This summary is based on the second quarter fiscal 2007 earnings call conducted by Wipro Ltd. (WIT: chart) on October 19, 2007.

Management:

- Chairman: Azim Premji
- EVP, Finance and CFO: Suresh Senapaty
- President, Product Engineering Solutions Division: Ramesh Emani
- President, Finance Solutions SBU: Girish Paranjpe
- Chief Executive, Wipro BPO: T.K. Kurien
- Chairman and CEO, Infocrossing: Zach Lonstein
- Investor Relations: Sridhar Ramasubbu

Key Investors Issues

- Total revenue was $1.19 billion, representing an increase of 35% over the same period last year.
- Net income was $204 million, representing an increase of 17% over 2006
- An interim dividend of 5 cents a share was declared.

Second Quarter Highlights:

Total revenue was $1.19 billion, representing an increase of 35% over the same period last year, driven by large deal wins, inorganic initiatives, geographic expansion, alliances and partnerships, and Applied Innovation.

- Net income was $204 million or 14 cents a share, representing an increase of 17% over the prior year.
- Global IT Services revenue was $816 million, including $720.1 million from IT services, $70 million from BPO services, and $6.4 million from Infocrossing.
- Pursuant to the successful completion of the tender offer, results of Infocrossing have been consolidated from September 2007.
- The firm added 9,660 employees on a net basis, 30% higher than the net addition in the same period last year.
- On the ForEx front, the comapny realized rates of $14.75 versus rate of $14.51 realized in the preceding quarter and after assigning to the assets on the balance sheet, had $750 million of hedges, and on a gross basis approximately $1.1 billion.

The firm added 59 new customers, 6 of which were Fortune 1000 customers, while improving the mix of services vendors from offshore by 100 basis points.

- It also improved gross utilization by 20 basis points despite adding more than 2800 employees in campus.
- The BPO business delivered an EBIT margin of 22.4%, driven by strong operational improvement and reduced attrition.
- Improved price realization, utilization, benefits of proactive hedging, and greater corporation of younger employees in the organization parameter has not only mitigated adverse impact, but also improved the margin by 90 basis points.
- The firm has used up to $850 million of cash for acquisitions and this will reduce other income in future quarters.
- An interim dividend of 5 cents a share was declared.

Segment Highlights:

- Infotech the India and Asia-Pac IT Services and Products business segment recorded revenue of $221 million, an increase of 76% over the same period last year.
- EBIT for this segment was $15 million, up 41% over the prior year.
- Operating income to revenue was 6.7%, down 170 basis points compared to the same period last year.

- Consumer Care and Lighting contributed 8% of total revenue and 5% of operating income.
- Revenue of $89 million, representing an increase of 90% over the same period last year.
- EBIT was $11 million, up 72% from the prior year.

Due to a relentless focus on cost improvement, the average offshore per person salary remained in the very narrow range of last years levels, despite a 12% to 13% wage increase during the year.

- The firm signed an agreement, whereby all Radio Access R&D activities currently performed in Berlin by Nokia Siemens Networks are planned to be provided by the firm in the future.
- It also acquired Infocrossing Incorporated, a US-based provider of IT Infrastructure Management, Enterprise Application and Business Process Outsourcing services, enabling the company to position itself as a strategic player in the next orbit of large total outsourcing deals.
- Demonstrating strength in the Healthcare vertical, Infocrossing recently won a $275 million contract to provide fiscal agent services to Missouri HealthNet program into 2014.

The company also announced a strategic partnership with Oki Electric Company Limited, and signed a definitive agreement to acquire Oki Techno Centre Singapore Pte. Ltd., including its own Intellectual property rights.

- In line with the strategy of creating a seamless, global delivery footprint, the firm also announced plans to open a center in Atlanta, Georgia in the United States, and a near-shore center in Monterrey, Mexico.
- In addition, the firm signed up as one of the few global partners of SAP AG and as part of the agreement, will establish a solutions lab in Bangalore to showcase the benefits of Enterprise SOA, industry best practices, and innovative service-delivery models.
- Lockheed Martin, the world’s largest defense contractor and the United States governments’ number one information technology provider, announced the opening of its Network Centric Operations Centre in Gurgaon, India in partnership with the company, known as Ambar Jyoti.

The company launched the first ever global awards that will recognize best practices in co-innovation and global sourcing.

- A total of twelve (12) innovations that have resulted in measurable business transformation through co-innovation or global sourcing will be honored at the awards night in end October in New York.
– The firm also launched its Applied Innovation Council, a high-level forum comprising of Wipro customers, industry experts, analysts and thought leaders.

Awards and Recognition: