exv4w1






Exhibit 4.1




Wipro Limited — Results for the Quarter & Nine months ended December 31, 2008




WIPRO LIMITED — CONSOLIDATED AUDITED SEGMENT

REPORT FOR THE QUARTER AND

NINE MONTHS ENDED DECEMBER 31, 2008




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Rs. in Million)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Year ended
	 	 	Quarter ended December 31,	 	Nine months ended December 31,	 	March 31,
	Particulars	 	2008	 	2007	 	Growth%	 	2008	 	2007	 	Growth%	 	2008
	Revenues
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IT Services
	 	 	50,792	 	 	 	38,904	 	 	 	31	%	 	 	142,338	 	 	 	105,420	 	 	 	35	%	 	 	146,626	 
	IT Products
	 	 	8,369	 	 	 	6,716	 	 	 	25	%	 	 	25,854	 	 	 	18,562	 	 	 	39	%	 	 	26,400	 
	Consumer Care and Lighting
	 	 	5,270	 	 	 	4,347	 	 	 	21	%	 	 	15,666	 	 	 	10,399	 	 	 	51	%	 	 	15207	 
	Others
	 	 	1,919	 	 	 	3,122	 	 	 	 	 	 	 	7,675	 	 	 	8,419	 	 	 	 	 	 	 	11,691	 
	Eliminations
	 	 	(167	)	 	 	(64	)	 	 	 	 	 	 	(609	)	 	 	(227	)	 	 	 	 	 	 	(349	)
	TOTAL
	 	 	66,183	 	 	 	53,025	 	 	 	25	%	 	 	190,924	 	 	 	142,573	 	 	 	34	%	 	 	199,575	 
	Profit before Interest and Tax — PBIT
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IT Services
	 	 	10,449	 	 	 	8,316	 	 	 	26	%	 	 	29,594	 	 	 	22,649	 	 	 	31	%	 	 	31,290	 
	IT Products
	 	 	431	 	 	 	298	 	 	 	45	%	 	 	1,109	 	 	 	852	 	 	 	30	%	 	 	1,227	 
	Consumer Care and Lighting
	 	 	613	 	 	 	525	 	 	 	17	%	 	 	1,865	 	 	 	1,270	 	 	 	47	%	 	 	1,900	 
	Others
	 	 	(242	)	 	 	296	 	 	 	 	 	 	 	(38	)	 	 	485	 	 	 	 	 	 	 	770	 
	TOTAL
	 	 	11,251	 	 	 	9,435	 	 	 	19	%	 	 	32,530	 	 	 	25,256	 	 	 	29	%	 	 	35,187	 
	Interest and Other Income, Net
	 	 	295	 	 	 	176	 	 	 	 	 	 	 	882	 	 	 	1,702	 	 	 	 	 	 	 	1,883	 
	 
	Profit Before Tax
	 	 	11,546	 	 	 	9,611	 	 	 	20	%	 	 	33,412	 	 	 	26,958	 	 	 	24	%	 	 	37,070	 
	 
	Income Tax expense including Fringe Benefit Tax
	 	 	(1,605	)	 	 	(1,100	)	 	 	 	 	 	 	(4,792	)	 	 	(3,150	)	 	 	 	 	 	 	(4,550	)
	 
	Profit before Share in earnings of associates and
minority interest
	 	 	9,941	 	 	 	8,511	 	 	 	17	%	 	 	28,620	 	 	 	23,808	 	 	 	20	%	 	 	32,520	 
	Share in earnings of associates
	 	 	114	 	 	 	40	 	 	 	 	 	 	 	327	 	 	 	233	 	 	 	 	 	 	 	333	 
	Minority interest
	 	 	(16	)	 	 	(11	)	 	 	 	 	 	 	(50	)	 	 	(8	)	 	 	 	 	 	 	(24	)
	 
	PROFIT AFTER TAX
	 	 	10,039	 	 	 	8,540	 	 	 	18	%	 	 	28,897	 	 	 	24,033	 	 	 	20	%	 	 	32,829	 
	 
	EARNINGS PER SHARE — EPS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Equity shares of par value Rs. 2/- each
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Basic (in Rs.)
	 	 	6.90	 	 	 	5.88	 	 	 	 	 	 	 	19.87	 	 	 	16.56	 	 	 	 	 	 	 	22.62	 
	Diluted (in Rs.)
	 	 	6.89	 	 	 	5.86	 	 	 	 	 	 	 	19.79	 	 	 	16.48	 	 	 	 	 	 	 	22.51	 
	 
