HCL Infosystems’ Q1 net loss widens to Rs55 crore
New Delhi: HCL Infosystems on Wednesday reported a net loss of Rs55.12 crore for the period ended 30 June, compared to Rs35.70 crore in the year-ago period.
Its total income declined almost 40% to Rs713.94 crore for the quarter under review, as against Rs1,183.12 crore in the April-June 2016 quarter, HCL Infosystems said in a statement. The enterprise products distribution business registered 11% year-on-year revenue growth, while the enterprise services business witnessed an 8% quarter-on-quarter decline, it added. The consumer distribution business saw revenue decline of 58% in the said quarter.
“The planned focus on the enterprise business has been maintaining its growth course, while in the consumer business we are steadfast in our transition from single-brand to a multi-brand business model,” HCL Infosystems executive vice-chairman and managing director Premkumar said. Both are integral to the company’s onward transformation journey, he added.
The system integration and solutions business registered a revenue of Rs40 crore during the first quarter. The total order book size stood at Rs715 crore as on 30 June 2017, the company said. “The focus remained on completion of major projects and collection of receivables even as projects valued at Rs60 crore were billed in this quarter. The flagship Unique Identification Authority of India (UIDAI) project crossed the milestone of enrolment of more than 115 crore Aadhaar cards,” it said.
Shares of the company closed 3.17% higher from the previous close on BSE at Rs52 apiece.