-$10Mn 37 36 24

$3-$5Mn 37 35 25

$1-$3Mn 104 104 99

Total >$1Mn 243 233 201

Key Client Metrics for quarter ended Sept 30, 2006

Key Client Metrics for quarter ended Sept 30, 2006 Particulars Sept 06 June 06 Sept 05 Active Customers 593 565 433 No. of New Customers 53 60 37 Revenue from New Customers 2.2% 0.6% 1.7% Top Customer 3.6% 3.6% 3.2% Top 5 15.2% 15.8% 14.6% Top 10 25.7% 27.1% 26.7% Customer Concentration: IT Services >$20Mn 35 32 26 $10-$20Mn 30 26 27 $5-$10Mn 37 36 24 $3-$5Mn 37 35 25 $1-$3Mn 104 104 99 Total >$1Mn 243 233 201 Customer Size Distribution: Global IT business

EX-99.4

Exhibit 99.4

October 18, 2006 Press Conference
Financial Performance of Wipro Limited for the quarter ended September 30, 2006

I. Statement to the Press – Azim Premji, Chairman

Good morning to all of you, let me just introduce my colleagues who are there on the dias, just next to me is Vineet Agarwal, he is President of Wipro Consumer Care and Lighting, next to him is Suresh Vaswani, he is President of Wipro Infotech as well as IT practices business, TIS testing as well as EAS business, next to him is Girish Paranjpe, he is President of our Financial Solutions Business, next to him is Suresh Senapaty, our CFO, next to him is Bill Owens, Director in Wipro Limited, next to him is A.L. Rao who is President of our Technology Business, next to him is Sudip Banerjee who is President of our Enterprise Solutions Business and next to him is Kurien, Chief Executive of Wipro BPO.

Once again thank you for making it to the press conference. I think our roads are little better this year than they were when you got in I think last quarter or the quarter before. Hopefully, they will finish the last stretch. You would have seen our results for the quarter ending September 30, 2006. While the management team would be very happy to answer your questions, I would like to take a little time to just cover some of the highlights which have really excited us vis-à-vis quarter one. Wipro Limited recorded revenue growth of 41% year-on-year and profit growth of 46% year-on-year. We are seeing a very strong momentum in all our businesses and it is a fairly deep momentum, it is not shallow. Revenues from our global IT services at 589 million for the quarter well ahead of our guidance of 577 million US dollars, is primarily driven by strong growth in our differentiated services and focused verticals.

Financial solutions and testing services have delivered 50% year-on-year growth for the last eight quarters. We had double-digit sequential growth from Enterprise Application Services, Technology Infrastructure services, retail and PMT as verticals. We added 54 clients this quarter, quarter two, of which 11 were global 500 fortune 1000 clients. Our Business Process Outsourcing business delivered a very strong revenue growth this quarter and yet again maintained expanded margins.

Over the last couple of quarters, our BPO business has demonstrated a consistent improvement in profitability and significant customer wins reinforcing our confidence that it is moving in the right direction of delivering industry leading growth rates.

Our India, Middle East, Asia Pacific IT Business recorded strong growth year-on-year of revenue at 35% and profit before interest and tax growth rate of 57%, simultaneously expanding operating margins by 110 basis points year-on-year. Wipro Consumer Care and Lighting business also grew excellently with 41% year-on-year revenue growth and 26% year-on-year growth on profit.

Our acquisitions are making good progress on integration and we are satisfied with what we have achieved so far. The growth rate of revenues in our acquisitions is significantly ahead of the company growth rate. Acquisitions in aggregate turned around to deliver a marginal profit during the quarter as compared to a loss in the previous quarter. Overall, we believe that the demand environment is robust, and we have the right strategy in place.

The investments we made during the last 12 months are beginning to deliver value and are beginning to kick in. As we move into the second half of the year and into quarter three, we see strong prospects ahead. Once again thank you for being here. Suresh Senapaty will cover some financial highlights in a slide presentation and then we will be happy to take questions from all of you.

II. Question & Answer Session

Participants:
Azim Premji Chairman
Suresh Senapaty Executive Vice President, Finance & CFO
Sudip Banerjee President — Enterprise Solutions SBU
Girish Paranjpe President –Financial Solutions SBU
Suresh Vaswani President — Wipro Infotech and Global Practices
Dr. A.L.Rao President – Product Engineering Services SBU
Vineet Agarwal President, Consumer Care and Lighting
Bill Owens Director
Pratik Kumar Executive Vice President, Human Resources

Question & Answer Session

Correspondent: Why the operating margin is flat year-on-year at 24.4%?

Suresh Senapaty: In the last quarter, when we posted an operating margin of 24.6%, we also talked about some of the compensation increases that we are giving and also the restricted stock units that we granted in the month of July 2006, which will have an additional impact of about 1.5%, but we said that we have enough levers in terms of whether it is VISA expenses, operational efficiencies, or in terms of foreign exchange etc., to be able to mitigate that and we had said the operating margin will be in a narrow range.

So, consequently you have seen from 24.6% it was about 24.4% almost like flat, and therefore a year-on-year basis also it has not significantly changed because despite the compensation increase that we got we have still been able to manage the profit because (a) we have seen margin expansion in BPO and we have also seen operational improvement in terms of the bulge mix, and therefore net-to-net whatever negative impacts were there got neutralized and hence the operating margins have been in a narrow range Y-O-Y, Q-O-Q.

Correspondent: If you reduce these factors what would have been otherwise the margins. Let us remove these things which you said these have impacted. Let us know what would have been your...

Azim Premji: These are reasonable margin levels, you know let us not over dissect them. We had given the guidance that margins subject to Forex would be within a narrow range. We continue to maintain that, I don’t think we should over-dissect it please.

Correspondent: How significant is the China operations at this juncture for you? Is there any further expansion there?

Azim Premji: It is not very significant at this point in time. We have a center in Shanghai and we have a center in Beijing. They are primarily locally meant with local Chinese. We have a few people at the middle management level deputed from here primarily for technology transfer in terms of our processes. It is little under 100 people but we are rapidly expanding there, and we will continue to expand there, and at an appropriate stage, we will evaluate whether we need to go through a third location which is not such a large city because it will probably give more stability and better cost.

Journalist: Mr. Senapaty you had said that the BPO margins are now at level that you are happy with. What exactly are the margins right now and how does it compare to year-on-year? And second question is that how many employees received a raise on September 1, 2006, and how many more will receive a raise on November 1, 2006.

Suresh Senapaty: Let me just answer the first question so I can get Mr. Kurien committed here. Our margins here are running at about 22% and I think we should be able to sustain those margins if not improve upon them.

On the second question, what we have done is that, we have given for a section of the offshore compensation increase on September 1, 2006, and the balance section will be given effective November 1, 2006. So, we will see an impact of that in terms of Q3 versus Q2, because Q2 got one month impact and Q3 will have three months impact, plus the increase that we will give in Q3, November 1, 2006, will have a two-month impact. So, I think the junior people when we talk about under about category A and category B has been given the compensation increase as of September 1, 2006, and the balance will be given on November 1, 2006, in terms of the junior and seniority which means if you look at a population level, it will be more than 50% which has been covered in September 2006, 2000 in terms of head count numbers has been covered by September 1, 2006.

Journalist: For the quarter ended June 30, 2006, your attrition rates have gone up from 15% to 17%, has it gone up further, or have you managed to contain at 17%.

Pratik Kumar: Our attrition has remained at the same level as Q1, one has not seen any move northwards on the attrition levels, it has been contained at the same level. Even on voluntary attrition levels it is at the same level as Q1.

Journalist: What are the numbers?

Pratik Kumar: The overall attrition the way we calculate is the quarter attrition analyzed which is 17.8% and voluntary attrition is at about 15.9%.

Azim Premji: But the trend seems to be downwards in the month of September, so that is sustained, I think you will see more positive results in Q3, and also because the compensation increase that we have given in for September 2006 and November 2006, we expect it to be much better.

Journalist: Mr. Senapaty how many people are you looking to add next quarter? Secondly, what are your expansion plans for Karnataka? And the third question, you were planning to set up a captive power plant in Mumbai; what has been the progress on that?

Azim Premji: We are continuing to expand in Karnataka, but revised thrust in Karnataka is going to be primarily in Mysore going forward. We have an application pending with the government, which they have endorsed that they are giving us land there. The land is under acquisition by the government, and hopefully they will allot the land to us quickly. The moment they allot the land to us, we will start construction because we believe Mysore is a good location. Bangalore will continue to expand, but the infrastructure has to improve.

The second question you had was what is the headcount increase expected in Q3. You know, while we have never been giving the guidance vis-à-vis the headcount increase, as you look at the pricing environment, more and more the guidance that we have given in terms of the revenue is expected to be through volume, and we had a robust headcount added in Q2, after the backdrop of a good Q1 we had, going forward, we would look forward to robust adds, but we cannot given you any specific numbers; all we can say is you can derive on the guidance that we have given, because most of the growth will come from volumes.

Journalist: My third question was on the power plant in Mumbai. In January this year, you had announced plans to set up a captive power plant, I think, in Bombay. What has been the progress on that?

Azim Premji: We have no plans to set up a captive power plant in Bombay. We have generating capacities at all our development centres, but they are primarily to substitute state power, when the state power has power cuts. We do not have plans at this point of time to set up captive power plants.

Journalist: There was a report in January in Business Line in fact, that there were plans to set up a power plant, so...

Azim Premji: No, we are not getting into the power business, you know, just because we invest a little more in power, in terms of a more central facility, we are not getting into the power business.

Suresh Senapaty: We have not made any announcement with respect to setting up a new power plant.

Journalist: If you could give your take on the general business outlook about global IT services for the next two quarters against the talk of a possibility of slowdown, and secondly, just wanted to know what is the status of the Romania centre, and are you planning to expand in Europe with the business there growing faster than North America?

Azim Premji: Romania centre is operative now. We are in the process of offering it to our customers in Europe and globally, customers, who have global servicing requirement, particularly in terms of different languages. Because the nice thing about Bucharest in Romania is that we can offer English, French, Italian and German languages, which give us a lot of versatility.

So far as the outlook is concerned, we are not seeing any slowdown in the market. You know, there are some reports of slump, slowdown in the GDP growth rates in the United States, but those also are a mixed bag, and our experience in the past also has been that what slows down global sourcing is a very high degree of uncertainty, not a ramp up in growth rates in GDP in western nations nor a ramp down in GDP growth rates in western nations. If the ramp down in GDP takes place, there is more margin pressure on companies which are located there and they tend to outsource more because it makes commercial sense. So, we are not seeing an environment which is in any way negative going forward in the short term not for Q3.

Journalist: Do you see a decrease in IT spend from your customers both in the US and Europe?

Azim Premji: I just answered that question. No. Well, certainly not in terms of its effect on global sourcing.

Journalist: I just wanted to get some idea on divestment of stake in Wipro, you are still at about 85% promoter holding, so, in lines with the SEBI regulations, do you plan to bring it down further, and by when?

Suresh Senapaty: I think whatever SEBI regulations are, we are completely compliant with. There is no such requirement for us to do anything. Whatever will be required to be done, in the interest of the business and interest of the shareholders will be done and nothing else. And the holding is no more 85%. You might as well get that updated. On a fully diluted basis, it will be around an 80 because we have a fair amount of options which are outstanding.

Journalist: Mr. Senapaty, what has been the average salary increase, and also your attrition rate, does it worry you too much? There have been a lot of reports that attrition is ongoing in this industry here.

Suresh Senapaty: If you look at the compensation increase, it will be similar to what we had experienced last year and like Pratik explained, the attrition rates have not gone up. They are in a narrow range from Q1 to Q2. And if this has been the attrition rates without having given the compensation increase, it is not creating lot of discomfort in our minds. Would you want it to be better? Of course, we would want it to be better. So, varieties of actions are in place and I think the 1^st September increase as well as the 1^st November increase that we are planning would have a much more sobering impact on the attrition that we have seen so far.

Journalist: Can you give us details of this global total outsourcing services and secondly, what explains that the acquisition business growth has been higher than organic growth, and thirdly, any forays into Africa?

Suresh Senapaty: No, Madam, the growth rate in the acquisition is higher because the integration cycle of those acquisitions got a little more completed, one quarter versus the previous quarter, plus the base is small, so you know, I do not think we should get too carried away with that. At this point of time, we have no intention of entering Africa. If there are specific customers who require rendering of our global delivery model in Africa selectively, we are giving it, but is specialized to that requirement. It is not that we are

setting up a general centre there. I would request Suresh Vaswani to comment on our total outsourcing business.

Suresh Vaswani: We had launched our total outsourcing business in domestic market roughly 7 or 8 quarters back and basically this is a framework which enabled us to provide infrastructure integration, provisioning, and management, application integration provisioning and management in an integrated service delivery framework to our customers. We have met with a lot of success in the domestic market and last quarter we had two wins in the domestic market totaling around US $100 million. On the basis of our success in the domestic market, we launched the total outsourcing proposition globally last quarter. We have had very good success. We won two contracts, one in the US from a consumer products company and the other from a utilities company in UK. These are integrated contracts involving infrastructure application, some amount of asset provisioning as well.

Journalist: Mr. Senapaty, earlier today you said that change in bulge mix had helped improve profit margins this quarter. I was wondering if you could go into some more detail. By that I assume you mean you hired more fresh graduates, so is there a number that you can share with us in terms of the number of fresh graduates you have versus people with more experience, and how that compares to a year earlier?

Suresh Senapaty: All I can say is that there has been an improvement in terms of the number of people or the mix of percentage of people less than 3 years have gone up and that has brought down the average cost of compensation. We do not want to be granular in terms of the data points, but yes, it has improved and therefore, I have tucked it under the operational efficiency that we talked about, and that has helped us mitigating the cost pressure that we had. So, over the last one year, we have been able to improve that mix.

Journalist: In the backdrop of the strings of acquisitions you had in the previous quarters and also in the last few quarters of the previous year, I would like to know if the company is still on the prowl and then what it would be, because contrary to your statement last time that you would also look into big acquisitions, we have not seen that. What is the acquisition status now?

Suresh Senapaty: Yes, I think the point Mr. Premji made was whatever acquisitions we have done so far, the experience has been good, both in terms of increasing our address and also growth and profitability. So, therefore, now it gives us the confidence that we will continue to stay with this string-of-pearls strategy in our acquisition, and perhaps you will see the size of the acquisitions to be larger than what we have so far been.

So if the average size of the acquisitions we have done so far have been lets say $20 million or $25 million, you will see bigger ones going forward. That does not mean it has to be a billion dollar or half a billion dollar, not that we are ruling that out, but you know, we have a strategy and therefore, we look at various target companies and whatever those target companies’ size can be. So, it is a question of which particular segment they are in and is it fitting into our strategy outlook.

Journalist: Mr.Premji, within the country also, would you have the string of pearl acquisition strategy?

Azim Premji: Yes, we are. We are looking at within the country also.

Journalist: Which domains or which sector, which verticals?

Azim Premji: In the Consumer Care area as well as in the information technology area.

Journalist: Mr. Senapaty, earlier today you said that the utilization rates have dropped to 64% from 67%. Is that a QOQ comparison and why did that happen?

Suresh Senapaty: Yes, it is a QOQ comparison. We had a slightly decent headcount increase last time, in particular the campus hiring that we did, and almost more than 50% of the net addition that we had was campus and therefore, we will see the benefit of that in the current quarter or the addition that we did last quarter, includes, I mean we give it on a complete gross basis, we do not bifurcate between excluding and including training. So, it includes training as well as support headcount, complete headcount, paid for versus actually build for.

Journalist: In the long run, to sustain this 40% plus growth, which is the greater threat, lack of infrastructure or lack of human resources?

Azim Premji: Good question. Let’s see if I can have a plausible answer on that one. You know, I do not think we are going to face problems in human resources. Primarily because the engineering supply is growing at about 7% to 8% a year, but more important, various alternatives are being found to hiring just pure, fully trained engineers in software services, and those alternatives are in terms of core programs with other universities which are able to convert science graduates into very strong information technology professionals.

This year 2006-07, we will be taking in somewhere between 1700 and 2000 of such people into our system under a program which we call the WASE Program, the Wipro Academy for Software Excellence. This is a joint program with BITS Pilani, which today would probably be listed among the top 3 or top 4 engineering colleges in India. We have been running this program for 6 to 7 years. But in addition to that, we are also finding that for certain jobs, whether it be in testing, whether it be in infrastructure services, we are able to use non-engineering graduates very productively.

So we are supplementing a pool of engineering talent by non-engineering talent. We are pioneers in this but other companies are following it through also, so that supply is getting broader based. I think, so far as infrastructure is concerned, I think what it is doing, not keeping with the infrastructure, is the hugely increasing commute times for people population, and that commute time is going to eat into productivity. So, I think it is priority #1 and priority #2, so far as the country is concerned to get that fixed and get that fixed quickly. So far as power is concerned, most of us have captive power and that you find an artificial solution to the problem. That is not possible Vis a Vis roads.

But what I would strongly recommend while we are on the subject the press should encourage governments to give some land at the same rate they give the software companies for primary schools and secondary schools coming up near the software centre. You know, you have seen what has happened on Sarjapur Road in the past 6 years. Seven schools have come up here and 40% of our employee population lives in Sarjapur now because they have bought homes here or rented homes here. If we could do the same thing in Electronic City; one school is already coming up. If one school can expand to 4 schools or 5 schools, you will find within 15 months’ time, housing coming up there. And a significant proportion of the employee population working is Electronic City will live in Electronic City. And if they want to get entertained by rest of Bangalore, it is quite simple to do that in terms of driving down whenever they want to get entertained. Assuming the entertainment does not come up in Electronic City quickly also.

Journalist: While we are on that topic, can I suggest that you hold this press conference in one of these 5-star hotels in the city so 50 to 60 of us do not have to commute here, facing two hours up and two hours down.

Azim Premji: Unless you people feel the pain of coming here, how are you going to write about it? Please do write about it. I think it is not an issue of software companies or Biotech companies, it is a question of public discomfort, which is getting very significant, and Bangalore has always been such a lovely city.

Journalist: So any plans of looking at any sponsored ADS in the near future?

Suresh Senapaty: We will announce it as soon as we take any decision to that effect.

Journalist: Mr. Kurien, could you please take us through the BPO business and could you talk us through what you are looking at in terms of voice and non-voice based, and whether you are climbing up the ladder in terms of the value chain.

Kurien: If we look at our profitability, the changes happened over the past 5 quarters are due to two areas we really focused on. One has been the top line, where we have changed the mix of revenue last year, in the June quarter, our operating margin was in the region of about 9%, right now we are running at 22.5%. So, it is really the churn that we have created at the top by getting out of businesses that we thought were non-value added businesses into businesses where we can actually provide solutions to customers.

The next driver that we have been working on over the past couple of quarters has been in the operating cost line, where we have actually tried to: Increase utilization and that we have succeeded last quarter and Just reducing overall base cost.

In terms of customer wins, we have seen a significant number of wins over this quarter. We have had four new customers added on. The interesting thing is that three of them have been Wipro Technology customers, and to that extent, the whole approach we took of integrating our sales force about a year ago, has really helped us. Today, we sell solutions to customers, which encompass both BPO as well as IT. So, we are solving their business problems rather than solving their IT problem or their BPO problem. So, that has been the other big change taking place.

Journalist: 2006 has been 9% that is what you are saying?

Kurien: 2005, 5 quarters ago.

Azim Premji: You know, I would encourage some more questions coming about our domestic and Middle East IT business. I mean, there is a huge amount of investments which are taking place in this area, they are getting reflected in our growth rates.

Journalist: Mr. Premji, I actually wanted to ask you, because now you have hired in one of the very famous icons from Bollywood for the soaps business. So, logically speaking, would you look at extending that endorsement to the hardware business because that person is also involved in the hardware business. So, any plans for roping him in as a brand ambassador?

Azim Premji: What are you suggesting? You are suggesting we advertise our hardware business with Bollywood personalities? Suresh why don’t you talk a little bit about domestic IT and Asia Pacific IT business.

Suresh Vaswani: You know, speaking about Bollywood stars, our trust in the domestic business is the enterprise segment and not the home segment, so I guess Mr. Premji himself is a very big Bollywood star from an enterprise perspective for us and we do not to need any more stars. But speaking about the domestic market, I think the outlook is very good in the domestic market. We have been fortunate in terms of having constantly invested in the domestic market and we are beginning to see the results of that, so if you look at the performance of our Wipro Infotech business over the last several quarters, it has typically been upwards of 30% year-on-year growth and it has typically also shown a profit increase of between 50-60% over the last several quarters.

