HCL Infosystems narrows Q1 net loss to Rs 29 cr

HCL Infosystems today said it narrowed its consolidated net loss to Rs 28.59 crore for the June quarter on higher revenues.

The loss was at Rs 55.12 crore in the April-June period of last fiscal, 2017-18.

The company's revenue from operations almost doubled to Rs 1,136.62 crore in the first quarter of 2018-19, from Rs 575.29 crore in the year-ago period, HCL Infosystems said in a BSE filing.

"In FY18, we had set a roadmap to focus on a few core businesses - Distribution and Overseas Services. In this quarter we kept our focus and continued on this track. This has borne good traction as both the Distribution and Singapore Services business registered steady performances in the quarter," HCL Infosystems Managing Director Rangarajan Raghavan said.

The revenue from discontinued operations in the said quarter was Rs 31 crore.

Distribution business reported revenue of Rs 986 crore for the quarter under review. Of this, enterprise distribution had revenue of Rs 457 crore, while consumer distribution segment reported revenue of Rs 529 crore in the said quarter.

"The revenue from the distribution partnership with HMD Global for Nokia handsets continued to grow substantially. Other partnerships include Samsung and Microsoft Surface," the filing said.

HCL Infosystems said its distribution agreement with Apple India for iPhone and other Apple products will not be extended beyond March 30, 2019.

"Revenue in the current quarter from Apple business is Rs 352 crore. However, there was no significant gain from this line of business in the quarter," it added.

The SI and solutions business reported revenue of Rs 38 crore in the first quarter of FY19 with focus on project execution.

The quarter witnessed good collections, including one large collection of Rs 73 crore from a government customer, the filing said.