Moneycontrol Bureau
Shares of HCL Infosystems fell more than 8 percent intraday Friday. The IT company continued to post a loss in the quarter ended June, though it narrowed for the third consecutive quarter.
Consolidated loss for the quarter stood at Rs 41.45 crore, narrowed from Rs 47.6 crore loss reported in March quarter and Rs 50.8 crore in December quarter 2014. At operational level (earnings before interest, tax, depreciation and amortisation), the loss was at Rs 5.6 crore against loss of Rs 16.8 crore.
Net sales increased 22.5 percent to Rs 1,685.5 crore during the quarter compared to Rs 1,376.2 crore in the corresponding quarter of last fiscal, driven by strong growth across segments.
"Services business registered 3.4 percent sequential revenue growth (consumer services business grew by 13 percent), consumer distribution business showed 26 percent growth and enterprise distribution segment reported a whopping 31 percent quarter-on-quarter growth), said the company in its filing.
The hardware products and solutions services provider follows July-June as it financial year. Now the company decided to change its financial year.
Hence, the current financial year (2015-16) has been shortened and shall now close on March 31, 2016 (from July 01, 2015 to March 31, 2016). Thereafter, the company will follow April to March financial year (1st April to 31st March of next year), it said.
For the year ended 2014-15, it has posted a loss of Rs 184.7 crore against Rs 214.5 crore in previous year. Revenue fell 21 percent to Rs 6,194.9 crore from Rs 7,848.3 crore during the same period. Services business grew by 27 percent and enterprise distribution business registered a 19 percent growth but consumer distribution business degrew by 25 percent year-on-year, said the company.
HCL Info has executed orders (system integration business) worth Rs 982 crore during the year.
At 11:12 hours IST, the scrip of HCL Infosystems was quoting at Rs 44.80, down Rs 1.70, or 3.66 percent on the Bombay Stock Exchange.Posted by Sunil Shankar Matkar
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