Exhibit 19.1

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET

			(Rs in Million)
			As of June 30,				As of March 31,
	Schedule		2009		2008			2009
SOURCES OF FUNDS
SHAREHOLDERS’ FUNDS
Share capital		1		2,929		2,924			2,928
Share application money pending allotment				15		23			15
Reserves and surplus		2		147,212		115,412			133,356
				150,156		118,359			136,299
LOAN FUNDS
Secured loans		3		1,453		2,048			1,858
Unsecured loans		4		46,533		48,645			55,034
				47,986		50,693			56,892
Minority interest				266		135			237
				198,408		169,187			193,428
APPLICATION OF FUNDS
GOODWILL				54,620		44,847			56,521
FIXED ASSETS AND INTANGIBLE ASSETS
Gross block		5		75,993		59,788			75,353
Less: Accumulated depreciation and amortisation				37,764		30,232			36,342
Net block				38,229		29,556			39,011
Capital work-in-progress and advances				13,945		15,328			13,552
				52,174		44,884			52,563
INVESTMENTS		6		40,239		47,456			18,096
DEFERRED TAX ASSET (NET)				762		558			684
CURRENT ASSETS, LOANS AND ADVANCES
Inventories		7		6,791		7,760			7,586
Sundry debtors		8		43,200		43,042			48,859
Cash and bank balances		9		36,512		18,348			49,117
Loans and advances		10		44,925		33,646			45,440
				131,428		102,796			151,002
LESS: CURRENT LIABILITIES AND PROVISIONS
Liabilities		11		62,733		55,692			67,989
Provisions		12		18,082		15,662			17,449
				80,815		71,354			85,438
NET CURRENT ASSETS				50,613		31,442			65,564
				198,408		169,187			193,428
Notes to condensed consolidated financial statements		18
The schedules referred to above form an integral part of the condensed consolidated balance sheet

As per our report attached	For and on behalf of the Board of Directors
for B S R & Co.	Azim Premji	B C Prabhakar	Girish S Paranjpe	Suresh Vaswani
Chartered Accountants	Chairman	Director	Jt CEO, IT Business &	Jt CEO, IT Business &
			Director	Director

Akeel Master	Suresh C Senapaty	V Ramachandran
Partner	Chief Financial Officer	Company Secretary
Membership No. 046768	& Director
Bangalore
July 22, 2009

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT

				(Rs in Million except share data)
										Year ended
				Quarter ended June 30,						March 31,
	Schedule			2009			2008			2009
INCOME
Gross sales and services					64,329			60,698			258,050
Less: Excise duty					183			333			1,055
Net sales and services					64,146			60,365			256,995
Other income, net		13			(339	)		506			2,621
					63,807			60,871			259,616
EXPENDITURE
Cost of sales and services		14			43,298			41,986			179,246
Selling and marketing expenses		15			4,316			4,298			17,796
General and administrative expenses		16			3,682			3,303			14,978
Interest		17			528			775			2,400
					51,824			50,362			214,420
PROFIT BEFORE TAXATION					11,983			10,509			45,196
Provision for taxation including fringe benefit tax		18	(9)		1,864			1,526			6,460
Profit before minority interest / share in earnings of associates					10,119			8,983			38,736
Minority interest					(49	)		(12	)		(99	)
Share in earnings of associates					85			107			362
PROFIT FOR THE PERIOD					10,155			9,078			38,999
Appropriations
Proposed dividend					—			—			5,860
Tax on dividend					—			—			996
TRANSFER TO GENERAL RESERVE					10,155			9,078			32,143
EARNINGS PER SHARE — EPS
Equity shares of par value Rs. 2/- each
Basic (in Rs.)					6.97			6.25			26.81
Diluted (in Rs.)					6.95			6.21			26.72
Number of shares for calculating EPS
Basic					1,456,175,666			1,453,624,239			1,454,662,502
Diluted					1,461,982,306			1,461,042,661			1,459,352,869
Notes to condensed consolidated financial statements		18
The schedules referred to above form an integral part of the condensed consolidated profit and loss account

As per our report attached	For and on behalf of the Board of Directors
for B S R & Co.	Azim Premji	B C Prabhakar	Girish S Paranjpe	Suresh Vaswani
Chartered Accountants	Chairman	Director	Jt CEO, IT Business &	Jt CEO, IT Business &
			Director	Director

Akeel Master	Suresh C Senapaty	V Ramachandran
Partner	Chief Financial Officer	Company Secretary
Membership No. 046768	& Director
Bangalore
July 22, 2009

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED CASH FLOW STATEMENT

		(Rs in Million)
		Quarter Ended June 30,						Year ended March 31,
		2009			2008			2009
A.	Cash flows from operating activities:
	Profit before tax		11,983			10,509			45,196
	Adjustments:
	Depreciation and amortisation		1,798			1,578			6,864
	Amortisation of stock compensation		386			433			1,767
	Exchange differences — net		(542	)		697			3,702
	Deferred cancellation gains related to designated hedges		325			—			(12,196	)
	Realised gains/losses transferred from cash flow hedging reserve		663			—			—
	Interest on borrowings		528			775			2,400
	Dividend / interest income — net		(1,000	)		(918	)		(3,664	)
	(Profit) / Loss on sale of investments		6			(142	)		(681	)
	Gain on sale of fixed assets		(6	)		(5	)		(28	)
	Working capital changes :
	Sundry debtors and unbilled		3,248			(5,430	)		(13,152	)
	Loans and advances		1,902			(1,982	)		(1,622	)
	Inventories		795			(1,096	)		(922	)
	Current liabilities & provisions		(1,284	)		3,986			16,233
	Net cash generated from operations		18,802			8,405			43,897
	Direct taxes (paid)/refund-net		(2,208	)		1,427			(7,798	)
	Net cash generated by operating activities		16,594			9,832			36,099
B.	Cash flows from investing activities:
	Acquisition of fixed assets (including capital advances)		(2,522	)		(4,208	)		(16,746	)
	Proceeds from sale of fixed assets		64			91			358
	Purchase of investments		(93,943	)		(131,096	)		(342,717	)
	Proceeds from sale / maturity of investments		71,878			99,912			341,687
	Intercorporate deposits		2,250			(250	)		(3,750	)
	Net payment for acquisition of businesses		—			(81	)		(6,679	)
	Dividend / interest income received		705			918			3,664
	Net cash used in investing activities		(21,568	)		(34,714	)		(24,183	)
C.	Cash flows from financing activities:
	Proceeds from exercise of employee stock options		2			27			63
	Share application money pending allotment		—			23			15
	Interest paid on borrowings		(398	)		(775	)		(2,400	)
	Dividends paid (including distribution tax)		—			—			(6,829	)
	Repayment of borrowings / loans		(12,045	)		(15,502	)		(80,229	)
	Proceeds from borrowings / loans		4,928			19,782			86,648
	Net cash generated by / (used in) financing activities		(7,513	)		3,555			(2,732	)
	Net (decrease) / increase in cash and cash equivalents during the period		(12,487	)		(21,327	)		9,184
	Cash and cash equivalents at the beginning of the period		49,117			39,270			39,270
	Effect of translation of cash balance		(118	)		405			663
	Cash and cash equivalents at the end of the period		36,512			18,348			49,117

