BANGALORE, India and EAST BRUNSWICK, New Jersey, July 22 --

- Results for the Quarter Ended June 30, 2009 Under IFRS

Wipro Limited (NYSE: WIT) today announced financial results under IFRS for its
first fiscal quarter ended June 30, 2009.

Highlights of the Results:

IT Services Revenue in dollar terms was $1,033 million, a sequential decline of
1.3% and YoY decline of 3.3%.

IT Services Revenue on constant currency was $1,014 million, a sequential
decline of 3.0%. On a constant currency basis, YoY growth was 2.1%.

Total Revenues were Rs. 62.46 billion ($1.31 billion(1)), representing an
increase of 5% over the same period last year.

Net Income was Rs. 10.10 billion ($212 million(1)), representing an increase of
13% over the same period last year.

Non-GAAP Adjusted Net Income (excluding impact of accelerated amortization of
stock based compensation) was Rs. 10.08 billion ($211 million(1)), representing
an increase of 11% over the same period last year.

IT Services Revenues were Rs. 48.27 billion ($1,011 million(1)), representing
an increase of 10% over the same period last year.

IT Services Earnings Before Interest and Tax (EBIT) was Rs. 10.70 billion ($224
million(1)), representing an increase of 17% over the same period last year.

IT Services added 26 new clients in the quarter.

IT Products Revenues was flat over the same period last year and EBIT grew by
13%.

Consumer Care and Lighting Revenue grew 9% over the same period last year and
EBIT grew 27%.

Performance for the Quarter ended June 30, 2009 and Outlook for our Quarter
ending September 30, 2009

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

We are starting to see the first signs of stability in the business as ramp
downs start to taper off and volumes start to stabilize. We are adapting
ourselves for the new reality with continued investments in Value Creation,
Go-To-Market and driving significant Operational Productivity. Looking ahead,
for the quarter ending September 30, 2009, we expect Revenues from our IT
Services business to be in the range of $1,035 million to $1,053 million*

Suresh Senapaty, Executive Director Chief Financial Officer of Wipro, said -

It was another quarter of strong performance. We improved on several operating
parameters to deliver margin expansion of 0.5% to 22.2% in the IT Services
segment.

* Guidance is based on constant currency exchange rates, GBP/USD at 1.57,
Euro/USD at 1.35, USD/INR at 48.23

Wipro Limited

Total Revenue for our quarter ended June 30, 2009 was Rs. 62.46 billion ($1.31
billion(1)), representing an increase of 5% over the same period last year. Net
Income for our quarter ended June 30, 2009 on IFRS basis was Rs.10.10 billion
($212 million(1)), representing an increase of 13% over the same period last
year. Net Income for our quarter ended June 30, 2009 on an Adjusted Non-GAAP
basis (excluding impact of accelerated amortization of stock based compensation)
was Rs. 10.08 billion ($211 million(1)), representing an increase of 11% over
the same period last year. Earnings per Share for our quarter ended June 30,
2009 were Rs. 6.94 ($0.15(1)), representing an increase of 13% over the same
period last year. Non-GAAP Adjusted Earnings (excluding impact of accelerated
amortization of stock based compensation) per Share for our quarter ended June
30, 2009 were Rs. 6.92($0.14(1)), representing an increase of 10% over the same
period last year.

Reconciliation between GAAP net income and non-GAAP adjusted net income
(excluding impact of accelerated stock based compensation) is provided in the
table on page 8.

IT Services (77% of Total Revenue and 94% of Operating Income for our quarter
ended June 30, 2009)

Our IT Services business segment recorded Revenue of Rs. 48.27 billion(2)
($1011 million(1)) for our quarter ended June 30, 2009, representing an increase
of 10% over the same period last year. EBIT for this segment was Rs. 10.70
billion ($224 million(1)) for our quarter ended June 30, 2009, representing an
increase of 17% over the same period last year.

Our Operating Income to Revenue for this segment was 22.2% for our quarter
ended June 30, 2009.

We had 98,521 employees as of June 30, 2009.

Wipro has built a healthy pipeline across industry Verticals, strengthening our
presence across Geographies by winning strategic deals and launching new
Solutions.

In the Telecom space, Wipro won a 9-year IT outsourcing contract from Unitech
Wireless. Unitech Wireless has structured its organization and operational
architecture around innovation, scalability and flexibility. Its partnership
with Wipro will enable them to provide non-linear, scalable growth, while
delivering the highest levels of customer service to their subscribers.
According to the IDC report Wipro Vanquishes its Opponents with Significant
Outsourcing Win, Wipro’s success in winning the Unitech Wireless deal will
definitely go a very long way in building its credibility and mindshare among
CIOs not only in the telecom industry but in other verticals as well.

A large Telecom Operator engaged with us for a three year engagement consisting
of end-to-end testing of business processes and applications. This deal
leverages the process, IT and telecom domain skills and is an important
milestone towards the comprehensive Test service offered by Wipro for large
Telecom Operators.

Clients are using Wipro’s Retail expertise to transform their business
and gain competitive advantage in a challenging macroeconomic environment. We
entered into a strategic engagement with a leading Wholesaler to enable IT as a
key differentiator in their business.

A leading multi-brand specialty apparel Retailer signed up with Wipro as IT
partner in their transformation journey. Wipro will combine understanding of the
fashion industry and unique transformation solution to improve speed to value.
As part of the arrangement Wipro will be responsible for end-to-end information
technology services that include Application Management, Infrastructure
Management and Hosting Services.

Wipro won a multi-million dollar deal with a leading Service Provider of
Semiconductor packaging, assembly and testing in Asia. This total outsourcing
engagement focuses on service, technology and process transformation for the
Semiconductor client.

Wipro won a multi-million dollar deal with one of the world’s leading
manufacturers of central heating and cooling products to transform business
processes for the company across global locations.

Emerging Technologies and Innovative Solutions

Forrester acknowledged that Wipro has an aggressive strategy for cloud strategy
growth. Wipro’s Cloud Computing strategy covers building and managing
private clouds, adopting public clouds and building hybrid infrastructures to
become a trusted advisor to clients who are considering adoption of these
technologies. As a part of the strategy, Wipro has built applications such as
Mortgage Origination Platform for the Banking industry, Comprehensive
Information Management System for Hospitals, Hosted Document Management and
Electronic Data Interchange.

In line with Wipro’s Green IT initiative, this quarter we developed
integrated Solutions that can help reduce carbon footprints and energy needs for
multiple industry verticals. One of the solutions for the Telecom industry,
Wipro’s eCO-NET, uses a combination of its network energy diagnostics
tools and end to end network energy operations management framework.

Wipro launched WIPRO RAPIDS (Rapid Application and Integration Deployment
Solution) a pre-integrated Billing/Operational Support Systems solution for
Communication Service providers. This solution would help customers reduce time
to market and total cost of ownership. WIPRO RAPIDS enabled us to win a 9-year
IT outsourcing contract from Unitech Wireless.

This quarter, Wipro also won the prestigious UN Habitat Business Award for
sustainable urbanization for its LEED Certification practice. Wipro is the only
Indian company among the five winners of the HABITAT Business Award for 2009.

Awards and Recognition

During the quarter, Wipro has been cited as a Leader in The Forrester Wave:
North American SOA Systems Integrators, Q2 2009 (May 2009) and the Forrester
Wave: EMEA SOA Systems Integrators, Q2 2009 (May 2009). The EMEA report stated
Wipro’s SOA consulting and integration capabilities are very strong - the
firm made some deep investments in tools and accelerators for taking much of the
pain out of SOA integration project. . . When Wipro’s recent investments
in SOA begin to bear fruit in client projects, it will further its position as a
leading provider of SOA systems integration services.

Wipro was rated as a top Indian outsourcing firm in The Global Outsourcing
100(TM) rankings conducted by The International Association of Outsourcing
Professionals (IAOP(TM)). Wipro was ranked fifth globally and was recognized as
a leader for demonstrated competencies.

Wipro received the Salesforce.com Top Partner Award for FY09 for India and
SAARC. Wipro has become one of the only five Tier-1 global strategic alliance
partners for Salesforce.com.

