Wipro ru2 qfy2011-251010

Please refer to important disclosures at the end of this report 1
(` cr) 2QFY11 1QFY11 % chg (qoq) 2QFY11E % Var
Net revenue 7,730 7,236 6.8 8130 (8.9)
EBITDA 1,600 1,638 (2.3) 1,789 (10.5)
EBITDA margin (%) 20.7 22.6 (193)bp 22 (158) bp
PAT 1,285 1,318 (2.5) 1,171 (3.2)
Source: Company, Angel Research
Languishing peers: For 2QFY2011, revenues registered dismal 6.8% qoq growth
to `7,731cr v/s our estimate of `8,130.3cr. This muted performance came on the
back of moderate volume growth of 6.6% qoq in global IT services, IT products
de-growing by 9.8% yoy and lower exchange rate realisations in out-of-the-
money cash flow hedges. Wipro continues to be an underperformer in the tier I IT
pack, which registered 7-11% qoq growth in volumes.
Margins slump: EBITDA margins slumped by 193bp qoq to 20.7% (v/s our
expectation of 30bp qoq dip) due to promotions, grant of restricted stock units
and lower exchange realisations.
Muted guidance for 3QFY2012: The company has guided IT services revenues at
US $1.32-1.34bn, a mere growth of 3.5-5.5% qoq. This is highlighted from the
fact that the company hired only 2,925 employees in 2QFY2011, much lower
than peers with net additions of 5,000-10,500 employees.
Outlook and Valuation: The company continues to be a laggard in the tier-I IT
pack because of its high exposure to the telecom, media and technology verticals
(25% of revenues). Over FY2010-12, we expect the IT services revenues to log
19.5% CAGR in dollar terms and lower in INR terms at 16.3% CAGR due to lower
exchange realisations on account of the out-of-the-money cash flow hedges than
spot. We expect consumer care and lighting products and IT products to log 21%
and 12% CAGR, respectively. We recommend an Accumulate on the stock, with a
Target Price of `465 and target multiple of 18.7x, which is at its historical
discount of 15% to Infosys’s target multiple of 22x.
Key Financials (Consolidated, IFRS)
Y/E March (` cr) FY2009* FY2010* FY2011E FY2012E
Net sales 25,534 27,124 31,084 36,348
% chg 27.8 6.2 14.6 16.9
Net profit 3,876 4,594 5,351 6,045
% chg 18.1 18.5 16.5 13.0
EBITDA margin (%) 19.7 21.9 22.1 22.1
FDEPS (`) 15.9 18.9 22.0 24.8
P/E (x) 27.0 22.8 19.5 17.4
P/BV (x) 6.4 4.8 4.3 3.6
RoE (%) 28.4 26.8 24.4 22.6
RoCE (%) 17.3 16.8 17.2 17.8
EV/Sales (x) 3.9 3.6 3.0 2.5
EV/EBITDA (x) 19.9 16.3 13.6 11.2
ACCUMULATE
CMP Rs430
Target Price Rs465
Investment Period 12 Months
Stock Info
Sector
Bloomberg Code
Shareholding Pattern (%)
Promoters 79.4
MF / Banks / Indian Fls 3.5
FII / NRIs / OCBs 5.3
Indian Public / Others 11.8
Abs. (%) 3m 1yr 3yr
Sensex 12.0 21.3 8.1
Wipro 4.4 21.1 44.4
2
20,307
6,109
WIPR.BO
WPRO@IN
105,486
0.9
500/321
180226
IT
Avg. Daily Volume
Market Cap (` cr)
Beta
52 Week High / Low
Face Value (`)
BSE Sensex
Nifty
Reuters Code
Srishti Anand
+91 22 4040 3800 Ext:345
srishti.anand@angelbroking.com
Ankita Somani
+91 22 4040 3800 Ext: 329
ankita.somani@angelbroking.com
Wipro
Performance Highlights
2QFY11 Result Update | IT
October 25, 2010