As per our report attached	For and on behalf of the Board of Directors
for B S R & Co.	Azim Premji	B C Prabhakar	Girish S Paranjpe	Suresh Vaswani
Chartered Accountants	Chairman	Director	Jt CEO, IT Business &	Jt CEO, IT Business &
			Director	Director

Akeel Master	Suresh C Senapaty	V Ramachandran
Partner	Chief Financial Officer	Company Secretary
Membership No. 046768	& Director
Bangalore
July 22, 2009

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES
SCHEDULES TO CONDENSED CONSOLIDATED BALANCE SHEET

	(Rs in Million except share data)
	As of June 30,						As of March 31,
	2009			2008			2009
SCHEDULE 1 SHARE CAPITAL
Authorised capital
1,650,000,000 (June 30, 2008 & March 31, 2009: 1,650,000,000) equity shares of Rs 2 each		3,300			3,300			3,300
25,000,000 (June 30, 2008 & March 31, 2009: 25,000,000) 10.25 % redeemable cumulative preference shares of Rs. 10 each		250			250			250
		3,550			3,550			3,550
Issued, subscribed and paid-up capital [Refer note 18 (2)]
1,465,657,886 (June 30, 2008: 1,462,008,502, March 31, 2009: 1,464,980,746) equity shares of Rs 2 each		2,931			2,924			2,930
Less: 968,803 (June 30, 2008: Nil, March 31, 2009: 968,803) equity shares issued to and held by controlled trust		(2	)		—			(2	)
		2,929			2,924			2,928
SCHEDULE 2 RESERVES AND SURPLUS
Capital reserve
Balance brought forward from previous year		1,144			1,144			1,144
Addition during the period		—			—			—
		1,144			1,144			1,144
Securities premium account
Balance brought forward from previous year		27,279			25,373			25,373
Add: Shares issued to controlled trust		—			—			540
Add: Exercise of stock options by employees		408			258			1,366
		27,687			25,631			27,279
Less: Shares issued to controlled trust [Refer note 18(2)]		(540	)		—			(540	)
		27,147			25,631			26,739
Translation reserve
Balance brought forward from previous year		497			(10	)		(10	)
Movement during the period		(89	)		183			507
		408			173			497
Restricted stock units reserve [Refer note 18(8)]
Employee stock options outstanding		6,089			8,183			6,693
Less: Deferred employee compensation expense		3,796			6,126			4,380
		2,293			2,057			2,313
General reserve
Balance brought forward from previous year		118,813			86,764			86,764
Additions [Refer note 18 (3) (ii)]		10,155			8,987			32,049
		128,968			95,751			118,813
Hedging reserve [Refer note 18(5)]
Balance brought forward from previous year		(16,150	)		(1,097	)		(1,097	)
Movement during the period		3,402			(8,247	)		(15,053	)
Unrealised loss on cash flow hedging derivatives, net		(12,748	)		(9,344	)		(16,150	)
Summary of reserves and surplus
Balance brought forward from previous year		133,356			113,991			113,991
Movement during the period		13,856			1,421			19,365
		147,212			115,412			133,356

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES
SCHEDULES TO CONDENSED CONSOLIDATED BALANCE SHEET

	(Rs in Million)
	As of June 30,				As of March 31,
	2009		2008		2009
SCHEDULE 3 SECURED LOANS
Term loans 1		373		507		233
Cash credit 1		245		519		643
Finance lease obligation		835		1,022		982
		1,453		2,048		1,858
1    Term loans and cash credit facility are secured by hypothecation of stock-in-trade, book debts, immovable/movable properties and other assets.
SCHEDULE 4 UNSECURED LOANS
External commercial borrowings		17,490		14,192		18,052
Borrowing from banks		27,910		33,955		35,829
Interest free loan from state governments		37		41		37
Others		1,096		457		1,116
		46,533		48,645		55,034

SCHEDULE 5 FIXED ASSETS

																								(Rs in Million)
PARTICULARS	GROSS BLOCK											ACCUMULATED DEPRECIATION AND AMORTISATION													NET BLOCK
														Depreciation
														and
	As of April 1,				Effect of					As of June 30,		As of April 1,		amortisation		Effect of			Deductions /			As of June 30,			As of June 30,		As of March
	2009		Additions		Translation*			Deductions		2009		2009		for the period		Translation*			adjustments			2009			2009		31, 2009
(a) Tangible fixed assets
Land (including leasehold)		4,052		59		(4	)		—		4,107		19		6		—			—			25			4,082		4,033
Buildings		15,329		22		(48	)		—		15,303		1,659		93		9			0			1,761			13,542		13,670
Plant & machinery #		42,037		991		(382	)		29		42,617		27,178		1,254		(256	)		(22	)		28,154			14,463		14,859
Furniture, fixture and equipments		8,160		152		(17	)		45		8,250		4,619		265		12			(39	)		4,857			3,393		3,541
Vehicles		2,864		109		(2	)		114		2,857		1,759		141		(8	)		(69	)		1,823			1,034		1,105
(b) Intangible fixed assets
Technical know-how		384		8		—			—		392		384		—		—			—			384			8		—
Brands, patents, trade marks and rights		2,527		10		(70	)		—		2,467		724		39		(3	)		—			760			1,707		1,803
		75,353		1,351		(523	)		188		75,993		36,342		1,798		(246	)		(130	)		37,764			38,229		39,011
Previous year - 31 March 2009		56,280		17,607		2,265			799		75,353		28,067		6,864		1,212			199			36,342			39,011

*	Represents translation of fixed assets of non-integral operations into Indian Rupee
#	Plant and machinery includes computers and computer software