	Operating Margin
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IT Services
	 	 	20.6	%	 	 	21.4	%	 	 	 	 	 	 	20.8	%	 	 	21.5	%	 	 	 	 	 	 	21.3	%
	IT Products
	 	 	5.1	%	 	 	4.4	%	 	 	 	 	 	 	4.3	%	 	 	4.6	%	 	 	 	 	 	 	4.6	%
	Consumer Care and Lighting
	 	 	11.6	%	 	 	12.1	%	 	 	 	 	 	 	11.9	%	 	 	12.2	%	 	 	 	 	 	 	12.5	%
	TOTAL
	 	 	17.0	%	 	 	17.8	%	 	 	 	 	 	 	17.0	%	 	 	17.7	%	 	 	 	 	 	 	17.6	%
	CAPITAL EMPLOYED
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IT Services and Products
	 	 	99,503	 	 	 	87,125	 	 	 	 	 	 	 	99,503	 	 	 	87,125	 	 	 	 	 	 	 	93,969	 
	Consumer Care and Lighting
	 	 	18,848	 	 	 	16,459	 	 	 	 	 	 	 	18,848	 	 	 	16,459	 	 	 	 	 	 	 	17,292	 
	Others
	 	 	63,332	 	 	 	40,597	 	 	 	 	 	 	 	63,332	 	 	 	40,597	 	 	 	 	 	 	 	50,659	 
	TOTAL
	 	 	181,683	 	 	 	144,181	 	 	 	 	 	 	 	181,683	 	 	 	144,181	 	 	 	 	 	 	 	161,920	 
	CAPITAL EMPLOYED COMPOSITION
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IT Services and Products
	 	 	55	%	 	 	60	%	 	 	 	 	 	 	55	%	 	 	60	%	 	 	 	 	 	 	58	%
	Consumer Care and Lighting
	 	 	10	%	 	 	11	%	 	 	 	 	 	 	10	%	 	 	11	%	 	 	 	 	 	 	11	%
	Others
	 	 	35	%	 	 	28	%	 	 	 	 	 	 	35	%	 	 	28	%	 	 	 	 	 	 	31	%
	TOTAL
	 	 	100	%	 	 	100	%	 	 	 	 	 	 	100	%	 	 	100	%	 	 	 	 	 	 	100	%
	RETURN ON AVERAGE CAPITAL EMPLOYED
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IT Services and Products
	 	 	44	%	 	 	41	%	 	 	 	 	 	 	42	%	 	 	44	%	 	 	 	 	 	 	44	%
	Consumer Care and Lighting
	 	 	13	%	 	 	13	%	 	 	 	 	 	 	14	%	 	 	17	%	 	 	 	 	 	 	19	%
	TOTAL
	 	 	25	%	 	 	27	%	 	 	 	 	 	 	25	%	 	 	28	%	 	 	 	 	 	 	27	%








 




			
	Notes to Segment Report:
	 
	a)	 	The segment report of Wipro Limited and its consolidated subsidiaries and associates has been
prepared in accordance with the AS 17 “Segment Reporting” issued pursuant to the Companies
(Accounting Standard) Rules, 2006 and by The Institute of Chartered Accountants of India.
	 
	b)	 	PBIT for the quarter and nine months ended December 31, 2008 is after considering restricted
stock unit amortization of Rs. 452 Million and Rs. 1,340 Million respectively (2007: Rs. 303
Million and Rs. 875 Million respectively).
	 
	c)	 	Capital employed of segments is net of current liabilities. The net current liability of
segments is as follows :






	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	(Rs. in Million)
	 
	 	 	As of	 	As of
	 	 	December 31,	 	March 31,
	Particulars	 	2008	 	2007	 	2008
	IT Services and
Products
	 	 	58,671	 	 	 	26,340	 	 	 	30,456	 
	Consumer Care
and Lighting
	 	 	4,421	 	 	 	3,505	 	 	 	3,382	 
	Others
	 	 	17,263	 	 	 	12,623	 	 	 	20,582	 
	 