Our thrust has been on services and our services business has grown 48% which is roughly twice the market growth of services in the domestic market. I think the domestic market has also enabled us to launch some very innovative practices like total outsourcing where we have consistently won every quarter, and based on that, we have also launched our global total outsourcing practice. We are doing a lot of work in the domestic market in the software space. I did mention earlier about the work that we are doing for Birla Group in terms of SAP implementation. For Indian Railways, we are doing a very prestigious consulting contract and it’s all about traffic management, both in terms of passenger and freight traffic. We are doing a lot of interesting business in the Middle East which is end-to-end; Oracle E-Business Suite implementation is an example for 2 or 3 very large companies there. And we are building extremely strong traction both in the Middle East, i.e., Dubai and UAE as well as Saudi Arabia. So, I think, today our proposition here is very complete, from technology to services, to solutions, to consulting, and all-in-all it is a really powerful proposition with which we are going to the domestic market.

Azim Premji: The reason I was emphasizing the domestic IT business is that, you know, in terms of strategy it is an important differentiator which we have as compared to our other competition from India and it is a huge opportunity for us not only to build very strong growth rate but to also build because of our extremely strong brand presence in India, a lot of, I wouldn’t say the word experimentation, but a lot of initiatives with differentiated services which we can then copycat fairly seamlessly into the global markets.

Journalist: Mr. Premji, could you talk a little more about educational training, the programs you have either in the next one year, and do you also find a shortage of manpower in IT profession specifically in Karnataka?

Azim Premji: Anurag looks after our community initiatives; let him talk a little bit about it. Take a mike Anurag. You presented it to the board yesterday; you can present to them today.

Anurag Behar: I was wondering whether the question is about our community initiatives or was it about training and education that we do for our own employees.

Pratik Kumar: I will just keep it very brief as you will have gathered from one of the earlier responses to the question that as an organization we have been investing significantly in the area of training and development. We have capacity to train on a given day 5500 of our employees. We follow a model which we call as the distributed training approach which means that across all our development centers we have built capacity to be able to bring in the talent and be able to train them. Close to about 5% of the billable time of our employees go into training and development which we invest in. As far as the educational tie-ups are concerned, one which Mr. Premji already talked about, which is our tie-up which actually has completed 10 years now which is with BITS-Pilani where we bring in non-engineering graduates and put them through the training programs.

We also have multiple other tie-ups with various management schools to be able to impart a wide kind of skills and inputs for people who are going through the ranks and with the change in the responsibilities. We also have global tie-ups; we have a tie-up with Stanford University for one of our initiatives which has been extremely successful which we have been building on. I think really the proof of our investment in this area is brought out by what Mr. Senapaty mentioned earlier that the American Society for Training and Development ranked us as #6 organization in our training and development initiatives globally across all companies, and this is the third year in the running where we have been recognized for this effort of ours.

Journalist: Mr. Premji, you alluded this issue of human resource problem and how Wipro is trying to combat that issue. On hindsight, do you think that it’s a case of media blowing out an innocuous issue which is facing the industry or do you think that the industry itself is trying to press the panic button much before the issue gets blown out of proportion as far as HR is concerned, getting the right and adequately trained manpower?

Azim Premji: I don’t think the media is blowing it out of proportion, I don’t think anyone is pressing a panic button on it. I think in the service industry, people are the key; I mean, they are your raw material, so any attention that the country can get in terms of increasing the supply of highly qualified manpower is well deserved. I think what is happening is some of our customers are unfortunately picking this up and taking it a little out of proportion. It’s a problem with many other problems which the industry has to face and be proactive on, but it’s not a problem which I think can arrest the growth of the industry, and you must also appreciate that the Indian software industry is in a global delivery model. We are supplying a lot of the global sourcing from India. We have now started supplying it from China, our company has now started supplying it from Eastern Europe, and so are the others. We will expand our reach of where we can be supplying the global delivery model from. Anywhere where you have highly qualified people who are service oriented and have certain competencies in certain languages and are willing to work hard and have a technical background or potential country is to be able to supplement the India global delivery model and we will be there first as the Indian company. We don’t see it as a threat; we also see it as diversifying the risk for our customers.

Journalist: Mr. Premji, with the integrated sales forces, do you see more opportunities to cross-sell; do you see this as, you know, a way where you’ll be increasing the average revenue per client as you go forward?

Azim Premji: A major thrust is also trying to grow our large accounts, and simultaneous with that, also cross-selling, cross-selling multiple services, so we track now that with client A do we sell all our services, and if we don’t, why not and what should we do to sell all our services? We asked the question with every one of our large client, do we sell from every geography into them, and if not, why not and what do we need to do? So there is a multiple amount of cross-selling on different aspects, not just cross-selling on the geography, and I think we need to get better as a company which we are now putting a lot of top management focus on. Did I get your question right?

Journalist: I wanted to know whether you see this as a way to increase average revenue per customer as you go forward, because as you keep cross-selling and keep reminding customers of your services.

Azim Premji: Absolutely, we hardly own, even in terms of our large customers, hardly own even 7-8-10% of the IT budgets and you know why can’t we have ambitions to owning more than a third of the IT budget in terms of being able to service it. I think there is a huge potential with existing customers.

Journalist: Geopolitical tensions in North Korea, you know with the nuclear explosion, that you don’t think will have an impact on your Chinese operations because you’re trying to feed into the Far Eastern market?

Azim Premji: Well, it’s not had any effect so far. To be quite honest, I have not tracked it very carefully. It seems to have blown over a little more easily than one expected it to blow over, but it has not had any effect so far.

Journalist: But you are not finding any kind of diffidence from customers in Far East as you try to pitch for the China-model saying that you would do work out of China for them.

Azim Premji: You know, we don’t have much penetration in the Far East as a company and the reason is very, very simple, is that the price points there are not too much significantly near the price points in India, so this is being rendered there. We are building a very strong presence in the Middle East including Saudi Arabia and that is growing nicely. We are building a strong presence in Australia and that is growing nicely. In terms of what we do in say Korea or Taiwan, it is very aspecific to supplying very high technology solutions to technical companies, primarily in the embedded service area. It is very focussed on that. That’s where we find that the skill sets we bring is of value to them.

Journalist: In terms of an asset base, the statement given, is it for six months here?

Azim Premji: What base?

Journalist: There is a consolidated statement given, is it for six months or the second quarter, under the US GAAP, because what are the CAPEX that you had and what is that you budgeted this year, and your cash utilizations have come down, is it because of that?

Suresh Senapaty: That is the September-end position.

Journalist: It is for the first H1?

Suresh Senapaty: It has nothing to do with H1. Always when the balance sheets are there, it is on a particular date, so it is as of 30^th September 06.

Journalist: Okay, so could you tell what is the CAPEX that you have spent and what is the budget this year and your cash utilization has come down, is it because of the acquisitions you have done? What is the return on the investments? And we haven’t heard anything about the billing rates from Premji?

Suresh Senapaty: No, billing rates we have already talked about You know, we have said that the billing rate environment is any way a stable environment with a positive bias. Okay? And so far as the cash is concerned, we have about 800+ million dollars in the balance sheet and that is strategy cash to be used for acquisition and multiple other initiatives and... what was the third question you had?

Journalist: Investments that you have made in liquid and mutual funds? We want to know what have been the returns at least for the first six months or so? Returns short term and...

Suresh Senapaty: Returns have been in excess of 6% on a net of tax basis. CAPEX can I give you that number offline? I think it is about 150 crores for the last quarter.

Azim Premji: I would request Director Bill Owens to address you. Basically he has joined our board recently, he is very involved in our board, and is contributing a lot to our board, it will be interesting for you all to hear his perspective of India, in terms of a fresh perspective, so I would hand over the mike to Bill Owens and then we can just break for tea after that please.

Bill Owens: Well, thank you. I will be very brief. I am honored to be on the Wipro Board, and as I was listening to the report here today, it’s interesting to me to think of how fortunate we are to be Indian. The kinds of results that you see from a company like Wipro are so impressive, you know, that if you had half the results of what Wipro is delivering today in the United States, one would be cheering and yet we see these results as they’re defined today and then the outlook for the future being so strong.

It brings to mind what it is to be part of this great country. I tell you that not just to gratify myself to you but the reality of India today is so exciting, the quality of the people, the number of engineering graduates, and the ability of a company to grow like Wipro, I think is unprecedented in the history of business. When you think of the growth rate of Wipro, at the same time you are maintaining quality, writing software at CMM-5 level standards, 6-sigma processes, training the number of people as you grow at the rate Wipro is growing tells you a lot about the Indian mentality, the entrepreneurship of Mr. Premji and other Indian entrepreneurs, and having this ability to grow and maintain quality, I don’t think we’ve ever seen in the world. We haven’t seen it with Microsoft; we didn’t see it with IBM. We didn’t see the growth rate with the maintenance of quality and so quality is a big term.

To compete around the world today, you have to, whether you are selling cars or whether you are selling software, you have to do it with quality. You only do that with this great manpower resource that we have in India and we are certainly seeing that in States and the results of Wipro. So I just believe that you could supply it from India and look at what the world thinks about us, you know the perspective is growing and it is because of opportunities we have here in India and because of the fact that the world is truly flat and we are starting to see the ability of a company like this, if you can do it with quality people and with quality products that the competition will play very well for Wipro.

Journalist: One last question

Azim Premji: No, I think we’ve closed it now... we are serving tea, please join us for tea.

EX-99.5

Exhibit 99.5

WIPRO LIMITED

Investors/Analysts Conference Call for quarter ended September 30, 2006

11:45 AM Indian Standard Time, October 18, 2006

Moderator

Good morning ladies and gentlemen, I am Pratibha, the moderator for this conference. Welcome to Wipro investors 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 hand over to Wipro management. Thank you and over to Wipro.

Rajesh Ramaiah

Ladies and gentlemen, a very good morning to you in America and a good day to you all in the other parts of the world. My name is Rajesh Ramaiah and I am based in Bangalore. Along with Sridhar in New Jersey and Jatin in Bangalore, we handle the investor interface for Wipro. We thank you for your interest in Wipro. It is a great pleasure I welcome you to Wipro’s teleconference post our results for the second fiscal quarter ended September 30^th 2006. We have with us Mr. Azim Premji, Chairman and Managing Director, Mr. Suresh Senapaty, Chief Financial Officer, who will comment on the results of Wipro for the quarter ended September 30^th 2006. They are joined by other members of the company’s senior management who will answer questions which you may have. The conference call will be archived and a transcript will be available on our web site wipro.com. Before Mr. Premji starts his address, let me draw your attention to the fact that during the call, we might make certain forward-looking statements within the meaning of the Private Securities, Litigations Reform Act of 1995. These statements are based on the management’s current expectation and are associated with uncertainty and risks, which could cause the actual results to differ materially from those expected. These uncertainties and risk factors have been explained in details in our filings with the Securities Exchange Commission of USA. Wipro does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date of filing there of. Ladies and gentlemen, Mr. Azim Premji, Chairman of Wipro.

Azim Premji

Good morning to all of you all. For now you would have seen our results for the quarter ended September 30^th 2006. While the management team would be happy to answer your queries, I would like to take some time before that to share some thoughts on our performance and prospects.

For the quarter ended September 30^th 2006, Wipro Limited recorded revenue growth of 41% and profit growth of 46%. We are seeing a great momentum in all our businesses. Revenues from our global IT services at $588.9 million for the quarter was well ahead of our guidance of $577 million, primarily driven by strong growth in our differentiated services and focused verticals.

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Financial solutions and testing services have delivered 50% year-on-year growth for the last 8 quarters. In the quarter, we had double-digit sequential growth from our enterprise application services, technology infrastructure services, retail, and TMTS verticals. We added 54 new clients of which 11 were Global 500/Fortune 1000 clients. Our business process outsourcing business delivered a strong revenue growth this quarter, yet again expanded margins. Over the last couple of quarters, our BPO business has demonstrated consistent improvements in profitability and significant customer wins reinforcing our confidence that it is moving in the right direction of delivering industry leading growth rates.

Our India, Middle East, and Asia Pacific IT business recorded strong year-on-year revenue growth of 36% and profit before interest and tax growth of 57% expanding operating margins by 110 basis points year on year.

Wipro consumer care and lighting business also grew well with 41% year-on-year revenue growth and 26% year-on-year profit growth.

On the acquisitions, we are making good progress on the integration of each of the acquired entities. The growth rate of revenues in our acquisitions is significantly ahead of the company growth rate. Acquisition in aggregate turned around to deliver a marginal profit during the quarter as compared to a loss in the previous quarter.

Overall, we believe that the demand environment is robust and we have the right strategy in place. The investments we made during the last 12 months are beginning to deliver value and as we move into the second half of the year, we see good prospects ahead. I would now request Suresh Senapaty, our CFO, to comment on financial results before we take questions. After that we will be very happy to take questions from all of you all.

Suresh Senapaty

A very good morning to all of you ladies and gentlemen. Global IT services revenue for the quarter of $588.9 million included $539.4 million from IT services and $49.5 million from BPO services. The sequential revenue growth of 9.2% in global IT services segment was comprised of 9.3% growth in revenues of IT services and 8.5% growth in revenues of BPO services. Sequential revenue growth of 9.3% in IT services was primarily driven by volume growth of 7.9% and blended realization improvement of about 0.9%.

On foreign exchange front, our realized rate for the quarter was 46.20 versus the rate of 45.44 realized for the quarter ended 30^th June. As at the period end after assigning to the assets on the balance sheet, we had about $377 million of hedges at rates between 45.10 and 46.70.

During the quarter, we took non-cash charge of restricted stock units and have affected wage hikes in September for some of our employees, which impacted our margins by 150 basis points. The improvement in our employee mix offsets a significant portion of the margin dilution due to wage hikes and RSU charge. We had an improvement in the margins of our BPO business by 260 basis points, sequentially driven by higher productivity and improved utilization.

Our onsite mix increased by 1.5% on account of acquisitions. Revenue and initial ramp up for some of the large projects commenced during the quarter. For the quarter ending December

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2006, we expect volume led growth with price realizations being impacted by lower billing rates in line with our plans. We will affect offshore wage hikes for employees not covered in Q2. The combined impact of these wage hikes for Q3 of 2006-2007 would be around the 200 basis points. We will endeavor to offset a significant portion of the impact through factors like improved utilization and employee mix, better profitability on acquisition, leverage on SG&A, and expect the margin to be in a narrow range, excluding the impact of exchange rate fluctuation. We will now be glad to take questions.

Moderator

Thank you very much sir. We will now begin the Q&A interactive session. Participants who wish to ask questions may 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 only handsets while asking a question. To ask a question please press *1 now. First in line we have Mr. Sameer Goyal from Alchemy Securities .

Sameer Goyal

Yeah hi, good morning gentlemen. My question pertains to BPO actually, we saw a sharp uptick in the margins, could you give us a sense to what extent the margins could move up and is the restructuring more or less over?

TK Kurien

Let me answer that question. This quarter we have the margin itself we had guided early on that our margins would remain between a 20 and 22% band and I think that is where we will primarily keep it. This quarter we have salary increases that are coming in and that would impact the operating margin to some extent, but again just to reiterate, we will keep it with that 20 to 22% band. If we go above that we would not be investing enough in customers and that is important for growth over a longer-term basis. So any investment, any profitability, any profit number that we have beyond that really go back into finding customer growth.

Sameer Goyal

Actually my calculations for this that there has been an uptake in realizations in the BPO business as well. Is the current uptake expected to continue in future?

TK Kurien

Let me answer that, it is really primarily because the fact that our mix of businesses is changing. If you remember a couple of quarters ago we have talked about how we are selling end-to-end solutions. The minute the percentage of end-to-end solutions go up out of your total front baskets clearly what happens is you would find increase in realization, but there was clearly to sell more and more of that.

Sameer Goyal

By end-to-end solution what do you exactly mean? Does it mean the mix of both voice and non-voice?

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TK Kurien

No, it is not mix, if you are really selling based upon you are selling a solution, for example, if you looking at accounting you are selling a procure to pay process to a company, that is exactly what a solution means rather than selling just accounts payable, procurement and all those separately as components. So rather than selling wedges we are selling an entire solution.

Sameer Goyal

Okay and my other question was on the services front, the telecom service provider revenues in the last couple of quarters have been more or less flat. Is it something to do with or is there some correlation with the top 10 clients’ slow growth?

TK Kurien

Oh, clearly if you look at our top 10 clients...

Suresh Senapaty

It is in the BPO you are asking or is it in the...?

Sameer Goyal

I am talking about the overall IT services.

Dr. Rao

Yeah, in the telecom services provider market, our revenues have been flat for a couple of reasons, one is the large shift from onsite to offshore as well as the couple of large projects onsite are getting over. We are not seeing any trend of any slowing down particularly in the service provider market, in fact we have a good funnel and also a couple of good wins in the back office operations and applications from two of large of the customers, one in US and one is Europe, during the quarter.

Suresh Senapaty

Q3 Guidance embeds a good driver of growth coming from telecom service provider.

Sameer Goyal

I was just referring is it something to do with global consolidation happening and stuff like that.

Dr. Rao

Yeah, the consolidation is taking place in the infrastructure space, that is where we see some of the decisions getting deferred, but definitely the consolidation in the service provider is not impacting or not showing any impact on our business, but yes on the infrastructure space, it is

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resulting in some of the decisions getting deferred pending the integration of the mergers that has been announced.

Sameer Goyal

And last question was on the inorganic activities. Could you give us some sense, some break up of revenues of the inorganic companies you have done and which are the fastest growing companies within the acquisitions you have made?

Suresh Senapaty

If you have seen our segment report, we have given a separate bucket of the total revenue of all the acquisitions and also the profit arising there from. So typically you will find out of the six companies we had posted a loss in Q1, but in Q2 it has become profitable. We still have in that bucket of six companies about two companies giving losses and we expect one of them to break even in the current quarter and perhaps the balance by Q4, so which means all in all by March 07, we would have improved to the margins that we have got in Q2, bettered in Q3 and Q4, and we are also hopeful that both the companies, both the acquisitions out of the six which are currently in losses as of Q2 will become break even and profitable by Q3 and Q4.

Sameer Goyal

My question was actually is the growth related to specific company or is across the six companies?

Suresh Senapaty

All of them, I think we guided for growth posted by all those six acquisitions.

Sameer Goyal

Fine thanks, and best of luck.

Suresh Senapaty

Thank you.

Moderator

Thank you very much sir. Next question comes from the line of Mr. Sandeep with Motilal Oswal.

Sandeep

Yes sir, can you touch more on why the top 10 client contribution has gone down significantly specifically for top 6 to 10 clients.

Suresh Senapaty

Yeah top 10 there is a marginal decline in terms of revenues coming from.

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Sandeep

Yeah, can you explain why, and is it a quarterly phenomenon, do you accept the ramp up to happen in the coming quarters?

Suresh Senapaty

You know, primarily with a view in terms of customer specifics, now there have quite a few which have grown and quite a few have not, so it is more of..., oh I am talking about the top 10 together, we are not splitting bucket in terms of top 5 or just 10, it is on a global top 10 basis where there is a marginal decline, it is more customer specific while many of them have grown and some of them have not, yet our endeavor is that we get much more growth from those top 10 than we are so and we are progressing on that initiative.

Sandeep

So, we expect these customers to ramp up in future?

Azim Premji

Correct, our endeavor is to make them ramp up in future.

Sandeep

Okay and sir can you throw some light in terms of Alcatel Lucent merger, how you expect the ramp up to happen in second half or it might take some more time.

Suresh Senapaty

No, it is not there for us to think specifically in any particular customer, but yes events of that nature does in some form hold up your momentum, but typically this kind of hold up are not for longer period of time and all we can say is that we should see much better momentum in some of those areas faster than later.

Sandeep

So situation has improved at this point of time when compared to around a couple of quarters back?

Suresh Senapaty

I cannot be very specific for any non-specific customers.

Sandeep

And sir can you explain why the attrition rate is going up quarter-on-quarter, can you explain is there any involuntary and how you are controlling this.

Suresh Senapaty

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You know that we are going to give bulk of the compensation increases in 1^st November and of course partly we have given in 1^st of September, so given that it is in the last quarter in which we have to give the compensation or going to give the compensation increase, they have just gone up by a few notches up. It is not significantly higher compared to many others in the industry and it is in that range and we think the increases that we have given for September quarter also we will give in November help us further.

Pratik

Also to add, this is Pratik here, between Q1 and Q2 there has not been any noticeable change in the attrition rate and I also wanted to emphasize that our numbers for attrition is our quarter attrition which is annualized, which is the numbers you get to hear from some of the others it is done little differently which is on the last 12 months.

Sandeep

And sir can you just give us the salary hike quantum, which we are planning, we had done in the Q2 as we are planning in Q3?

Pratik

Sorry, can you just be little louder if you don’t mind.

Sandeep

Yeah, the salary hike quantum in terms of range percentage increase we have given in Q2 as well as we are planning in Q3.

Pratik

Yeah, the Q2 range was around between 12 and 13%, that is what we have given, and we expect the range to be the same for the rest of the people for whom salary increases would be done during the course of this quarter.

Sandeep

And we are planning for onsite salary hike in Q4.

Pratik

That is true.

Sandeep

So can we know the range there?

Suresh Senapaty

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That we will be determining towards the end of coming quarter and I am sure and when we talk about it in January we will speak about it.

Sandeep

And the last question is why the tax rate has been at around 13 to 13.5%, so can we assume the same tax rate or there could be some inch up in the coming quarters?

Suresh Senapaty

I think the tax rates would be for the balance part of the year would be between 13 and 1 4%, so we will be around the similar range with 40-50 basis points here and there. So while, let me reclarify on the compensation, so while we are saying that yes there will be impact of the compensation increase in Q3 or with new ones will be given as well as the last increase that was given in the month of September has had an impact of one month, and now it will have a 3 month impact in Q3 which in totality would have an impact of about 2% for Q3 margin. But we think the kind of positive levers that we have we should be able to get the operating margin in a very narrow range like we talked about it in Q2 and were able to stay within that range.

Sandeep

And sir do you expect the significant shift towards the offshore in the coming quarters; I see onsite has gone up in this quarter.

Suresh Senapaty

Our endeavor would be, actually if you look at while overall 1.5% our onsite has decreased, if you look at practice wise and if you look at the vertical wise many of them have improved the offshore percentage, so it is because of the growth of particular vertical where there are good customer acquisitions and it has started the project on an onsite basis which has gone up, and also the 1.5% increase also partly because of acquisition which is onsite, acquisition that we would consummate in the quarter Enabler and Saraware. So we think, I mean there is opportunity for us to improve, how much it will improve in Q3 is not possible to specifically give a number to, but each vertical and each of practice does work on a number to be able to improve on that parameter.

Sandeep

Thanks.

Suresh Senapaty

Thank you.

Moderator

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Thank you very much sir. Next question comes from the line of Ms. Mitali Ghosh with DSP Merrill Lynch.

Mitali Ghosh

Hi, good morning. Could you comment a bit on what the revenue pipeline is looking like and the momentum you see there and also you know what the pricing environment is commenting both on like to like basis and also existing and new customers, what kind of outlook is?

Azim Premji

I will request Sudip Banerjee followed by Girish Paranjpe to respond to this.

Sudip Banerjee

Hi, two comments; one is on the demand environment, I think the demand environment continues to be robust. We find that we are gaining traction and what our customers are telling us is that they would like to do more with offshore vendors and like to do more with outsourcing vendor and would like to do more with companies like us.

As far as the pricing environment is concerned, pricing continues to move in a narrow range. The new contract that we are getting are coming in at better prices. The renewals that we have been successful in getting during the course of the quarter have also given us a 3 to 5% increase and there are many other contracts which are currently under negotiation and these are annual negotiations that we have, so that we will see at the end of this quarter how we come to the conclusion on those, but overall we think that there is an upward bias as far as this is concerned. Girish.

Girish Paranjpe

I would echo what Sudip said. Only to add that the funnel of new opportunities continues to be fairly strong and the conversion cycle continues to be around 3 to 6 months for us to convert prospect into our clients and I think overall the situation is fairly benign and we continue to see growth in both client base as well as new business.

Mitali Ghosh

Right and just as a follow up that how do you, you know one is if there is any particular verticals or services where you are seeing more traction? And secondly, if the US were to go into a slow down next year, how do you see the situation changing?

Sudip Banerjee

We are not hearing anything about slow down at this moment Mitali. We think that the signals coming from our customers are that there is a momentum for both outsourcing as well as within that offshoring, and if anything when we have periods of slow down there is additional cost pressure and each of those previous periods have resulted in no impact on us. As far as the current year is concerned, if there were to be any difference, unless there is an uncertain environment, it is only in the uncertain environment that there is a problem, which we don’t

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foresee at this point in time, but otherwise we see a momentum considering for the near term. As far as industry verticals are concerned within the enterprise business, this quarter we had double-digit sequential growth from both retail as well as technology, media, transportation, and services. We also had significant double-digit growth from healthcare, which is a smaller vertical for us. So we expect that all of that would continue. I will just ask Girish and then Suresh to comment.

Girish Paranjpe

I think financial solutions grew 11% sequentially which put to about 55% YoY and we were helped in that growth by a strong performance from our service lines, which is infrastructure services as well as testing and both continued to do very strongly because more and more customers are getting comfortable with the idea of remote infrastructure management as well as getting closer to the idea of having a dedicated group for doing a lot of their testing instead of leaving it to individual programming groups to be able to do that, and the idea of doing it remotely at offshore with automation and better processes is something that is really appealing.

Suresh Vaswani

This is Suresh Vaswani here, I will just speak about the traction that we are seeing in service lines. Across the three service lines that we have; infrastructure services, testing services, and the package implementation business, and this quarter we had double-digit sequential growth across all the three service lines. Traditionally, we have seen a lot of traction in our infrastructure services business and testing service business and we continue to see that traction as demonstrated by the sort of growth we had last quarter, both the service lines grew 70% on a year-on-year basis.

There is another, I would say relatively new area that we launched globally which is our total outsourcing practice, we did that last quarter, and this quarter we have already had two wins, one is from a customer in the US, the consumer products company, and the other one is a utilities customer in Europe. In both these customers it is integrated application infrastructure, provisioning, and management with some amount of asset refresh and some amount of people take over as well. So this practice which has succeeded in the domestic market, we have seen the traction in the global market already, and we clearly are seeing many many opportunities like this going forward.

Mitali Ghosh

Thanks, it is very helpful. And second I just wanted to focus a bit on margins, I think Mr. Senapaty mentioned, but I missed it, was it a 100 basis points that you have mentioned for employee wage hike this quarter, and also what is the benefit you got from the absence of visa cost this quarter, and just two other things in terms of utilization you know where could you take that up to and where are we on the employee mix?

Suresh Senapaty

Last quarter we had an impact of 1.5%, which is 150 basis points on account of the salary hike and the restricted stock units, and similarly we had a down side on utilization because there was a drop of about 3 percentage points, and also dilution on account of acquisition margin, all

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added up to about 2.5%. The improvement that we had was on the visa, we had a positive impact of 40 basis points. On forex we had 20 basis points positive impact. On BPO margin expansion on a totality basis we had a 30 basis points, while in BPO has expanded to 60 basis points on a WT basis that is global IT basis with a 0.3% positive, and similarly we had a 40 basis point improvement in the realization. So combination of this and operational improvement we were able to mitigate 2.3% out of 2.5%, so only 0.2% was the decline in the operating margin.

Mitali Ghosh

Sorry I missed that, only 0.2%.

Suresh Senapaty

0.2% was the decline in the operating margin. We were able to maintain it almost at the same rate.

Mitali Ghosh

Right, the acquisition factor was a positive right this quarter you mentioned?

Suresh Senapaty

The acquisition was a loss versus it has become profitable, but when you look at the dilution on the overall basis, it diluted by about 1% more, because -1% now it is -1.3% which means there is a delta of 0.3%.

Mitali Ghosh

Okay, understood, and sir just on the employee mix and where you could take utilization to?

Suresh Senapaty

I think the utilization, quarter-to-quarter I think they will be within a range like it has been so far, so you will have the quarters where you are adding more people, little dip, and then again it is going up, and we are looking at more and more acquisition of hiring talent with better spread than it has been so far, and you will see more and more going forward we will be trying to do that to bring a much more visibility on the utilization factor. But if you ask me the question is there an opportunity for us to improve utilization? Yes there is and our endeavor will be to drive that, and that is something is one such area we will be looking at for the future cost escalation that we will be seeing. That is all Mitali?

Mitali Ghosh

Yeah, no the employee mix is there something.

Suresh Senapaty

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Yeah, employee mix, exactly, because in last 3 to 4 quarters were improved including last quarter there has been an improvement and going forward we will see improvement in that base also.

Pratik

Mix of 0 to 3 years has moved from 42% which was at the beginning of the year to 45% by end of this last quarter.

Mitali Ghosh

Okay, thank you very much, that is very helpful and all the best.

Moderator

Thank you very much mam. Coming up next is a question from Mr. Anantha Narayan of JM Morgan Stanley.

Anantha Narayan

Yeah, thank you and good afternoon everyone. A question on the BPO business. Given this attrition number of 100% plus annualized, how sustainable is the growth for such a large business, and where do you see attrition numbers slightly in longer term?

TK Kurien

Let me answer the last question first. Where do we see attrition number stabilizing? Here is what we are doing. As our business mix changes we expect to see a downward trend as far as attrition is concerned. I cannot put a number on it as yet, but I guess as we go through the next couple of quarters we should have a fair trend to where we are headed.

On the first question how sustainable is the business model with this kind of attrition? If you look at the kind of business that we have, wherever we are doing end-to-end processing we typically find that our attrition rates are probably at around 25% of what the company average is at. So that is a big number that we seeing, big change that we are seeing. Then going back to the first part of the question that you asked, so as the business mix changes we expect the number coming down, and hopefully our business growth will come from components that are driven more by end-to-end solutions rather than other service.

Anantha Narayan

Just in response to that we are seeing quite a bit of restructuring the business in the last year or so and delivered some excellent profitability, but at the same time we have not really seen the attrition numbers improving at all, so what sort of will make a change going forward?

TK Kurien

Mix of business. Our business mix is still not, we are nowhere close to where we should be.

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Anantha Narayan

Okay, and just one final question to Pratik on the attrition for the non-BPO side of the business. Do you have a figure for the last 12 month attrition number?

Pratik

Yeah I do. Last 12 months is at 15.9%.

Anantha Narayan

Thanks Pratik.

Moderator

Thank you very much sir. Participants are requested to kindly restrict to one question in the initial round of Q&A session. Next question comes from the line of Mr. Hitesh Zaveri with Edelweiss.

Hitesh Zaveri

Yeah hi, my question is about the positioning that Wipro has maintained whether it is client based over a period of time, which is emerging as a key enabler or partner of choice in enabling their IT vision. Would you consider increasing emphasis on the consulting part of the story meaningfully then what you have now? You have shared with us on regular basis that consulting is important but whether it is going to play a stronger role in changing the positioning with clients versus as enabler now to a transformation partner and whether that can help in improving the realization for the company?

Sudip Banerjee

Yes Hitesh, Sudip here. Consulting has been expanding in the last 7 months. We started the consulting primarily in the US and now we have expanded it to Europe. Between the two geographies we have a very strong base of consultants who focus on business transformation and they are working in turn with some of the other consultants we have from the specialized areas like infrastructure, like application, like quality etc., and we are giving all these consultants a mandate to increase our positioning in the account by getting in at a early stage and looking at the transformational processes. If you see some of our recent wins, particularly the large wins that we have had in the previous 6 months, many of them have been consulting led. So they have been consulting led by in terms of the definition of the problem at the client end, they have been consulting led in terms of the first set of work that we have done there, and they have been consulting led in terms of the final value proposition that we made to the client. Certainly in those projects, the realization, particularly the upstream areas where consulting has greater key part has been better than a traditional realization. So what we are doing is increasing the number of consultants both in what we call the specialized consulting area as well as in the different industries practices, so very much in future they will continue to play an even greater and more dominant role in drafting our value proposition and we hope that in turn will help in better realizations as well.

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Hitesh Zaveri

That is helpful, thanks. I have questions regarding the offshore volume growth, the average in FY 2006 for the four quarters was roughly about 10% QoQ for the offshore volumes in the last 2 quarters they are roughly about 5.5%. Whether this could be changing either in a slow down in the offshore volumes that you are seeing?

Girish Paranjpe

We are not expecting into that you know really quarter-to-quarter aberrations I don’t think we should say that is a particular trend that we are seeing and hence we could see much more volume growth in offshore in future.

Hitesh Zaveri

I appreciate, thank you.

Moderator

Thank you very much sir. Next question comes from the line of Mr. Bhuvnesh with Credit Suisse.

Bhuvnesh

Hi, congratulations on a very good result. I wanted to understand the impact of wage increase on your margins. When you give the wage increase in the current quarter what would be the impact and how do would you basically balance that?

Suresh Senapaty

We said that there will be impact of the count increase that we have given in September for time period as well as increase that we will give for the balance people from 1^st of November, but you know whether it is utilization, whether it is bulge mix, whether it is improvement in the profitability of the acquisition, combination of all these productivity improvement etc., we put like the overall margins to be in a narrow range. We said that for last quarter and we did it and we think we have already initiated that to be able to achieve the same way in the coming quarters too.

Bhuvnesh

And sir this quarter numbers were above your expectation. Could you give us an idea on what were the things which surprised you positively in the quarter?

Suresh Senapaty

In terms of profitability or revenue?

Bhuvnesh

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In terms of primarily revenues, profitability was also up around I think 50 basis points, 40 basis points compared to last quarter.

Suresh Senapaty

I think whatever we have seen we had given a guidance of $577 million and what we did was about $589 million, so it is better than the guidance and I think this has happened because of the growth that we got in the practices and some of the good large deals that we won and we were able to ramp that up faster than what we expected, so the combination of all that we are able to deliver better result.

Bhuvnesh

And basically a very small question on BPO, the BPO margins that improved significantly in the quarter and earlier we indicated that 18 to 22 in the broad EBIT range which the BPO would run at. So going forward should we expect that from 24% the margins to again go down to that range?

Suresh Senapaty

Like we said that it will be in the range so we have of course seen an expansion in the last quarter, but in the current quarter like we have said there will be a compensation increase that will happen, so there will be plusses and minuses, so eventually it will continue to be in a range.

TK Kurien

Yeah just to add on what Senapaty said, I think the key thing is that the margin would remain between 20 and 22%. If we do more than 22% we will be investing less in customers and cutting our long-term growth, if we do less than 20% obviously you know what that will cost , that will be the band.

Bhuvnesh

Thanks a lot sir, I really appreciate.

Moderator

Thank you very much sir. Participants are requested to kindly restrict to one question in the initial round of Q&A session. Next question comes from the line of Mr. Anthony Miller with Arete Research.

Anthony Miller

Yes, hello gentlemen. I am trying to rectify the various comments on prices which basically expand because I think you said at the beginning of the call the average effect of pricing on the top line was 0.9%, which otherwise seems to be quite a lot lower than your peers. Then when I look at your billing rates, your onsite billing rate appears to up about 70 basis points and your offshore billing rate is down by over 100 basis point, and as you said later on that you are renewing existing customers at 3 to 5% higher billing rates and you also said you were

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expecting billing rates to go down next quarter, and I am really struggling to understand what is actually happening to the pricing and the one that you would also clarify what sorts of increases you are getting on new clients?

Suresh Senapaty

Right, when we talk about the realization, you know it is a function of a mix of clients that we have, services offerings that is there, so it gets in terms of a blend of everything. So when we will talk about prices that we are talking to new customers coming in about 8 to 10% it means the rate card that we have with the customers is better. Similarly, the kind of experiences we have got wherever there is a renewal, we have generally been able to push up in quite a few places. The onsite it has given the reflection in terms of the final realization and in offshore it has not, because of multiple other parameters, because of the mix of the business, on customer specific issues and so on, but overall environment point of view and therefore we in fact that you will see we would see that it is moderate, it is stable with a positive bias.

Anthony Miller

The renewal is +3-5%, for new customers 8 to 10%, but did you not say you are expecting billing rates to be lower this quarter?

Suresh Senapaty

Because in the current quarter the number of days, billable days, are lower than the number of billable days in quarter ending September. So the way we compute our rates it tends to from an optimal perspective, it tends to show a lower rate.

Anthony Miller

I see.

Suresh Senapaty

Actually rates with the customer has not undergone change, will not undergo change.

Anthony Miller

Okay, and just to make sure completely understand, the numbers you have given the 3-5% and the 8-10% that is like for like sort of rate card service.

Suresh Senapaty

Absolutely.

Anthony Miller

Okay, which means that the areas of opportunity for further price realization if you can improve productivity or fixed price mix and the like?

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Suresh Senapaty

Yes, we think there is opportunity and we are working on it. When, how, where, how much will come, I mean it will be our best effort.

Anthony Miller

That is fine, and just one more thing on the top line, can you just clarify what the foreign exchange effect was on the top line revenue growth?

Suresh Senapaty

1.7%.

Anthony Miller

Thank you very much.

Suresh Senapaty

Thank you.

Moderator

Thank you very much sir. Participants are requested to kindly restrict to one question in the initial round. Next question comes from the line of Mr. Trideep Bhattacharya with UBS.

Trideep Bhattacharya

Good morning and congratulations on good quarter. I was saying that on the BPO side of things what is the current exposure to mortgage processing if at all any, and if you could quantify when you say that the restructuring base what is the current voice and data mix as a speck to understand how and where exactly I mean how far the restructuring has progressed?

TK Kurien

So let me answer the first question on mortgage, we don’t break up revenue based upon mortgage and other processes, at least not publicly. As far as and just to give you a sense today we have about 2800 people who are working in the banking and financial services segment. In terms of voice and non-voice typically what we do is that we have not broken it up by voice and non-voice for the past couple of quarters. Today, 21% of our top line comes from integrated deals, that should give you a sense of where the business is moving.

Trideep Bhattacharya

I see, and my final bit would be just on the strategic perspective to the top management that I mean we have seen quite a few large contracts signing for the industry, how would you rate Wipro’s progress vis-à-vis some of your competitors in the overall landscape? Do you think on net balance you are gaining market share at the expense of others or there is more room to go, how will you characterize this?

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TK Kurien

I don’t want to comment on that right now. I would say that if you can watch our top line over the next couple of quarters..., are you talking about the BPO specifically?

Trideep Bhattacharya

No, I am talking about ....

Azim Premji

This is Azim Premji. You know we have two major initiatives on large deals. Apart from growing large accounts into larger accounts, one is on total outsourcing where primarily the customer requirements have a preponderance of technology infrastructure services, and the second one which we launched on June 1, separately which reports into our geography head Sekar, is on outsourcing deals large deals which have a higher prominence of non infrastructure requirements. Both of them are progressing well in terms of the infrastructure area we have had significant wins in India and significant wins overseas and so far as the application area is concerned, we have had 2 to 3 important wins and we have indicated that in terms of our communication and we do not have permission to divulge the name of the customer. So we are gaining traction there and we see that we will gain more traction there going forward, and that is a very major area of thrust for us, because customers propensity is even now to consider Indian companies for much larger deals is significantly on the uptake.

Suresh Senapaty

We are very well placed Trideep.

Sudip Banerjee

The only point that I would like to add there is that as this comes to large deals we are also fairly choosy in terms of the ones that we pitch for and the ones that we want to stay away from that is because not all these lend themselves to the right type of execution, the margin, etc., that we hope to get, and so we think that the ones that we are chasing are the ones that we would like to go after and the ones that we have won so far is very consistent with the market share that we have in this space.

Trideep Bhattacharya

Okay, best of luck.

Azim Premji

Thank you.

Moderator

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Thank you very much sir. Once again participants are requested to restrict to one question in the initial round. Next question comes from the line of Mr. Pankaj Kapoor with ABN Amro.

Pankaj Kapoor

Yeah hi, congratulations on good results. Just couple of questions. First a clarification on the guidance that we have given out for the Wipro Tech business for the next quarter, what kind of a sense we have factored in on the players in the telecom space which are undergoing restructuring because of the recent mergers, and are we factoring in any transition revenues from them or we are looking at some upside also from this business?

Suresh Senapaty

Yeah, I think if you look at the telecom service providers we are factoring the decent growth, on the product engineering services space much more moderate.

Pankaj Kapoor

Okay and second on Wipro Infotech, we have seen a good jump in the top line this quarter, can you just give a sense of what all has happened over there?

Suresh Vaswani

This is Suresh Vaswani here. In the Wipro Infotech businesses, we have had a revenue growth of 36% and a profit growth of 57% last quarter, and this broadly has been the trend over the last few quarters. If you split the revenue growth a bit more, the revenue growth is around 31% in so far as our products business is concerned and around 48% in so far as our services business is concerned. So clearly in the services space where we have added many more service lines over the last couple of years, we are seeing lot of traction, we are growing roughly at twice the market growth. We have also launched total outsourcing in India a few quarters back and that is continually getting traction, so therefore last quarter we had two significant wins in the domestic market on total outsourcing, you know all integrated deals covering infrastructure and application, and the total value of these two deals combined was roughly $100 million. We are beginning to see a lot of traction in terms of customers going in for end-to-end SAP type of implementation. We have won several contracts on this last quarter in India. We are seeing a lot of traction also in the Middle East market for SAP implementations and for Oracle implementation and we are pretty strong in these areas, and you know for example today we are doing close to two Oracle end-to-end E-business suite implementations for Middle East customer, actually not two, three. So all and all the service lines that we put together, the services first that we put together and the overall integrated proposition that we have in terms of products, services, solution, and consulting is appealing a lot to the customers.