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES
SCHEDULES TO CONDENSED CONSOLIDATED BALANCE SHEET

	(Rs in Million)
	As of June 30,				As of March 31,
	2009		2008		2009
SCHEDULE 6 INVESTMENTS
Long term — unquoted
Investment in associates [Refer note 18(6)]
Wipro GE Healthcare Private Limited 2		1,722		1,451		1,670
Other investments [Refer note 18(14)]		343		362		343
		2,065		1,813		2,013
Current investments — quoted [Refer note 18(14)]
Investments in Indian money market mutual funds		37,466		45,643		15,136
Current investments — unquoted [Refer note 18(14)]
Certificates of deposit		708		—		947
		38,174		45,643		16,083
		40,239		47,456		18,096
2    Equity investments in this company carry certain restrictions on transfer of shares as provided for in the shareholders’ agreements
SCHEDULE 7 INVENTORIES
Finished goods		2,938		3,314		3,678
Raw materials		2,361		3,245		2,440
Stock in process		632		664		694
Stores and spares		860		537		774
		6,791		7,760		7,586
SCHEDULE 8 SUNDRY DEBTORS
Unsecured
Debts outstanding for a period exceeding six months
Considered good		6,055		5,039		5,832
Considered doubtful		1,863		1,192		1,433
		7,918		6,231		7,265
Other debts
Considered good		37,145		38,003		43,027
Considered doubtful		19		43		486
		45,082		44,277		50,778
Less: Provision for doubtful debts		1,882		1,235		1,919
		43,200		43,042		48,859
SCHEDULE 9 CASH AND BANK BALANCES
Balances with bank:
In current account		13,578		7,033		22,264
In deposit account		22,592		10,189		26,173
Cash and cheques on hand		342		1,126		680
[Refer note 18(13)]		36,512		18,348		49,117

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES
SCHEDULES TO CONDENSED CONSOLIDATED BALANCE SHEET

	(Rs in Million)
	As of June 30,				As of March 31,
	2009		2008		2009
SCHEDULE 10 LOANS AND ADVANCES
Unsecured, considered good unless otherwise stated
Advances recoverable in cash or in kind or for value to be received
Considered good
- Prepaid expenses		3,690		3,870		4,059
- Advance to suppliers		709		1,636		706
- Employee travel & other advances		1,294		1,559		1,359
- Others		3,089		4,199		3,500
		8,782		11,264		9,624
Considered doubtful		237		169		160
		9,019		11,433		9,784
Less: Provision for doubtful advances		237		169		160
		8,782		11,264		9,624
Other deposits		1,655		1,250		1,626
Derivative assets		1,533		1,726		1,421
Finance lease receivables		2,948		900		3,605
Advance income taxes		11,264		5,266		9,952
Inter corporate deposits		2,000		750		4,250
Balances with excise and customs		946		598		854
Unbilled revenues		15,797		11,892		14,108
		44,925		33,646		45,440
SCHEDULE 11 LIABILITIES
Accrued expenses		24,387		17,803		24,762
Statutory liabilities		3,612		2,991		3,455
Sundry creditors		17,222		15,184		18,017
Unearned revenues		5,199		4,709		6,734
Advances from customers		2,503		1,758		2,428
Derivative liabilities		9,433		13,243		12,257
Unclaimed dividends		17		4		17
Others		360		—		319
		62,733		55,692		67,989
SCHEDULE 12 PROVISIONS
Employee retirement benefits		3,182		2,629		3,111
Warranty		926		930		989
Provision for tax		7,118		5,264		6,493
Proposed dividend		5,860		5,846		5,860
Tax on proposed dividend		996		993		996
		18,082		15,662		17,449

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES
SCHEDULES TO CONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT

	(Rs in Million)
							Year ended
	Quarter ended June 30,						March 31,
	2009			2008			2009
SCHEDULE 13 OTHER INCOME, NET
Income from current investments
- Dividend on mutual fund units		260			574			2,265
- Profit/ (loss) on sale of investments		(6	)		142			681
Interest on debt instruments and others		740			344			1,964
Exchange differences, net		(1,406	)		(495	)		(1,553	)
Exchange fluctuations on foreign currency borrowings, net		(78	)		(202	)		(1,465	)
Miscellaneous income		151			143			729
		(339	)		506			2,621
SCHEDULE 14 COST OF SALES AND SERVICES
Employee compensation		23,092			21,498			91,293
Raw materials, finished and process stocks consumed		10,205			10,582			45,463
Sub contracting / technical fees / third party application		3,393			3,310			14,184
Travel		1,287			1,520			6,684
Depreciation and amortisation		1,642			1,471			6,367
Repairs		679			688			3,142
Communication		738			591			2,610
Power and fuel		447			424			1,863
Outsourced technical services		395			334			1,442
Rent		535			372			1,667
Stores and spares		132			240			936
Insurance		74			99			372
Rates and taxes		91			80			313
Miscellaneous expenses		588			777			2,910
		43,298			41,986			179,246

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES
SCHEDULES TO CONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT

	(Rs in Million)
					Year ended
	Quarter ended June 30,				March 31,
	2009		2008		2009
SCHEDULE 15 SELLING AND MARKETING EXPENSES
Employee compensation		2,003		2,047		8,982
Advertisement and sales promotion		1,061		931		3,470
Travel		203		307		1,037
Carriage and freight		222		265		1,005
Sales commission		235		185		886
Rent		143		75		477
Communication		85		80		396
Conveyance		36		41		157
Depreciation and amortisation		55		70		265
Repairs		15		29		123
Insurance		14		12		26
Rates and taxes		11		7		59
Miscellaneous expenses		233		249		913
		4,316		4,298		17,796
SCHEDULE 16 GENERAL AND ADMINISTRATIVE EXPENSES
Employee compensation		1,871		1,555		6,790
Travel		340		368		1,435
Legal and professional charges		358		320		1,502
Repairs and maintenance		171		154		780
Provision for doubtful debts		95		139		939
Staff recruitment		70		80		411
Manpower outside services		60		57		264
Depreciation and amortisation		101		37		232
Rates and taxes		33		9		72
Insurance		42		26		125
Rent		132		119		382
Auditors’ remuneration
Audit fees		5		5		19
For certification including tax audit		—		—		2
Out of pocket expenses		1		1		2
Miscellaneous expenses		403		433		2,023
		3,682		3,303		14,978
SCHEDULE 17 INTEREST
Cash credit and others		528		775		2,400
		528		775		2,400

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

SCHEDULE 18 — NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Company overview

Wipro Limited (Wipro or the Parent), together with its subsidiaries and associates (collectively, the Company or the group) is a leading India based provider of IT Services, including Business Process Outsourcing (BPO) services, globally. Further, Wipro has other businesses such as IT Products and Consumer Care and Lighting. Wipro is headquartered in Bangalore, India.

