For Wipro Limited, Profit after Tax computed in accordance with US GAAP for the quarter ended June 30, 2008, was Rs. 8.14 billion. The net difference between Profits computed in accordance with Indian GAAP and US GAAP is primarily due to different Revenue recognition standards, income taxes, amortization of intangible assets, differences in accounting treatment for hedge accounting for foreign currency loan and related currency swaps and India fringe benefit tax.

For Wipro Limited, Non-US GAAP adjusted Profit after Tax for the quarter ended June 30 2008, was Rs. 8.85 billion. The net difference between Profits computed in accordance with Indian GAAP and Non-US GAAP adjusted is primarily due to different Revenue recognition standards, income taxes, and amortization of intangible assets.

IT Services segment's Revenues were Rs. 43.93 billion for the quarter ended June 30, 2008, under US GAAP. The difference of Rs. 112 million is primarily attributable to difference in accounting standards under Indian GAAP and US GAAP.

On April 18, 2008, the Company announced changes to the management structure of IT Business and appointed Joint CEO's to head the IT business. Consequent to this re -organization, the Company identified IT Services and IT Products as the reportable segments relating to the IT businesses. There is no change in the reportable segments for other businesses. Segment information in respect of earlier period has been revised to conform to the presentation as per new reportable segments.

Image: Image: Wipro campus | Photograph: Courtesy, Wipro