Wipro | 2QFY2011 Result Update
October 25, 2010 2
Exhibit 1: 2QFY2011 Performance (Consolidated, IFRS)
(` cr) 2QFY11 1QFY11 % chg (qoq) 2QFY10 % chg (yoy) 1HFY11 1HFY10 % chg (yoy)
Net revenue 7,730 7,236 6.8 6,918 11.7 14,967 13,164 13.7
Cost of revenue 5,130 4,676 9.7 4,544 12.9 9,807 8,681 13.0
Gross Profit 2,600 2,560 1.6 2,374 9.5 5,160 4,483 15.1
SG&A expense 1,000 923 8.4 847 18.1 1,923 1,626 18.3
EBITDA 1,600 1,638 (2.3) 1,528 4.8 3,238 2,857 13.3
Depreciation & amortisation 197 188 4.5 209 (5.7) 385 396 (2.7)
EBIT 1,403 1,449 (3.2) 1,319 6.4 2,852 2,461 15.9
Other income 115 111 79 225 126
PBT 1,518 1,560 (2.7) 1,398 8.6 3,078 2,588 18.9
Income taxes 218 235 (6.9) 222 (1.5) 453 396 14.4
PAT 1,300 1,325 (1.9) 1,177 10.5 2,625 2,192 19.8
Minority Interest 15 7 120.9 6 155.2 22 11 100.9
PAT 1,285 1,318 (2.5) 1,171 9.8 2,603 2,181 19.4
Diluted EPS (Rs) 5 5 (2.5) 5 9.8 11 9 19.4
Gross margin (%) 33.6 35.4 (174) bp 34.3 (68) bp 34.5 34.1 42 bp
EBITDA margin (%) 20.7 22.6 (193) bp 22.1 (138) bp 21.6 21.7 (7) bp
EBIT margin (%) 18.2 20.0 (187) bp 19.1 (91) bp 19.1 18.7 36 bp
PAT margin (%) 16.8 18.3 (150) bp 17.0 (19) bp 17.5 16.7 89 bp
Muted revenue growth in IT services continues
For 2QFY2011, Wipro posted disappointing performance. The company continues
to lag the tier-I IT companies in terms of volume growth. For 2QFY2011, the
company reported volume growth of 6.6% qoq, while peers logged 7-11% qoq
growth.

October 25, 2010 3
Exhibit 2: Lagging tier-I IT pack in terms of volume growth
Exhibit 3: Trend in volumes (effort-wise)
The 6.6% qoq growth in volumes came on the back of strong offshore volumes at
7.4% qoq and 4.4% qoq growth in onsite volumes.
2.3
6.1
5.2
7.6 7.2
5.0
6.6
4.0
8.1
11.2
0.6
1.3
7.2
10.5
7.4
(1.5)
4.7
4.1
4.7
6.6
(4)
(2)
0
2
4
6
8
10
12
2QFY10 3QFY10 4QFY10 1QFY11 2QFY11
(%QoQ)
Infosys TCS HCL Tech Wipro
(1.5)
4.2
2.0
16.3
4.4
(1.5)
4.9 4.8
0.6
7.4
(4)
0
4
8
12
16
20
(%)
Onsite Offshore

October 25, 2010 4
Exhibit 4: Trend in pricing (effort-wise-reported basis)
Pricing, onshore and offsite on a reported and qoq basis grew 1.1% and 0.2%, but
in constant currency terms declined by 0.4% and 0.9%, respectively. This was
primarily a portfolio effect i.e. ramp up in product engineering services, which
experienced pricing erosion during the downturn.
Exhibit 5: Growth in revenue (service-wise)
% to revenue % qoq % yoy
Technology Infrastructure Services(TIS) 21.2 6.6 23.1
Testing Services 11.4 5.1 13.9
Package Implementation 13.6 6.8 22.9
BPO 9.8 2.9 11.3
Product Engineering 5.2 15.0 56.3
ADM 38.8 4.7 16.7
The company witnessed double-digit growth in product engineering like peers, as
clients have started spending on new product innovations to garner higher market
share from the increasing consumer spending. Package implementation also
posted growth higher than the company’s average, as discretionary spending is
back driving cost efficiencies. TIS also showed decent momentum, growing 6.6%
qoq whereas growth in ADM, the anchor service line for the company, was
subdued at 4.7% qoq.
4.7
(0.3)
(0.4)
(5.0)
1.1
3.4
(2.4)
0.2
(1.4) 0.2
(6)
(4)
(2)
0
2
4
6
(%)
Onsite Offshore

