Wipro Update on Chennai Operations
December 15 2015 - 11:10PM
Business Wire
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading
global information technology, consulting and business process
services company today provided a business update on its Chennai
Operations.
The recent heavy rainfall and resultant flooding impacted the
regular business operations of Wipro’s Chennai facilities during
the first week of December. Business continuity plans were invoked
for the work being done from our facilities to ensure there was no
disruption in the business-critical operations of our
customers.
Wipro has multiple facilities in Chennai with over 22,000
employees. Wipro has been focused on ensuring the safety of its
employees and their families and has rolled out multiple employee
support initiatives to mitigate their hardship during this period.
Wipro deeply appreciates the efforts of its employees in Chennai
for their tremendous enthusiasm and dedication to honour customer
commitments in a very challenging environment.
Wipro Cares, the community initiatives arm of Wipro has
partnered with multiple social organizations to provide immediate
relief efforts in Chennai through the supply of food grains,
clothing, primary healthcare and medicines to flood-affected
communities. Wipro will continue to monitor the situation and
review the need for further support to relief operations.
Wipro has largely seen the restoration of normal operations in
Chennai facilities. Wipro has adequate insurance coverage and is in
touch with the insurance companies to assess the damage and the
claim will be subject to policy terms.
Outlook for the Quarter ending December 31, 2015
For the quarter ending December 31, 2015, the incident is
expected to have a material impact on the Revenues and will result
in higher one-time cost incurred towards deployment of our business
continuity plan. Both these factors will impact our Operating
Margins for the quarter. Revenues from our IT Services business are
expected to be in the previously communicated range of $ 1,841
million to $ 1,878 million*; However, we expect revenues to be in
the lower half of the guidance range.
* Guidance is based on the following exchange rates: GBP/USD at
1.55, Euro/USD at 1.12, AUD/USD at 0.72, USD/INR at 65.34 and
USD/CAD at 1.33
About Wipro Limited (NYSE: WIT)
Wipro Ltd. (NYSE:WIT) is a leading information technology,
consulting and business process services company that delivers
solutions to enable its clients do business better. Wipro delivers
winning business outcomes through its deep industry experience and
a 360 degree view of “Business through Technology.” By combining
digital strategy, customer centric design, advanced analytics and
product engineering approach, Wipro helps its clients create
successful and adaptive businesses. A company recognized globally
for its comprehensive portfolio of services, strong commitment to
sustainability and good corporate citizenship, Wipro has a
dedicated workforce of over 160,000, serving clients in 175+ cities
across 6 continents. For more information, please visit
www.wipro.com.
Forward-looking statements
The forward-looking statements contained herein represent
Wipro’s beliefs regarding future events, many of which are by their
nature, inherently uncertain and outside Wipro’s control. Such
statements include, but are not limited to, statements regarding
Wipro’s growth prospects, its future financial operating results,
and its plans, expectations and intentions. Wipro cautions readers
that the forward-looking statements contained herein are subject to
risks and uncertainties that could cause actual results to differ
materially from the results anticipated by such statements. Such
risks and uncertainties include, but are not limited to, risks and
uncertainties regarding fluctuations in our earnings, revenue and
profits, our ability to generate and manage growth, intense
competition in IT services, our ability to maintain our cost
advantage, wage increases in India, our ability to attract and
retain highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration,
restrictions on immigration, our ability to manage our
international operations, reduced demand for technology in our key
focus areas, disruptions in telecommunication networks, our ability
to successfully complete and integrate potential acquisitions,
liability for damages on our service contracts, the success of the
companies in which we make strategic investments, withdrawal of
fiscal governmental incentives, political instability, war, legal
restrictions on raising capital or acquiring companies outside
India, unauthorized use of our intellectual property, and general
economic conditions affecting our business and industry. Additional
risks that could affect our future operating results are more fully
described in our filings with the United States Securities and
Exchange Commission, including, but not limited to, Annual Reports
on Form 20-F. These filings are available at www.sec.gov. We may,
from time to time, make additional written and oral forward-looking
statements, including statements contained in the company’s filings
with the Securities and Exchange Commission and our reports to
shareholders. We do not undertake to update any forward-looking
statement that may be made from time to time by us or on our
behalf.
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Investor RelationsWipro Ltd.Aravind V S, +91-80-4676
6186aravind.viswanathan@wipro.comorAbhishek Kumar Jain, +1 978 826
4700abhishekkumar.jain@wipro.comorMedia & PressWipro
Ltd.Vipin Nair,
+91-80-4676-6154vipin.nair1@wipro.com
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