Pankaj Kapoor

As far as the services businesses are concerned of Wipro Infotech, what is the current mix would be between India and non Indian Asia Pacific region?

Suresh Vaswani

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See India is roughly 90% of the Wipro Infotech business size. Now one clarification in Middle East and Australia and the APAC regions that we address, we largely focus only on services and software, so if you were to split the overall Wipro Infotech business, it is roughly 38 odd percent in terms of services and 60 odd percent in terms of products, and 25% of the services business is now coming from the Middle East and Asia Pacific regions.

Pankaj Kapoor

Okay, fair enough, thanks, and all the best.

Moderator

Thank you very much sir. Once again participants may please restrict to one question in the initial round. Next question comes up from the line of Mr. Vivek with Standard Chartered.

Vivek

Hello, good afternoon sir, just a couple of questions. Firstly, on the 250 bps margin decline that you have seen, an impact of 1.5% from wage hikes and RSU’s, can you please specify the impact due to utilization and acquisitions out of that 100 bps, the remaining 100 bps?

Suresh Senapaty

0.6% for utilization and about 0.3% for acquisition.

Vivek

Okay and in terms of your total outsourcing contracts that you have recently garnered two wins, one in US and the other in EU, what would be the total size of these two contracts?

Suresh Senapaty

They are multimillion dollar deals which will be about 100 million plus.

Vivek

100 million together?

Suresh Senapaty

No, no those together 100 million is for the domestic Indian IT business.

Sudip Banerjee

No what Suresh Vaswani just referred to was the two Indian contracts which are 100 million. As far as the global contracts are concerned, we won 5 of them, couple of them are between 50 and 100, and three are 100 plus.

Vivek

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Okay, total five wins, out of which three are greater than 50.

Suresh Senapaty

Can you repeat the question please?

Vivek

Yeah, I was just wondering on the global you said that you have won two outsourcing contracts and out of them two are in India, and you just mentioned that five of them are in global space.

Suresh Senapaty

Yes.

Vivek

In this five that you have won in global, three are greater than 100 million, is what you said right?

Suresh Senapaty

That is right.

Vivek

Okay, thank you very much sir.

Rajesh

But just one clarification.

Vivek

Yeah.

Rajesh

Not all five are total outsourcing, out of five two are total outsourcing and the balance three are large deals which include application and other things.

Vivek

Okay.

Suresh Senapaty

The total outsourcing our definition is there is a preponderance of infrastructure services.

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Vivek

Okay sir.

Suresh Senapaty

Sudip talked about the numbers which is all totalled bigger one, which included the large deal as well as the total outsourcing.

Vivek

Right, and yeah that is it from my side sir. Thanks.

Moderator

Thank you very much sir. Next question comes from the line of Mr. Shekar Singh of ICICI Securities.

Shekar Singh

Hi sir, this is Shekar Singh from ICICI Securities. I just wanted to know like what percentage of your revenues came up for renewal during the quarter?

Suresh Senapaty

I think it is spread over all the four quarters, so you know I cant tell you how many contracts came in, but what percentage is it for this quarter and next quarter it is difficult to get into the numbers yet, but it has a fair share, so it is not that anything less came, and the experience has been fairly positive.

Shekar Singh

So in our model can we basically try to build in the 3-5% increase in renewal, billing rate increase that you are getting during the renewals, what exactly does it mean in terms of actual number for the coming quarters?

Suresh Senapaty

Our guidance would be assumed something which is stable pricing as opposed to any kind of an increase, because increase will be a function of what is the kind of growth we are getting in for the new customers, how many number of customers we are able to get the increase versus how many were not, and the mix of services etc., so like we have said we are just looking at a much more stable environment, but we are saying so far as the margins are concerned they will be sustainable margin in narrow range.

Shekar Singh

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Okay sir. Sir secondly can you just explain the salary increase what portion of employees have got salary increase during the current quarter, what percentage will be getting in the next quarter, and of the total salary bill what portion has already been accounted for in terms of salary increases?

Pratik

Senapaty in his earlier response mentioned that section of our employees have already had the impact of the salary increases which were made effective September, it would roughly cover 2/3^rd of our offshore employees population and the balance would be covered as a part of salary increase cycle which will be effective November.

Suresh Senapaty

So we said that the impact for Q3 would be about 2%, will comprises of two factors, (A) the increase that will be effective November, and (B) the full impact of the increase that has been given of 1^st of September that will be felt in Q3 because there will be two additional months that will be there, and last quarter we had this 1.5% cost increase because of restricted stock (RSUs) and compensation increase, and we were able to mitigate that. Similarly, this quarter we are expecting a 2% and we would like to mitigate most of it.

Shekar Singh

Okay sir, sir lastly I just want slightly a broad question, Australia seems to be doing very well in terms of large deals which are coming out, but in case of Wipro we are not hearing much. Any specific reason as far as Australian market is concerned? Thanks a lot.

Suresh Vaswani

We have focused on Australia, we have set up two offices in Melbourne and Sydney, and we have our fair share of large customers there. Our business model in Australia is pretty similar to what we have in US and in UK and we are building strong tractions, especially in the financial sector and in the telecom sector. We are also servicing a lot of global customers who are based in Australia, so we would be one of the significant outsourcing providers in Australia today.

Shekar Singh

Okay sir, thanks a lot sir.

Moderator

Thank you very much sir. Next question comes from the line of Mr. Harmendra Gandhi with Brick Securities.

Harmendra Gandhi

Hi, good afternoon, I want to ask about the infrastructure management area. Are the rates and margins different in that area compared to the application development and maintenance? And secondly, is the nature of contracts different in infrastructure management?

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Suresh Vaswani

Okay let me answer the second part first, the infrastructure management contracts tend to be fairly complex, tend to be extremely strong in terms of service line agreements that we sign with customers and also a large proportion of them especially the services contracts tend to be 24/7. So we are actually in an infrastructure management ensuring that the customer’s IT infrastructure is working round the clock at very high service levels, so it is very critical to the customer that service delivery is strong, it is very critical to the customer that we deliver 24/7 operations, and it is really at the heart of the customer’s overall IT infrastructure. Typically in terms of margins...

Suresh Senapaty

The margins are similar in the sense that you know it is a function of how much is onsite, offshore because this is a much more recent practice when compared to many other practices that we have had, for this quarter the offshore component is going down, but it is still not in a similar range of the Wipro’s complete average, but yet I think from a profitability perspective which is quite decent

Harmendra Gandhi

What about rates?

Suresh Senapaty

That is also comparable with our average rates.

Harmendra Gandhi

Okay.

Suresh Vaswani

Again it depends upon the you know what sort of implementation you are doing because if you are doing you could be doing high end infrastructure consulting where the rates are higher, you could be doing system integration work where the rates are higher or you could be doing the service desk type of work where you don’t necessarily need, depending upon the service level that you are delivering, in case you are doing L1 service, when you don’t necessarily need engineers in front, you could do with B.Sc., you could do with different profiles of people, so really the rates typically depends upon what services you are delivering to the customer.

Suresh Senapaty

But we look forward to this practice from building in non linearity because since these are SLA based contracts more and more you will try to get into an SLA base and more and more you trying to do little more on a shared services model, the productivity can be driven more faster and therefore the realization per person can be even superior.

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Harmendra Gandhi

Okay.

Suresh Senapaty

As we grow to scale this is a parallel initiative which is in progress.

Suresh Vaswani

So we are already close to 3500 people in this service line and it is doing extremely strongly for us.

Harmendra Gandhi

Okay, thank you, and what about this increase in acquisition revenue, what kind of synergies do you see in that revenue and the other parts of the Wipro, is it synergistic or is it continuing in the separate way?

Suresh Senapaty

One is the acquisition that we are doing in C-Mango, which is completely linked to our infrastructure management, and we are very, very synergistic to that. So far as the other acquisitions we have done yet increase synergistic to the varieties of other for example, Enabler it is synergistic to the retail practice that we have; the mpower which is synergistic to our financial services vertical because this gives us an additional boost on the financial services in terms of payment services which we were not addressing at all and that is about 80 to 90% of the market. So each and every such segment that we talked about, the acquisitions that we have done, has a particular gap to be fulfilled.

Harmendra Gandhi

Okay, okay, thank you very much.

Suresh Senapaty

None of them are consolidation, none of them are buying revenue, but all of them are synergistic.

Harmendra Gandhi

Okay, thanks a lot.

Moderator

Thank you very much sir. Next question comes from the line of Sheetal Behl with Everest Group.

Sheetal Behl

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Hi, thanks. Actually I will pass because my question has already been answered.

Rajesh

Can we take one last question?

Moderator

Sure sir. Our last question comes from the line of Mr. Ruchit Mehta with HSBC.

Ruchit Mehta

Yeah hi, good morning gentlemen, and congratulations on your result. I was just wondering if you could give us the sense in terms of the hiring for the full year?

Suresh Senapaty

You know we have not shared that before, we have shared the actual hiring that we did, I think Q2 hiring was best Q2 we have ever had including the Q1 also the, but the guidance has been decent that we have given compared to 7% guidance last quarter verus 7.5% this quarter without any acquisitions coming in fresh, if it had to come then it will be an add on and that is that the pricing environment is fairly stable we would look forward to most of this growth coming through volume and therefore increase in head count, so it will be comparable pattern, it will be nothing unusual but it will be in line with what we are seeing so far.

Ruchit Mehta

Okay and the capex for the full year?

Suresh Senapaty

Similar again here, because the capex that we go for is need based, as and when we try and build and that time the capex goes on. Last quarter we invested about 160 crores. Half year has been about 250 crores and the investment for the second half would even be higher because you know that we have to land acquisitions and the staffing of the infrastructure, so you know to be very able precisely put it back is not very impossible and we have cash on the balance sheet so it is not a very critical thing for us to be closely monitoring at.

Ruchit Mehta

Okay, so the first half we have spent close to how much?

Suresh Senapaty

About 550 crores in our IT services.

Ruchit Mehta

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Okay, thank you very much. Thank you.

Moderator

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

Rajesh Ramaiah

Thank you ladies and gentlemen for participating in this call. Should you have missed anything during the call, the audio achieve of this call will be available on our web site and we would also be putting up the transcript of this call very soon, and of course should you need any clarification, the investor relations team would be delighted to talk to you. We look forward to talking to you again next quarter and have a nice day.

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.

Page 27 of 27

EX-99.6

Exhibit 99.6

WIPRO LIMITED

Investors/Analysts Conference Call for the quarter ended September 30, 2006

6:45 PM Indian Standard Time, October 18, 2006

Moderator

Ladies and gentlemen, thank you for standing by and welcome to the Wipro earnings conference call. At this time all participants are in the listen-only mode, later we will conduct a question and answer session. Instructions will be given at that time. If you should require any assistance during the call, please * and then 0. As a reminder this conference is being recorded. I would now like to turn the conference over to Rajesh. Please go ahead.

Rajesh Ramaiah

Ladies and gentlemen, a very good morning to you in America and good day to you all in the other parts of the world. My name is Rajesh Ramaiah and I am based in Bangalore. Along with Sridhar in New Jersey and Jatin in Bangalore, we handle the investor interphase for Wipro. We thank you for your interest in Wipro. It is with great pleasure I welcome you to Wipro’s teleconference post our results for the second fiscal quarter ended September 30^th 2006.

We have with us Mr. Azim Premji, Chairman and Managing Director, Mr. Suresh Senapaty, Chief Financial Officer, who will comment on the results of Wipro for the quarter ended September 30^th 2006. They are joined by other members of the company’s senior management who will answer questions which you may have. The conference call will be archived and a transcript will be available on our website wipro.com.

Before Mr. Premji starts his address, let me draw your attention to the fact that during the call we might make certain forward-looking statements within the meeting of the Private Securities Litigation Reform Act of 1995. These statements are based on the management’s current expectations and are associated with uncertainty and risk, which could cause the actual results to differ materially from those expected. These uncertainties and risk factors have been explained in detail in our filings with the Securities Exchange Commission of the USA. Wipro does not undertake any obligation to update forward-looking statements to reflect events or the circumstances after the date of filing there of. Ladies and gentlemen, Mr. Azim Premji, Chairman Wipro.

Azim Premji

Good morning to all of you all. By now you would have seen results for the quarter ended September 30^th 2006. While the management team would be happy to answer your queries, I would like to take some time before that to share some thoughts on our performance and prospects.

For the quarter ended September 30^th 2006, Wipro Limited recorded revenue growth of 41% and net income growth of 48%. We are seeing a great momentum in all our businesses. Revenues from our global IT services at $589 million for the quarter were well ahead of our guidance of $577 million primarily driven by strong growth in our differentiated services at focus vertical. Financial solutions and testing services have delivered 50% year-on-year growth for the last 8 quarters. In the quarter we had double-digit sequential growth from enterprise application services, technology infrastructure services, retail, and TMTS verticals. We added 54 new clients of which 11 were Global 500 or Fortune 1000 clients.

Our business process outsourcing business delivered a strong revenue growth this quarter and yet again expanded margins. Over the last couple of quarters, our BPO business has demonstrated consistent improvements in profitability and significant customer wins, reinforcing our confidence that it is moving in the right direction of delivering industry leading growth rates.

Our India, Middle East, and Asia Pacific IT business recorded strong year-on-year revenue growth of 28% and profit before interest and tax of 30%.

Wipro consumer care and lighting business also grew well with 38% year-on-year revenue growth and 29% year-on-year profit growth.

On acquisitions, we are making good progress on the integration of each of the acquired entities. The growth rate of revenues in our acquisition is significantly ahead of the company growth rate. Acquisitions in aggregate turned around to deliver a marginal profit during the quarter as compared to a loss in the previous quarter.

Overall, we believe that the demand environment is robust and we have the right strategy in place. The investments we made during the last 12 months are beginning to deliver value. As we move into the second half of the year, we see good prospects ahead. I will now request Suresh Senapaty, our CFO, to comment on financial results before we take questions.

Suresh Senapaty

A very good morning to all of you in the Unites States and Europe and a good evening to all of you in Asia. Let me commence by highlighting the fact that for the convenience of the readers our US GAAP financial statements have been translated into dollars at the noon buying rates in New York city on 29^th of September 2006 and certified by the Reserve Bank of New York, which is 1 US dollar is equal to Rs. 45.95, I repeat 1 US dollar is equal to Rs. 45.95. Accordingly, revenues of our global IT services segment that was USD $588.9 million or in rupee term Rs. 27.17 billion appears in our earnings release as USD $591 million based on the convenience translation. Global IT services revenues of this quarter of $588.9 million included $539.4 million of IT services and $49.5 million of BPO services. The sequential revenue growth of 9.2% in global IT services segment was comprised of 9.3% growth in revenues of IT services and 8.5% growth in revenues of BPO services. Sequential revenue growth of 9.3% in IT services was primarily driven by volume growth of 7.9% and blended realization improvement of 0.9%. Revenue growth of global IT services segment excluding revenues from acquisitions consolidated during this quarter was 6.9% sequentially. On foreign exchange front our realized rate for the quarter was Rs. 46.14 versus the rate of 45.43

realized for the quarter ended 30^th June 2006. At that period end after assigning to the asset on the balance sheet, we have about $377 million of hedges at rates between Rs. 45.10 and Rs. 46.70. During the quarter, we took non-cash charge for restricted stock units and have affected wage hike in September for some of our employees, which impacted our margins by approximately 100 basis points. The improvement in our employee mix offset a significant portion of the margin dilution due to wage hikes and RSU charge. We had an improvement in the margins of our BPO business by 470 basis points sequentially, driven by higher productivity and improved utilization. Our onsite mix increased by 1.5% on account of acquisition revenue and initial ramp up for some of the large projects commenced during the quarter.

For the quarter ending December 2006, we expect volume led growth with price realizations being impacted by lower billing days. In line with our plans we will effect offshore wage hikes for employees not covered in Q2. The combined impact of these wage hikes for Q3 of 2006-2007 would be around 200 basis points. We endeavor to offset a significant portion of the impact through factors like improved utilization and employee mix, better profitability on acquisition, leverage on SG&A, and expecting margin to be in a narrow range excluding the impact of exchange rate fluctuation.

We will be glad to take questions now.

Moderator

Yes, would you like to take questions?

Suresh Senapaty

Yeah.

Moderator

Thank you all. Ladies and gentlemen, if you wish to ask the questions please press * then 1 on your touchtone phone. Those who hear a tone indicating you have been placed in the queue. You may remove yourself from the queue at anytime by pressing the pound key. If you are using a speakerphone, please pick up the handset before pressing the numbers. Once again if you have a question or a comment please press *1 at this time. We do have a question from the line of Moshe Katri with Cowen & Company. Please go ahead.

Moshe Katri

Yeah, thanks. Suresh can you repeat some of the factors that benefited your impacted margins? I am curious in terms of the you know what currency, whether there was an impact from currency, or the dilution or from acquisitions, pricing, and then wage hikes, may be you can kind of give us a feel in terms of the impact or the benefit in terms of basis points for the quarter?

Suresh Senapaty

If you look at the Q1, margins were 24.2%, this is for the IT services as well as BPO combined, and we ended the current quarter, that is Q2, at 24.5%. So just to give you a

walk of what the minuses and what the plusses where, we had RSU and salary increase of about 1%. We had an utilization drop which impacted about 0.6%, and we had a dilution on account of acquisitions of about 0.6%. Net-net that was about 2.3% net minus. But the plusses were the bulge improvement of about 0.8%, visa expenses about 0.4%, margin expansion in BPO has contributed to about 0.5% of the total level, price realization is about 0.2%, and the others are 0.2% which comes to a total positive impact of 2.5%. So net-net there has been a margin expansion by about 30 basis points under US GAAP from 24.2% to 24.5%.

Moshe Katri

Understood, and can you also comment may be Mr. Premji can do that, comment on the sequential increases in turn over rates during the past two quarters, and I think you know for this quarter I think you were at 18%, which is relatively high, what are we doing to bring down those levels?

Suresh Senapaty

We have Pratik who heads our HR, I will request him to respond to that.

Pratik

Yeah hi, this is Prateek here. The attrition rate is 17.5% which has been rounded off to 18%. In the previous quarter, it was at 17.1% so we have not seen any noticeable change from what we experienced in the last quarter. As Suresh shared with you all, we had our RSU grants kicking in previous quarter and we also had the salary increase on for our employees, which were effected from September, which covered almost 2/3^rd of our employees. The balance are going to get covered in November 1^st and we have already seen the early signs of decline from the time we effected some of these changes and we are hoping that all these actions which we are taking, we should be able to see a south ward trend from this quarter onwards on attrition.

Moshe Katri

If you look at your average wages or average comp are you comparable to the you know some of your peers, are you a 100% comparable, are you 70% or we still catching, or you still kind of playing catch up at this point?

Pratik

It depends on who you have in mind, but people whom we actually benchmark against we are quite comfortable.

Suresh Senapaty

At least for those of that we have given on 1^st of September we are. The one which we are likely to give on 1^st of November we will match when we give on the 1^st of November.

Moshe Katri

Okay, thanks.

Moderator

Thank you. We do have a question from the line of Tripp Chowdhary with Global Equities Research. Please go ahead.

Tripp Chowdhary

Thank you again and congratulations on very good execution here. Two questions, first is on the acquisition front you have played some, I would say small size acquisitions, do you think the acquisition size may increase moving forward?

Suresh Senapaty

We have talked about acquisition strategy in terms of a single and that does not described any kind of a size except that we have to have a minimum size, which is otherwise what we are acquiring. From that perspective, it so happened that some of the opportunities that you look at and therefore the target that we found are of a smaller nature, size, but given the six acquisitions that we have done and the kind of experience we have gained particularly in the last 9 months, it gives us the confidence that we can go about for larger size, and size is not a constraint for us. It is the strategic value which is important for us, and of course there is a cultural and financial fit we would go ahead and size will not hold us back.

Tripp Chowdhary

Very good, on the BPO front you executed very, very well, I was wondering if anybody in the BPO division can give some insight like how does your BPO division, I think it is Spectramind division basically compare with Daksh IBM, like both BPO units seems to be executing very well, but I am trying to get a sense like what are the key drivers and what are the key reasons the margin expansion occurred?

