Wipro Records 28% YoY Revenue Growth in the Quarter

Azim Premji, Chairman of Wipro, commenting on the results said - "We continue to execute on our strategy and propel the business towards a higher growth trajectory. The overall macroeconomic sentiments continue to be uncertain and we are monitoring it closely."

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said - "Our client mining strategy continues to show progress with 6 clients contributing more than $100 million of earnings. We have improved operating margins through improved revenue productivity and currency benefits."

T K Kurien, Executive Director & Chief Executive Officer, IT Business, said - "We saw broad based growth with 5 of the 6 verticals growing upwards of 4% in constant currency. Earnings in constant currency exceeded the guidance range. We have seen positive feedback from clients and employees on our restructuring approach."

The range of $1,520 million to $1,550 million

We expect Earnings from our IT Services business to be in the range of $1,520 million to $1,550 million, a sequential growth of 1% to 3%*.

To gain operational flexibility in this uncertain environment, enterprises continue to variabilize their IT and operations. Wipro continues to see growth in the Cloud enablement business, outcome based and service based pricing models.

Clients continue to look at Wipro to bring in innovation and process best practices to enable them to speed up the technology process.

Wipro won a multi-year total outsourcing engagement with a leading global provider of engineering services in the manufacturing sector. Wipro will help the client increase their services footprint by standardization and variabilization of their evolving business processes during transforming their Applications and Infrastructure landscape.

AstraZeneca, a leading global biopharmaceutical company has selected Wipro for a multiyear engagement to enhance its 'SIAM' and 'EUC' infrastructure. The implementation will help AstraZeneca extract and manage the best from its IT ecosystem as so then as enable a single model governance and control framework. It will facilitate a flexible and secure work space, for the company's end user infrastructure environment encompassing 69,000 employees, globally.

Wipro and Diversey, a leading global provider of commercial cleaning, sanitation and hygiene solutions, jointly won the 'IT Outsourcing Project of the Year' at UK's 8th annual National Outsourcing Association Awards for a transformational project wherein innovation was used to proactively address Diversey's future business needs.

Global leader in testing services

Wipro has been ranked as a global leader in testing services by Ovum, an independent research analyst firm, in a report titled 'Services Guide: Outsourced Testing - Benchmarking Software and Systems Testing Service Vendors'. The report benchmarked 13 software and systems testing services providers against 20 key criteria and rated Wipro top for its cost and value, a key differentiator for companies looking to outsource testing services.

Please see the table on page 7 for a reconciliation between IFRS Net Income and non-GAAP Adjusted Net Income and IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

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 in other words calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate actually for the prior reporting period. We consider a stock option award with a graded vesting schedule to be in essence a single award not multiple stock option awards and consequently 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

The convenience of the reader

(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 30, 2011, for cable transfers in Indian rupees, as certified by the Federal Reserve Board of New York, which was US $1= Rs.53.01. Nevertheless, the realized exchange rate in our IT Services business segment for the quarter ended December 31, 2011 was US $1= Rs.50.53

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, however 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, yet are not limited to, risks and uncertainties regarding fluctuations in our revenues, 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 research 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, however not limited to, Annual Reports on Form 20-F.  These filings are available at www.sec.gov. We may, from place to place, 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 on and off by us or on our behalf.