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HCL Infosystem Q1 loss narrows to Rs 35.7 crore

Last Updated 30 July 2016, 17:09 IST

 HCL Infosystems on Saturday reported a consolidated loss of Rs 35.7 crore for the April-June quarter, following the footsteps of big brothers Infosys and Wipro.

In a BSE filing, the company had posted a net loss of Rs 154.6 crore in the previous January-March quarter. The company's net sales were at Rs 1,148.2 crore in April-June compared with Rs 1,069.1 crore in January-March.

As required under Section 2 (41) of the Companies Act 2013, during the previous period, the company and its subsidiaries have changed its accounting period from July-June to April-March and therefore, the previous accounting period comprised of results for nine months period ended March 31, 2016, it said.

“Accordingly, in accordance with Sebi circular...results of quarter ended June 30, 2015 are not included,” it added.

HCL Infosystems Executive Vice Chairman and Managing Director Premkumar said the company's continued thrust and investments in the enterprise business has resulted in robust growth for the fourth quarter in succession.

"The mobility business also showed a positive trajectory in this quarter, together the same has enabled improved profitability. Key SI projects in defence dedicated to nation would result in formal commercial closure," he said.

HCL Info said the exceptional item for the quarter and nine months period ending March 2016 included an impairment charge of Rs 70 crore with respect to the learning business. This was on account of write down of part of the goodwill, which was recognised in the prior years during the process of restructuring of the company. HCL Info' enterprise business revenues grew to Rs 573 crore, accounting for 50% of the revenues. The consumer business revenue was at Rs 472 crore.

The SI and solutions business registered revenue of Rs 122 crore in the reported period with orders worth Rs 80 crore executed during the quarter.

The company’s total order book size stood at Rs 1,100 crore as on June 30, 2016, largely comprising annual maintenance and managed services contracts.

The company's India business got further boost with UIDAI and Defence Communication Network (DCN) Project.

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(Published 30 July 2016, 17:09 IST)

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