	 	 	80,355	 	 	 	42,468	 	 	 	54,420	 





			
	d)	 	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	 	Nine months ended	 	As of
	 	 	December 31	 	December 31	 	March 31,
	Particulars	 	2008	 	%	 	2007	 	%	 	2008	 	%	 	2007	 	%	 	2008	 	%
	India
	 	 	13,335	 	 	 	20	 	 	 	12,454	 	 	 	24	 	 	 	41,247	 	 	 	22	 	 	 	34,556	 	 	 	24	 	 	 	48,847	 	 	 	24	 
	USA
	 	 	30,752	 	 	 	46	 	 	 	23,505	 	 	 	44	 	 	 	85,052	 	 	 	45	 	 	 	62,929	 	 	 	44	 	 	 	87,439	 	 	 	44	 
	Europe
	 	 	14,663	 	 	 	23	 	 	 	12,442	 	 	 	23	 	 	 	43,776	 	 	 	23	 	 	 	34,704	 	 	 	25	 	 	 	48,259	 	 	 	24	 
	Rest of the world
	 	 	7,433	 	 	 	11	 	 	 	4,624	 	 	 	9	 	 	 	20,849	 	 	 	11	 	 	 	10,384	 	 	 	7	 	 	 	15,030	 	 	 	8	 
	 
	 	 	66,183	 	 	 	100	 	 	 	53,025	 	 	 	100	 	 	 	190,924	 	 	 	100	 	 	 	142,573	 	 	 	100	 	 	 	199,575	 	 	 	100	 







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





Notes to Audited Financial Statements:





	1.	 	The above audited financial results were approved by the Board of Directors of the Company at
its meeting held on January 21, 2009.





	 	 	 
	2.

	 	Status of Redressal of Complaints received for the period

from October 1, 2008 to December 31, 2008






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Opening	 	Complaints	 	Complaints	 	 
	Particulars	 	Nature	 	Balance	 	Received	 	Disposed	 	Unresolved
	Non- Receipt of Securities
	 	Complaint	 	 	0	 	 	 	1	 	 	 	1	 	 	 	0	 
	Non- Receipt of Annual Reports
	 	Complaint	 	 	0	 	 	 	5	 	 	 	5	 	 	 	0	 
	Correction /
Duplicate Revalidation of dividend
warrants 
	 	Request	 	 	0	 	 	 	104	 	 	 	104	 	 	 	0	 
	SEBI / Stock Exchange Complaints
	 	Complaint	 	 	0	 	 	 	1	 	 	 	1	 	 	 	0	 
	Non Receipt of Dividend Warrants
	 	Complaint	 	 	0	 	 	 	76	 	 	 	70	 	 	 	6	 
	TOTAL
	 	 	 	 	 	 	0	 	 	 	187	 	 	 	181	 	 	 	6	 







			
	Note:	 	There are certain pending cases relating to disputes over title to shares in which the
company has been made a party. However these cases are not material in nature.






	3.	 	The above financial results have been prepared in accordance with Indian Generally Accepted
Accounting Principles (GAAP) under historical cost convention on accrual basis, except for
certain financial instruments, which are measured on a fair value basis. Uniform accounting
practices have been adopted for all the periods except for adoption of Accounting Standard
(AS) 30, Financial Instruments: Recognition and Measurement, from April 1, 2008. GAAP
comprises Accounting Standards (AS), issued by the Institute of Chartered Accountants of India
(ICAI) and other generally accepted accounting principles in India.
	 
	 	 	The interim financial results have been prepared in accordance with the recognition,
measurement and disclosure provisions of AS 25, Interim Financial Reporting issued pursuant to the
Companies (Accounting Standards) Rules, 2006.
	 
	4.	 	The total revenues represent the aggregate segment revenue and includes all allocable other
income and exchange differences which are reported in other income in the financial
statements.
	 
	5.	 	In accordance with AS 21 ‘Consolidated Financial Statements’ and AS 23 ‘Accounting for
Investments in Associates in Consolidated Financial Statements’ issued by the Institute of
Chartered Accountants of India (ICAI), the condensed consolidated financial statements of
Wipro Limited include the financial statements of all Subsidiaries of Wipro Limited which are
more than 50% owned and controlled and Associates where the Company has significant influence.
	 
	6.	 	In December 2007, the ICAI issued AS 30, Financial Instruments: Recognition and Measurement.
Although AS 30 becomes recommendatory in respect of accounting periods commencing on or after
April 1, 2009 and mandatory in respect of accounting periods commencing on or after April 1,
2011, in March 2008 the ICAI announced that the earlier adoption of AS 30 is encouraged. AS
30, along with limited revision to other accounting standards has currently not been notified
pursuant to Companies (Accounting Standard) Rules, 2006.
	 
