Wipro Technologies

Wipro Limited Consolidated Segment wise Business Performance

(Rs. in Million) except share data
	Year ended 31st March
Particulars	2009	2008
Segment Revenue
IT Services	191,661	146,626
IT Products	34,552	26,400
Consumer Care and Lighting	20,830	15,207
Others	9,145	11,691
Eliminations	-745	-349
TOTAL	255,442	199,575
Profit before Interest and Tax - PBIT
IT Services	40,323	31,290
IT Products	1,481	1,227
Consumer Care and Lighting	2,548	1,900
Others	-348	770
TOTAL	44,004	35,187
Interest (net) and other income	1,191	1,883
Profit Before Tax	45,195	37,070
Income Tax expense including Fringe Benefit Tax	-6,460	-4,550
Profit for the period	38,735	32,520
Net Loss on discontinuance of ISP Business	–	–

Profit Before Share in earnings of affiliates and minority interest	38,735	32,520
Share in earnings of affiliates	362	333
Minority interest	-99	-24
PROFIT AFTER TAX	38,998	32,829

Earning per share - EPS
Equity Shares of par value Rs 2/- each
Basic (in Rs)	26.81	22.62
Diluted (in Rs)	26.72	22.51
Outstanding Shares Count (in Millions)
No of Share at the year-end	1,465	1,461
No of Share used to calculate the Basic EPS	1,455	1,451
No of Shares used to calculate the Diluted ESP	1,459	1,458

Operating Margin
IT Services	21%	21%
IT Products	4%	5%
Consumer Care and Lighting	12%	13%
TOTAL	17%	18%
Return on Average Capital Employed
IT Services and Products	39%	44%
Consumer Care and Lighting	14%	19%
TOTAL	25%	27%

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#Note: Outstanding Share count and EPS has been adjusted for Stock dividend and bonus issue

Wipro Limited Consolidated Segment wise Business Performance

(Rs. in Million) except share data
	Year ended 31st March
Particulars	2007	2006	2005
Segment Revenue
Global IT Services and Products	110,945	80,660	60,753
India & AsiaPac IT Services and Products	24,835	17,048	13,964
Consumer Care and Lighting	8,182	6,008	4,723
Others	6,046	2,542	2,258
TOTAL	150,008	106,258	81,698
Profit before Interest and Tax - PBIT
Global IT Services and Products	26,939	19,854	16,041
India & AsiaPac IT Services and Products	2,139	1,459	1,042
Consumer Care and Lighting	1,006	805	672
Others	322	388	397
TOTAL	30,406	22,506	18,152
Interest (net) and other income	2,582	1,272	796
Profit Before Tax	32,988	23,778	18,948
Income Tax expense including Fringe Benefit Tax	-3,868	-3,391	-2,750
Profit for the period	29,120	20,387	16,198
Net Loss on discontinuance of ISP Business	–	–	–

Profit Before Share in earnings of affiliates and minority interest	29,120	20,387	16,198
Share in earnings of affiliates	295	288	175
Minority interest	6	-1	-88
PROFIT AFTER TAX	29,421	20,674	16,285
Earning per share - EPS
Equity Shares of par value Rs 2/- each
Basic (in Rs)	20.62	14.70	11.70
Diluted (in Rs)	20.41	14.48	11.60
Outstanding Shares Count (in Millions)
No of Share at the year-end	1,459	1,426	1,407
No of Share used to calculate the Basic EPS	1,427	1,407	1,392
No of Shares used to calculate the Diluted ESP	1,441	1,428	1,404

Operating Margin
Global IT Services and Products	24%	25%	26%
India & AsiaPac IT Services and Products	9%	9%	7%
Consumer Care and Lighting	12%	13%	14%
TOTAL	20%	21%	22%
Return on Average Capital Employed
Global IT Services and Products	63%	59%	62%
India & AsiaPac IT Services and Products	55%	77%	63%
Consumer Care and Lighting	48%	76%	89%
TOTAL	36%	37%	39%

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#Note: Outstanding Share count and EPS has been adjusted for Stock dividend and bonus issue