October 25, 2010 5
Exhibit 6: Revenue growth (industry-wise)
Technology 8.2 1.3 12.1
Telecom 8.2 7.4 24.0
Communication and Media Service Provider( CMSP) 8.6 (1.0) 9.2
Financial Services 26.9 4.8 25.5
Manufacturing 14.8 3.4 15.0
Healthcare & Services 8.8 9.2 28.0
Retail & Transportation 15.5 8.3 23.1
Energy & Utilities 9.0 3.6 19.3
The company witnessed growth in most of its industry segments, but it wasn’t
broad-based like peers. The company registered de-growth of 1% qoq in the
CMSP segment bringing down its contribution by 50bp qoq to 8.6%. The
technology vertical also recorded sluggish qoq growth at 1.3%. The anchor
vertical, financial services posted sluggish growth of mere 4.8% qoq, whereas
peers registered 7-10% qoq growth. The retail vertical, which was the growth driver
for the other three players growing in double digits of 10-20% qoq, grew by a
mere 8.3% qoq for the company. Manufacturing was lacklustre with 3.4% qoq
growth v/s others at 6-12% qoq.
All geographies recorded growth with Europe growing at a faster pace of 7.3%
qoq.
Exhibit 7: Revenue growth (geography-wise)
America 55.9 3.1 14.8
Europe 26.5 7.3 25.9
Japan 1.5 3.5 7.2
India & Middle East 8.9 6.8 25.0
APAC & other emerging markets 7.2 7.0 49.6

October 25, 2010 6
Segmental performance
Exhibit 8: IT services
Global IT has been the major growth driver for the company’s IT services.
Exhibit 9: Trend in global IT revenues
2.5
3.1 3.3
4.9
6.5
3.8
18.9
2.3
1.0
4.2
7.2 6.8
6.4
(4.3)
2.63.2
5.8
3.5 3.2
5.7
(10)
(5)
0
5
10
15
20
25
(%)
Global IT India & Middle East BPO IT Services
(1.5)
4.7
4.1
4.7
6.6
3.2
5.8
3.5 3.2
5.7
(2)
0
2
4
6
8
(%)
Global IT volume growth IT Services revenue growth

October 25, 2010 7
IT products, which witnessed a strong quarter last year on the back of the one-time
order, in 2QFY2011 de-grew by almost 10% yoy dragging overall consolidated
sales of the company.
Exhibit 10: IT products
Consumer care and lightening continued its growth momentum with Yardely
bolstering growth along with Santoor. In the lightning business, the company is
gaining traction in its eco energy business, which involves managing energy
through use of renewable products.
Exhibit 11: Consumer care and lightening revenues
Margins slump
Overall EBITDA margins slumped by 193bp qoq to 20.7% v/s our expectation of
30bp qoq dip on the back of promotions, grant of restricted stock units and lower
exchange realisations.
1,185
1,011
890
832
1,069
19.4
22.3
1.6
13.4
(9.8)
(15)
(5)
5
15
25
500
700
900
1,100
1,300
(%)
(`cr)
IT products YoY growth (%)
556
574
608
641
665
15.0
18.1
26.7
23.4
19.6
5
10
15
20
25
30
400
450
500
550
600
650
700
750
(%)
(`cr)
Consumer care & lightening YoY growth (%)

October 25, 2010 8
Exhibit 12: EBIT margin
Client pyramid deteriorates
The company lost almost nine clients from its US $1mn plus bracket, down to 425
clients. In fact, one of the company’s two US $100mn clients has now migrated to
the lower bracket of US $75-100mn.
Exhibit 13: Client pyramid
$100mn + 1 2 2 2 1
$75 - 100mn 7 6 7 7 8
$50 - 75mn 8 8 7 8 11
$20 - 50 mn 35 37 40 41 43
$10 - 20 mn 48 42 40 42 43
$5 - 10 mn 53 61 70 65 58
$3 - 5 mn 64 77 60 73 80
$1 - 3 mn 187 165 180 196 181
New clients 37 31 27 22 29
Active customers 840 822 845 858 890
Hiring poor and weak utilisations
The company, like its peers, is not on a hiring spree and added only 2,975
employees, while peers added 5,000-10,000 personnel in this quarter itself.
23.8 23.8 24.2 24.5
22.2
5.2 5.8
2.9
4.1 5.0
13.2 13.0 13.3 13.7
12.5
19.1 19.4 19.1 20.0
18.2
0
5
10
15
20
25
30
(%)
IT Services IT Products Consumer Care Consolidated

