Wipro files quarterly report on Form 6-K

Mumbai: Wipro Ltd (www.wipro.com) has announced that it has filed its quarterly financial statements for the quarter ended 30 June 2002 on Form 6-K with the United States Securities and Exchange Commission.

On 19 July 2002, Wipro announced that Wipro had another successful quarter in a tough economic environment. In that release, Wipro stated that revenues from continuing operations for the quarter ended 30 June 2002 were Rs 9.3 billion, an increase of 19 per cent over revenues for the quarter ended 30 June 2001.

The profit after tax (PAT) was Rs 2 billion. The PAT for the quarter ended 30 June 2002 excluded an extraordinary loss (net of tax) of Rs 389 million related to the discontinuation of its Internet service provider access business unit. The extraordinary loss is comprised of a loss from operations (net of tax) of Rs 84 million and a loss on write-off of assets of Rs 305 million.

Wipro has subsequently received revised information about its minority affiliate, Wipro GE Medical Systems Ltd, whereby its losses were higher than the results previously reported. Of this, Wipros 49-per cent share of the incremental loss is Rs 147 million under US GAAP financials and Rs 186 million under Indian GAAP financials, resulting in the PAT being lower by the same amount than was announced in the companys earnings press release issued on 19 July 2002.

Wipro GE Medical Systems is a joint venture controlled by GE Medical Systems, in which Wipro holds a 49-per cent equity interest, and GE Medical Systems, a division of General Electric Company, which holds a 51-per cent interest.

Wipro Ltd is the first P CMM Level 5 and SEI CMM Level 5 certified IT services company globally. The company provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally.