Wipro Records 18% YoY Growth in Net Income in the quarter

          Wipro Records 18% YoY Growth in Net Income in the quarter

Results for the quarter ended December 31, 2012 under IFRS

PR Newswire

BANGALORE, India and EAST BRUNSWICK, N.J., Jan. 17, 2013

BANGALORE, India and EAST BRUNSWICK, N.J., Jan. 17, 2013 /PRNewswire/ -- Wipro
Limited (NYSE:WIT) today announced financial results under International
Financial Reporting Standards (IFRS) for its third quarter ended December 31,
2012.

Highlights of the Results:

Results for the Quarter ended December 31, 2012:

  oTotal Revenues were rupees 10.25 billion ($2.01 billion^1), an increase of
    10% YoY.
  oNet Income was rupees 17.16 billion ($313 million^1), an increase of 18%
    YoY. Non-GAAP Adjusted Net Income was rupees 17.09 billion ($312
    million^1), an increase of 17% YoY.
  oIT Services Revenue was $1,577 million, a sequential increase of 2.4% and
    YoY increase of 4.8%.
  oNon-GAAP constant currency IT Services Revenue in dollar terms was $1,571
    million, within our guidance range of $1,560 million to $1,590 million.
  oIT Services Revenues in Rupee terms was rupees 86.02 billion ($1,568
    million^1), an increase of 13% YoY.
  oIT Services Earnings Before Interest and Tax (EBIT) was rupees 17.92
    billion ($327 million^1), an increase of 13% YoY.
  oOperating Income to Revenue for IT Services was 20.8% for the quarter, up
    0.1% sequentially.
  oWipro declared an interim dividend of rupees 2 ($0.04^1) per share /ADS.

Performance for the quarter ended December 31, 2012

Azim Premji, Chairman of Wipro, commenting on the results said – "While the
overall mood on economic growth continues to be muted, global corporations
continue to leverage technology to drive revenues and productivity."

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said –
"We have expanded operating margins sequentially through improvements in
revenue productivity and improved cash flow generation through efficient
working capital management. We commend and welcome the circular implementing
the recommendation of the Rangachary Committee, which has dealt with the tax
disputes the industry has been facing over the years."

T K Kurien, Executive Director & Chief Executive Officer, IT Business, said –
"We have seen broad based growth in the quarter with all our verticals growing
sequentially. Our improvement in customer and employee engagement is reflected
in client mining with 10 customers contributing more than $100 million and
lower attrition. We continue to make investments in our go to market
organization and technology themes to be a strategic partner to our
customers."

1.For the convenience of the reader, the amounts in Indian rupees in this
release have been translated into United States dollars at the noon buying
rate in New York City on December 31, 2012, for cable transfers in Indian
rupees, as certified by the Federal Reserve Board of New York, which was US
$1= rupees 54.86. However, the realized exchange rate in our IT Services
business segment for the quarter ended December 31, 2012 was US$1= rupees
54.54

Outlook for the Quarter ending March 31, 2013

We expect Revenues from our IT Services business to be in the range of $1,585
million to $1,625 million*.

* Guidance is based on the following exchange rates: GBP/USD at 1.61, Euro/USD
at 1.31, AUD/USD at 1.04, USD/INR at 54.65.

IT Services (78% of Total Revenue and 92% of Operating Income for the quarter
ended December 31, 2012)

The IT Services segment had 142,905 employees as of December 31, 2012, an
increase of 2,336 people in the quarter. We added 50 new customers for the
quarter.

Wipro has secured a large R&D Applications and Infrastructure services deal
from a Europe-based Telecom Equipment Vendor. IT will be a key enabler in the
client's ongoing business transformation program and this deal was a natural
extension of Wipro's longstanding partnership with the client.

Sears Holdings Corporation, a leading integrated Retailer in the US has
extended its agreement with Wipro through a multi-year Business Process
Outsourcing contract in the areas of Finance & Accounting, Human Resources and
Procurement. Wipro will continue to build on the relationship to deliver
results, quality, innovation and flexibility.

Wipro has won a multi-year IT Infrastructure Outsourcing engagement with one
of the largest Retailers in Australia. This transformational program, which
also involves cloud deployment, will leverage a high degree of automation to
improve operational efficiencies. This will help the Retailer improve business
agility and enhance the end-user experience.

Wipro has won a multi-year engagement with a large not-for-profit Healthcare
Provider in the US to enable the seamless integration of the IT infrastructure
of its recently acquired entities. The partnership will help the customer
leverage new technologies like cloud, analytics, pervasive computing and
mobility to deliver and improve the quality of care.