October 25, 2010 9
Exhibit 14: Employee pyramid
Utilisation - Global IT (%) 70.8 73.2 72.1 71.3 70.9
Attrition (%)
Global IT 10.5 13.4 17.1 23.0 23.5
BPO 16.7 15.0 16.8 15.9 14.2
Net Additions (630) 4,855 5,325 4,854 2,975
Utilisation of the global IT slipped 40bp qoq to 70.9% in spite of weak net
additions with attritions continuing to be strong at 23.5%.
3QFY2011 guidance muted
The poor net hiring and weak guidance for 3QFY2011 revenues of
US $1.32-1.34bn, a mere growth of 3.5-5.5% qoq points at muted outlook.
Outlook and Valuation
The company continues to be a laggard in the tier-I IT pack because of its high
exposure to the telecom, media and technology verticals (25% of revenues).
Pertinently, the other tier I companies are witnessing broad-based and strong
growth across clients. We expect the company’s underperformance on the volume
front to persist going forward too because of its client portfolio, which lacks an
upbeat outlook - muted guidance of 3.5-5.5% qoq for IT services while peers have
an upbeat outlook.
We expect the IT services revenues to log 19.5% CAGR (in dollar terms) and lower
16.3% CAGR in INR terms due to lower exchange realisations on account of the
out-of-the-money cash flow hedges than spot. Among the other segments, we
expect consumer care and lighting products to register 21% CAGR and IT products
to post 12% CAGR over FY2010-12.
Going ahead, we believe that the company will be able to absorb incremental
impact of grant of RSU’s on the back of margin levers like lower general and
administration expense and abating attrition helping utilisations with promotions
behind. We expect EBITDA to post 16.4% CAGR and PAT 14.7% CAGR over
FY2010-12.
On the valuation front, at current levels the stock is trading at 17.4x FY2012E EPS
of `24.8. We recommend an Accumulate on the stock, with a Target Price of `465
and target multiple of 18.7x, which is at its historical discount of 15% to Infosys’s
target multiple of 22x.

October 25, 2010 10
Exhibit 15: Key assumptions
FY2011E FY2012E
Volume growth-Global IT 20.0 20.1
Pricing growth 0 0
Revenue growth (US $) –IT services 19.0 19.8
USD-INR rate (realised) 44.8 43.7
Revenue growth (In INR) 14.6 16.9
EBITDA margin (%) 22.1 22.1
Tax rate (%) 17.0 23.0
EPS growth (%) 16.5 13.0
Exhibit 16: Change in estimates
FY2011 FY2012
Parameter Earlier Revised Variation Earlier Revised Variation
(` cr) Estimates Estimates (%) Estimates Estimates (%)
Net Revenues 32,076 31,084 (3.1) 37,996 36,348 (4.3)
EBITDA 7,258 6,872 (5.3) 8,470 8,039 (5.1)
Other Income 363 383 5.7 680 725 6.7
PBT 6,762 6,500 (3.9) 8,181 7,913 (3.3)
Tax 1,278 1,103 (13.7) 1,964 1,820 (7.3)
PAT 5,484 5351 (1.6) 6,218 6045.2 (2.0)
Exhibit 17: One-year forward PE
50
150
250
350
450
550
650
750
Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10
(`)
Price 34 28 21 14 7