1.	Significant accounting policies
i.	Basis of preparation of financial statements
	The condensed consolidated financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments, which are measured on a fair value basis. 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 condensed consolidated financial statements for the quarter ended June 30, 2009 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 and by the ICAI. These financial statements should be read in conjunction with the consolidated annual financial statements of the Company for the year ended as at March 31, 2009. The accounting policies followed in preparation of the financial statements are consistent with those followed in the preparation of the consolidated annual financial statements.
ii.	Principles of consolidation
	The condensed consolidated financial statements include the financial statements of Wipro and all its subsidiaries, which are more than 50% owned or controlled.
	The financial statements of the parent company and its majority owned / controlled subsidiaries have been combined on a line by line basis by adding together the book values of all items of assets, liabilities, incomes and expenses after eliminating all inter-company balances / transactions and resulting unrealized gain / loss.
	The condensed consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events in similar circumstances.
iii.	Use of estimates
	The preparation of financial statements in accordance with the generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities on the date of the financial statements and reported amounts of revenues and expenses during the period reported. Actual results could differ from those estimates. Any revision to accounting estimate are recognised prospectively in current and future periods.
iv.	Fixed assets, intangible assets and capital work-in-progress
	Fixed assets are stated at historical cost less accumulated depreciation.
	Interest on borrowed money allocated for qualifying fixed assets, pertaining to the period up to the date of capitalization is capitalized.
	Intangible assets are stated at the consideration paid for acquisition less accumulated amortization.
	Advances paid towards the acquisition of fixed assets outstanding as of each balance sheet date and the cost of fixed assets not ready for use before such date are disclosed under capital work-in-progress.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

v.	Investments
	Long term investments (other than investment in associate) are stated at cost less any other than temporary decline in the value of such investments. Current investments are valued at lower of cost and fair value determined by category of investment. The fair value is taken as quoted market price adjusted for cost of disposal.
	Investment in associate is accounted under the equity method.
vi.	Inventories
	Finished goods are valued at cost or net realizable value, whichever is lower. Other inventories, primarily comprising material and other supplies held for use in the course of production are valued at cost less provision for obsolescence. Small value tools and consumables are charged to consumption on purchase. Cost is determined using weighted average method.
vii.	Provisions and contingent liabilities
	The Company recognises a provision when there is a present obligation as a result of past event that probably will result in an outflow of resources and a reliable estimate can be made of the amount of the outflow.
	A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
	The company recognizes provision for onerous contracts based on the estimate of excess of unavoidable costs of meeting obligations under the contracts over the expected economic benefits.
viii.	Revenue recognition
	Services:
	Revenue from Software development services comprises revenue from time and material and fixed-price contracts. Revenue from time and material contracts is recognised as related services are performed. Revenue from fixed-price, fixed-time frame contracts is generally recognised in accordance with the “Percentage of Completion” method.
	Revenues from BPO services are derived from both time-based and unit-priced contracts. Revenue is recognised as the related services are performed, in accordance with the specific terms of the contract with the customers.
	Revenue from application maintenance services is recognized over the period of the contract.
	Revenue from customer training, support and other services is recognised as the related services are performed.
	Provision for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the current contract estimates.
	‘Unbilled revenues’ included in loans and advances represent cost and earnings in excess of billings as at the balance sheet date. ‘Unearned revenues’ included in current liabilities represent billing in excess of revenue recognised.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

	Products:
	Revenue from sale of products is recognised when the product has been delivered, in accordance with the sales contract. Revenues from product sales are shown as net of excise duty, sales tax separately charged and applicable discounts.
	Other income:
	Agency commission is accrued when shipment of consignment is dispatched by the principal.
	Profit on sale of investments is recorded upon transfer of title by the Company. It is determined as the difference between the sales price and carrying amount of the related investment.
	Interest is recognised using the time-proportion method, based on rates implicit in the transaction.
	Dividend income is recognised where the Company’s right to receive dividend is established.
	Export incentives are accounted on accrual basis and include estimated realizable values/ benefits from special import licenses and advance licenses.
ix.	Leases
	Assets acquired under finance leases are recognised at the lower of the fair value of the leased assets at inception and the present value of minimum lease payments. Lease payments are apportioned between the finance charge and the outstanding liability. The finance charge is allocated to periods during the lease term at a constant periodic rate of interest on the remaining balance of the liability.
	Lease rentals in respect of assets taken under operating leases are charged to profit and loss account on a straight line basis over the lease term.
	Inventories given under finance leases, are recognised at an amount equal to the net investment in the lease and the finance income is based on a constant rate of return on the outstanding net investment.
x.	Foreign currency transactions
	Foreign currency transactions are accounted in the books of accounts at the average rate for the month.
	Transaction:
	The difference between the rate at which foreign currency transactions are accounted and the rate at which they are realized is recognised in the profit and loss account.
	Integral operations:
	Monetary assets and liabilities are translated at the exchange rate prevailing at the date of the balance sheet. Non-monetary items are translated at the historical rate. The items in the profit and loss account are translated at the average exchange rate during the period. The differences arising out of the translation are recognised in the profit and loss account.
	Non-integral operations:
	Assets and liabilities are translated at the exchange rate prevailing at the date of the balance sheet. The items in the profit and loss account are translated at the average exchange rate during the period. The differences arising out of the translation are transferred to translation reserve.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

	Translation:
	Monetary foreign currency assets and liabilities at period-end are translated at the closing rate. The difference arising from the translation is recognised in the profit and loss account, except for the exchange difference arising on monetary items that qualify as hedging instruments in a cash flow hedge or hedge of a net investment in a non-integral foreign operation. In such cases the exchange difference is initially recognized in hedging reserve or translation reserve, respectively. Such exchange differences are subsequently recognized in the profit and loss account on occurrence of the underlying hedged transaction or on disposal of the investment, respectively.
xi.	Financial Instruments
	Financial instruments are recognized when the Company becomes a party to the contractual provisions of the instrument.
	Derivative instruments and Hedge accounting:
	The Company is exposed to foreign currency fluctuations on foreign currency assets, liabilities, net investment in a non-integral foreign operation and forecasted cash flows denominated in foreign currency. The Company limits the effects of foreign exchange rate fluctuations by following established risk management policies including the use of derivatives. The Company enters into derivative financial instruments, where the counterparty is a bank.
	The Company has early adopted AS 30 and the limited revisions to other accounting standards which come into effect upon adoption of AS 30 from April 1, 2008. In accordance with the recognition and measurement principles set out in the AS 30, changes in the fair values of derivative financial instruments designated as cash flow hedges are recognized directly in shareholders’ funds and reclassified into the profit and loss account upon the occurrence of the hedged transaction. The Company also designates derivative financial instruments as hedges of net investment 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 are recognised in the shareholders’ funds and would be recognised 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 are recognized in the profit and loss account as they arise.
	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, will 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 in AS 4 — relating to Contingencies, AS 11 — relating to forward contracts and AS 13 until AS 30 becomes mandatory.
	Non-Derivative Financial Instruments
	A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets of the Company mainly include cash and bank balances, sundry debtors, unbilled revenues, finance lease receivables, employee travel and other advances, other loans and advances and derivative financial instruments with a positive fair value. Financial liabilities of the Company mainly comprise secured and unsecured loans, sundry creditors, accrued expenses and derivative financial instruments with a negative fair value. Financial assets / liabilities are recognized on the balance sheet when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when all of risks and rewards of the ownership have been transferred. The transfer of risks and rewards is evaluated by comparing the exposure, before and after the transfer, with the variability in the amounts and timing of the net cash flows of the transferred assets.
	Short-term receivables with no stated interest rates are measured at original invoice amount, if the effect of discounting is immaterial. Non-interest-bearing deposits are discounted to their present value.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