	 	 	On April 1, 2008, the Company early adopted AS 30 and the limited revisions to other
accounting standards which come into effect upon adoption of AS 30.
	 
	 	 	AS 30 states that particular sections of other accounting standards; AS 4, Contingencies and
Events Occurring after Balance sheet Date, to the extent it deals with contingencies, AS 11
(revised 2003), The Effects of Changes in Foreign Exchange Rates, to the extent it deals with the
‘forward exchange contracts’ and AS 13, Accounting for Investments, except to the extent it relates
to accounting for investment properties, would stand withdrawn only from the date AS 30 becomes
mandatory (April 1, 2011 for the Company). Accordingly, the Company continues to comply with the
guidance under these accounting standards; AS 4 — relating to Contingencies, AS 11- relating to
Forward Contracts and AS 13 until AS 30 becomes mandatory.





WIPRO LIMITED — CONSOLIDATED

AUDITED FINANCIAL STATEMENTS FOR THE QUARTER

AND NINE MONTHS ENDED DECEMBER 31, 2008




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Rs. in Million except share data)
	 
	 	 	 	 	 	 	Quarter ended	 	Nine Months	 	Year ended
	 	 	 	 	 	 	December 31,	 	ended December 31,	 	March 31,
	 	 	 	 	 	 	2008	 	2007	 	2008	 	2007	 	2008
	 	 	 	 	Particulars	 	Audited	 	Audited	 	Audited	 	Audited	 	Audited
	 	1	 	 	Net Income from Sales / Services
	 	 	66,343	 	 	 	53,396	 	 	 	191,351	 	 	 	143,278	 	 	 	200,397	 
	 
	 	2	 	 	Cost of Sales / Services
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	a) (Increase)/Decrease in stock in trade and
work in progress
	 	 	408	 	 	 	(84	)	 	 	(654	)	 	 	(135	)	 	 	(592	)
	 	 	 	 	b) Consumption of raw materials
	 	 	5,016	 	 	 	3,940	 	 	 	17,540	 	 	 	12,306	 	 	 	17,090	 
	 	 	 	 	c) Purchase of traded goods
	 	 	5,425	 	 	 	5,734	 	 	 	17,577	 	 	 	13,622	 	 	 	19,765	 
	 	 	 	 	d) Other expenditure
	 	 	33,763	 	 	 	26,324	 	 	 	94,871	 	 	 	71,004	 	 	 	99,016	 
	 
	 	3	 	 	Gross Profit (1-2)
	 	 	21,731	 	 	 	17,482	 	 	 	62,017	 	 	 	46,481	 	 	 	65,118	 
	 
	 	4	 	 	General and Administrative expenses
	 	 	4,152	 	 	 	2,890	 	 	 	10,736	 	 	 	7,512	 	 	 	10,602	 
	 	5	 	 	Selling and Distribution expenses
	 	 	4,577	 	 	 	3,729	 	 	 	13,757	 	 	 	9,863	 	 	 	13,971	 
	 	6	 	 	Depreciation
	 	 	1,753	 	 	 	1,428	 	 	 	4,993	 	 	 	3,850	 	 	 	5,358	 
	 
	 	7	 	 	Operating Profit before interest (3) — (4+5+6)
	 	 	11,249	 	 	 	9,435	 	 	 	32,531	 	 	 	25,256	 	 	 	35,187	 
	 
	 	8	 	 	Interest expense
	 	 	1,090	 	 	 	760	 	 	 	3,016	 	 	 	1,221	 	 	 	1,892	 
	 	9	 	 	Exceptional Items
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	 
	 	10	 	 	Operating Profit after interest and
Exceptional Items (7-8-9)
	 	 	10,159	 	 	 	8,675	 	 	 	29,515	 	 	 	24,035	 	 	 	33,295	 
	 
	 	11	 	 	Other Investment income
	 	 	1,387	 	 	 	936	 	 	 	3,897	 	 	 	2,923	 	 	 	3,775	 
	 
	 	12	 	 	Profit from Ordinary Activities
before tax (10+11)
	 	 	11,546	 	 	 	9,611	 	 	 	33,412	 	 	 	26,958	 	 	 	37,070	 
	 
	 	13	 	 	Tax Expense (Including Fringe Benefits Tax)
	 	 	1,605	 	 	 	1,100	 	 	 	4,792	 	 	 	3,150	 	 	 	4,550	 
	 
	 	14	 	 	Net Profit from Ordinary Activities
after tax (12-13)
	 	 	9,941	 	 	 	8,511	 	 	 	28,620	 	 	 	23,808	 	 	 	32,520	 
	 