TK Kurien

Okay, this is TK Kurien, so let me answer that. On the BPO front there are two things that we did. One is if you go back 5 quarters ago when our margin was running at around 9%, we clearly our top line was primarily quite wedge-centric and we were basically selling wedges to customers, so if people wanted cost center solutions we were selling cost center solutions, if they wanted email solutions we were selling them email solutions. Over the path of an year, we made a transition as far as the top line is concerned and we have moved the next more into transaction processing, so today we work with back-office services area. We work in the back office area, and also what we have done is if we are selling integrated end-to-end solutions back to customers. The minute you sell integrated solutions back to customers then what happens is obviously what you see is that the power of the customer to unbundle a sale and negotiate price goes down considerably and that helped us in terms of getting better realization that is in the top line. On the operational front primarily it has been driven by a couple of factors: #1 is higher utilization, and you can see that in our number, and second is the fact that we have kept our cost structures except the SG&A pretty much under control.

Tripp Chowdhary

Very good. Also what I was wondering is with the upcoming release of Microsoft Vista it is a much understanding like you have worked very closely with Microsoft in a way to also help them develop Vista with driver development and other stuff. I was wondering at a very macro big picture, do you see your business to have some tail winds because of some migration that may occur on Vista from current systems or some infrastructure management business may see some pick up, because of this platform change that may be occurring within say next 6 to 8 months.

TK Kurien

So let me pass that question on to Mr. Ramesh Emani.

Ramesh Emani

Yeah, let me just restate the question you have asked to make sure I have understood it clearly. You were talking about the Vista migration opportunities.

Tripp Chowdhary

Yes.

Ramesh Emani

So Vista migration opportunities can come from two aspects, one is from a desktop migration, which we typically run through our TIS practice, our IT infrastructure practice, we have one similar scene when Microsoft had launched XP program or when they had launched their exchange 2000. We have done these kind of practices before and we will be able to replicate the same once again. The second aspect of Vista migration comes to the application software and for specialized software; so that you know they will run well in the Vista area. We are already one of the certified Vista migration partners for Microsoft, so if you go to Microsoft web site you will find Wipro as one of the authorized partners. We are working with various software providers in terms of how we can port their packages to Vista and to ensure that they will work, so we are working together with our testing practice and with our porting practice so that we can exploit this whole opportunity. I hope I have answered your question.

Tripp Chowdhary

Yes, it was very good. Again congratulations on phenomenal execution.

Ramesh Emani

Thank you.

Moderator

Thank you. We have a question from the line of Joseph Foresi with Jenny Montgomery Scott. Please go ahead.

Joseph Foresi

Hi gentlemen, and congratulations on some excellent execution here. I was just wondering if I first get some clarity on some numbers here. I think there was a $6 million gain in operations, other gains under operational expenses, can you just may be break that down for me, is that a hedge or where does that $6 million coming from?

Lan

This primarily pertains to some of the amount receivable on certain projects and since they are reimbursement of certain new projects they cannot be taken in the top line as per GAAP. Similarly, since it will not pertain to one particular head of cost, that is put under others. For practical purposes this is a part of process gains.

Joseph Foresi

Okay, just to switching gears, I know you guys explained on your earlier call sort of what you know what you are seeing in the pricing environment. May be you could just give us your own thoughts on why pricing is going up and you know how that processes is being accepted by the clients

Girish Paranjpe

Hi Girish here. I want to kind of answer this in two parts. One is how do we see these kind of bill rates walk and how this is reflected in the realizations, and these two things are slightly different. The bill rates that we have with our client have undergone revision upwards both for existing clients where we have been able to do some negotiated upwards, between the modest one, but we have been able to do that on a case to case basis as contracts fall due for renewal. Also new clients have come at slightly better rates than what have been the prevalent rates. Now all of that does not automatically get consolidated into the realization as we report in our financials, and the reason why it does not get reflected there automatically is because the bill rates that the agreements with our clients are by skill, by experience, by sometimes even by geography, and the mix that this kind of translates into realization can be slightly different and that is why you may not see a one to one comparison between how the bill rates have moved towards this, how the realization is, but having said that the overall environment is positive from our client side about having modest price increases as far as they can see it, as long as we can demonstrate to them that we are not just going for price increase without doing any corresponding productivity gains for them.

Joseph Foresi

May be switching gears, obviously you did a larger percentage of onsite work this quarter. Should we expect that to continue next quarter or should we see may be switch more the offshore or is there any ramp up on any new project?

Sudip Banerjee

Let me just go back to the previous point that you were making. I think three or four things are driving the case for an increase. One is the superior execution that we have demonstrated over the last few months and that is giving us the confidence to be able to go back and ask our customers for giving us the increase in the existing contracts. The

second is that there is a shortage that we are seeing all around in the market place for key talent, particularly at the specialized service areas, whether it is the enterprise application space or the infrastructure management space or the data warehousing space etc. The third which is driving the case for the relatively better pricing is the fact that in the local markets the cost of such talent is increasing even faster, so from the customer’s point of view it is still (A) that we have those skills and (B) the increase is still modest compared to what they would have to pay in the local market, and (C) they are seeing that there is a significant improvement in execution by people working out of here in this offshore-onsite model, and that is why they are willing to have these conversations with us and that is why over the course of the previous quarter wherever we have been able to come up with the renewals which were due in the majority of the cases, we have been able to get modest increase.

Girish Paranjpe

I think you asked the second question about onsite offshore ratio and whether you should expect the onsite ratio to continue to decline, and our view is that there may not be any significant increase. The reason why we are higher onshore this time is because of the acquisitions that we made, which you are necessarily to do with more people in global markets.

Suresh Senapaty

Like the way we go about is that onsite and offshore increase as a mix, I think each and every SBU drives that, every vertical drives that, but when you look at the mix of growth in the sense that lets say some of the practices have a higher onsite centricity and that grows faster, it definitely takes overall onsite up. But if you ask each practice each vertical whether the offshore has improved? Yes, it has improved in favor of offshore. But when you look at the mix of business in a cumulative terms, it has gone up.

Joseph Foresi

Great, thanks for both those explanations. Just one last question, and I don’t know if you guys have the numbers available, but I was curious if you could give me a rough idea what the attrition rates are at the middle management level and may be some of the idea what the average salary currently is at that level?

Suresh Senapaty

No we have not shared the attrition at various levels, but like Pratik had explained just before few questions in terms of our overall approach to attrition and how we have dealt with it and how we are feeling because of the comp increase we gave in September and what we are planning to give in November where it will have a sobering impact versus what we achieved last quarter. And just without sharing the data point, we are fairly comfortable in terms of what attritions we are seeing in the middle management level.

Joseph Foresi

Great, thank you guys and nice execution this quarter.

Suresh Senapaty

Thank you.

Moderator

Thank you. We also have a question from the line of Brian Kingwood with Prudential. Please go ahead.

Brian Kingwood

Yeah hi, I think you guys gave some numbers, but I just could not get it. The amount of acquisitions, how much is revenue did acquisitions contribute in the quarter?

Suresh Senapaty

It was around $30 million. In rupee terms it is 1324 million rupees.

Brian Kingwood

And it was 13, one three, in US or 30?

Suresh Senapaty

30.

Brian Kingwood

30.

Suresh Senapaty

It is a rough number but the actual number we have reflected in the book are Rs. 1324 million for the quarter.

Brian Kingwood

Right and did all the acquisitions that you guys have made over the last 6 to 12 months, are all those closed or there are still few out there that they close or need to close, because I guess I am thinking about next quarter how much new acquisition revenue goes in there?

Suresh Senapaty

So far as whatever announcements we have done, in the IT segment it has all been consummated by September 30^th and it has been reflected in the Q2 results. Therefore from the June quarter consequently the guidance that we are giving which is USD $633 million, which is about 7.5% sequential, and on an apple to apple comparison for Q2 versus Q3. And if we were to announce anymore acquisitions, it will be an add on.

Brian Kingwood

Right and it is just I guess sequentially the growth is almost 10.7% in the IT services space, now with that guidance, it is around 7% sequentially. Is that mostly the difference there is the difference in acquisitions, the ramp up obviously now that you have most of the acquisitions in the numbers that you will see a little bit of a drop there or there is also some seasonality why there is a slight down take from that almost the 11% number to 7%?

Sudip Banerjee

There are two things, one is last quarter our dollar sequential growth was 9.3% and this quarter there is an impact of the lower number of working days and that has been factored into the guidance as we have said.

Suresh Senapaty

But you will see that I mean last quarter we had given a guidance of about 7% and this quarter it will be 7.5% with the apple to apple comparison of the organic and acquisitions completed in Q2, whereas last quarter we had some of the acquisitions which got consummated during the quarter which are not reflected in the Q1 revenue.

Brian Kingwood

Okay, great. Okay then just a last question on people, can you talk to us a little bit on the hiring environment we are hearing kind of mixed things coming out of India about recruitment for freshers. Can you talk about what Wipro is doing and kind of what you see going forward for hiring?

Pratik

Our hiring strategies would continue to be two pronged that we will continue to hire from the engineering schools which comprise roughly about 50% of our total hiring effort and we will continue to look for good talent to come in from the experienced talent pool, we refer to as the lateral hiring. The one thing which we have done consciously this year is that we have shifted to a more even spread of rookies joining into the company instead of all of them coming in at one point one time of the year, and that we have been able to make that transition fairly comfortably. What we are also doing in addition is that we are experimenting with non-engineering talent pool as well, so these are the bachelor of science graduates and this year just to help you understand, we would be taking in between 1700 to 2000 people in our software business, taking them through intensive training program and get them ready to be deployed on our assignments within the organization. So we are quite comfortable the way we look at the opportunities for bringing in the right kind of talent, and with the investment which we have made in our training capability we think we should be able to manage this crunch.

Brian Kingwood

What percentage in your hires are freshers now?

Pratik

That is roughly 50%.

Brian Kingwood

Okay, thank you very much.

Moderator

We also have a question from the line of Alan Hellawell with Lehman Brothers. Please go ahead.

Alan Hellawell

Yeah, thank you very much. This question I guess would be probably focussed at Mr. Emani. I hope you are doing well. I was just hoping to get some insight about the discussions we have had about possible softness in spending from your telecoms equipment customers given the precedence that they look at whole combination and the cooperation between Nokia and Siemens and what not. Have you started to see that and if so given your experience when would you expect some kind of a recovery in spending there?

Ramesh Emani

So, I think from the time we met, I think we met about a month back, I don’t think things have really changed much. One change is you know the Alcatel Lucent merger has got the regulatory approval and you know Nokia and Siemens JV is proceeding as per the earlier plans. So, I do not at this stage you know there is no big change. We think we should start seeing some results may be in Q4, but I cannot say anything as of now.

Alan Hellawell

Okay, well thank you very much.

Suresh Senapaty

And that has been embedded into the guidance that we have given for Q3.

Alan Hellawell

I understand, I appreciate that, thank you.

Moderator

We have a question from the line of Julio Quinteros with Goldman Sachs. Please go ahead.

Julio Quinteros

Sure, hey guys can you just walk us through the changes you know as you kind of look at the large clients versus small clients, just talk a little bit about the penetration that you see amongst your top clients whether that is new service line expansion or is it just

growth at the same kind of work, I just want to get a sense for whether you guys are actually succeeding on penetrating with your new services. Thanks.

Girish Paranjpe

Hi, Girish here. I think we are seeing significant traction with our existing clients on selling new service lines, and the fact that we have long heritage on some of the newer service lines like remote infrastructure management as well as business process outsourcing, our ability to cross sell new service lines is really the key to our account growth.

Julio Quinteros

Okay and then on your top clients, want to confirm, is that the same client from last quarter or has they changed this quarter?

Girish Paranjpe

Top 5 there has been no change.

Julio Quinteros

Top clients.

Girish Paranjpe

Top 5 clients there has been no change, top client no change.

Julio Quinteros

Okay, great. Thanks.

Moderator

We have a question from the line of Abhi Gami from Bank of America.

Abhi Gami

Good morning, couple of questions. First, your BPO head count was down sequentially again nobody got good productivity to get the revenue gain. Can you talk about the mix of the employee base within BPO, how many are still doing call center related work versus not call center work and what are your head count goals to that business?

TK Kurien

On the head count itself, I think I kind of explained a little earlier in the conversations that I had. #1 is the mix of business is kind of clearly changing for us, so what is happening is that as we kind of churn out some of the businesses that are low value add and low margin for us, and we bring in new skill sets, the overall head count would not change. But having said that, as we go across the next couple of quarters we see some change happening as far as head count is concerned with the head count going up. In terms of

the number of people who are doing voice and non-voice business, we have stopped measuring it in that form. So typically what we do is we look at execution services and what we call different as just simple wedges that we sell. As far as integrated services are concerned, integrated services today are around 21% of our revenue and you could derive your own numbers in terms of the head count deployed, which is clearly integrated services will give you higher realization.

Abhi Gami

Okay, great, another question. The wage hike you are going to be putting through this quarter, that is primarily onsite wage hike or any of the offsite wage hike in the December quarter.

Suresh Senapaty

This is only the offshore wage hike. The 2/3^rd have been already covered on 1^st of September and the balance will get covered on 1^st of November.

Abhi Gami

When will the onsite hikes go through?

Suresh Senapaty

The expectation is it will be reviewed in the fourth quarter.

Abhi Gami

You mentioned earlier that you are increasingly experimenting with bachelor of science hiring. Can you talk about what differences there might be in their training, whether duration or type of training, and if you have any early data on their take up rate, are the hiring and retaining similar levels as other employees, are they different, what is happening there? Thank you.

Pratik

Yeah, let me just try and capture your questions, this is about the B.Sc. science graduates and how we take them through our own training program internally. So we have a fairly well institutionalized program, we call it as Wipro Academy for Software Excellence, and through this program we bring in bright bachelor of science graduates. We put them on a program which has a tie up with one of the leading engineering schools in the country. This program actually runs for a duration of 4 years. At the end of 4^th year if they clear the program successfully they get a masters in software engineering. The interesting thing about this program is that the entire fees is getting reimbursed by the company. We also pay a scholarship to these B.Sc. science graduates who are coming in. They attend classroom sessions on Fridays and Saturdays and the remaining part of the week they are working in our in house projects as well as customer project if need be. Post completion of the program, they have a choice to be absorbed in the company full time and because of the investment which we have made there will be an obligation for them to stay on in the organization for another additional 15 months. By the way this program has now been running in Wipro for last

10 years. It has been found to be extremely good. The feedback that we get from our customers as well as from our leaders and managers internally is very very positive, which has given us the confidence to scale up the program. While we were taking in numbers like 400, 500 every year, this year we are actually bringing it up to 2000 numbers. Just in terms of the kind of projects where all we can actually deploy them, we find that we can actually deploy them with the kind of training they go through pretty much in all kinds of projects where we would employ otherwise our engineering population. Cost wise it is a huge advantage as well.

Abhi Gami

Thank you.

Moderator

We have a question from the line of Rama Rao with RR Capital Management. Please go ahead.

Rama Rao

Good morning gentlemen, very good growth. If you have to break down this revenue growth in terms of the geographical regions like North America, Europe, and Japan, and Asia, how does it break down?

Suresh Senapaty

When we had a very good growth from Japan in the last quarter from a sequential as well as a YoY perspective, but otherwise the growth in US and Europe have been fairly decent in the similar scale.

Rama Rao

You will not be able to quantify the growth in different regions?

Suresh Senapaty

The US was about 8.9% sequentially and Europe was about 7.5%, Japan was about 22.7%.

Rama Rao

Very good, and how does the net profit margin in these different geographical region compares with themselves?

Suresh Senapaty

We strictly do not look at it that way because multiple customers that we have operate from multiple geographies, so from that perspective we address one customer, it could be in the North America as well as Europe, as well as Japan, and hence the way we look at it as a customer approach as opposed to a geography accounts.

Rama Rao

Okay, alright, then the last question, if I can ask you a bigger picture question, how do you see the global economy and in particular US economy’s unfolding in the near future and its impact on your growth on a going quarter basis?

Suresh Senapaty

Well if you look at where I see the reports that are available in the US economy, I mean I don’t claim to be an expert, there are fairly a mixed bag in terms of lot of optimism and lot of pessimism in terms of the growth slow down etc., etc. net-net if the takeaways were to be summarize one sees that there could be some amount of softness in the real estate or housing area, and therefore perhaps in the retail, but not so much in the financial services and many other technology and some support. However, so far as the Indian IT industry is concerned, we really do not get impacted whether the US economy does well or does not do well. We do get impacted favorably because if the economy does well then the IT spend goes up and when the IT spend goes up then it will be more offshoring and India is the right place from a scaling perspective because it would be able to provide that kind of skill set. When the economy does not do well, the IT budget tends to be frozen or tends to be restricted and the companies seek to have higher deployment of IT because the customers are picking more and more differentiated services, employees are picking more and more IT deployment because less number of people have to do that particular work and therefore higher IT deployment, and for that we are able to higher bang for the buck, and that is where again the Indian IT companies benefit out of it. So generally Indian IT companies have benefited on both the situation, it is only when there is a complete uncertainty where some amount of hold back does happen, but otherwise that is how so far our experience has been and we think going forward also we will not get impacted adversely.

Rama Rao

Very good, thank you.

Moderator

We have a question from the line of Ashish Thadani with Gilford Securities.

Ashish Thadani

Good evening and great quarter. One or two questions, is there any over-riding reason why outlook is somewhat subdued in comparison to lets say an Infosys, which has guided towards more than 40% growth in the next quarter, I think yours translates to about 30% year-on-year may be little less in an organic basis.

Suresh Senapaty

Ashish if you look at the sequential growth we have guided 7.5%, and whatever guidances I think so far which tends to me much much better including our own guidance in the last quarter and in the previous two quarters, plus we have to also look at that the guidance of 7.5% that we have given is little different than the last quarter because there are no new acquisitions that is being added on, all the acquisitions that

we have done have been completely reflected in Q2 and also in Q3. If there has to be any new announcement it will be add on. Also you have to factor for the billing rates being lower in Q3 compared to Q2.

Ashish Thadani

Right, but to adjust ...

Suresh Senapaty

All of that is significantly better guidance than what we did last time.

Ashish Thadani

But on a year-on-year basis, which would iron out all of these you know the acquisitions to some extent as well as the seasonality, we are looking for roughly about 30% or slightly high.

Suresh Senapaty

Well Ashish with the IT services companies they do quarter-on-quarter much more, and the YoY is gone, and also if you look at last time, we had very, very good Q3, so from that perspective the YoY in terms of actual what should be guidance is not reflective.

Ashish Thadani

Correct, because I think last year if I am not mistaken you had 13% quarter-on-quarter growth.

Suresh Senapaty

That is correct.

Ashish Thadani

Okay, so may be that explains it. Also the magnitude of wage hikes, could you throw some light on that you know what the year-on-year number might be?

Suresh Senapaty

They are similar in terms of what we gave on 1^st of September and we expect it to be in the similar lines what we will do on 1^st on November, which is about around 12% for offshore.

Ashish Thadani

And for onsite is there a number?

Suresh Senapaty

Onsite we will be able to communicate the number and next time when we see the January which is due for revision, where we will come to grip over it by the end of this quarter.

Ashish Thadani

Okay terrific, and final question, could you put the current SEZ debate into context specifically do you envision any scenario that could impact the sector and favorably?

Suresh Senapaty

I think multiple statements have come apart from what has been there in the vision acts from the guidelines by the Finance Minister, Prime Minister, Commerce Minister, all have been re-inforcing the SEZ and the progress has been generally good. I think all is required is little amount of further clarification on some of the regulatory environment, so that the kind of restrictions are there can be little more relaxed whereby there is you know the productivity that can be achieved, the cycle time that can be achieved, and the permissions can be much more smoother, but otherwise we think the government is fairly continuing to current SEZ.

Ashish Thadani

Thanks.

Suresh Senapaty

There is also a request from the IT industry and multiple other industries that the current regime of software Technology Parks will get extended and which is also seeming to be getting more and more favorable support and in fact if that were to happen that will also be good and in fact the governments should do it.

Ashish Thadani

When might that happen, the latter you mentioned, the STPI extension, one way or the other?

Suresh Senapaty

The indication we can get is perhaps in the budget speech of the Finance Minister in case it in case they consider it favorably.

Ashish Thadani

Terrific, good luck, thank you.

Suresh Senapaty

Thank you.

Moderator

We have a question from the line of Anthony Miller. Please go ahead.

Anthony Miller

Hello again gentlemen, my question is around BPO, there were three things just a bit of clarification please. Firstly, how come the number of customers going up but the number of processes goes down? Secondly, your head count went down, but the occupied seats went up.

