HCL Infosystems net loss mounts in Q2

IT services firm HCL Infosystems Ltd on Friday reported consolidated net loss of Rs 37 crore for the second quarter of 2016-17 as against net loss of Rs.2.9 crore in the same period last year.

The net loss has increased a whopping 1,176 per cent or 13 times.

In a regulatory filing to the stock exchanges, the city-based company said consolidated income also declined 32 per cent to Rs 1,002 crore for the quarter under review from Rs 1,469 crore in like period year ago.

Sequentially, net loss grew 2.7 per cent from Rs 35.7 crore net loss in first quarter while income declined 12.7 per cent from Rs.1,148 crore quarter ago.

"Our thrust on the enterprise business continues to deliver and despite headwinds from our consumer business, the contraction of loss is aligned to our turnaround journey," said HCL Infosystems Managing Director Premkumar in a statement here.

Enterprise business revenue grew 8 per cent and sequentially reduced profit before interest and tax loss to Rs 18.5 crore in Q2 from Rs 28 crore in Q1.

"Headwinds in the consumer business due to portfolio gaps and product availability resulted in six per cent sequential decline in revenue," said Premkumar.

--IANS

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