Wipro’s Council for Industry Research

Wipro Council for Industry research extended its agenda by collaborating with
academicians from leading Universities globally. One of the notable achievements
was a research paper on creating Green Revenue streams which explored the Green
impact of Outsourcing by Georgetown University.

Wipro was also featured in series of case studies by academician from leading
Global Universities. INSEAD Business School wrote a teaching case study on
Wipro’s low cost high impact marketing strategy. The Testing Services
practice was recognized by a faculty of London Business School in a case study
on Wipro’s WiFi certification services. A case study on how Wipro has
re-defined its consulting DNA was written by CASS Business School, UK.
Wipro’s new product development capabilities were recognized by a faculty
at Cransfield School of management and will be featured in a book on innovation
management.

IT Products (12% of Total Revenue and 3% of Operating Income for our quarter
ended June 30, 2009)

Our IT Products business segment recorded Revenue of Rs. 7.34 billion ($154
million(1)) for our quarter ended June 30, 2009, remaining flat over the same
period last year. EBIT for this segment was Rs. 292 million ($6.1 million(1))
for our quarter ended June 30, 2009.

Our Operating Income to Revenue for this segment was 4% for our quarter ended
June 30, 2009.

Return on Capital Employed (ROCE) for our IT Services and Products segment was
38% for our quarter ended June 30, 2009, compared to 41% for the same period
last year.

Consumer Care and Lighting (8% of Total Revenue and 7% of Operating Income for
our quarter ended June 30, 2009)

Our Consumer Care and Lighting business segment recorded Revenue of Rs. 5.20
billion ($109 million(1)) for our quarter ended June 30, 2009, representing an
increase of 9% over the same period last year. EBIT for this segment was Rs. 792
million ($16.6 million(1)) for our quarter ended June 30, 2009, representing an
increase of 27% over the same period last year.

Our Operating Income to Revenue for this segment was 15.2% for our quarter
ended June 30, 2009. ROCE for this segment was 17% for our quarter ended June
30, 2009, compared to 14% for the same period last year.

About Non-GAAP financial measures

The Company provides Non-GAAP Adjusted Net Income (excluding impact of
accelerated amortization of stock based compensation) to supplement reported
GAAP results. Our Non-GAAP Adjusted Net Income excludes the incremental impact
on Net Income in respect of stock options that vest in a graded manner of
recognizing stock compensation expense on an accelerated amortization basis over
recognizing stock compensation expense on a straight line basis,. This Non-GAAP
Net Income is a measure defined by the SEC as a non-GAAP financial measure. This
non-GAAP financial measure is not based on any comprehensive set of accounting
rules or principles and should not be considered a substitute for, or superior
to, financial measures calculated in accordance with GAAP, and may be different
from Non-GAAP measures used by other companies. In addition to this Non-GAAP
measure, the financial statements prepared in accordance with GAAP and
reconciliations of our GAAP financial statements to such Non-GAAP measure should
be carefully evaluated.

The Company believes that the presentation of this Non-GAAP Adjusted Net
Income, when shown in conjunction with the corresponding GAAP measures, provides
useful information to investors and management regarding financial and business
trends relating to its net income. The Company considers the stock option award
with the graded vesting schedule to be in substance a single award and the
related stock compensation should be amortized on a straight line basis.
However, the Company records the stock compensation expenses on an accelerated
amortization basis for GAAP reporting. Therefore, we believe that making
available an adjusted net income number that excludes the impact of these items
from net income provides useful supplemental information to both management and
investors about our financial and business trends.

For our internal budgeting process, our management also uses financial
statements that excludes the incremental impact of amortizing stock compensation
expense on an accelerated amortization basis over recognizing stock compensation
expense on a straight line basis. The management of the Company also uses
non-GAAP adjusted net income, in addition to the corresponding GAAP measures, in
reviewing our financial results.

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

Our results for the quarter ended June 30, 2009, computed under Indian GAAP and
IFRS, 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 02:00 p.m. Indian Standard Time (04:30
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 http://www.wipro.com.

