INSUBCONTINENT EXCLUSIVE:
Wipro will announce results for the fourth quarter and year ended March 31, 2018, on April 25
IT major Wipro has said that its fourth quarter earnings could be
hit as one of its telecom clients is undergoing insolvency proceedings
Without naming the client, the Bengaluru-based company said it is "likely to see an impact on profitability at the net income level in the
range of 65-75 basis points of the consolidated revenues for the quarter ended March 31, 2018
The impact of this client insolvency petition will reflect in the financial results of the company for the quarter and year ended March 31,
2018.This was stated by Wipro in a filing with stock exchanges
Wipro will announce results for the fourth quarter and year ended March 31, 2018, on April 25, 2018, after stock market trading hours in
Wipro's shares ended 0.3 per cent higher at Rs 285 on NSE today.Wipro said that in 2008 it had signed a multi-year outsourcing services
agreement with a telecom operator in India, which was subsequently renewed in the year 2013.But on February 28, 2018, Wipro added, the
telecom operator filed a petition to initiate its Corporate Insolvency Resolution Process (CIRP) with the National Company Law Tribunal
The telecom operator subsequently submitted its claim on March 28, 2018, Wipro added.Since then, Wipro said, the telecom operator has been
engaged with the insolvency resolution professional (IRP) to discuss the potential outcome of the process.Telecom operator Aircel had in