Suresh Senapaty

Can you speak a little louder please?

Anthony Miller

So the first question was how come the number of customers went up yet the number of processes went down? Second, how come your head count, BPO head count, went down but the occupied seats went up and your available seats went down? And finally, just on the margin obviously jumped back considerably 24%, can I just reconfirm based on the earlier calls that you are expecting BPO margins generally between 18 and 22%, therefore do you expect the margin now to come down to that level?

TK Kurien

Okay, let me answer that. All the questions will be answered in the order you have asked it. Now first is why have the number of processes come down while the customers come down, and the reason is very simple, it is actually only one process come down. The reason is very simple, increasingly, what we are trying to do is we look for standardization between processes, and that is the only way you can get scale, and that is what we are doing in our business, so that is the first answer.

Anthony Miller

Basically it is shared service.

TK Kurien

Exactly.

Anthony Miller

Okay.

TK Kurien

Okay and that is the only way this business can ever be scaled, because if you cannot you really have to pick it and play them hard. On the second question in terms of why has head count come down? I think I kind of answered that in the previous, I gave an answer to my previous question that was asked, which was what we are doing is mix is changing and because of that head count is going to come down, it has come down last

quarter. We expect to see a bump up, some increase in head count in the next couple of quarters going forward.

Anthony Miller

Yes, my question was actually how come the occupied seats went up even though the head count went down?

TK Kurien

Okay, the occupied seats went up primarily because what we do is that we allocate seats by process, so once if seat is allocated by process automatically what will happen is that depending upon, so assuming that we have process of 300 people that has come in, we will allocate 300 seats to the process. The utilization is seat, we may have only 100 people actually occupying the seat.

Suresh Senapaty

But you could see the utilization dropped marginally.

TK Kurien

Yeah that is what utilization has actually dropped marginally.

Anthony Miller

Okay, alright.

TK Kurien

Okay, so any other questions.

Anthony Miller

Oh, yes the third question was just on the margin, is it the case that the margins well may drop back to the 18 to 22% range?

TK Kurien

What we have always guided till now has been that our margins would remain in a band between 20 and 22%, and we would like to stick on that value.

Suresh Senapaty

So it is not necessarily means that we are going to drop down to 18% because we had already achieved 22%, but we still say that stay in that range and that is a hope that we will be around those numbers. Like we said that Q2 and Q3 we expect our overall margins to be in the narrow range and consequently BPO would also follow within that bracket.

Anthony Miller

Okay, thank you very much.

Suresh Senapaty

Thank you.

Moderator

Thank you. We have a follow up question from Moshe Katri. Please go ahead.

Moshe Katri

Yeah, thanks, just to clarify, you did have a impact from the dilution from some of the acquisitions that you have made recently. When do you think that impact kind of goes away? How long will that take do you think?

Suresh Senapaty

Actually if you had seen just on the Indian GAAP we had a total loss in Q1 for all the acquisitions which we did add up the EBIT that got generated, out of about 6 we have 2 are making losses and 4 are profitable and 2 not-profitable. We expect in the current quarter one of those losses entity to be breaking even and perhaps the next quarter will be the other one also will get break even. So eventually we are expecting the profit margins to go up quarter after quarter and over a period of 6 quarters or so, we expect them to normalize in terms of what we had expected them to be delivering including the synergies.

Moshe Katri

In terms of your M&A pipeline, I think someone asked the question here, should we still expect a potential dilutive impact of you know future acquisitions? Is it something that you guys focus on? I mean are you willing to take dilution from future acquisitions as well? Should we expect that to happen?

Suresh Senapaty

If you look at the acquisitions and dilutions in Q2 was about 1.3% on the Indian GAAP and this is more about 1.6% on the US GAAP. Since this is already an investment taken in our overall 22.5% operating margin, eventually in following quarters we will see improvement in this, which means this dilution will come down and that will give us appetite to be able to make something more. So overall we think that the operating margins of around 25% is something that we should be able to maintain for acquisition.

Moshe Katri

Thanks.

Moderator

We have a question from the line of Sandra.

Sandra

Thank you for taking my question. I was wondering if you have a sense of what percentage of your business that comes from multiyear contracts of renewed 2006 and what that number is going to look like in 2007.

Suresh Senapaty

If you look at the profile of our contracts, typically they are customers over the last 5 years, 6 years, 10 years, 15 years, while the contracts may not be structured as multiyear contracts they are master sales agreement that we have and on an ongoing basis, the execution and requirement of the customers keeps coming and it gets executed. So they are not structured as multimillion multiyear contracts, but they are in this form, and yet over the past about 1 or 2 years we have started getting multimillion dollars larger contracts as we have also seen in the last Q2, but as a percentage of total revenue it is still the small components. In the next 2 years or 3 years would it change significantly? I would say there would be some uptick that we expect, but it will not make a significant change in the overall mix of the revenues in terms of the way it is structured as to how much is on an ongoing basis over the 3 years or 5 years contract.

Sandra

Okay and then my follow up question is, and it is separate topic, do you have by any chance what the acceptance rate is for freshers in terms of offers that have beneficially made to them and then how many of those actually show up for work?

Pratik

Our offer to acceptance, our offer to joining ratio is running currently at 80%.

Sandra

80%, and then how many of that 80% actually comes in?

Pratik

The data which I provided to you was offer to joining.

Sandra

I understand that, but I am wondering if after a fresher has accepted a position is there a percentage of the people that have accepted that actually do not show up for work?

Suresh Senapaty

I know but we have not given an intermediate data point. We are saying that out of 100 people that we offer 80 join and do work.

Sandra

Okay, alright, great, thank you.

Pratik

and it has not changed over the last few years.

Moderator

We have a question from Daniel Zoo, Please go ahead. Your line is open Mr. Zoo.

Daniel

Okay, can you hear me now?

Azim Premji

Yes, we can hear you.

Daniel

Okay, earlier you guys were talking about your BPO services, you know the margins could be increasing steadily actually very fast, and speaking after the IT services I was looking at the gross margins from 5 quarters ago and I see the gross margins has been slowly creeping down. Do you expect the current trend to continue and what are your expectations over next quarter for the gross margin for your IT services?

Suresh Senapaty

Like I said that we have said that so far as the operating margin for the coming quarter, that is Q3 is concerned, it will be in the narrow range of what we achieved in Q2.

Daniel

Okay, so next quarter you would be expanding to around higher 30%, is that correct?

Suresh Senapaty

What was the percentage you said? In the US GAAP we have posted an EBIT of 24.5% and yes corresponding gross margin, yes there will be within a range, a narrow range.

Daniel

Okay, thank you.

Suresh Senapaty

Thank you.

Moderator

We have no other questions at this time, please continue.

Rajesh Ramaiah

Thank you ladies and gentlemen for participating in the call. Should you have missed anything during the call, the audio archive of this call will be available after 2 hours from now and we would also be putting up a transcript of this call very soon. Of course should you need any clarification the investor relations team would be delighted to talk to you. We look forward to talking to you again next quarter and have a nice day.

I would also like to make a comment that due to a family bereavement Sridhar is in India and will be back in the US next week, so you could contact him probably early next week.

Moderator

Thank you. Ladies and gentlemen, this conference will be available for replay after 12:45 p.m. today through November 1^st 2006 at midnight. You may access the conference replay system at any time by dialing 1-800-4756701 and entering the access code 844485. International participants dial 320-3653844. Those numbers again are 1-800-4756701 and 320-3653844, again with the access code 844485. That does conclude our conference for today. Thank you for your participation and for using AT&T executive teleconference.

EX-99.7

Exhibit 99.7

October 18, 2006 CNBC Media Interview on the Financial Performance of Wipro Limited for the Quarter ended September 30, 2006.

Interviewee:
Suresh Senapaty, Executive Vice President, Finance & CFO
Sudip Banerjee, President — Enterprise Solutions SBU
Girish Paranjpe, President –Financial Solutions SBU
Suresh Vaswani, President — Wipro Infotech and Global Practices
T K Kurien, President Wipro BPO SBU
Dr. A.L.Rao, President – Product Engineering Services SBU

CNBC: We have with us Wipro top management with us now from Bangalore. Suresh Senapaty, Chief Financial Officer at Wipro; Sudip Banerjee, President — Enterprise Solutions; Girish Paranjpe, President — Financial Solutions; Dr. A L Rao, Chief Operating Officer, and Suresh Vaswani, President — IT Practices and Mr. T K Kurien President – Wipro BPO. All gentlemen joined in. Now thanks very much all of you for joining in.

Suresh Senapaty, Good morning. You have pulled a rabbit out of your hat. Tell us where the surprise came in from and if you could break up the volume growth between the various businesses.

Suresh Senapaty: I think it is a very satisfying quarter that we had. The volume growth has been very good in terms of 7.9% and we had also a little uptake in terms of the blended prices. We had an overall revenue growth at Wipro Limited level of 41% and 46% on the net income basis.

If you look at the global IT services business it has grown pretty well. The sequential growth has been 9% in dollar terms and 11% in rupee terms, and despite sort of some of the extra cost that we had to go through in Q2 with respect to restricted stock units as well as the compensation increase, we were able to close it with a very narrow change.

The growth was a good growth and that came as usual from our Banking & Financial Services vertical, our Technology Media, Transportation and Services vertical, and similarly if you look at all our Horizontals, whether it is testing, technology infrastructure services, package implementation and BPO they have all grown. BPO improved in terms of the margin by 260 basis points and also the growth has been about 9% sequential. So overall, very satisfying and very good headcount we got last quarter.

CNBC: Could you talk a little bit more about the margin performance because we were expecting a bit of a slippage, but you seemed to have neutralized that? Could you break it up how the margins managed to be stable in this quarter?

Suresh Senapaty: I think more of it has come from operational improvement because we had the downside of the compensation increase we gave on 1^st of September as well as the restrictive stock units that we granted in the month of July 06, and the combined impact of that was about 1.5%. Similarly we had a reduction in the utilization, and that had an adverse impact, but net-net the positive impact has been in terms of the bulge mix, uptake in the realization and the expansion in margin in BPO. Even some of the benefits we got in acquisition overall. Net-net we have been able to keep it at 24.4.

CNBC: Will you be able to hold it there, because you have another round of salary hikes that happen in Q3.

Suresh Senapaty: Yes. I think the momentum vis-à-vis performance excellence has been taking higher level of intensity. We will have an impact of about 2 percentage point in Q3 for the balance impact of the compensation, which means the 1^st of November compensation increase that we will give for some of the other team members, key offshore, plus the impact of the compensation in terms of one month in Q2 versus all the three months in Q3 it will have about 2%. But we think that there are enough levers as the

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momentum has already started and we should be able to manage the margins within a narrow range that we talked about in Q2 and similar would be the expectation for Q3.

CNBC: Girish morning. Can you talk about the financial services performance, break it up for us in terms of the client addition and so on, and the deal sizes that you are being able to win?

Girish Paranjpe: I must say that we continue to grow robustly in the financial services side. I think that this is the 8^th quarter that we have done 50% year-on-year growth and if I look at the CAGR that is also about 10% for a long time now. It is primarily driven by several things. One is that we continue to see a very strong environment for our clients intending to spend more money on IT and all the surround services. We have built long-term strategic relationships with them. So with many of our clients we participate in their key projects, architecture work and in executions. So as a result, when the demand environment is strong, we have a strong relationship and our execution track record is excellent, it helps us to continue to grow the business. We have strong presence in the top 10 accounts of Wipro as well.

CNBC: Sudip Banerjee, could you put in perspective how the inorganic features have kicked in and whether the process of integration is going smoothly both from a top line and from a margin impact point of view? Could you just outline what happened this quarter?

Sudip Banerjee: Yes, as far as the Enabler acquisition is concerned this is in the retail space, we met both the top line as well as the margins that we had targeted for. The same has happened with the Empower acquisition, and there are other acquisitions which have come in during the course of the quarter, but overall, our acquisition performance has been satisfactory and the margins have also been satisfactory from the acquisition. So that has helped in making a robust performance. Both the inorganic deals added to the organic deals has lead to our overall performance being where it is; it is 9.3% sequential growth in dollar terms and 11% sequential growth in rupee terms.

Suresh Senapaty: Just to supplement I think acquisition on a net total basis we had posted an operating loss in Q1, but Q2 we turned around where we had a profit and we expect going forward that profit as a percentage to revenue will keep going up.

CNBC: Suresh I heard you speak about pricing improvement, could you break that up between new orders as well as old existing orders and what exactly you are seeing on the ground and likely to see in the second half as well?

Suresh Senapaty: I would say on a summary basis that the pricing environment is stable. We had got some of the contracts for renewal where we have generally got a favorable response from the customer on pricing. The new customers are coming in at a better pricing, but always when you talk about the realization it is a function of mix, what kind of practices you are offering and onsite/off shoring etc. So while it could change on a narrow basis, but on a rate card basis we are generally seeing a positive bias in the pricing.

CNBC: When you look at the sort of pipeline we have and the pricing traction that you just mentioned Suresh would you say the second half of this financial year would probably be a lot stronger for Wipro than the first half was?

Suresh Senapaty: Well actually you have seen the demonstration of that in our guidance itself and we are talking about a guidance to growth of 7.5% without any new acquisition that is likely to come in the current quarter as compared to the last guidance that we had given where there were two acquisitions that came in during the course of the last quarter including one acquisition part impacted in Q1 and fully impacted in Q2, that itself speak for good outlook. We have embedded in our guidance in Q3, and Q4 is generally also a decent quarter, but as you know we keep giving you guidance on a quarter to quarter, but yes in a medium term basis it looks very robust and outlook is very good and encouraging.

CNBC: Morning Mr. A L Rao, and thanks for joining in. Could we talk a little bit about whether your offshore-onsite mix has seen it all between quarters in Q2?

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Dr. A L Rao: This quarter there has been a change, slight reduction in the offshore mix, but it is not significant and we definitely would expect an improvement in the offshore mix in this quarter.

Suresh Senapaty: In some new projects that has been, like we said that the customer wins we have seen the numbers are very good, enterprise financial services as well as TMTS business, and that has resulted into some amount of onsite projects that has been taken, some are on the transition and we think that the good indication of what is to come.

CNBC: Okay we will take a short break. When we come back there will be more from the Wipro management. We are half an hour away from the opening. There is a big surprise on margin from the BPO front. More on that when we come back after the break.

Welcome back, in case you joined in late Wipro has turned in a positive surprise this quarter and we have been talking to the top management. Still half an hour to go before the markets open and we will be discussing markets in just a bit. Suresh Senapaty is with us. Now TK Kurien from Wipro BPO and Suresh Vaswani, Head IT Practices has joined in. Welcome and thanks.

Mr. Kurien morning to you. Where did the surprise come from because the margin surprise to a very large extent is from Wipro BPO. Could you just outline what happened in this quarter?

TK Kurien: Morning Udayan. Couple of reasons. If you go back to the past 5 quarters we have been kind of increasing our margins sequentially in every quarter, and really what we did was about a year ago we put in a couple of nuggets in the top line to change the mix of business and then on the operating front what we did was focus clearly on efficiencies in terms of reducing the amount of non-billable folks that we had and increasing our utilization, and that has really paid off.

CNBC: Sorry Kurien, we did not get the last bit, could you just elaborate the last bit when you are talking about the margins?

TK Kurien: What we did was in the top line we changed the mix of the business which we continued to do on an ongoing basis. On the operating cost line what we did was increased our utilization rates. So if you look at our utilization rates, it has been steadily going up. So it has been a pretty simple equation. As long as you get higher realization in the top line and you are able to reduce costs, you have increased operating margins. So I think......

CNBC: Good morning, so what sort of client additions did we have this quarter and where is your voice and non-voice at this point?

TK Kurien: Typically what we have done is that we have added a total of four customers this quarter, and if you look at the mix three of them have really been Wipro Technologies customers. So increasingly what we are doing is to benefit through the integration that we started about a year ago and that is sort of paying off. What we are doing integrating our services more and more. So that is one big part and if you look at our top line it has kind of gone up due to that, because though the headcount has come down the top line has actually gone up.

As far as voice and non-voice is concerned, typically, again going back to a couple of quarters ago when we laid out strategy, what we said is we want to increase our end-to-end business. That’s now lying at 21% of our top line and that clearly gives a better realization.

On the voice side we have completely exited some of the non-value added voice areas that we were working on. For example, some elements of voice based business we don’t do anymore. So our mix of business has changed to higher value added voice service on one end, and the other end what we have done is our integrated deals that is actually paying off.

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CNBC: Suresh Vaswani, morning. What has been your experience this quarter in terms of what happened with IT Practices?

Suresh Vaswani: Our global IT Practices have done exceedingly well. Global IT Practices includes Infrastructure practice, testing practice and enterprise package implementation practice. All of them have grown double-digit sequentially. In infrastructure service and testing services we continue to be leaders in the market and here we have grown 70% year-on-year. We have had quite interesting wins across all the practices. Just to give an example, in our infrastructure services practice we won a contract for network management and network optimization from a large telecom service provider. In our package implementation practice we won a SAP implementation and global roll out contract from a large oil & gas major, as well as in the testing services practice we won an end-to-end managed testing services contract for testing of production applications of another oil & gas major.

Moving onto the total outsourcing business, which we launched last quarter, we have had two wins in the global market this quarter; one from a US consumer products company, and the other one from a utilities company based in UK. We have also had two total outsourcing contract wins in India on the back of several wins that we have had over the last couple of quarter.

I would like to also talk about our domestic business. Wipro Infotech, has grown 36% year-on-year, 48% in terms of services, which is roughly twice the rate of market growth here. We had good increase in profitability at 57%. We have had strong marquee wins, which includes another SAP implementation for the Aditya Birla group and a very interesting consulting contract for the Indian Railways for traffic optimization for both passenger and freight.

So all in all it has been a good quarter across global IT practices, across total outsourcing, and Wipro Infotech.

Suresh Senapaty: Just to supplement in Wipro Infotech we had two large wins, which would cumulate to about $100 million over a 5-10 year period. So which is good in the sense that the total outsourcing practice that we launched a few years back is gaining traction and these two wins are very good wins. As you know we have also launched Total Outsourcing on a global basis and there also the kind of pipeline that we are talking about and the wins that we saw last quarter as well as the earlier quarter has been very good and that has been one of the factors how we got a good growth in Q2 and look forward to similar good growth in Q3 onwards.

CNBC: Good luck for the second half. Gentlemen thanks very much as always for joining in.

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EX-99.8

Exhibit 99.8

October 18, 2006 NDTV Media Interview on the Financial Performance of Wipro Limited for the quarter ended September 30, 2006

Interviewee: Suresh Senapaty Executive Vice President, Finance & CFO
Sudip Banerjee, President — Enterprise Solutions SBU

NDTV: Welcome Mr. Suresh Senapaty and Mr. Sudip Banerjee. Mr. Senapaty, can you give us the highlights on the guidance given for Q3 sir?

Suresh Senapaty: Well, there are two things in this; one is that the billing rates will be impacted by the number of working days in quarter three, so that obviously being factored into our guidance because this is the weakest quarter in terms of number of working days and also a lot people take leave during this quarter, so that has already been factored in. Also factored in is what we know of the existing contracts, which means those contracts that have been renewed, where we have got a little bit of price increase and also the large contracts where we are already starting the ramp up this quarter. So overall based on all that we know for the quarter, we have given, including everything, we have given the guidance of 7.5%.

NDTV: Do you see salary hike affecting your margins in Q3?

Suresh Senapaty: Last quarter as you know, we have given a compensation hike on 1st of September but that was only one month felt in the last quarter, plus we had given the restricted stock unit and in total combination the impact in the last quarter was about 1.5% and still we were able to deliver an operating margin almost flat at quarter one level. And Q3, we will have the full impact of that increase of 1^st September being felt Q3 plus there are some category of employees in offshore who will be given a compensation increase in November 1^st. So that impact in total we expect an impact of about 2-percentage points, but we think there are enough levers in terms of what we could do in quarter three, in terms of the bulge mix, in terms of utilizations, in terms of some of the other operating efficiencies that we should be able to bring down the impact of that 2% significantly lower, so that the overall operating margin for quarter three will continue to be within a narrow range of quarter two.

NDTV: Your Acquisition strategy has paid off. You seem to have registered profits from them in Q2

Suresh Senapaty: Absolutely, I think you are on the dot, in Q1 all the acquisitions in total had posted a loss. In Q2 we make it a positive; though of the six acquired companies, four delivered profit, two delivered losses, but the losses are coming down quarter after quarter and consequently on a combined basis we had a profit. In the current quarter, we expect out of those two losses, one to break even, and in Q4 we expect even the sixth one also to break even; that means overall we think quarter after quarter we will see an uptake in the margin or the acquisitions and which will definitely benefit us in terms overall mitigating some of this cost pressures that we are going to see in Q3.