Wipro has won a deal for a Core Banking Solution implementation across 2,520
branches of Punjab and Sind Bank, a public sector bank in India. Wipro will be
providing hardware and software, WAN roll-out, network & security devices,
data center and disaster site co-hosting.

Awards and accolades

Wipro was named a Leader in The Forrester Wave™: Business Intelligence (BI)
Services Providers, Q4 2012. The report said that Wipro is closing the gap
with multinational companies, investing substantially in dedicated local
market consulting resources, coupled with significant amounts of
industry-specific productized IP and platform BI solutions, giving clients a
good mix of process consulting skills backed by leading technology.

Wipro was recognized at the 'National Centre for Promotion of Employment for
Disabled People (NCPEDP)-Shell Helen Keller Awards 2012', in the category
'Role Model Organizations'.

Wipro won the Global MAKE (Most Admired Knowledge Enterprises) Award 2012,
administered by Teleos, an independent research firm based in the United
Kingdom. This was the fifth time that Wipro has been recognized as one of the
top global organizations that transforms corporate knowledge into intellectual
capital for the enterprise and increases stakeholder wealth by transforming
new as well as existing enterprise knowledge into superior products, services
or solutions.

Wipro has been selected by Amazon Web Services (AWS) as a 'Premier Consulting
Partner' for 2013. This title recognizes Wipro as one of the top Consulting
Partners in the Amazon Partner Network program, having distinguished itself by
investing significantly in its Cloud and AWS practice and providing
exceptional customer service.

Wipro topped the 'Guide to Greener Electronics' ranking released by Greenpeace
International. The guide ranked 16 Electronic companies across the world based
on their commitment and progress in three environment criteria: Energy and
Climate, Greener Products and Sustainable Operations.

IT Products (9% of Total Revenue and 1% of Operating Income for the quarter
ended December 31, 2012)

  oOur IT Products segment recorded Revenue of rupees 9.97 billion ($182
    million^1) for the quarter, a YoY increase of 11%.
  oEBIT was rupees 239 million ($4 million^1) for the quarter.
  oOperating Income to Revenue for this segment was 2% for the quarter.

Consumer Care and Lighting (9% of Total Revenue and 7% of Operating Income for
the quarter ended December 31, 2012)

  oOur Consumer Care and Lighting business segment recorded Revenue of rupees
    10.28 billion ($187 million^1) for the quarter, an increase of 17% YoY.
  oEBIT was rupees 1.4 billion ($26 million^1) for the quarter, an increase
    of 34% YoY.
  oOperating Income to Revenue for this segment was 14% for the quarter.
  oWipro signed a definitive agreement to acquire 100% shareholding of the
    L.D. Waxson Group, a Singapore-based Fast Moving Consumer Goods (FMCG)
    company for an all cash consideration of about USD 144 million.

Wipro Limited

  oTotal Revenue for the quarter ended December 31, 2012 was rupees 110.25
    billion ($2.01 billion^1).
  oNet Income for the quarter ended December 31, 2012 was rupees 17.16
    billion ($313 million^1).
  oNon-GAAP Adjusted Net Income (excluding impact of accelerated amortization
    of stock based compensation) for the quarter ended December 31, 2012 was
    rupees 17.09 billion ($312 million^1).

Please see the table on page 7 for a reconciliation between (i) IFRS Net
Income and non-GAAP Adjusted Net Income (excluding the impact of stock-based
compensation) and (ii) IFRS IT Services Revenue and IT Services Revenue on a
non-GAAP constant currency basis.

About Non-GAAP financial measures

This press release contains non-GAAP financial measures within the meaning of
Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial
measures are measures of our historical or future performance, financial
position or cash flows that are adjusted to exclude or include amounts that
are excluded or included, as the case may be, from the most directly
comparable financial measure calculated and presented in accordance with IFRS.

The table on page 7 provides Adjusted Net Income for the period, which is a
non-GAAP measure that excludes the impact of accelerated amortization in
respect of stock options that vest in a graded manner, and IT Services Revenue
on a constant currency basis, which is a non-GAAP measure that is calculated
by translating IT Services Revenue from the current reporting period into U.S.
dollars based on the currency conversion rate in effect for the prior
reporting period. We consider a stock option award with a graded vesting
schedule to be in substance a single award not multiple stock option awards
and accordingly believe the straight line amortization reflects the economic
substance of the award. We refer to growth rates in constant currency so that
business results may be viewed without the impact of fluctuations in foreign
currency exchange rates, thereby facilitating period-to-period comparisons of
our business performance. We believe that the presentation of this Non-GAAP
Adjusted Net Income, when shown in conjunction with the corresponding IFRS
measure, provides useful information to investors and management regarding
financial and business trends relating to its Net Income for the period.

