HCL Infosystems has dipped 5% at Rs 36.85 on reporting 83% year-on-year drop in consolidated net profit at Rs 2 crore for the fourth quarter ended June 30,2012, due to rupee depreciation and rise in input costs.
The computer hardware company was in net losses for the last three quarters, reported net profit of Rs 11.5 crore in corresponding period last year. However, its revenue was up 3% at Rs 2,726 crore during the quarter compared with Rs 2,639 crore in a year-ago period.
"A challenging economic environment, coupled with issues like the rupee's depreciation, slow movement in contracts under execution and a rise in input costs due to natural calamities impacted business in the last financial year," Chief Executive Harsh Chitale said in a statement.
The stock opened at Rs 38.20 and hit a 52-week low of Rs 36.80 on the BSE. A combined around 60,000 shares have changed hands on the counter in opening deals.