NDTV: How do you see the trend in the future?

Suresh Senapaty: Well first of all the demand environment. The demand environment as we see it continues to be very robust, and clients are saying that they are going to continue to do their outsourcing, they will continue to work with companies based out of India, they will continue to work with companies like us, so that is the first positive news.

The second is the rate; as far as the rate is concerned, we have gone back to clients where the contract renewals were due during the quarter and of the ones that we were able to close the negotiations, we have got a rate increase roughly in the region of 3% to 5%, which will get impacted. There are several other contract renewals which are coming up in Q3, and we will see how it is goes, but overall, I suspect that there will be a number of clients who will be willing to give us rate increases. Because our execution has continued to be very strong in the last six months, our approaches to various solutions has continued to impress our clients and we are getting positive signals from most of the market place.

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On the people front, you saw the kind of robust employee add we had in Q1 as well as Q2. Quarter two was even higher than quarter one. I think, going forward, we should be looking at a momentum of that nature while the general outlook on the pricing is good. We think, significant part of the growth will continue to come through volume and therefore, it will be more and more addition of people, and also while we are looking at normalization from a profit pressure perspective wanting to move more and more work offshore, and particularly when you are looking at more and more customers trying to deal with the competitive scenario that they are operating on taking out cost, the offshore will continue to grow and therefore there will pressure for more and more head count increase in the offshore and you have seen that in the last two quarters and I think going forward you will continue to see that. So, we don’t give any specific numbers, but it is going to be a good number.

NDTV: So you are optimistic about the future?

Suresh Senapaty: I don’t know how you perceived it to be optimism; I would say it was more of realism and it continues to be so. Yes, the outlook looks good. I think, customers are more and more wanting to take soft services from India and Wipro is becoming more and more a preferred partner.

Sudip Banerjee: We are giving in more and more solutions, more and more end-to-end services, and I think the kind of acquisitions we are doing customers are convinced that we are longer players with trying to satisfy their needs not only today but even next three years and five years and therefore they are engaged with us on a strategic basis to be having longer term relationships as has been demonstrated by multiple customers that we have had so far, and from that perspective outlook is really, really good.

Thank you very much.

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EX-99.9

Exhibit 99.9

October 18, 2006 Times Now Media Interview on the Financial Performance of Wipro Limited for the quarter ended September 30, 2006

Interviewee: Suresh Senapaty Executive Vice President, Finance & CFO
Girish Paranjpe President , Financial Solutions SBU

Times Now

Today are the Wipro results and we have Suresh Senapaty, CFO and Girish Paranjpe, President, BFSI to talk to us about quarter results.

Suresh Senapaty:

This is a part from an operating margin prospective, which we see the impact is about 0.2% plus.

Times Now

Sir how much is this wage increase that you have given for this quarter.

Suresh Senapaty

The wage increase one we had given last 1^st of September and another one we will be giving from 1^st of November. So you know which is in the similar range of as last year of what we have given, that is what it is.

Times Now: Which is what?

Suresh Senapaty: About 12% is what last time we gave.

Times Now: What is it this time? 12% to 15% wage increase?

Suresh Senapaty: Well it is a staggered basis we have given. You know, for example, for quarter 2, we had an impact of about 1.5% on account of restricted stock units that you get and the compensation increase which we give for only one month. So therefore we have already factored that into what we delivered last quarter from a 24.6% to 24.4% you know just about a 20 basis points decline in the margin despite the fact that we gave this compensation increase as well as the restricted stock unit. The balance increases which will be given in the current quarter, will have an impact of about 2%.

Times Now: So you are saying it is 2% and remain so?

Suresh Senapaty: So there will be some positive levers, there will be some negative levers, and I think on an outlook prospective we will be in a very narrow range and that is what our expectation will be so far as quarter three is concerned.

Times Now: Sir, this 1.5% in fact and the 2% is the whole sequential we are talking about?

Suresh Senapaty: 1.5% impact is the only main factor in the quarter two results.

Times Now: Can you give us the highlights of the results this quarter?

Suresh Senapaty: We have had a good performance last quarter and we are satisfied with the performance. The revenue growth has been 44% and the profit growth also and operating margins growth also has been 44%. In terms of sequential growth our global IT services business has grown double digit sequentially. BPO business has done extremely well. Our financial solutions group has grown 50% year on year. Retail and TMTS vertical both of them have grown in the mid 40s. The IT service lines which are represented by package implementation business of ours, by testing services business of ours, and

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infrastructure services, all have grown double digit sequentially. In infrastructure services and testing services, we are the leaders and in both these areas we have grown 70% year on year. We have also won last quarter two total outsourcing contracts in the global market; one from a US customer and the other from a utilities customer in UK. In addition to that we have had two total outsourcing contracts wins in India totaling to $100 million. So that is a perspective of our global business. Moving to our domestic business, here again we have done very well. We have grown year on year 36%, our profits have grown 57%, and we have had you know a nice range of wins in the domestic market including wins from the Aditya Birla Group for SAP implementation and a very interesting consulting contract from Indian Railways for traffic management for both passenger and freight. So all in all it has been a very good quarter, a solid quarter. Our guidance is very positive for the next quarter for our global IT services business at 7.5%.

Times Now: Your operating margin remains flat.

Suresh Senapaty: Operating margin is flat as we have had a salary increase last quarter, we have had to expand some of our RSUs, and we have been able to offset these, I would say, negative drivers on the operating margin with better operational efficiencies. So our bulge mix in terms of our manpower mix has improved. Our visa costs are lower, we have had some amount of improved rate realization, and our BPO business has done well from an operating margin perspective. So, we have been able to offset salary increases largely with better operational efficiencies across the board. In terms of absolutely new clients, there is a positive move in terms of rate realization of any where between 3$ to 5%. Existing clients when we are going in for new contracts, there again we are seeing some positive growth.

Times Now: Which are the geography that has shown good growth?

Suresh Senapaty: We are trying to drive all markets. So we are growing in US, we are growing in Europe, we have done extremely well in Japan as well, and of course we are driving our domestic business and Middle East business and Asia Pacific business. So, we would tend to look at what is the growth within the geography rather than on a comparative basis across geographies.

They have been across the board actually. We have had several new additions and these have been across US, Europe, and Japan. And I did discuss about some of the large outsourcing contracts also that we won globally, and there have been substantial new wins in our domestic market as well.

New acquisitions have done well. We have been able to integrate the new acquisitions well into our system, their growth has been quite substantial from a sequential growth prospective, and you know our acquisition strategy is pretty much to add more value to our customers to deliver more value to our customers and to really give the cutting edge to some of the verticals and the horizontals where the acquisitions have happened.

Thank you very much.

2

EX-99.10

Exhibit 99.10

October 18, 2006 CNN-IBN Media Interview on the Financial Performance of Wipro Limited for the
the quarter ended September 30, 2006

Interviewee: Suresh Senapaty Executive Vice President, Finance & CFO

CNN-IBN

Yeah that is the big question. Deepak in fact stay with us, we have also got the Wipro management right now. We will ask the members. Wipro has come out with a stellar set of numbers. It has been a growth across the board. We are going to speak to the management now. Suresh Senapaty joined us, and Mr. Senapaty if you can hear me, very good morning to you. First of all congratulations on a very good performance this quarter. What does really stands out is it the improvement in pricing that you are seeing, or bigger orders coming in from your larger clients? Please tell us a few more highlights as far as your performance in Q2 is concerned?

Suresh Senapaty

I think the three main highlights would be the kind of a sequential growth that we are talking about in 11% in rupee terms for the global IT services business and also in terms of the retention of the margin despite the compensation increase and the restricted stock units that we granted, and the kind of increase we have seen in the expansion of margin we have seen in the business process outsourcing business of ours. And the fourth one is our Wipro Infotech, which is the domestic IT services business where we have got stellar growth of 36% YOY and also a margin expansion of 110%. A combination of these factors has allowed us to deliver a 41% YOY growth in revenues and 46% net income growth.

CNN-IBN

Right indeed and we have been going through those figures. Now sir coming to your guidance, you have given a guidance for the next quarter of $633 million that is what enthused most analysts and you have said that this comes in without acquisitions. A lot of your Q2 growth has come on the back, especially the operating profit growth has come on the back of the acquisition. Are you leaving a window open for even higher growth margin in Q3 going by what you are saying?

Suresh Senapaty

What we are saying is that the guidance that we have given is about 7.5% sequential growth and that compares with the guidance that we had given last time for Q2 as 7% which had two acquisitions whose revenues was not factored and which were not there in Q1 but were there in Q3. Whereas this quarter which we are giving a guidance of 7.5% is on an apple-to-apple comparison between Q2 and Q3 because there is no acquisitions that we have announced and yet to be consummated in the global IT services business. If we were to announce anything that will be an add on. So that is where we said that therefore the kind of a guidance is much superior to the guidance that we have given in the past two quarters.

CNN-IBN

Right, in fact that is really something that does stand out and you have your stock improving as a result, but Mr. Senapaty at the same time attrition that is one point that a lot of analysts are worried about. You can just share with us the kind of expressions that you are seeing in this quarter and going forward, is that also a high point of concern, because HR issues whether it is Infosys, TCS, or yourself, all IT companies that is clearly paramount at this point.

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Suresh Senapaty

Yes I think generally overall in the industry the attrition rates have gone up particularly because (a) This is the time when some of the employees look forward to higher education and therefore this is seasonal you can say, plus of course the kind of the demand scenario that you are seeing. So we have notched up a bit, but compared to many others in the industry which is much much lower.

CNN-IBN

Mr. Senapaty what has been your attrition level like?

Suresh Senapaty

Last quarter was about 17.5% if you look at an annualized of the quarter, but if you look at on LTM basis, which is last twelve months basis, that is how many others gave, it is much lower. So it is only a marginal increase in Q2 versus Q1, but as you know we have given a compensation increase in 1^st September and we are going to give another compensation increase for offshore in 1^st of November. So given the fact that our attritions are as where it is before a compensation increase has been given it is quite decent. Would we want to bring it down? Of course, and we would expect it to be better in Q3, and going forward also definitely the attention will be continued to be focused but generally an attrition rate between 12 and 15% is within a reasonable range to be able to operate this business.

CNN-IBN

Right, and what about your hiring plans? Mr. Senapaty in fact the IT sector has turned out to be one of the biggest employers in the private sector really, for the quarter are you upping your hiring plans as well given the kind of volume of business that you are seeing coming in?

Suresh Senapaty

From about 2600 we have increased to about 4700 so far as Q2 is concerned compared to Q1. Again, in their own respective quarters they have been higher. As you know our guidance is very robust and more and more of it would be through a volume growth and there is a bias on wanting to make it more and more offshore centric as apposed to onsite centric, so therefore there will be we wanting to ramp up more and more by head count increases and therefore there will be more and more hiring. Though we do not give a specific guidance vis-à-vis what would it be in Q3 and Q4, it is fair to assume that bulk of the growth that we are planning for will be through volume and that will result in head count addition.

CNN-IBN

Right, Mr. Senapaty, thank you so much for joining us. There you heard it from the Wipro management. So while attrition is a point of concern that it must be said it is a point of concern for all IT companies. They have given a stellar set of numbers and more importantly the guidance and you are seeing the stock ramping up and the markets as well. And that is it on First Say. We leave you with the Sensex is much better shaped going into the wane and let us see if it hits 13,000? That is it on the bulletin.

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EX-99.11

Exhibit 99.11

October 18, 2006 Media Interview with Wire Agencies on the Financial Performance of Wipro Limited for the quarter ended September 30, 2006

Interviewee: Suresh Senapaty Executive Vice President, Finance & CFO

Interviewers: Journalists from Dow Jones, Reuters, Bloomberg, Crisil NewsWire

Journalist: Can you take us through how the margins moved this quarter?

Suresh Senapaty: There were several factors at play. We had negative factors like the compensation increases and the RSU charges, also onsite ratio went up, utilization went down. The offsetting factor is bulge improvement, we have some savings on the visa expenses, which has typically got lower visa expense, and trade realization that we talked about there is a positive impact of 40 basis points on the margin.

Journalist: Is that Rupee realization? The 40 basis points.

Suresh Senapaty: No, it is the trade realization. Okay the pluses there, the bulge factor, rate realization, BPO margin expansion, and Forex realization improvement of about 20 basis points.

Journalist: How much is BPO?

Suresh Senapaty: BPO margin expansion was about 260 basis points.

Journalist: On a sequential basis?

Suresh Senapaty: On a sequential basis. That had an impact of at the global IT base level of about 30 basis points. And the negatives were we had salary which was 1.5%, utilization dropped from 67% to 64%, dilution on account of the acquisition was about 0.3%. So the net decline was only 0.2% on the Indian GAAP.

Journalist: There is a sharp drop on utilization because of hiring; will you probably compensate this in the next quarter?

Suresh Senapaty: Yes

Journalist: How did the operating margin expand under US GAAP?

Suresh Senapaty: US GAAP operating margin has expanded from 24.2 to 24.9.

Journalist: Is it sequential?

Suresh Senapaty: Yes. That means while we have for Indian GAAP 24.4, US GAAP is 24.9.

Journalist: What is the offshore/onsite mix?

Suresh Senapaty: There is a change in onsite mix change which has increased by about 1.5% points.

Journalist: You said that it will be an impact of 2% on the operating margin in Q2 under Indian GAAP

Suresh Senapaty: The impact of the compensation increase that will be given in November and two month impact versus one month impact of the increase we gave in 1^st of September would be about 2% in Q3, but there are positive levers that we are talking about in terms of utilization, in terms of improvement in our performance of the acquisitions, because you know that acquisitions initially tend to be margin dilutive and thereafter they improve the margin. So combination of a net-net basis we are not expecting any change but within a narrow range.

Journalist: What about pricing? Everybody is saying that you know there is price improvement?

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Suresh Senapaty: Yeah exactly, I think the pricing like I said on a renewal basis, on the offshore side the price has been negative, primarily it is not with respect to a rate card basis, rate card basis would have generally been getting a price increases whenever it has came for the renewal and wherever we have been able to get it, and therefore I would more say that the prices is more stable with a positive bias.

Journalist: The offshore prices actually fall...

Suresh Senapaty: Yes. Realization fall, the price tag what we recover from the customer were on the realization basis, which is a function of the mix, which is the function of some specific customer related issues.

Journalist: What is the contribution from top clients?

Suresh Senapaty: There is no significant change. Top 10 has been 25.7% versus 27.1% last quarter.

Journalist: What are the main growth triggers for large contract wins in Q2?

Suresh Senapaty: All our practices, whether it is infrastructure services, testing services, enterprise package implementation and BPO have all grown. BPO has grown 9% and the rest have grown in double digits. In verticals financial services have continued to give double-digit growth, technology media transportation and services segment again has given us a good growth. So all in all it has been fairly across the verticals.

Journalist: How much is the guidance for the next quarter?

Suresh Senapaty: 7.5%.

Journalist: At almost same level as last quarter? Last quarter it was 7%.

Suresh Senapaty: Last quarter was less than that. I think was about 7% and there were two acquisitions also. That got added in the quarter. Whereas this quarter we have not factored anymore acquisitions.

Journalist: There will not be any acquisitions this quarter?

Suresh Senapaty: The guidance does not include any acquisition that we made in the current quarter. So which means if we do a new acquisition that will be add-on. Whereas last quarter we had announced already. Consummation happened on 30^th June and 1^st of July, so all that came in, plus Enabler which came in only for one month, that was for three months last quarter.

Journalist: The volume growth seems to be lower than competitors? Is it because top clients are not ramping up?

Suresh Senapaty: I am sure there is opportunity for us to do better.

Journalist: Any specific reasons?

Suresh Senapaty: There have been some specific client issues,

Journalist: What kind of issues?

Suresh Senapaty: I don’t think we can describe it more in greater detail, but yes there are some specific client issues, otherwise growth could have been better.

Journalist: They are not ramping up rapidly as you would have anticipated? Or they de-grew or they slowed down?

Suresh Senapaty: I think a combination of all these factors are there. There are some which ramped down, some new project got over and whether we could take up another project quick enough. But we still think that 7.9% of volume growth is a decent growth.

Journalist: Specific issues you hope to resolve this quarter?

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Suresh Senapaty: Absolutely. I think on an ongoing basis and it is reflected in our guidance.

Journalist: How do you see the margins in Q3?

Suresh Senapaty: We expect it to be in a narrow range change in Q3 versus Q2.

Journalist: And pricing front, has there been any kind of an increased price realization?

Suresh Senapaty: Yes, typically whenever the renewals have come we have experienced fair decent prices.

Journalist: Is it about 2-3%?

Suresh Senapaty: About 2-5%. Price increases wherever we have been able to get it.

Journalist: Are they are across the board; new clients, existing clients?

Suresh Senapaty: No this is only for renewals. New clients do come about 8-10% better pricing.

Journalist: Then why was it ?

Suresh Senapaty: New customers you talk about are the customer who you added only from 1^st of April.

Journalist: New customers are coming at 8-10% higher.

Journalist: But you have a very high percentage of repeat business .....

Suresh Senapaty: That is right.

Journalist: How many people you want to add in the next few quarters?

Suresh Senapaty: We don’t give any specific number guidance, but you should be able to derive it, because most of the revenue growth we have planned would be primarily volume driven.

Journalist: Can you give a breakdown of the impacts, various impacts on US GAAP, you had given for Indian GAAP. US GAAP what was the impact due to salary and all of that?

Suresh Senapaty: It is similar. All the same things should hold good for US GAAP also.

Journalist: what was the impact in terms of basis points?

Suresh Senapaty: 24.2 has gone up to 24.9; the same 1.5.

Journalist: Year-on-year was what?

Suresh Senapaty: I don’t have the year-on-year numbers now.

Journalist: But two things, one is the % contribution of new clients which is very low, and the other thing is the...

Suresh Senapaty: It is generally low.

Journalist: So 98% is from your repeat business?

Suresh Senapaty: Yes

Journalist: How much is the forward cover?

