HCL Apr-Jun qtr Net down 82%

IT hardware company HCL Infosystems today reported 82% drop in net profit at Rs 2 crore for the quarter ended June 30, due to rupee depreciation and rise in input costs.

The company had reported a net profit of Rs 11.48 crore in the same period last year.

Consolidated revenues for the company stood at Rs 2,725.64 crore, compared to Rs 2,639.75 crore in the corresponding period last year.

On an annual basis, the company reported a net profit of Rs 72.07 crore for FY12 as compared to Rs 168.19 crore last fiscal, the company said in a statement.

Revenues for FY2011-12 stood at Rs 10,840.25 crore compared to Rs 11,542.11 crore in last fiscal.

The company's financial year ended on June 30, 2012.

"A challenging economic environment coupled with issues like rupee depreciation, slow movement in contracts under execution, rise in input costs due to natural calamities have all impacted our business in the last financial year," HCL Infosystems Chief Executive Officer Harsh Chitale said.

"However, our transformation story is gaining ground and there are lot of movements in our focussed business areas," he added.

Revenues from computer systems business for the quarter stood at Rs 1,017 crore, while that from telecommunication and office automation business stood at Rs 1,744 crore, the statement said.

In the BFSI segment, the company achieved a growth of 12% year on year (YoY). Major orders bagged by the business included Syndicate Bank, Central Bank of India, Axis Bank and HDFC Bank.