	The Company measures the financial assets and liabilities, except for derivative financial assets and liabilities at amortized cost using the effective interest method. The Company measures the short-term payables and receivables with no stated rate of interest at original invoice amount, if the effect of discounting is immaterial.
xii.	Depreciation and amortisation
	Depreciation is provided on straight line method based on the estimated useful economic life of the asset. Management estimates the useful life of various assets as follows:

Nature of asset	Life of asset
Building	30 – 60 years
Plant and machinery	5 – 21 years
Office equipment	3 – 10 years
Vehicles	4 years
Furniture and fixtures	3 – 10 years
Data processing equipment and software.	2 – 6 years

	Fixed assets individually costing Rs 5,000/- or less are depreciated at 100%.
	Assets under capital lease are amortised over their estimated useful life or the lease term, whichever is lower. Intangible assets are amortized over their estimated useful life on a straight line basis. For various brands acquired by the Company, the estimated useful life has been determined ranging between 20 to 25 years based on expected life, performance, market share, niche focus and longevity of the brand. Accordingly, such intangible assets are being amortised over the determined useful life. Payments for leasehold land are amortised over the period of lease.
xiii.	Impairment of assets
	Financial assets:
	The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset or group of financial assets is impaired. If any such indication exists, the Company estimates the amount of impairment loss. The amount of loss for short-term receivables is measured as the difference between the assets carrying amount and undiscounted amount of future cash flows. Reduction, if any, is recognized in the profit and loss account. If at the balance sheet date there is any indication that if a previously assessed impairment loss no longer exists, the recognised impairment loss is reversed, subject to maximum of initial carrying amount of the short-term receivable.
	Other than financial assets:
	The Company assesses at each balance sheet date whether there is any indication that a non-financial asset including goodwill may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs to is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the profit and loss account. If at the balance sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciated historical cost. In respect of goodwill the impairment loss will be reversed only when it was caused by specific external events and their effects have been reversed by subsequent external events.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

xiv.	Employee benefits
	Provident fund:
	Employees receive benefits from a provident fund. The employee and employer each make monthly contributions to the plan equal to 12% of the covered employee’s salary. A portion of the contribution is made to the provident fund trust managed by the Company, while the remainder of the contribution is made to the Government’s provident fund.
	Compensated absences:
	The employees of the Company are entitled to compensated absence. The employees can carry-forward a portion of the unutilized accrued compensated absence and utilize it in future periods or receive cash compensation at retirement or termination of employment for the unutilized accrued compensated absence. The Company records an obligation for compensated absences in the period in which the employee renders the services that increase this entitlement. The Company measures the expected cost of compensated absence as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the balance sheet date. Long term compensated absences is accrued based on actuarial valuation at the balance sheet date carried out by an independent actuary.
	Gratuity:
	In accordance with applicable Indian laws, the Company provides for gratuity, a defined benefit retirement plan (Gratuity Plan) covering eligible employees. The Gratuity Plan provides a lump sum payment to vested employees, at retirement or termination of employment, an amount based on the respective employee’s last drawn salary and the years of employment with the Company. Liability with regard to gratuity plan is accrued based on actuarial valuations at the balance sheet date, carried out by an independent actuary. Actuarial gain or loss is recognised immediately in the statement of profit and loss as income or expense. The Company has an employees’ gratuity fund managed by the Life Insurance Corporation of India (LIC) and HDFC Standard Life.
	Superannuation:
	The employees of the Company also participate in a defined contribution plan maintained by the Company. This plan is administered by the LIC & ICICI Prudential Insurance Company Limited. The Company makes annual contributions based on a specified percentage of each covered employee’s salary.
xv.	Employee stock options
	The Company determines the compensation cost based on the intrinsic value method. The compensation cost is amortised on a straight line basis over the vesting period.
xvi.	Taxes
	Income tax:
	The current charge for income taxes is calculated in accordance with the relevant tax regulations.
	Deferred tax assets and liabilities are recognised for the future tax consequences attributable to timing differences that result between the profit offered for income taxes and the profit as per the financial statements by each entity in the Group.
	Deferred taxes are recognised in respect of timing differences which originate during the tax holiday period but reverse after the tax holiday period. For this purpose, reversal of timing difference is determined using FIFO method.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

	Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognised in the period that includes the enactment/ substantive enactment date.
	Deferred tax assets on timing differences are recognised only if there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. However, deferred tax assets on the timing differences when unabsorbed depreciation and losses carried forward exist, are recognised only to the extent that there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.
	Deferred tax assets are reassessed for the appropriateness of their respective carrying amounts at each balance sheet date.
	The Company offsets, on a year on year basis, the current tax assets and liabilities, where it has a legally enforceable right and where it intends to settle such assets and liabilities on a net basis.
	Fringe benefit tax:
	The Fringe Benefit Tax (FBT) is accounted for in accordance with the guidance note on accounting for fringe benefits tax issued by the ICAI. The provision for FBT is reported under income taxes.
xvii.	Earnings per share
	Basic:
	The number of equity shares used in computing basic earnings per share is the weighted average number of shares outstanding during the period excluding equity shares held by controlled trust.
	Diluted:
	The number of equity shares used in computing diluted earnings per share comprises the weighted average equity shares considered for deriving basic earnings per share, and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares.
	Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. The number of equity shares and potentially dilutive equity shares are adjusted for any stock splits and bonus shares issued.
xviii.	Cash flow statement
	Cash flows are reported using the indirect method, whereby net profits before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from regular revenue generating, investing and financing activities of the Company are segregated.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

2. The following are the details for 1,465,657,886 (June 30, 2008: 1,462,008,502, March 31, 2009: 1,464,980,746) equity shares as of June 30, 2009.