These Non-GAAP financial measures are not based on any comprehensive set of
accounting rules or principles and should not be considered a substitute for,
or superior to, the most directly comparable financial measure calculated in
accordance with IFRS, and may be different from non-GAAP measures used by
other companies. In addition to these non-GAAP measures, the financial
statements prepared in accordance with IFRS and the reconciliation of these
non-GAAP financial measures with the most directly comparable IFRS financial
measure should be carefully evaluated.

For internal budgeting process, our management also uses financial statements
that exclude the impact of accelerated amortization relating to stock options
that vest in a graded manner. Management of the Company also uses Non-GAAP
Adjusted Net Income, in addition to the corresponding IFRS measure, in
reviewing our financial results.

Results for the quarter ended December 31, 2012, computed under IFRS, along
with individual business segment reports, are available in the Investors
section of our website at www.wipro.com.

Quarterly Conference Calls

We will hold a conference call today at 02:00 p.m. Indian Standard Time (03:30
a.m. US Eastern Time) and at 6:15 p.m. Indian Standard Time (7:45 a.m. US
Eastern Time) to discuss our performance for the quarter. An audio recording
of the management discussions and the question and answer session will be
available online and will be accessible in the Investor Relations section of
our website at www.wipro.com.

About Wipro Limited (NYSE: WIT)

Wipro provides comprehensive IT solutions and services, including systems
integration, Information Systems outsourcing, IT enabled services, package
implementation, software application development and maintenance, and research
and development services to corporations globally. Wipro Limited is the first
PCMM Level 5 and SEI CMM Level 5 certified IT Services Company globally. Wipro
also has a strong presence in niche market segments of Infrastructure
Engineering and Consumer Products & Lighting.

For more information, please visit our websites at www.wipro.com.

Forward-looking and Cautionary Statements

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



WIPRO LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME
(`in millions, except share and per share data, unless otherwise stated)
                 Three months ended December 31,              Nine months ended December 31,
                 2011           2012           2012            2011           2012           2012
                                               Convenience                                   Convenience
                                               translation                                   translation
                                               into US $ in                                  into US $ in
                                               millions                                      millions
                                               (Unaudited)                                   (Unaudited)
Gross revenues   98,808         109,487        1,996           273,807        320,717        5,846
Cost of revenues (69,704)       (75,531)       (1,377)         (194,704)      (221,563)      (4,039)
Gross profit     29,104         33,956         619             79,103         99,154         1,807
Selling and
marketing        (7,459)        (9,152)        (167)           (20,253)       (27,057)       (493)
expenses
General and
administrative   (5,570)        (6,104)        (111)           (14,531)       (17,955)       (327)
expenses
Foreign exchange
gains/(losses),  1,164          759            14              2,750          2,626          48
net
Results from
operating        17,239         19,459         355             47,070         56,768         1,035
activities
Finance expenses (1,017)        (516)          (9)             (3,027)        (2,420)        (44)
Finance and      2,149          3,224          59              6,454          9,149          167
other income
Share of
profits/(losses)
of equity        117            (65)           (1)             326            (203)          (4)
accounted
investee
Profit before    18,488         22,102         405             50,823         63,294         1,154
tax
                                                                              -
Income tax       (3,810)        (4,848)        (88)            (9,748)        (13,972)       (255)
expense
Profit for the   14,677         17,254         317             41,075         49,322         899
period
Attributable to:
Equity holders   14,564         17,164         313             40,921         49,071         894
of the company
Non-controlling  114            90             2               153            251            5
interest
Profit for the   14,678         17,254         315             41,075         49,322         899
period
Earnings per
equity share:
Basic            5.94           7.00           0.13            16.71          20.02          0.36
Diluted          5.93           6.98           0.13            16.67          19.97          0.36
Weighted average
number of equity
shares used in
computing
earnings per
equity share
Basic            2,449,813,576  2,453,446,461  2,453,446,461   2,449,013,412  2,451,682,112  2,451,682,112
Diluted          2,454,941,301  2,457,295,329  2,457,295,329   2,455,414,799  2,456,806,947  2,456,806,947
Additional
Information
Segment Revenue
IT Services      76,076         86,018         1,568           208,417        252,893        4,610
IT Products      9,000          9,969          182             29,066         28,492         519
IT Services &    85,077         95,987         1,750           237,483        281,385        5,129
Products
Consumer Care    8,787          10,281         187             24,334         30,154         550
and Lighting
Others           6,109          3,978          73              14,741         11,804         215
Total            99,972         110,246        2,010           276,558        323,343        5,894
Operating Income
IT Services      15,828         17,917         327             43,536         52,665         960
IT Products      475            239            4               1,349          722            13
IT Services &    16,303         18,156         331             44,885         53,387         973
Products
Consumer Care    1,045          1,402          26              2,822          3,675          67
and Lighting
Others           (109)          (100)          (2)             (638)          (294)          (5)
Total            17,238         19,458         355             47,070         56,768         1,035
Reconciliation
of adjusted
Non-GAAP profit
to profit as per
IFRS
Profit for the
period
attributable to  14,564         17,164         313             40,921         49,071         894
Equity holders
of the Company
Adjustments :
Accelerated
amortization of
stock options    1              (69)           (1)             (123)          (252)          (5)
that vest in a
graded manner
Non-GAAP        14,565         17,095         312             40,798         48,819         889
adjusted profit
Reconciliation of Non-GAAP Constant Currency
IT Services Revenue to IT Services Revenue as
per IFRS ($MN)
IT Services
Revenue as per   1,577
IFRS
Effect of
Foreign currency (6)
exchange
movement
Non-GAAP
Constant
Currency IT
Services Revenue 1,571
based on
previous quarter
exchange rates
IT Services
Revenue as per   1,577
IFRS
Effect of
Foreign currency 3
exchange
movement
Non-GAAP
Constant
Currency IT
Services Revenue 1,580
based on
previous year
exchange rates





