Wipro says it's unaffected by client GM's bankruptcy | india | Hindustan Times
Today in New Delhi, India
May 26, 2017-Friday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Wipro says it's unaffected by client GM's bankruptcy

Software giant Wipro's revenues will not be affected because of the bankruptcy of Detroit-based customer General Motors Corp, the Indian IT bellwether said in a regulatory filing.

india Updated: Jun 03, 2009 13:19 IST

Software giant Wipro's revenues will not be affected because of the bankruptcy of Detroit-based customer General Motors Corp, the Indian IT bellwether said in a regulatory filing on Wednesday.

"General Motors accounts for less than 1 per cent of Wipro's IT services segment revenue, and our assessment is that a substantial portion is expected to continue," the company statement read.

"Our accounts receivable as on the date of filing is under $8 million. Based on our current assessment, we do not expect significant adverse impact on account of this development," it added.

General Motors had filed for bankruptcy Monday, becoming the largest-ever US manufacturer to enter the court process and marking the latest dark chapter for the struggling US auto industry.

Wipro posted a net profit of Rs 38.99 billion (Rs 3,899 crore) for fiscal 2008-09, registering a 19 per cent year-on-year growth.