October 25, 2010 11
Exhibit 18: Recommendation summary
Company Reco CMP Tgt Price Upside FY12E P/BV FY12E P/E FY10-12E FY12E RoCE FY12E RoE
` ` % (x) (x) EPS CAGR % %
3iInfotech Buy 68 100 47.0 0.8 4.2 204.0 15.7 19.5
Educomp Buy 609 734 20.5 2.7 13.3 26.9 21.0 22.9
HCL Tech Acc. 424 462 9.1 3.3 13.3 34.4 17.3 26.6
Infosys Acc. 3,023 3,260 7.9 5.2 21.3 13.7 28.3 27.0
Infotech Enterprises Buy 165 184 11.2 1.5 9.8 (26.1) 17.3 16.4
Mphasis Buy 625 872 39.6 2.3 10.3 8.4 43.6 24.1
NIIT Buy 69 83 20.6 1.8 11.9 16.6 12.1 15.8
TCS Acc. 1,064 1,120 5.3 7.4 22.4 16.7 45.4 36.6
Tech Mahindra Buy 766 942 23.0 2.4 14.4 (0.5) 56.9 18.5
Wipro Acc. 430 465 8.1 3.6 17.3 14.7 17.8 22.6

October 25, 2010 12
Profit & Loss account (Consolidated, IFRS)
Net sales 25,534 27,124 31,084 36,348
Cost of revenues 18,022 18,630 21,015 24,504
Gross profit 7,512 8,494 10,069 11,844
% of net sales 29.4 31.3 32.4 32.6
Selling & Marketing Expense 1,737 1,861 2,356 2,787
% of net sales 6.8 6.9 7.6 7.7
General & Administrative expenses 1445.1 1482.3 1670.0 1945.2
% of net sales 5.7 5.5 5.4 5.4
EBIT 4,330 5,151 6,044 7,112
% of net sales 17.0 19.0 19.4 19.6
Depreciation & Amortization 695 783 829 927
% of net sales 2.7 2.9 2.7 2.5
Other Income,net 123 337 383 725
Profit Before Tax 4,490 5,541 6,500 7,913
Provision for Tax 604 929 1,103 1,820
% of PBT 13.4 16.8 17.0 23.0
PAT 3,886 4,612 5,397 6,093
Share in earnings of associate - - - -
Minority interest (10) (18) (46) (48)
Profit after minority interest 3,876 4,594 5,351 6,045
Fully diluted EPS(`) 15.9 18.9 22.0 24.8
Note:* indicates adjusted for 2:3 bonus

October 25, 2010 13
Balance sheet (Consolidated, IFRS)
Assets
Good will 5,614 5,380 5,652 5,652
Intangible assets 349 401 401 401
Property, plant & equipment 4,979 5,346 5,617 6,190
Investment in equity accounted investees 167 235 250 250
Deferred Tax assets 437 169 200 200
Other non-current assets 808 911 1,000 1,100
Total non-current assets 12,355 12,441 13,120 13,794
Inventories 759 793 900 900
Trade receivables 4,865 5,093 5,536 6,473
Other current assets 1,494 2,459 2,200 2,300
Unbilled revenues 1,411 1,671 1,533 1,793
Available for sale investments 1,654 3,042 6,868 9,078
Current tax assets 983 1,006 700 700
Cash & Cash equivalents 4,912 6,488 6,595 7,484
Total current assets 16,078 20,551 24,332 28,727
Total Assets 28,433 32,993 37,452 42,521
Equity
Share capital 293 294 490 490
Share premium 2,728 2,919 2,919 2,919
Retained earnings 12,665 16,579 20,991 25,975
Share based payment reserve 375 314 314 314
Other components of equity (1,292) (440) (430) (400)
Shares held by controlled trust (54) (54) (54) (54)
Equity attributable to equity shareholders 14,714 19,611 24,230 29,244
Minority interest 24 44 52 55
Total Equity 14,738 19,655 24,282 29,299
Liabilities
Long term loans & borrowings 1,968 1,811 2,200 1,811
Deferred tax liability 47 38 30 38
Employee benefit obligations 311 297 297 297
Derivative liabilities 877 379 130 -
Other non-current liabilities & provisions 167 77 50 50
Total non-current liabilities 3370.2 2600.9 2706.7 2195.4
Loans & borrowings and bank overdraft 3,721 4,440 3,717 3,500
Trade payables & accrued expenses 4,165 4,057 4,606 5,371
Unearned revenues 873 746 700 650
Current tax liabilities 649 792 750 700
Derivative liabilities 326 47 - -
Other current liabilities & provisions 590 655 691 806
Total current liabilities 10,324 10,737 10,464 11,026
Total liabilities 13,695 13,338 13,170 13,222
Total Equity & liabilities 28,433 32,993 37,452 42,521