Wipro Limited Consolidated Balance Sheet

(Rs. in Million)
Year ended 31st March
Particulars	2009	2008	2007	2006	2005
Sources of Funds
Shareholders’ Funds
Share capital	2,928	2,923	2,918	2,852	1,407
Share application money pending allotment	15	40	35	75	12
Reserves and surplus	133,356	113,991	93,042	63,202	51,407
	136,299	116,954	95,995	66,129	52,826
Loan Funds
Secured loans	1,858	2,072	1,489	451	216
Unsecured loans	55,034	42,778	2,338	307	405
	56,892	44,850	3,827	758	621
Minority Interest	237	116	29	–	265
TOTAL	193,428	161,920	99,851	66,887	53,713
Application of Funds
Fixed Assets
Goodwill	56,521	42,209	9,477	3,528	5,663
Gross block	75,353	56,280	37,287	24,816	20,900
Less : Accumulated depreciation	36,342	28,067	18,993	12,911	9,952
Net block	39,011	28,213	18,294	11,905	10,948
Capital work-in-progress and advances	13,552	13,370	10,191	6,250	2,604
	109,084	83,792	37,962	21,683	19,215
Investments	18,096	16,022	33,249	30,812	23,505
Deferred Tax Assets (Net)	684	529	590	594	495
Current Assets, Loans and Advances
Inventories	7,586	6,664	4,150	2,065	1,747
Sundry debtors	48,859	40,453	29,391	21,272	15,518
Cash and bank balances	49,117	39,270	19,822	8,858	5,714
Loans and advances	45,673	29,610	16,387	12,818	5,563
	151,235	115,997	69,750	45,013	28,542

Less : Current Liabilities and Provisions	85,671	54,420	41,700	31,215	18,044
Net Current Assets	65,564	61,577	28,050	13,798	10,498
Miscellaneous expenditure (to the extent not written off or adjusted)
TOTAL	193,428	161,920	99,851	66,887	53,713

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Wipro Limited Consolidated Statement of Income

(USD in Million) except share date
	Year ended 31st March
Particulars	2009	2008
Conversion Rate	50.87	40.02
Revenues :
IT Services	3,788	3,652
IT Products	659	613
Consumer Care and Lighting	379	366
Others	179	302
Total	5,005	4,933
Cost of revenues :
IT Services	(2,519)	(2,459)
IT Products	(592)	(551)
Consumer Care and Lighting	(212)	(217)
Others	(180)	(253)
Total	(3,503)	(3,479)
Gross profit	–	–
Operating expenses:
Selling and marketing expenses	(349)	(345)
General and administrative expenses	(289)	(270)
Research and development expenses	–	–
Amortization of intangible assets	(29)	(15)
Foreign exchange losses, net	(31)	3
Others, net	11	16
Operating income	814	842
Loss on direct issue of stock by subsidiary	–	–
Other income, net	(36)	54
Equity in earnings of affiliates	7	6
Income before income taxes , minority interest and cumulative effect of change in accounting principle	785	903
Income taxes	(107)	(97)
Minority interest	(2)	(1)
Income before cumulative effect of change inaccounting principle	676	806
Cumulative effect of change in accounting principle	-	-
Net income from continuing operations	676	806
Discontinued operations	–	–
Loss from operations of the discontinued	–	–
corporate internet services division	–	–
Income tax benefit	–	–
Net income	676	806

Earnings per equity share:
Basic	0.47	0.56
Diluted	0.46	0.55

Outstanding Shares Count (in Millions)
No of Share at the year-end	1,465	1,461
No of Share used to calculate the Basic EPS	1,454	1,451
No of Shares used to calculate the Diluted EPS	1,456	1,455

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#Note:Outstanding Share count and EPS has been adjusted for Stock dividend and bonus issue

Wipro Limited Consolidated Statement of Income

(USD in Million) except share date
	Year ended 31st March
Particulars	2007	2006	2005
Conversion Rate	43.1	44.48	43.62
Revenues :
Global IT Services and Products	2,573.58	1,814.88	1,391.86
India and AsiaPac IT Services and Products	554.26	370.44	307.27
Consumer Care and Lighting	175.37	126.46	104.43
Health Sciences and others	163.87	73.72	61.46
Total	3,467.08	2,385.50	1,865.02
Cost of revenues :
Global IT Services and Products	1,693.52	1,186.95	883.09
India and AsiaPac IT Services and Products	430.51	288.55	240.58
Consumer Care and Lighting	113.81	79.96	67.08
Health Sciences and others	133.39	55.30	43.88
Total	2,371.23	1,610.76	1,234.63
Gross profit	1,095.85	774.73	630.39
Operating expenses:
SG&A	(390.07)	(269.86)	(211.14)
Research and development expenses	(6.21)	(4.55)	(6.27)
Amortization of intangible assets	(6.25)	(1.44)	(3.22)
Foreign exchange losses, net	(5.47)	(6.49)	(2.11)
Others, net	5.14	1.58	1.73
Operating income	692.99	493.98	409.38
Loss on direct issue of stock by subsidiary	–	–	(4.74)
Other income, net	61.87	28.68	18.31
Equity in earnings of affiliates	7.38	6.47	3.62
Income before income taxes , minority interest and cumulative effect of change in accounting principle	762.24	529.14	426.58
Income taxes	(86.37)	(73.40)	(61.75)
Minority interest	–	(0.03)	(1.86)
Income before cumulative effect of change inaccounting principle	675.87	455.71	362.97
Cumulative effect of change in accounting principle	0.90	–	–
Net income from continuing operations	676.77	455.71	362.97
Discontinued operations
Loss from operations of the discontinued
corporate internet services division	–	–	–
Income tax benefit	–	–	–
Net income	676.77	455.71	362.97