Suresh Senapaty: Apart from whatever we have assigned to the closing balance sheet items, it is about $377 million

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EX-99.12

Exhibit 99.12

Wipro Limited — Results for the quarter & six months ended September 30, 2006

Wipro Limited — Consolidated Audited Segment-wise
Business performance for the quarter and six months ended
September 30, 2006 (In Rs. Million)

	Quarter ended									Six months ended
	September 30,									September 30,									Year ended
Particulars	2006			2005			Growth %			2006			2005			Growth %			March 31, 2006
Revenues
IT Services		23,538			17,131			37	%		45,380			32,626			39	%		72,531
Acquisitions		1,368			—						1,933									502
BPO Services		2,299			1,817			27	%		4,397			3,640			21	%		7,627
Global IT Services and Products		27,205			18,948			44	%		51,710			36,266			43	%		80,660
India and AsiaPac IT Services and Products		5,426			3,980			36	%		9,990			7,362			36	%		17,048
Consumer Care and Lighting		2,025			1,437			41	%		3,793			2,801			35	%		6,008
Others		1,098			841			31	%		1,902			1,548			23	%		3,323
Eliminations		(292	)		(138	)					(508	)		(290	)					(781	)
TOTAL		35,462			25,068			41	%		66,887			47,687			40	%		106,258
Profit Before Interest and Tax (PBIT)
IT Services		6,099			4,396			39	%		11,789			8,398			40	%		18,751
Acquisitions		14			—						(82	)								45
BPO Services		526			228			131	%		952			384			148	%		1,058
Global IT Services and Products		6,639			4,624			44	%		12,659			8,782			44	%		19,854
India and AsiaPac IT Services and Products		468			299			57	%		821			517			59	%		1,459
Consumer Care and Lighting		246			195			26	%		477			382			25	%		805
Others		95			123			-23	%		164			199			-18	%		388
TOTAL		7,448			5,241			42	%		14,121			9,880			43	%		22,506
Interest & Dividend — Net		512			287			78	%		1,019			501			103	%		1,272
PROFIT BEFORE TAX		7,960			5,528			44	%		15,140			10,381			46	%		23,778
Income Tax expense including Fringe Benefit Tax		(1,050	)		(831	)		26	%		(2,091	)		(1,459	)		43	%		(3,391	)
Profit before Share in earnings / (losses) of Affiliates and minority interest		6,910			4,697			47	%		13,049			8,922			46	%		20,387
Share in earnings of affiliates		92			83						157			139						288
Minority interest		—			—			—			—			(1	)					(1	)
PROFIT AFTER TAX		7,002			4,780			46	%		13,206			9,060			46	%		20,674
EARNINGS PER SHARE — EPS
(PY: Adjusted EPS for bonus issue in ratio of 1:1)
Equity shares of par value Rs. 2/- each
Basic (in Rs.)		4.91			3.41						9.29			6.47						14.70
Diluted (in Rs.)		4.84			3.36						9.15			6.38						14.48
Operating Margin
IT Services		26	%		26	%					26	%		26	%					26	%
Acquisitions		1	%		—						-4	%		—						9	%
BPO Services		23	%		13	%					22	%		11	%					14	%
Global IT Services and Products		24	%		24	%					24	%		24	%					25	%
India and AsiaPac IT Services and Products		9	%		8	%					8	%		7	%					9	%
Consumer Care and Lighting		12	%		14	%					13	%		14	%					13	%
TOTAL		21	%		21	%					21	%		21	%					21	%
Capital Employed
IT Services		27,552			26,147						27,552			26,147						27,952
Acquisitions		8,689			—						8,689			—						2,692
BPO Services		1,991			5,313						1,991			5,313						6,357
Global IT Services and Products		38,232			31,460						38,232			31,460						37,001
India and AsiaPac IT Services and Products		2,372			1,883						2,372			1,883						2,401
Consumer Care and Lighting		2,488			1,021						2,488			1,021						1,210
Others		40,663			31,148						40,663			31,148						26,272
TOTAL		83,755			65,512						83,755			65,512						66,884
Capital Employed Composition
IT Services		33	%		40	%					33	%		40	%					42	%
Acquisitions		10	%		—						10	%		—						4	%
BPO Services		2	%		8	%					2	%		8	%					10	%
Global IT Services and Products		45	%		48	%					45	%		48	%					55	%
India & AsiaPac IT Services and Products		3	%		3	%					3	%		3	%					4	%
Consumer Care and Lighting		3	%		2	%					3	%		2	%					2	%
Others		49	%		47	%					49	%		47	%					39	%
TOTAL		100	%		100	%					100	%		100	%					100	%
Return on average capital employed:
IT Services		92	%		65	%					85	%		64	%					76	%
Acquisitions		1	%		—						-3	%		—						3	%
BPO Services		47	%		33	%					46	%		17	%					14	%
Global IT Services and Products		68	%		62	%					67	%		57	%					59	%
India & AsiaPac IT Services and Products		67	%		63	%					69	%		64	%					77	%
Consumer Care and Lighting		42	%		90	%					52	%		79	%					76	%
TOTAL		37	%		34	%					37	%		33	%					37	%

Notes to Segment Report

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

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

3. PBIT for the quarter and six months ended September 30, 2006 is after considering restricted stock unit amortisation of Rs. 448 Million (2005: Rs. 150 Million) and Rs. 596 Million (2005: Rs. 323 Million) respectively. PBIT of Global IT Services and Products for the quarter and six months ended September 30, 2006 is after considering restricted stock unit amortisation of Rs. 392 Million (2005: Rs. 133 Million) and Rs. 522 Million (2005: Rs. 278 Million) respectively.

4. Capital employed of segments is net of current liabilities as shown in the table.

(In Rs. Million)

	As of				As of
	September 30,				March 31,
Name of the Segment	2006		2005		2006
Global IT Services and Products		17,747		11,766		13,510
India & AsiaPac IT Services and Products		5,619		4,056		5,314
Consumer Care and Lighting		1,327		1,146		1,080
Others		839		833		8,866
		25,532		17,801		28,770

     5. Capital employed of ‘Others’ includes cash and cash equivalents including liquid mutual funds of Rs. 33,826 Million (2005: Rs. 26,689 Million & 2006: Rs. 28,912 Million).

     6. The Company has four geographic segments: India, USA, Europe and Rest of the World. Significant portion of the segment assets are in India. Revenue from geographic segments based on domicile of the customers is outlined below:

(In Rs. Million)

	Quarter ended										Six months ended
	September 30,										September 30,
Geography	2006		%			2005		%			2006		%			2005		%
India		7,131		20	%		5,272		21	%		13,072		20	%		9,899		21	%
USA		18,063		51	%		12,649		51	%		34,453		52	%		24,094		51	%
Europe		8,181		23	%		5,611		22	%		15,697		23	%		10,713		22	%
Rest of the world		2,087		6	%		1,536		6	%		3,665		5	%		2,981		6	%
Total		35,462		100	%		25,068		100	%		66,887		100	%		47,687		100	%

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

8. Until June 30, 2005, the Company reported IT services and BPO services as an integrated business segment — Global IT Services and Products. Effective July 2005, the company reorganized the management structure of Global IT Services and Products Segment, the segment reporting format has been changed accordingly. Revenues, operating profits and capital employed of Global IT Services business are now segregated into IT Services and BPO services.

9. Effective December 1, 2005, Wipro Inc. acquired 100% equity of mPower Software Services Inc. and its subsidiaries for an aggregate cash consideration of Rs. 1,275 Million. This acquisition resulted in goodwill arising on consolidation of Rs. 1,089 Million.

In the terms of the scheme of amalgamation filed with and endorsed by the State of Delaware, USA, mPower Software Services Inc amalgamated with Wipro Inc with effect from April 2006, Wipro Inc has accounted for the amalgamation as an amalgamation in the nature of purchase in accordance with AS 14 –Accounting for amalgamation.

Following are the salient features of the scheme:

a) 200 equity shares of USD 0.01 each held by Wipro Inc in mPower Software Services Inc. were cancelled and extinguished, from the effective date of the scheme.

b) All the assets and liabilities of mPower Software Services Inc are recorded in the books of Wipro Inc at their fair value amounts determined by management as on the effective date of the amalgamation.

The amalgamation did not have a material impact on the consolidated financial statements.

10. In December 2005, the Company acquired 100% equity of BVPENTE Beteiligungsverwaltung GmbH and its subsidiaries (New Logic) for an aggregate consideration of Rs. 1,157 Million and earn-out of Euro 26 Million to be determined and paid in future on financial targets being achieved over a 3 year period. This acquisition resulted in goodwill arising on consolidation, amounting to Rs. 849 Million. The consideration paid was subject to certain working capital adjustments. In the period ended September 30, 2006, the Company has completed the working capital adjustments and paid an additional consideration of Rs. 69 Million, which has resulted in additional goodwill.

11. Effective April 1, 2006, the Company acquired 100% equity of cMango Inc and subsidiaries (cMango). cMango is a provider of Business Service Management (BSM) solutions. The consideration includes cash payment of Rs. 884 Million and an earn-out of USD 12 Million to be determined and paid in the future based on specific financial metrics being achieved over a two year period. The earn-out will be recorded as additional purchase price when the contingency is resolved.

Through this acquisition, the Company will expand its operations in Business Management Services sector. This acquisition also enables the Company to access over 20 customers in the Business Management Services sector.

The purchase consideration has been allocated based on book value of assets / liabilities and goodwill of Rs. 907 Million has been recorded.

12. Effective June 1, 2006, the Company acquired 100% equity of RetailBox BV and subsidiaries (Enabler). Enabler is in the business of providing comprehensive IT solutions and services. The consideration includes cash payment of Rs. 2,442 Million and an earn-out of Euro 11 Million to be determined and paid in the future based on specific financial metrics being achieved over a two year period. The earn-out will be recorded as additional purchase price when the contingency is resolved.

As a part of this acquisition, the Company aims to provide a wide range of services including Oracle retail implementation, digital supply chain, business optimisation and integration. Through this acquisition, the Company is able to expand domain expertise both in retail and technology sector and enables presence in five different geographical locations.

The purchase consideration has been allocated based on book value of assets / liabilities and goodwill of Rs. 2,053 Million has been recorded.

13. On June 29, 2006, the Company acquired 100% equity of Saraware Oy (Saraware). Saraware provides design and engineering services to telecom companies. The consideration includes cash payment of Rs. 947 Million and an earn-out of Euro 7 Million to be determined based on financial targets being achieved over a period of 18 months. In addition, the purchase price payable to the sellers includes an amount payable equivalent to the amount collected against certain specific reward / incentives estimated to be receivable as on the acquisition date. The earn-out and additional payments will be recorded as additional purchase price when the contingency is resolved. Through this acquisition the Company would be able to expand it’s presence in the engineering services sector in Finland and the Nordic region. The purchase consideration has been allocated based on book value of assets / liabilities and goodwill of Rs. 760 Million has been recorded.

14. In May 2006, the Company acquired the trademark / brand “North -West”, plant and machinery, moulds and dies and technical know-how relating to plant and machinery from North-West Switchgear Limited for an aggregate cash consideration of Rs 1,053 Million and an earn-out of Rs. 200 Million to be determined and paid in future based on specific financial metrics being achieved during a four year period. The Company has also entered into a non-compete agreement with the sellers of “North-West” brand for a cash consideration of Rs. 30 Million.

Wipro Limited – Stand alone – Parent Company
Audited Financial Results for the quarter and six months ended
September 30, 2006 (In Rs. Million)

	Quarter ended						Six months ended						Year ended
	September 30,						September 30,						March 31,
Particulars	2006			2005			2006			2005			2006
REVENUES		33,211			22,549			63,227			42,821			102,479
Cost of Sales / Services
a. Consumption of raw materials		4,201			3,481			7,711			6,242			13,265
b. Other expenditure		17,364			10,954			33,074			20,940			52,593
Gross Profit		11,646			8,114			22,442			15,639			36,621
Selling and Marketing expenses		2,035			1,534			3,992			3,049			6,514
General and Administrative expenses		1,669			1,024			3,028			1,878			5,065
Operating Profit before interest and depreciation		7,942			5,556			15,422			10,712			25,042
Interest expense		26			3			27			9			31
Depreciation		888			585			1,699			1,148			2,923
Operating Profit after interest and depreciation		7,028			4,968			13,696			9,555			22,088
Other income		542			386			1,045			469			1,317
Profit before tax		7,570			5,354			14,741			10,024			23,405
Provision for tax		918			824			1,898			1,445			3,200
PROFIT FOR THE PERIOD		6,652			4,530			12,843			8,579			20,205
Paid up equity share capital		2,869			2,830			2,869			2,830			2,852
Reserves		77,434			56,837			77,434			56,837			61,353
Earnings per share (EPS)
(PY: Adjusted EPS for bonus issue in ratio of 2:1)
Basic (in Rs.)		4.67			3.23			9.03			6.12			14.37
Diluted (in Rs.)		4.60			3.18			8.90			6.04			14.15
Aggregate of public shareholding
Number of shares		251,517,083			253,820,822			251,517,083			253,820,822			264,618,007
Percentage of holding		17.53	%		17.94	%		17.53	%		17.94	%		18.55	%
Details of expenditure
Items exceeding 10% of total expenditure
Staff Cost		14,234			9,629			27,003			18,654			42,790
* Includes Increase / (Decrease) in finished and processed stocks		(100	)		(128	)		(226	)		(14	)		(242	)

Status of Redressal of Complaints received for the period from July 1, 2006 to September 30, 2006

	Opening balance		Complaints received		Complaints disposed
Nature of Complaints	for the quarter		during the quarter		during the quarter		Unresolved
Non-receipt of Securities		—		7		7		—
Non-receipt of Annual Reports		—		22		22		—
Correction / revalidation of Dividend warrants		—		184		184		—
SEBI / Stock Exchange complaints		—		2		2		—
Non-receipt of Dividend warrants		—		142		142		—
Total		—		357		357		—

Notes:

1. The above audited financial results were approved by the Board of Directors of the Company at its meeting held on October 18, 2006.

2. Effective April 1, 2006, the Company through its subsidiaries acquired 100% equity of cMango Inc and subsidiaries (cMango). cMango is a provider of Business Service Management (BSM) solutions. The consideration includes cash payment of Rs. 884 Million and an earn-out of USD 12 Million to be determined and paid in the future based on specific financial metrics being achieved over a two year period.

3. Effective June 1, 2006, the Company through its subsidiaries acquired 100% equity of RetailBox BV and subsidiaries (Enabler). Enabler is in the business of providing comprehensive IT solutions and services. The consideration includes cash payment of Rs. 2,442 Million and an earn-out of Euro 11 Million to be determined and paid in the future based on specific financial metrics being achieved over a two year period.

4. On June 29, 2006, the Company acquired 100% equity of Saraware Oy (Saraware). Saraware provides design and engineering services to telecom companies. The consideration includes cash payment of Rs. 947 Million and an earn-out of Euro 7 Million to be determined based on financial targets being achieved over a period of 18 months. In addition, the purchase price payable to the sellers includes an amount payable equivalent to the amount collected against certain specific reward / incentives estimated to be receivable as on the acquisition date.

5. In July 2006, the Company acquired 100% equity of Quantech Global Services LLC and Quantech Global Services Ltd (Quantech). Quantech provides Computer Aided Design and Engineering services. The consideration includes upfront cash payment of Rs. 142 Million, a deferred cash payment of USD 3 Million and an earn-out to be determined and paid in the future based on financial targets being achieved over a period of 36 months.

6. In December 2005, the Company through its subsidiaries acquired 100% equity of BVPENTE Beteiligungsverwaltung GmbH and its subsidiaries (New Logic) for an aggregate consideration of Rs. 1,157 Million and earn-out of Euro 26 Million to be determined and paid in future on financial targets being achieved over a 3 year period. The consideration paid was subject to certain working capital adjustments. In the period ended September 30, 2006, the Company has completed the working capital adjustments and paid an additional consideration of Rs. 69 Million, which has resulted in additional goodwill.

7. The Company has been granting restricted stock units (RSUs) since October 2004. The RSUs generally vest equally at annual intervals over a five year period. The stock compensation cost is computed under the intrinsic value method and amortized on a straight line basis over the total vesting period of five years. As permitted by generally accepted accounting principles in the United States (US GAAP), the Company applies a similar straight line amortization method for financial reporting under US GAAP. The company has been advised by external counsel that the straight line amortization complies with SEBI guidelines.

However, an alternative interpretation could result in amortization of the cost on an accelerated basis. Under this approach, the amortization in the initial years would be higher with a lower charge in subsequent periods (though the overall charge over the full vesting period will remain the same). If the Company were to amortize the cost on an accelerated basis, profit before tax and profit after tax for the quarter ended September 30, 2006 would have been lower by Rs. 18 Million & Rs. 15 Million respectively and the profit before tax and profit after tax for the six months ended September 30, 2006 would have been lower by Rs. 45 Million & Rs. 39 Million respectively.

Similarly, the profits before tax and profit after tax for the quarter ended September 30, 2005 would have been lower by Rs. 206 Million & Rs. 191 Million respectively and the profit before tax and profit after tax for the six months ended September 30, 2005 would have been lower by Rs. 419 Million & Rs. 388 Million respectively. Profit before tax and profit after tax for the year ended March 31, 2006 would have been lower by Rs. 490 million and Rs. 449 million respectively.

This would effectively increase the profit before and after tax in later years by similar amounts.

In July 2005, the Company established Wipro Restricted Stock Unit Plan (WRSUP 2005). The Company is authorized to issue up to 12,000,000 Restricted Stock Units (RSUs) under the plan to eligible employees.

In July 2006, the Company granted 2,482,560 RSUs under WRSUP 2004 and 918,130 options under WARSUP 2004. The Company also granted 3,556,466 options under WRSUP 2005.

For the quarter ended September 30, 2006 the company recorded stock compensation expense of Rs. 448 Million in respect of these grants.

Notes to segment report continued:

Based on the performance of various other established brands in the market of similar products, and based on future economic benefits using reasonable and supportable assumptions that represent best estimate of the set of economic conditions that will exist over the useful life of the asset, the Company estimates that the useful life of the brand is 20 years. The brand is amortised on a straight line basis. Intangibles economic life includes period for which renewal of legal rights is virtually certain. Payment for non-compete is amortised over the period of the non-compete agreement.

15. In July 2006, the Company acquired 100% equity of Quantech Global Services LLC and Quantech Global Services Ltd (Quantech). Quantech provides Computer Aided Design and Engineering services.

The consideration includes upfront cash payment of Rs. 142 Million, a deferred cash payment of USD 3 Million and an earn-out to be determined and paid in the future based on financial targets being achieved over a period of 36 months.

Through this acquisition, the Company aims to strengthen its positions in mechanical engineering design and analysis service sector.

The purchase consideration has been allocated based on book value of assets / liabilities and goodwill of Rs. 512 Million has been recorded.

16. As at September 30, 2006, revenues, operating profits and capital employed (including goodwill) of mPower, New Logic, cMango, Enabler, Saraware & Quantech are reported separately under ‘Acquisitions’.

17. As of September 30, 2006, forward contracts and options (including zero cost collars) to the extent of USD 160 Million have been assigned to the foreign currency assets as on the balance sheet date. The proportionate premium/discount on the forward contracts for the period upto the balance sheet date is recognized in the profit and loss account. The exchange difference measured by the change in exchange rate between inception of forward contract and the date of balance sheet is applied on the foreign currency amount of the forward contract and recognized in the profit and loss account.

Additionally, the Company has designated forward contracts and options to hedge highly probable forecasted transactions. The Company also designates zero cost collars to hedge the exposure to variability in expected future foreign currency cash inflows due to exchange rate movements beyond a defined range. The range comprises an upper and lower strike price. At maturity, if the exchange rate remains within the range the Company realizes the cash inflows at spot rate, otherwise the Company realizes the inflows at the upper or lower strike price.

The exchange differences on the forward contracts and gain / loss on options are recognized in the profit and loss account in the period in which the forecasted transaction is expected to occur. The premium / discount at inception of forward contracts is amortised over the life of the contract.

In respect of option/forward contracts which are not designated as hedge of highly probably forecasted transactions, realized/unrealized gain or loss are recognised in the profit and loss account of the respective periods.

As at September 30, 2006, the Company had forward / option contracts to sell USD 201 Million, relating to highly probable forecasted transactions. The effect of mark to market of the designated contracts is a loss of Rs. 27 Million. The final impact of such contracts will be recognized in the profit and loss account of the respective periods in which the forecasted transactions are expected to occur.

18. The Company has been granting restricted stock units (RSUs) since October 2004. The RSUs generally vest equally at annual intervals over a five year period. The stock compensation cost is computed under the intrinsic value method and amortized on a straight line basis over the total vesting period of five years. As permitted by generally accepted accounting principles in the United States (US GAAP), the Company applies a similar straight line amortization method for financial reporting under US GAAP. The Company has been advised by external counsel that the straight line amortization over the total vesting period complies with the SEBI Employee Stock Option Scheme Guidelines 1999, as amended. However, an alternative interpretation could result in amortization of the cost on an accelerated basis. Under this approach, the amortization in the initial years would be higher with a lower charge in subsequent periods (though the overall charge over the full vesting period will remain the same). If the Company were to amortize the cost on an accelerated basis, profit before tax and profit after tax for the quarter ended September 30, 2006 would have been lower by Rs. 18 Million & Rs. 15 Million respectively and the profit before tax and profit after tax for the six months ended September 30, 2006 would have been lower by Rs. 45 Million & Rs. 39 Million respectively.

Similarly, the profits before tax and profit after tax for the quarter ended September 30, 2005 would have been lower by Rs. 206 Million & Rs. 191 Million respectively and the profit before tax and profit after tax for the six months ended September 30, 2005 would have been lower by Rs. 419 Million & Rs. 388 Million respectively. Profit before tax and profit after tax for the year ended March 31, 2006 would have been lower by Rs. 490 million and Rs. 449 million respectively.

This would effectively increase the profit before and after tax in later years by similar amounts.

In July 2005, the Company established Wipro Restricted Stock Unit Plan (WRSUP 2005). The Company is authorized to issue up to 12,000,000 Restricted Stock Units (RSUs) under the plan to eligible employees.

In July 2006, the Company granted 2,482,560 RSUs under WRSUP 2004 and 918,130 options under WARSUP 2004. The Company also granted 3,556,466 options under WRSUP 2005.

For the quarter ended September 30, 2006 the company recorded stock compensation expense of Rs. 448 Million in respect of these grants.

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

b) The Company has a 49% equity interest in Wipro GE Medical Systems Private Limited (Wipro GE), an entity in which General Electric, USA holds the majority equity interest. The shareholders agreement provides specific rights to the two shareholders. Management believes that these specific rights do not confer joint control as defined in Accounting Standard 27 “Financial Reporting of Interest in Joint Venture”. Consequently, WGE is not considered as a joint venture and consolidation of financial statements are carried out as per equity method in terms of Accounting Standard 23 “Accounting for Investments in Associates in Consolidated Financial statements”.

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

	By order of the board
Place: Bangalore	Azim H Premji
Date: October 18, 2006	Chairman

WIPRO LIMITED
Regd. Office: Doddakannelli,
Sarjapur Road, Bangalore — 560 035.
www.wipro.com