October 25, 2010 14
Cash flow statement (Consolidated, IFRS)
Pre tax profit from operations 4,366 5,204 6,117 7,188
Depreciation 695 783 829 927
Expenses (deferred)/written off/others (10) (18) (46) (48)
Pre tax cash from operations 5,051 5,969 6,900 8,067
Other income/prior period ad 123 337 383 725
Net cash from operations 5,174 6,306 7,283 8,792
Tax (604) (929) (1,103) (1,820)
Cash profits 4,571 5,377 6,180 6,972
(Inc)/Dec in
Current assets (3,510) (1,510) 153 (1,297)
Current liabilities 1,633 413 (273) 563
Net trade working capital (1,877) (1,098) (120) (734)
Cashflow from operating activities 2,694 4,279 6,060 6,238
(Inc)/Dec in fixed assets (1,726) (1,150) (1,100) (1,500)
(Inc)/Dec in intangibles (1,514) 182 (272) -
(Inc)/Dec in investments (162) (1,455) (3,841) (2,210)
(Inc)/Dec in net Deferred Tax assets (437) 268 (31) -
(Inc)/Dec in Minority interest 12 20 8 3
(Inc)/Dec in other non-current liabilities 1,128 (612) (284) (122)
(Inc)/Dec in other non-currency assets 730 (103) (89) (100)
Cashflow from investing activities (1,969) (2,849) (5,609) (3,929)
Inc/(Dec) in debt 1,968 (157) 389 (389)
Inc/(Dec) in equity/premium (1,023) 982 206 30
Dividends (686) (679) (939) (1,061)
Cashflow from financing activities 260 146 (344) (1,420)
Cash generated/(utilised) 985 1,576 107 888
Cash at start of the year 3,927 4,912 6,488 6,595
Cash at end of the year 4,912 6,488 6,595 7,484

October 25, 2010 15
Key Ratios
Y/E March FY2009* FY2010* FY2011E FY2012E
Valuation ratio(x)
P/E (on FDEPS) 27.0 22.8 19.5 17.3
P/CEPS 20.7 17.6 17.0 15.1
P/BVPS 6.4 4.8 4.3 3.6
Dividend yield 0.7% 0.7% 0.9% 1.0%
EV/Sales 3.9 3.6 3.0 2.5
EV/EBITDA 19.9 16.3 13.6 11.2
EV/Total assets 3.5 2.9 2.5 2.1
Per share data (`)
EPS(Fully diluted) 15.9 18.9 22.0 24.8
Cash EPS 20.8 24.4 25.2 28.5
Dividend 3.1 3.1 3.8 4.3
Book value 67.0 89.1 98.9 119.4
Dupont analysis
Tax retention ratio (PAT / PBT) 0.9 0.8 0.8 0.8
Cost of debt(PBT / EBIT) 1.0 1.1 1.1 1.1
EBIT margin(EBIT / Sales) 0.2 0.2 0.2 0.2
Asset turnover ratio(Sales / Assets) 0.9 0.8 0.8 0.9
Leverage ratio (Assets / Equity) 1.9 1.7 1.5 1.5
Operating ROE 26.4 23.5 22.3 20.8
Return ratios (%)
ROCE(pre-tax) 17.3 16.8 17.2 17.8
Angel ROIC 30.9 30.0 33.2 36.8
ROE 28.4 26.8 24.4 22.6
Turnover ratios(x)
Asset turnover(fixed assets) 1.0 0.9 0.9 0.9
Receivables days 64 67 62 60
Payable days 71 81 75 74

October 25, 2010 16
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please
refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and
its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement Wipro
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

Wipro ru2 qfy2011-251010

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Wipro ru2 qfy2011-251010