Covid-19 crisis: Wipro sees short-term impact on gross profit margin

IT services firm Wipro on Monday said its overall financial performance is likely to be adversely affected owing to ongoing Covid-19 crisis with gross profit margins coming under pressure in the current financial year.

In a filing with the US Securities and Exchange Commission, the Bengaluru-headquartered firm, however, said that the impact couldn't be accurately predicted as the pandemic is yet to recede.

“The conditions caused by the Covid-19 pandemic can affect the rate of customer spending, including through cancellations or ramp downs of existing projects, increased requests for furloughs and requests by customers for price discounts, all of which