Wipro Reports Q1

BANGALORE, India and EAST BRUNSWICK, N.J. -- Wipro Limited (NYSE:WIT)today announced financial results under US GAAP for its first fiscal quarter ended June 30, 2007.

Highlights of the Results:

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

“The results for the quarter are satisfying considering the strong headwinds faced by us in the formof an appreciating rupee. Our IT Services business continued to witness broad based growth, acrossVerticals, Geographies and Service lines. Our growth in Revenues was primarily driven by strongvolume growth across our business units. Our differentiated services, Technology InfrastructureServices and Package Implementation grew by over 50% YoY, while our Business ProcessOutsourcing (BPO) & Testing Services delivered growth in excess of 40% YoY. Amongst ourVerticals we saw strong growth in Finance Solutions, Telecom Service Providers, Manufacturing andTechnology, Media, Transportation & Services Verticals. Our new client additions continues to berobust and we have had a good set of wins during the quarter in our BPO, Package Implementation andTechnology Infrastructure Services, including a multi year deal of $130 million. Looking ahead, for thequarter ending September 2007, we expect our Revenue from our Global IT services business to beapproximately $777 million.

Wipro's global brand campaign on Applied Innovation is the manifestation of our 'Applying Thought'credo in our Global IT Business. It is how Wipro infuses newer ideas and newer ways of doing thingsinto the business ecosystem and improves outcomes for our customers in the areas of cost andproductivity improvements, global delivery and collaboration, faster time to market and measurablebusiness results - often without major disruptive change. The campaign highlights how Wiprotransforms ideas to business results. Wipro, in collaboration with IT Association of America,International Association of Outsourcing Professionals and Forbes will host the Global AppliedInnovation Awards for Business Excellence this year, to recognize innovations that maximizebusiness impact in large corporations.

During the quarter our Consumer Care and Lighting Business took a big leap by acquiring Unza,South East Asia’s leading personal care company. This is an important step for the business as wesee large opportunities in the emerging Asian economies. Unza has a set of strong brands, anexcellent management team and overall is a great fit to our Consumer Care Business. The growthrates they have achieved in the past are commendable and the profitability is amongst the best inthe industry”.

Suresh Senapaty, Chief Financial Officer of Wipro, said –

“During the quarter ended June 2007, our Global IT Services & Products Revenue was $726.1million, which was ahead of our guidance of $711 million for the quarter. On the margin front,operational improvements helped us in partially offsetting the pressure on profitability arising out ofrupee appreciation and contain the sequential Operating Margin drop to around 230 basis points."

Wipro Ltd.