No. of shares		Description
	1,398,430,659	Equity shares / American Depository Receipts (ADRs) (June 30, 2008 & March 31, 2009: 1,398,430,659) have been allotted as fully paid bonus shares / ADRs by capitalization of Securities premium account and Capital redemption reserve
	1,325,525	Equity shares (June 30, 2008 & March 31, 2009: 1,325,525) have been allotted as fully paid-up, pursuant to scheme of amalgamation, without payment being received in cash.
	968,803	Equity shares (June 30, 2008: Nil, March 31, 2009: 968,803) allotted to the Wipro Inc Trust, the sole beneficiary of which is Wipro Inc, wholly owned subsidiary of the Company, without payment being received in cash, in consideration of acquisition of inter-company investments.
	3,162,500	Equity shares (June 30, 2008 & March 31, 2009: 3,162,500) representing American Depository Receipts issued during 2000-2001 pursuant to American Depository offering by the Company
	60,845,399	Equity shares (June 30, 2008: 58,164,818, March 31, 2009: 60,168,259) issued pursuant to Employee Stock Option Plan

3.	Note on Reserves:
i)	Restricted stock units reserve includes Deferred Employee Compensation, which represents future charge to the profit and loss account and employee stock options outstanding to be treated as securities premium at the time of allotment of shares.
ii)	Additions to General Reserve include:

						(Rs in Million)
						For the
Particulars	For the quarter ended					year ended
	June		June			March
	30, 2009		30, 2008			31, 2009
Transfer from Profit and Loss Account		10,155		9,078			32,143
Adjustment on adoption of AS 30		—		(89	)		(89	)
Others		—		(2	)		(5	)
		10,155		8,987			32,049

4.	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).
	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
	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.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

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’ funds 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’ funds and would be 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.

i)	As permitted by AS 30 and the consequent limited revisions to other accounting standards, the Company has designated a yen-denominated foreign currency borrowing amounting to JPY 27 Billion (June 30, 2008: JPY 28 Billion, March 31, 2009: JPY 27 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 (June 30, 2008: Nil, March 31, 2009: 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
ii)	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. 978 Million (June 30, 2008: Rs (660) Million, March 31, 2009: Rs (3,044) Million) was recognized in translation reserve / hedging reserve in shareholders’ funds.  The amount of gain/ (loss) of Rs 1,081 Million (June 30, 2008: Rs. (660) Million, March 31, 2009: Rs (3,753) Million) 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 loss of Rs 103 Million (June 30, 2008: Nil, March 31, 2009: gain of Rs 709 Million) recognized in the hedging reserve would be transferred to profit and loss upon occurrence of the hedged transaction.
iii)	In accordance with AS 11, if the Company had continued to recognize translation (losses)/ gains 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 would have been higher/ (lower) by Rs 935 Million (June 30, 2008: Rs. (660) Million, March 31, 2009: Rs (3,044) Million).

5.	Derivatives
	As of June 30, 2009, the Company had derivative financial instruments to sell USD 1,265 Million, GBP 50 Million, JPY 5,742 Million, AUD 21 million, CCIRS of JPY 8 Billion and to buy USD 70 Million relating to highly probable forecasted transactions. As of June 30, 2008, the Company had derivative financial instruments to sell USD 2,639 Million, GBP 75 Million, EUR 18 Million and JPY 7,682 relating to highly probable forecasted transactions. As of March 31, 2009, the Company had derivative financial instruments to sell USD 1,060 Million, GBP 54 Million, JPY 6,130 Million and CCIRS of JPY 8 Billion relating to highly probable forecasted transactions. As of June 30, 2009, the Company has recognised mark-to-market losses of Rs 12,748 Million (June 30, 2008: Rs. 9,344 Million, March 31, 2009: Rs 16,150 Million) relating to derivative financial instruments that are designated as effective cash flow hedges in the shareholders’ funds.
	In addition to Yen denominated foreign currency borrowing and related CCIRS discussed in Note 4, the Company had derivative financial instruments to sell USD 267 Million (June 30, 2008: USD 306 Million, March 31, 2009: USD 267 Million) and Euro 40 Million (June 30, 2008: Euro 65 Million, March 31, 2009: Euro 40 Million) designated as hedge of net investment in non-integral foreign operations as of June 30, 2009. For the quarter ended June 30, 2009 the Company has recognized Mark to market gain/ (loss) of

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

	Rs. 714 Million (June 30, 2008: Rs (3,273) Million, March 31, 2009: Rs (4,410) Million) relating to the above derivative financial instruments in translation reserve in the shareholders’ funds.
	As of June 30, 2009, the Company had undesignated derivative financial instruments to sell USD 267 Million, GBP 61 Million and EUR 27 Million. As of June 30, 2008 the Company had undesignated derivative financial instruments to sell USD 266 Million, GBP 55 Million and EUR 33 Million. As of March 31, 2009, the Company had undesignated derivative financial instruments to sell USD 612 Million, GBP 53 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.
6.	The Company has a 49% equity interest in Wipro GE Healthcare 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 Interests in Joint Ventures”. Consequently, Wipro GE is not considered as a joint venture and consolidation of financial statements is carried out as per the equity method in terms of Accounting Standard 23 “Accounting for Investments in Associates in Consolidated Financial statements”.
7.	Sale of financial assets
	From time to time, in the normal course of business, the Company transfers accounts receivables, net investment in sales-type finance receivables and employee advances (financials assets) to banks. Under the terms of the arrangements, the Company surrenders control over the financial assets and accordingly the transfers are recorded as sale of financial assets. The sale of financial assets may be with or without recourse. Under arrangements with recourse, the Company is obligated to repurchase the uncollected financial assets, subject to limits specified in the agreement with the banks. Additionally, the Company retains servicing responsibility for the transferred financial assets. Gains and losses on sale of financial assets are recorded at the time of sale based on the carrying value of the financial assets, fair value of servicing liability and recourse obligations. During the quarter ended June 30, 2009 the Company transferred financial assets of Rs. 1,175 Million (June 30, 2008: Rs. 631 Million, March 31, 2009: Rs. 539 Million) respectively, under such arrangements and has included the proceeds in net cash provided by operating activities in the condensed statements of cash flows. This transfer resulted in a net gain of Rs. 28 Million for the quarter ended June 30, 2009 (June 30, 2008: Rs. (11) Million, March 31, 2009: Rs. (35) Million) which is included in general and administrative expense. As at June 30, 2009 the maximum amounts of recourse obligation in respect of the transferred financial assets are Rs. Nil (June 30, 2008: Rs. Nil, March 31, 2009: Rs, Nil).
8.	Employee stock option
i)	Employees covered under Stock Option Plans and Restricted Stock Unit (RSU) Option Plans are granted an option to purchase shares of the Company at the respective exercise prices, subject to requirements of vesting conditions. These options generally vest over a period of five years from the date of grant. Upon vesting, the employees can acquire one equity share for every option. The maximum contractual term for aforementioned stock option plans is generally 10 years.
ii)	The stock compensation cost is computed under the intrinsic value method and amortised on a straight line basis over the total vesting period of five years. The Company has granted 5,000 Options under RSU Options Plan during the quarter ended June 30, 2009. For the quarter ended June 30, 2009 the Company has recorded stock compensation expense of Rs. 386 Million (June 30, 2008: Rs 433 Million, 2009: Rs 1,767 Million).
iii)	The Finance Act, 2007 introduced Fringe Benefit Tax (FBT) on employee stock options. The difference between the fair value of the underlying share on the date of vesting and the exercise price paid by the employee is subject to FBT. The Company recovers such tax from the employee. During the quarter ended June 30, 2009 the Company has recognised FBT liability and related recovery of 56 Million (June 30, 2008: Rs 46 Million, March 31, 2009: Rs.197 Million) arising from the exercise of stock options. The Company’s obligation to pay FBT arises only upon the exercise of stock options.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

