Bangalore :  Wipro Limited today announced financial results under International Financial Reporting Standards (IFRS) for its second quarter ended September 30, 2012.

Highlights of the Results:

Results for the Quarter ended September 30, 2012:

 Total Revenues were `106.57 billion ($2.01 billion1), an increase of 17% YoY.

 Net Income was `16.11 billion ($304 million1), an increase of 24% YoY. Non-GAAP Adjusted Net

Income was `15.98 billion ($302 million1), an increase of 22% YoY.

 IT Services Revenue was $1,541 million, a sequential increase of 1.7% and YoY increase of 4.6%.

 Non-GAAP constant currency IT Services Revenue in dollar terms was $1,535 million, within our guidance range of $1,520 million to $1,550 million.

 IT Services Revenues in Rupee terms was `83.73 billion ($1,582 million1), an increase of 23% YoY.

 IT Services Earnings Before Interest and Tax (EBIT) was `17.31 billion ($327 million1), an increase of 27% YoY.

 Operating Income to Revenue for IT Services was 20.7% for the quarter.

Performance for the quarter ended September 30, 2012

Azim Premji, Chairman of Wipro, commenting on the results said – “We have chartered a new course for Wipro by demerging our diversified Non IT businesses. I am confident that the demerger will enhance value for all our stakeholders and provide fresh momentum for growth for each of our businesses.”

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said – “Our focus on driving significant operational improvements has helped us predominantly mitigate the incremental impact of wage increases and currency volatility.”

T K Kurien, Executive Director & Chief Executive Officer, IT Business, said – “We have delivered revenues in line with our guidance and are continuing to see consistent improvement in our engagement with customers and employees. Consistent with our strategy to drive business transformation at the  intersection of Cloud, Mobility, Analytics, and Social, we are continuing to invest in our Go-To-Market organization in order to engage effectively with both business and technology stakeholders.”

Outlook for the Quarter ending December 31, 2012

We expect Revenues from our IT Services business to be in the range of $1,560 million to $1,590 million*.

* Guidance is based on the following exchange rates: GBP/USD at 1.59, Euro/USD at 1.26, AUD/USD at 1.05, USD/INR at 54.98.

IT Services (79% of Total Revenue and 93% of Operating Income for the quarter ended September 30, 2012)

The IT Services segment had 140,569 employees as of September 30, 2012, an increase of 2,017 people in the quarter. We added 53 new customers for the quarter.

Wipro has won a multi-year, multi-million IT infrastructure transformation deal from one of the largest nonprofit healthcare providers in the United States. The program will help transform the client’s business from the current ‘fee-for-service’ to a comprehensive care model.

One of the largest retail departmental store chains based in North America has awarded Wipro a multi-year transformational deal to manage all aspects of end to end quality assurance. With this engagement, Wipro will be providing Quality Assurance services, in a managed services model.

Wipro has won a large multi-year engagement for infrastructure managed services with a leading provider of renewable energy, headquartered in Germany. This will involve the replacement of their existing internal messaging platform with a hosted messaging solution to support the communication needs of a growing workforce and business.

Wipro has entered into a long term strategic partnership with Qatar Airways, one of the fastest growing airlines in the world, for developing and implementing IP for cargo management and revenue accounting.

Awards and accolades

Wipro was recognized as one of its best suppliers by Telefónica Deutschland, among more than 2,000 suppliers, in 2012.

Wipro was ranked as the top ‘Global R&D Service Provider’, for the third successive year by Zinnov Management Consulting Pvt. Ltd.

Wipro received the Oracle APAC CRM Partner of the Year 2012 award.

IT Products (8% of Total Revenue and 1% of Operating Income for the quarter ended September 30, 2012)

 Our IT Products segment recorded Revenue of `8.99 billion ($170 million1) for the quarter, a YoY decline of 10%.

 EBIT was `272 million ($5 million1) for the quarter.

 Operating Income to Revenue for this segment was 3% for the quarter.

Consumer Care and Lighting (9% of Total Revenue and 6% of Operating Income for the quarter ended September 30, 2012)

 Our Consumer Care and Lighting business segment recorded Revenue of `10.08 billion ($190 million1) for the quarter, an increase of 26% YoY.

 EBIT was `1.13 billion ($21 million1) for the quarter, an increase of 29% YoY.

 Operating Income to Revenue for this segment was 11.3% for the quarter.

Wipro Limited

 Total Revenue for the quarter ended September 30, 2012 was `106.57 billion ($2.01 billion1).

 Net Income for the quarter ended September 30, 2012 was `16.11 billion ($304 million1).

 Non-GAAP Adjusted Net Income (excluding impact of accelerated amortization of stock based

compensation) for the quarter ended September 30, 2012 was `15.98 billion ($302 million1).

Please see the table on page 6 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.