“The quarters ahead seem challenging and require a tremendous response on costs. We also anticipate our working capital to increase, but our strong balance sheet provides us the confidence that we will emerge stronger and better,”Wipro CFO Jatin Dalal mentioned in an announcement. “Further, due to the volatility in the external environment, we have decided not to provide a quarterly guidance on revenues.”
The agency mentioned that the IT Services Revenues for the quarter ended March 31, 2020 had been negatively impacted by Covid-19 by roughly $14 -$16 million (0.7%-0.8% of revenues).
“. Due to the uncertainty around the course of the Covid-19 pandemic, we do not have visibility into the extent to which it will disrupt our operations,” it mentioned.
Last week, Cognizant withdrew its full-year steerage, because the Covid-19 pandemic takes a toll on its enterprise. The firm additionally drew down on $1.74 billion in debt to spice up its monetary flexibility and has stopped share buybacks.
Last month, Accenture slashed its income forecast for fiscal yr 2020 citing the uncertainty as a result of Covid-19. The firm mentioned that it’s going to develop income within the vary of three% to six% in native foreign money phrases, in contrast with 6% to eight% beforehand.
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