About Wipro Limited

Wipro provides comprehensive IT solutions and services, including systems
integration, information systems outsourcing, package implementation, software
application development and maintenance, and research and development services
to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM
Level 5 certified IT Services company globally. Wipro’s IT Services
business was assessed at Level 5 for CMMI V 1.2 across Offshore and Onsite
development centers.

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

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

Forward-looking and Cautionary Statements

In addition to historical information, this press release contains certain
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. The forward-looking statements contained herein represent
Wipro’s beliefs regarding future events, many of which are, by their
nature, inherently uncertain and outside Wipro’s control. Such statements
include, but are not limited to, statements regarding Wipro’s growth
prospects, its future financial operating results, and its plans, expectations
and intentions.

Wipro cautions readers that the forward-looking statements contained herein are
subject to risks and uncertainties that could cause actual results to differ
materially from the results anticipated by such statements. Such risks and
uncertainties include, but are not limited to, risks and uncertainties regarding
fluctuations in our earnings, revenue and profits, our ability to generate and
manage growth, intense competition in IT services, our ability to maintain our
cost advantage, wage increases in India, our ability to attract and retain
highly skilled professionals, time and cost overruns on fixed-price, fixed-time
frame contracts, client concentration, restrictions on immigration, our ability
to manage our international operations, reduced demand for technology in our key
focus areas, disruptions in telecommunication networks, our ability to
successfully complete and integrate potential acquisitions, liability for
damages on our service contracts, the success of the companies in which we make
strategic investments, withdrawal of fiscal governmental incentives, political
instability, war, legal restrictions on raising capital or acquiring companies
outside India, unauthorized use of our intellectual property, and general
economic conditions affecting our business and industry. Additional risks that
could affect our future operating results are more fully described in our
filings with the United States Securities and Exchange Commission, including,
but not limited to, Annual Reports on Form 20-F. These filings are available at
www.sec.gov. We may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
company’s filings with the Securities and Exchange Commission and our
reports to shareholders. We do not undertake to update any forward-looking
statement that may be made from time to time by us or on our behalf.

(1) For the convenience of the reader, the amounts in Indian rupees in this
release have been translated into United States dollars at the noon buying rate
in New York City on June 30, 2009, for cable transfers in Indian rupees, as
certified by the Federal Reserve Bank of New York, which was US $1=Rs.47.74.
However, the realized exchange rate in our IT Services business segment for the
quarter ended June 30, 2009 was US$1=Rs. 46.74.

(2) IT Services business segment Revenue was Rs. 48.25 billion for the quarter
ended June 30, 2009 under the Indian GAAP. The difference of Rs. 17 million
($0.36 million(1)) is primarily attributable to differences in accounting
standards under Indian GAAP and IFRS.