Earnings per equity share:
Basic	0.47	0.32	0.26
Diluted	0.47	0.32	0.26

Outstanding Shares Count (in Millions)
No of Share at the year-end	1,459	1,426	1,407
No of Share used to calculate the Basic EPS	1,427	1,407	1,392
No of Shares used to calculate the Diluted ESP	1,444	1,424	1,400

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#Note:Outstanding Share count and EPS has been adjusted for Stock dividend and bonus issue

Wipro Limited Consolidated Balance Sheet

(USD in Million)
	Year ended 31st March
	2009	2008	2007	2006	2005
Conversion Rate	50.87	40.02	43.10	44.48	43.62
ASSETS
Current assets :
Cash and cash equivalents	966.00	981.00	287.98	199.14	130.00
Restricted cash	–	–	167.93	–	–
Investments in liquid and short-term mutual funds	318.00	370.00	751.98	681.84	526.31
Accounts receivable, net of allowances	909.00	972.00	660.47	462.97	339.44
Costs and earnings in excess of billings on contracts in progress / Unbilled Revenues	272.00	208.00	118.25	97.48	62.81
Inventories	171.00	179.00	96.30	46.42	40.56
Investment securities	0.00	–	–	–	–
Deferred income taxes	72.00	19.74	8.86	4.36	5.55
Property, plant and equipment held for sale	–	–	–	–	–
Other current assets	532.00	477.06	241.58	123.62	67.64
Total current assets	3238.00	3206.80	2333.35	1615.03	1172.31
Property, plant and equipment, net	980.00	995.00	615.81	399.67	302.64
Investments in affiliates	33.00	34.00	28.81	23.45	17.64
Investment securities	7.00	9.00	8.29	–	–
Deferred income taxes	3.00	–	1.13	0.67	4.80
Intangible assets, net	346.00	301.00	61.97	19.21	8.32
Goodwill	973.00	984.00	294.61	168.18	128.72
Other assets	131.00	50.00	45.45	27.97	17.90
Total assets	5712.00	5579.80	3389.42	2254.19	1652.34

Liabilities and Stockholders' Equity
Current liabilities:
Borrowings from banks	717.00	720.00	67.12	15.84	12.93
Current portion of long-term debt	5.00	10.00	7.61	–	–
Current portion of Obligations under capital leases	10.00	8.00	–	–	–
Accounts payable	354.00	327.00	163.82	93.21	85.13
Accrued expenses	284.00	203.00	176.29	148.40	89.00
Accrued employee costs	138.00	129.00	120.34	99.49	71.36
Advances from customers	61.00	53.00	30.50	36.34	29.34
Billings in excess of costs and earnings on contracts in progress / Unearned Revenues	136.00	104.00	42.19	–	–
Other current liabilities	507.00	359.00	385.68	81.26	48.95
Total current liabilities	2213.00	1912.00	993.55	474.53	336.70
Long-term debt, excluding current portion	367.00	363.00	13.00	–	–
Deferred income taxes	79.00	–	10.77	–	–
Obligation under capital leases, excluding current portion	18.00	18.00	–	–	–
Other liabilities	78.00	51.00	17.86	8.88	2.89
Total liabilities	2755.00	2344.00	1035.18	483.41	339.59

Minority Interest	5.00	3.00	–	–	12.22
Stockholders’ equity:	58.00	73.00	67.70	64.11	32.26
Additional paid-in capital	571.00	661.00	568.64	371.43	304.28
Deferred stock compensation	–	–	–	-49.51	-73.02
Accumulated other comprehensive income	-194.00	-26.00	2.18	9.75	2.20
Retained earnings	2529.00	2525.00	1715.72	1375.01	1034.81

Equity shares held by a controlled Trust: 7,869,060 and 7,961,760 shares as of March 31, 2006 and 2007	-11.00	–	–	–	–

Total stockholders’ equity	2952.00	3233.00	2354.24	1770.78	1300.53
Total liabilities and stockholders’ equity	5712.00	5580.00	3389.42	2254.19	1652.34

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