WIPRO LIMITED AND SUBSIDIARIES
AUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Rupees in millions, except share and per share data, unless otherwise stated)
                                      As of March    As of December 31,
                                      31,
                                      2012           2012     2012
                                                              Convenience

                                                              translation into
                                                              US$ in millions
                                                              (Unaudited)
ASSETS
Goodwill                              67,937         74,538   1,359
Intangible assets                     4,229          4,575    83
Property, plant and equipment         58,988         60,571   1,104
Investment in equity accounted        3,232          3,096    56
investee
Derivative assets                     3,462          35       1
Non-current tax assets                10,287         10,678   195
Deferred tax assets                   2,597          2,607    48
Other non-current assets              11,781         10,182   186
Total non-current assets              162,513        166,282  3,031
Inventories                           10,662         11,321   206
Trade receivables                     80,328         81,825   1,492
Other current assets                  25,743         30,893   563
Unbilled revenues                     30,025         33,400   609
Available for sale investments        41,961         87,408   1,593
Current tax assets                    5,635          10,056   183
Derivative assets                     1,468          3,818    70
Cash and cash equivalents             77,666         69,445   1,266
Total current assets                  273,488        328,166  5,982
TOTAL ASSETS                          436,001        494,448  9,013
EQUITY
Share capital                         4,917          4,925    90
Share premium                         30,457         31,632   577
Retained earnings                     241,912        279,608  5,097
Share based payment reserve          1,976          1,199    22
Other components of equity            6,594          12,943   236
Shares held by controlled trust       (542)          (542)    (10)
Equity attributable to the equity     285,314        329,765  6,011
holders of the company
Non-controlling Interest              849            1,165    21
Total equity                          286,163        330,930  6,032
LIABILITIES
Long - term loans and borrowings      22,510         757      14
Deferred tax liabilities              353            430      8
Derivative liabilities                307            138      3
Non-current tax liability             5,403          5,282    96
Other non-current liabilities         3,519          3,953    72
Provisions                            61             25       -
Total non-current liabilities         32,153         10,585   193
Loans and borrowings and bank         36,448         62,276   1,135
overdrafts
Trade payables and accrued expenses   47,258         51,683   942
Unearned revenues                     9,569          10,699   195
Current tax liabilities               7,232          12,606   230
Derivative liabilities                6,354          3,049    56
Other current liabilities             9,703          11,452   209
Provisions                            1,121          1,168    21
Total current liabilities             117,685        152,933  2,788
TOTAL LIABILITIES                     149,838        163,518  2,981
TOTAL EQUITY AND LIABILITIES          436,001        494,448  9,013





SOURCE Wipro Technologies

Website: http://www.wipro.com
Contact: Investor Relations: Manoj Jaiswal, +91-80-25056186,
Manoj.Jaiswal@wipro.com or Sridhar Ramasubbu, +1-408-242-6285,
sridhar.ramasubbu@wipro.com; or Media & Press: Vipin Nair, 91-80-3991-6154,
vipin.nair1@wipro.com
 
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