HCL Infosystems June qtr net loss widens to Rs 55 cr

IT company HCL Infosystems today reported a larger net loss of Rs 55.12 crore for the period ended June 30, compared to Rs 35.70 crore in the year-ago period.
Its total income declined almost 40 per cent to Rs 713.94 crore for the quarter under review, as against Rs 1,183.12 crore in the April-June 2016 quarter, HCL Infosystems said in a statement.
The enterprise products distribution business registered 11 per cent year-on-year revenue growth, while the enterprise services business witnessed an eight per cent quarter-on- quarter decline, it added.
The consumer distribution business saw revenue decline of 58 per cent in the said quarter.

"The planned focus on the enterprise business has been maintaining its growth course, while in the consumer business we are steadfast in our transition from single-brand to a multi-brand business model," HCL Infosystems Executive Vice- Chairman and MD Premkumar said.
Both are integral to the company's onward transformation journey, he added.

The system integration (SI) and Solutions business registered a revenue of Rs 40 crore during the first quarter.
The total order book size stood at Rs 715 crore as on June 30, 2017, the company said.
"The focus remained on completion of major projects and collection of receivables even as projects valued at Rs 60 crore were billed in this quarter. The flagship UIDAI project crossed the milestone of enrolment of more than 115 crore Aadhaar cards," it said.

Shares of the company closed 3.17 per cent higher from the previous close on BSE at Rs 52 apiece.