 "HCL Infosystems posts Rs 32-cr loss in June quarter")
HCL, which follows a July to June financial year, reported revenue of Rs 2,138 crore, down 21.6 per cent year-on-year and up two per cent sequentially.
The company, which has recently restructured its businesses to stem its losses, said it was a tough year for it, with difficult market conditions for its hardware business, high interest costs and high impairment of overdue receivables coupled with issues like rupee depreciation. Harsh Chitale, chief executive officer, said despite the headwinds, information technology (IT) services had performed. The company also added several new logos across IT, consumer electronics, office automation and lifestyle product categories to its distribution business, which has been successful in reducing the concentration risk, eventhough there has been a decline in the telecom revenues. “Our new businesses such as mobility, learning and care gained positive traction in their areas of operations and are in line for a robust growth trajectory,” Chitale added.
Chitale added the company was carrying a healthy order book of Rs 4,000 crore for its system integration business. “However, challenges of delay in milestone sign of and release of payments by select public sector customers continue to plague the business resulting in cost overrun, write off and interest burden on working capital.” For the financial year 2012-13, the company reported revenue of Rs 9,295 crore, a drop of 14 per cent against Rs 10,840 crore in the last year. Its operations resulted in a loss of Rs 80 crore in the quarter against a net profit of Rs 72 crore in the year-ago period.