Indias third largest software services firm Wipro Ltd. today said its profitability may be impacted by 65-75 basis points in the March quarter as one of its telecom clients is undergoing insolvency proceedings.
Without naming the client, Wipro said it had signed a multi-year outsourcing services agreement with a telecom services provider in India in 2008, which was subsequently renewed in the year 2013.
Telecom operator Aircel on Feb. 28 had said it has filed for bankruptcy as it had been facing troubled times in a highly financially stressed industry.
On February 28, 2018, the client filed a petition to initiate its Corporate Insolvency Resolution Process (CIRP) with the National Company Law Tribunal (NCLT), Wipro said in a BSE filin…
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