	 	15	 	 	Minority Interest
	 	 	(16	)	 	 	(11	)	 	 	(50	)	 	 	(8	)	 	 	(24	)
	 	16	 	 	Share in Earnings of Associates
	 	 	114	 	 	 	40	 	 	 	327	 	 	 	233	 	 	 	333	 
	 	17	 	 	Extraordinary items (net of tax expense)
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	 
	 	18	 	 	Net Profit for the period (14+15+16-17)
	 	 	10,039	 	 	 	8,540	 	 	 	28,897	 	 	 	24,033	 	 	 	32,829	 
	 
	 	19	 	 	Paid up equity share capital
(Face value Rs. 2 per share)
	 	 	2,927	 	 	 	2,921	 	 	 	2,927	 	 	 	2,921	 	 	 	2,923	 
	 	20	 	 	Reserves excluding Revaluation Reserves
(as per balance sheet) of previous accounting year
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	113,991	 
	 
	 	21	 	 	EARNINGS PER SHARE (EPS)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	Before extraordinary items (not annualised)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Basic (in Rs.)
	 	 	6.90	 	 	 	5.88	 	 	 	19.87	 	 	 	16.56	 	 	 	22.62	 
	 	 	 	 	Diluted (in Rs.)
	 	 	6.89	 	 	 	5.86	 	 	 	19.79	 	 	 	16.48	 	 	 	22.51	 
	 	 	 	 	After extraordinary items (not annualised)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Basic (in Rs.)
	 	 	6.90	 	 	 	5.88	 	 	 	19.87	 	 	 	16.56	 	 	 	22.62	 
	 	 	 	 	Diluted (in Rs.)
	 	 	6.89	 	 	 	5.86	 	 	 	19.79	 	 	 	16.48	 	 	 	22.51	 
	 
	 	22	 	 	Public shareholding *
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	Number of shares
	 	 	278,949,754	 	 	 	276,575,603	 	 	 	278,949,754	 	 	 	276,575,603	 	 	 	277,096,250	 
	 	 	 	 	Percentage of holding
	 	 	19.06	%	 	 	18.94	%	 	 	19.06	%	 	 	18.94	%	 	 	18.96	%
	 	 	 	 	Details of expenditure
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Items exceeding 10% of total expenditure
Employee Cost
	 	 	28,012	 	 	 	21,915	 	 	 	79,360	 	 	 	59,528	 	 	 	82,726	 








 




			
	*	 	Public shareholding as defined under clause 40A of the listing agreement (excludes shares
beneficially held by promoters and holders of American Depository Receipt)





Notes to Audited Financial Statements (Continued):





Until March 31, 2008, the Company applied the recognition and measurement principles as set
out in AS 30 in accounting for derivatives and hedge accounting. Changes in the fair values of
derivative financial instruments designated as cash flow hedges were recognized directly in
shareholders’ fund and reclassified into the profit and loss account upon the occurrence of the
hedged transaction. The Company also designated derivative financial instruments as hedges of net
investments in non-integral foreign operation. The portion of the changes in fair value of
derivative financial instruments that was determined to be an effective hedge is recognized in the
shareholders’ fund and recognized in the profit and loss account upon sale or disposal of related
non-integral foreign operation. Changes in fair value relating to the ineffective portion of the
hedges and derivatives not designated as hedges were recognized in the profit and loss account as
they arose.




As the Company was already applying the principles of AS 30 in respect of its accounting for
derivative financial instruments in relation to derivative and hedge accounting, the early adoption
of AS 30 did not have a material impact on the Company.




As permitted by AS 30 and the consequent limited revisions to other accounting standards;
during the quarter and nine month ended December 31, 2008, the Company designated a yen-denominated
foreign currency borrowing amounting to JPY 20 billion, along with a floating for floating
Cross-Currency Interest Rate Swap (CCIRS), as a hedging instrument to hedge its net investment in a
non-integral foreign operation. In addition the company has also designated yen-denominated foreign
currency borrowing amounting to JPY 8 billion along with floating for fixed CCIRS as cash flow
hedge of the yen- denominated borrowing and also as a hedge of net investment in a non-integral
foreign operation.