WIPRO LIMITED AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION (Rupees in millions, except share and per share data, unless
otherwise stated) As of As of ----- ----- June 30, 2009 March 31, 2009 June 30,
2009 ------------- -------------- ------------- Convenience translation into US$
-------- ASSETS ------ Goodwill 54,242 56,143 1,136 Intangible assets 3,340
3,493 70 Property plant and equipment 49,492 49,794 1,037 Investment in equity
accounted associates 1,751 1,670 37 Other non-current assets 9,528 10,786 200
----- ------ --- Total non-current assets 118,354 121,885 2,479 Inventories
6,792 7,586 142 Trade receivables 42,724 48,612 895 Other current assets 12,506
15,297 262 Unbilled revenues 15,797 14,108 331 Available for sale financial
investments 38,842 16,543 814 Derivative asset 1,127 1,162 24 Current tax assets
11,139 9,826 233 Cash and cash equivalents 36,512 49,117 765 ------ ------ ---
Total current assets 165,439 162,251 3,465 ------- ------- ----- TOTAL ASSETS
283,793 284,136 5,945 ======= ======= ===== EQUITY ------ Share capital 2,931
2,930 61 Share premium 27,687 27,280 580 Retained earnings 135,606 125,502 2,841
Share based payment reserve 3,697 3,745 77 Other components of equity (9,178)
(11,771) (192) Shares held by control trust (542) (542) (11) ---- ---- ---
Equity attributable to the equity holders of the company 160,201 147,144 3,356
Minority Interest 266 237 6 --- --- --- Total equity 160,467 147,381 3,361
------- ------- ----- LIABILITIES ----------- Long - term loans and borrowings
19,133 19,681 401 Employee benefit obligations 3,182 3,111 67 Other non- current
liabilities 1,533 1,668 32 ----- ----- --- Total non- current liabilities 23,848
24,460 500 Short - term loans and borrowings and bank overdrafts 28,853 37,211
604 Trade payables 34,595 35,768 725 Unearned revenues 5,199 6,734 109 Current
tax liabilities 7,118 6,492 149 Derivative liabilities 9,086 12,022 190 Other
current liabilities 14,627 14,068 306 ------ ------ --- Total current
liabilities 99,478 112,294 2,084 ------- ------- ----- Total liabilities 123,326
136,755 2,583 ------- ------- ----- TOTAL LIABILITIES AND EQUITY 283,793 284,136
5,945 ======= ======= ===== WIPRO LIMITED AND SUBSIDIARIES UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (Rupees in millions, except share and per
share data, unless otherwise stated) Year ended Three months ended June 30,
March 31, ------------------------------------- -------- 2008 2009 2009 2009
-------- -------- -------- --------- Convenience translation into US $ --------
-------- -------- --------- Gross revenues 60,416 63,868 1,337 256,891 Cost of
revenues (42,301) (43,247) (906) (180,180) Gross profit 18,115 20,621 432 76,711
Selling and marketing expenses (4,268) (4,239) (89) (17,314) General and
administrative expenses (3,170) (3,552) (74) (14,397) Foreign exchange
gains/(losses), net (697) (1,406) (29) (1,553) Results from operating activities
9,980 11,424 239 43,447 Finance income/ (expenses), net (400) 101 2 (1,860)
Other income / (expenses), net 716 254 5 2,946 Share of profits of equity
accounted associates 107 114 2 362 Profit before tax 10,403 11,893 249 44,895
Income tax expense (1,443) (1,740) (36) (6,035) ----- ------ --- ------ Profit
for the period 8,960 10,153 213 38,860 ----- ------ --- ------ Attributable to:
Equity holders of the company 8,948 10,104 212 38,761 Minority interest 12 49 1
99 Profit for the period 8,960 10,153 213 38,860 Earnings per equity share:
Basic 6.16 6.94 0.15 26.66 Diluted 6.11 6.89 0.14 26.50 Weighted average number
of equity shares used in computing EPS earnings per equity share Basic
1,452,636,163 1,456,161,032 1,456,161,032 1,454,135,089 Diluted 1,463,804,903
1,466,002,776 1,466,002,776 1,462,636,212 Additional Information Segment Revenue
IT Services 44,028 48,266 1,011 IT Products 7,322 7,337 154 IT Services
Products 51,350 55,603 1,165 Consumer Care and Lighting 4,749 5,198 109 Others
3,620 1,661 35 Total 59,719 62,462 1,308 Operating Income IT Services 9167
10,698 224 IT Products 258 292 6 IT Services Products 9,425 10,990 230 Consumer
Care and Lighting 623 792 17 Others -68 (358) (7) Total 9,980 11,424 239
Reconciliation of Non-GAAP adjusted net income to comparable net income Net
Income as per GAAP 8,948 10,104 212 Adjustments: Accelerated amortization of
stock options that vest in a graded manner 155 -27 (1) ----- ------ --- Non-GAAP
adjusted net Income 9,103 10,077 211 ===== ====== ===

Contact: Sridhar Ramasubbu Wipro Limited +1-408-242-6285 http://www.wipro.com

Issuers of news releases and not PR Newswire are solely responsible for the
accuracy of the content.

Terms and conditions, including restrictions on redistribution, apply.

Copyright (c) 1996-2009 PR Newswire Association LLC. All Rights Reserved.

A United Business Media company.

SOURCE: Wipro Limited

Contact: Sridhar Ramasubbu, Wipro Limited, +1-408-242-6285