9.	Income Tax
	Provision for tax has been allocated as follows:

							(Rs in Million)
	Quarter ended						Year Ended
	June 30,						March 31,
Particulars	2009			2008			2009
Net current tax		1,828			1,456			6,203
Deferred tax		(64	)		(29	)		(155	)
Fringe benefit tax		100			99			412
Total income taxes		1,864			1,526			6,460

10.	The Company had received tax demands from the Indian income tax authorities for the financial years ended March 31, 2001, 2002, 2003 and 2004 aggregating to Rs. 11,127 (including interest of Rs. 1,503). The tax demand was primarily on account of denial of deduction claimed by the Company under Section 10A of the Income Tax Act 1961, in respect of profits earned by its undertakings in Software Technology Park at Bangalore. The appeals filed by the Company for the above years to the first appellate authority were allowed in favour of the Company, thus deleting substantial portion of the demand raised by the Income tax authorities. On further appeal filed by the income tax authorities, the second appellate authority upheld the claim of the company for the years ended March 31, 2001, 2002, 2003 and 2004. In December 2008, the Company received, on similar grounds, an additional tax demand of Rs. 5,388 (including interest of Rs. 1,615) for the financial year ended March 31, 2005. The Company has filed an appeal against the said demand within the time limits permitted under the statute.
	Considering the facts and nature of disallowance and the order of the first appellate authority upholding Company’s claims for earlier years, the Company expects the final outcome of the above disputes in Wipro’s favour.
11.	The list of subsidiaries as of June 30, 2009 is as follows:

			Country of
Direct Subsidiaries	Step Subsidiaries		Incorporation
Wipro Inc.			USA
	Wipro Gallagher Solutions Inc		USA
	Enthink Inc.		USA
	Infocrossing Inc		USA
		Infocrossing, LLC	USA
cMango Pte Limited			Singapore
Wipro Japan KK			Japan
Wipro Shanghai Limited			China
Wipro Trademarks Holding Limited			India
	Cygnus Negri Investments Private Limited		India
Wipro Travel Services Limited			India
Wipro Consumer Care Limited			India
Wipro Holdings (Mauritius) Limited			Mauritius
	Wipro Holdings UK Limited		UK
		Wipro Technologies UK Limited	UK
		BVPENTEBeteiligun gsverwaltung GmbH	Austria

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

			Country of
Direct Subsidiaries	Step Subsidiaries		Incorporation
		New Logic Technologies GmbH	Austria
		NewLogic Technologies SARL	France
		3D Networks FZ-LLC	Dubai
		3D Networks (UK) Limited	UK
Wipro Cyprus Private Limited			Cyprus
	Wipro Technologies S.A DE C.V		Mexico
	Wipro BPO Philippines LTD. Inc		Philippines
	Wipro Holdings Hungary Korlátolt Felel•sség• Társaság		Hungary
	Wipro Technologies Argentina SA		Argentina
	Wipro Information Technology Egypt SAE		Egypt
	Wipro Arabia Limited (a)		Saudi Arabia
	Wipro Poland Sp Zoo		Poland
	Wipro Information Technology Netherlands BV (Formely Retail Box BV)		Netherlands
		Enabler Informatica SA	Portugal
		Enabler France SAS	France
		Enabler UK Ltd	UK
		Wipro do Brasil Technologia Ltda	Brasil
		Wipro Technologies Gmbh.	Germany
		Wipro Technologies Limited, Russia	Russia
	Wipro Technologies OY		Finland
	Wipro Infrastructure Engineering AB		Sweden
		Wipro Infrastructure Engineering OY	Finland
		Hydrauto Celka San ve Tic	Turkey
	Wipro Technologies SRL		Romania
	Wipro Singapore Pte Limited		Singapore
		Unza Holdings Limited (A)	Singapore
		Wipro Technocentre (Singapore) Pte Limited	Singapore
		Wipro (Thailand) Co Limited	Thailand
Wipro Australia Pty Limited			Australia
Wipro Networks Pte Limited (formerly 3D Networks Pte Limited)			Singapore
Planet PSG Pte Limited			Singapore
	Planet PSG SDN BHD		Malaysia
Wipro Chengdu Limited			China
Wipro Chandrika Limited (b)			India
WMNETSERV Limited			Cyprus

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

		Country of
Direct Subsidiaries	Step Subsidiaries	Incorporation
	WMNETSERV (UK) Ltd.	UK
	WMNETSERV INC.	USA
Wipro Technology Services Limited		India

All the above subsidiaries are 100% held by the Company except the following:
a)	66.67% held in Wipro Arabia Limited
b)	90% held in Wipro Chandrika Limited
A.	Step Subsidiary details of Unza Holdings Limited are as follows :

			Country of
Step subsidiaries	Step subsidiaries		Incorporation
Unza Company Pte Ltd			Singapore
Unza Indochina Pte Ltd			Singapore
	Unza Vietnam Co., Ltd		Vietnam
Unza Cathay Ltd			Hong Kong
Unza China Ltd			Hong Kong
	Dongguan Unza Consumer Products Ltd.		China
PT Unza Vitalis			Indonesia
Unza Thailand Limited			Thailand
Unza Overseas Ltd			British virgin islands
Unza Africa Limited			Nigeria
Unza Middle East Ltd			British virgin islands
Unza International Limited			British virgin islands
Positive Equity Sdn Bhd			Malaysia
Unza Nusantara Sdn Bhd			Malaysia
	Unza Holdings Sdn Bhd		Malaysia
	Unza Malaysia Sdn Bhd		Malaysia
		UAA (M) Sdn Bhd	Malaysia
	Manufacturing Services Sdn Bhd		Malaysia
		Shubido Pacific Sdn Bhd (a)	Malaysia
	Gervas Corporation Sdn Bhd		Malaysia
		Gervas (B) Sdn Bhd	Malaysia
	Formapac Sdn Bhd		Malaysia

a) All the above subsidiaries are 100% held by the Company except Shubido Pacific Sdn Bhd in which the holding is 62.55%

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

12.	The Company is currently organized by business segments, comprising IT Services, IT Products, Consumer Care and Lighting and Others. Business segments have been determined based on system of internal financial reporting to the board of directors and chief executive officer and are considered to be primary segments. The secondary segment is identified based on the geographic location of the customer.
	IT Services segment provides IT and IT enabled services to customers. Key service offering includes software application development, application maintenance, research and development services for hardware and software design, data center outsourcing services and business process outsourcing services.
	IT Products segment sells a range of Wipro personal desktop computers, Wipro servers and Wipro notebooks and is a value added reseller of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading international brands.
	The Consumer Care and Lighting segment manufactures, distributes and sells personal care products, baby care products, lighting products and hydrogenated cooking oils for the Indian and Asian market.
	‘Others’ consist of business segments that do not meet the requirements individually for a reportable segment as defined in AS 17- Segment Reporting. Corporate activities such as treasury, legal and accounting, which do not qualify as operating segments under AS 17- Segment Reporting have been considered as reconciling items.
	The segment information for the quarter ended June 30, 2009 is as follows:

