The COVID-19 pandemic could crimp customer spending on technology, adversely affecting the demand for prospective projects/ramp-ups, causing cancellations or ramp-downs of the existing projects, Wipro said in its latest annual report on Friday.
“The continued spread of COVID-19 could adversely affect workforces, customers, economies and financial markets globally, potentially leading to a further economic downturn.
“Macroeconomic conditions caused by COVID-19 could also result in financial difficulties for our clients, including limited access to the credit markets, insolvency or bankruptcy,” the IT services provider cautioned.
“We have a strong Business Continuity Plan framework that enabled us to respond to the COVID-19 crisis with agility,” Chairman Rishad Premji was quoted in the report as saying. “About 90% of our workforce are enabled to work from home and we continue to service our customers, delivering on several time-critical milestones and processes.
Our ‘digital-first’ strategy and our investments in digital, cloud, engineering and cybersecurity have become particularly relevant in the post-COVID-19 business environment. We will remain resolute in our goals of employee safety, business continuity and of being a trusted partner to our customers,” he said.
Businesses across the world were undertaking large changes, even before the outbreak, but this crisis now provides an opportunity to hasten the transformation which will be imperative to the existence of many,” Mr. Premji added.
Thierry Delaporte, Wipro’s CEO and MD designate, will receive an annual compensation in the range of ₹50 crore–₹60 crore excluding stock awards, the company disclosed in the annual report.