Accordingly, the translation gain/(loss) on the foreign currency borrowings and portion of the
changes in fair value of CCIRS which are determined to be effective hedge of net investment in
non-integral operation aggregating to Rs.677 million and Rs. 2,493 Million for the quarter and nine
month ended December 31, 2008, respectively was recognized in translation reserve / hedging reserve
in shareholders’ fund. The amount of loss of Rs. 1,429 Million and Rs. 3,245 Million for the
quarter and nine months ended December 31, 2008 recognized in translation reserve would be
transferred to profit and loss account upon sale or disposal of non-integral foreign operations and
the amount of gain recognized in the hedging reserve of Rs. 752 Million would be transferred to
profit and loss upon occurrence of the hedged transaction.




In accordance with AS 11, if the Company had continued to recognize translation losses on
foreign currency borrowing in the profit and loss account, the foreign currency borrowing would not
have been eligible to be combined with CCIRS for hedge accounting.




Consequently the CCIRS also would not have qualified for hedge accounting and changes in fair
value of CCIRS would have been recognized in the profit and loss account. As a result profit
after tax for the quarter and nine months ended December 31, 2008 would have been lower by Rs.
677 Million and Rs. 2,493 Million respectively.




Derivatives: As of December 31, 2008, the Company had derivative financial instruments to sell
USD 1,837 Million, GBP 60 Million, EUR 6 Million and JPY 6,518 Million and buy USD 4 Million
relating to highly probable forecasted transactions. As of March 31, 2008, the Company had
derivative financial instruments to sell USD 2,497 Million, GBP 84 Million, EUR 24 Million and JPY
7,682 Million relating to highly probable forecasted transactions. As of December 31, 2008, the
Company has recognised mark-to-market losses of Rs. 15,749 Million (2008: Rs. 1,097 Million)
relating to derivative financial instruments that are designated as effective cash flow hedges in
the shareholders’ fund.




In addition to Yen denominated foreign currency borrowing and related CCIRS discussed in Note
4, the Company had derivative financial instruments to sell USD 270 Million and Euro 50 Million
designated as hedge of net investment in non-integral foreign operations as of December 31, 2008.
For the quarter and nine months ended December 31, 2008, the Company has recognized Mark to market
losses of Rs. 1,083 Million and Rs. 3,577 Million respectively (2008: Rs. 495 Million) relating to
the above derivative financial instruments in translation reserve in the shareholders’ fund.




As of December 31, 2008, the Company had undesignated derivative financial instruments to sell
USD 375 Million, GBP 76 Million and EUR 49 Million and CHF 12 Million. As of March 31, 2008, the
Company had undesignated derivative financial instruments to sell USD
414 Million, GBP 58 Million and EUR 39 Million. The Company has recognized mark-to-market
gain/ (losses) on such derivative financial instruments through the profit and loss account.




	7.	 	In December 2008, the Company entered into a definitive agreement to acquire 100% shareholding
in India based Citi Technology Services Limited (“CTS”) for US $ 127 million. CTS is an India based
captive provider of information technology services and solutions to Citi Group worldwide. CTS has
a strong competency in Technology Infrastructure Services (TIS) and application development and
maintenance for cards, capital markets and corporate banking. The acquisition will enhance Wipro’s
capabilities to address TIS business opportunities in the financial service industry. The
acquisition was consummated in January 2009.
	 
	8.	 	The list of subsidiaries is included in the condensed consolidated financial statements of
Wipro Limited and subsidiaries for the quarter ended December 31, 2008, which are available on
our company website www.wipro.com
	 
	9.	 	Pursuant to Clause 41 (VI) (b) (iii) of the Listing Agreement, we inform that we have
published consolidated financial results for the quarter ended December 31, 2008. The
stand-alone financial results of Wipro Limited for the quarter ended December 31, 2008 and for
the period April 1, 2008 to December 31, 2008 have been submitted to the stock exchanges and
are available for perusal in our company website at www.wipro.com and in stock exchange’s
website of both Mumbai Stock Exchange and National Stock Exchange of India Limited namely
www.bseindia.com and www.nseindia.com









	 	 	 	 	 
	 

	 	By order of the board
	 	WIPRO LIMITED
	 

	 	 	 	Regd. Office: Doddakannelli,
	Place: Bangalore

	 	Azim H Premji
	 	Sarjapur Road, Bangalore — 560 035.
	Date: January 21, 2009

	 	Chairman
	 	www.wipro.com