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

										Rs. in Million
	Quarter ended June 30,									Year ended March 31,
	2009			2008			Variance			2009
Particulars							(%)
Revenues
IT Services		48,249			44,045			10	%		191,661
IT Products		7,602			7,463			2	%		34,552
Consumer Care and Lighting		5,463			5,127			7	%		20,830
Others		1,477			3,286						9,144
Eliminations		(52	)		(254	)					(745	)
TOTAL		62,739			59,667			5	%		255,442
Profit before interest and tax — PBIT
IT Services		10,776			9,186			17	%		40,323
IT Products		316			249			27	%		1,481
Consumer Care and Lighting		787			609			29	%		2,548
Others		(284	)		180						(348	)
TOTAL		11,595			10,224			13	%		44,004
Interest and Other Income, Net		388			285						1,192
Profit before tax		11,983			10,509			14	%		45,196
Income Tax expense including Fringe Benefit Tax		(1,864	)		(1,526	)					(6,460	)
Profit before share in earnings of associates and minority interest		10,119			8,983			13	%		38,736
Share in earnings of associates		85			107						362
Minority interest		(49	)		(12	)					(99	)
PROFIT AFTER TAX		10,155			9,078			12	%		38,999
Operating Margin
IT Services		22.3	%		20.9	%					21.0	%
IT Products		4.2	%		3.3	%					4.3	%
Consumer Care and Lighting		14.4	%		11.9	%					12.2	%
TOTAL		18.5	%		17.1	%					17.2	%
CAPITAL EMPLOYED AS AT PERIOD END
IT Services and Products		110,461			90,421						119,997
Consumer Care and Lighting		17,902			17,746						18,689
Others		70,045			61,020						54,742
TOTAL		198,408			169,187						193,428
CAPITAL EMPLOYED COMPOSITION AS AT PERIOD END
IT Services and Products		56	%		54	%					62	%
Consumer Care and Lighting		9	%		10	%					10	%
Others		35	%		36	%					28	%
TOTAL		100	%		100	%					100	%
RETURN ON AVERAGE CAPITAL EMPLOYED DURING THE PERIOD
IT Services and Products		39	%		41	%					39	%
Consumer Care and Lighting		17	%		14	%					14	%
TOTAL		24	%		25	%					25	%

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

	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)	In certain total outsourcing contracts of IT services segment, the company delivers hardware, software and other related deliverables. Revenue relating to these items are reported in the IT products segment.
c)	Segment revenue includes the following exchange differences, which are reflected under other income in the financial statements.

							(Rs in Million)
	Quarter ended						Year ended
	June 30,						March 31,
Particulars	2009			2008			2009
IT Services		(1,282	)		(671	)		(1,308	)
IT Products		(116	)		(13	)		(229	)
Consumer Care & Lighting		(9	)		(8	)		(54	)
Others		1			(5	)		38
		(1,406	)		(697	)		(1,553	)

d) Segment wise depreciation is as follows:

					(Rs in Million)
	Quarter ended				Year ended
	June 30,				March 31,
Particulars	2009		2008		2009
IT Services		1,560		1,365		6,067
IT Products		46		43		88
Consumer Care & Lighting		122		96		420
Others		70		74		289
		1,798		1,578		6,864

e)	Segment PBIT includes Rs 151 Million (June 30, 2008: Rs 143 Million, March 31, 2009: Rs 581 million) for the quarter ended June 30, 2009 respectively of certain operating other income which is reflected in other income in the Financial Statements.
f)	Capital employed of segments is net of current liabilities. The net current liability of segments is as follows :-

					(Rs in Million)
	Quarter ended				Year ended
	June 30,				March 31,
Particulars	2009		2008		2009
IT Services and Products		52,459		44,726		58,918
Consumer Care & Lighting		4,213		3,983		4,026
Others		24,143		22,645		22,494
		80,815		71,354		85,438

g) 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 June 30,								As of March 31,
Particulars	2009		%		2008		%		2009		%
India		12,920		21		12,558		21		54,608		21
United States of America		26,836		43		26,189		44		115,105		45
Europe		12,275		20		14,473		24		57,109		22
Rest of the world		10,708		16		6,447		11		28,620		12
		62,739		100		59,667		100		255,442		100

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

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

13.	Cash and Bank
	Details of balances with banks as of June 30, 2009 are as follows:

					(Rs in Million)
	Current		Deposit
Bank Name	Account		Account		Total
Wells Fargo Bank		3,716		—		3,716
State Bank of India		127		7,105		7,232
ICICI Bank		46		4,910		4,956
IDBI Bank		9		1,498		1,507
Central Bank Of India		—		2,300		2,300
Oriental Bank of Commerce		1		2,500		2,501
HSBC Bank		4,260		9		4,269
Citi Bank		676		418		1,094
Union Bank Of India		—		1,500		1,500
HDFC Bank		2,143		—		2,143
The Saudi British Bank		896		—		896
Standard Chartered Bank		320		—		320
ING Vysya Bank		31		—		31
Others		1,353		2,352		3,705
Cash and cheques on hand						342
Total		13,578		22,592		36,512

14.	Investments
(a)	Investments in Indian money market mutual funds as on June 30, 2009:

	(Rs in Million)
Fund House	As of June 30, 2009
Reliance		9,320
ICICI Prudential		7,923
HDFC		5,787
UTI		4,756
Franklin Templeton		4,398
Birla Sun Life		1,496
IDFC		1,078
KOTAK		1,036
HSBC		300
DSP BlackRock		200
DWS		200
TATA		200
Principal PNB		150
Fidelity		150
LIC		121
ING		101
AIG		100
DBS Cholamandalam		100
Sundaram BNP Paribas		50
Total		37,466

(b) Investment in Certificates of Deposit as on June 30, 2009:

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF WIPRO LIMITED AND SUBSIDIARIES

	(Rs in Million)
Particulars	As of June 30, 2009
IDBI Bank		478
State Bank of Bikaner and Jaipur		230
Total		708

(c) Other Investments as of June 30, 2009:

	(Rs in Million)
Particulars	As of June 30, 2009
Non-Convertible Debentures -Citicorp Finance		250
Investment in WEP Peripherals		85
Other Investments		8
Total		343

15. Corresponding figures for previous periods presented have been regrouped, where necessary, to confirm to the current period classification.