HCL Infosystems Q4 net loss narrows to Rs 43.9 cr

IT company HCL Infosystems Thursday reported narrowing of consolidated net loss to Rs 43.90 crore for the quarter ended March 2019.

The company's net loss stood at Rs 241.02 crore in the same period a year ago, HCL Infosystems said in a BSE filing.

Consolidated revenue from operations stood at Rs 1,010.5 crore during the quarter under review as against Rs 1,058.21 crore in the corresponding quarter of 2017-18, it added.

For 2018-19, the company's net loss was at 135.20 crore, while income from operations was at Rs 4,340 crore.

"In FY'19, we further consolidated our business and focused on our distribution and overseas services. We have achieved some success in this strategy with growth of our enterprise distribution, consumer distribution and overseas services businesses," HCL Infosystems Managing Director Rangarajan Raghavan said.

Realisation of receivables from certain SI (System Integration) projects continue to pose challenges, he said, adding that the company focused on productivity and optimisation during the year.

HCL Infosystems said its distribution business reported revenue of Rs 845 crore in the fourth quarter and Rs 3,722 crore in 2018-19. The global services business, on the other hand, registered revenue of Rs 486 crore in 2018-19.

"In order to reduce our debt obligations, we have decided to monetise company owned properties in a phased manner. Several of our properties are not being fully utilised due to changes in the business of the company," the company said.

Therefore, the board has approved the sale of two company-owned properties located in Noida and one property located in Pune, it added.

The proceeds of the sale will be utilised in entirety to repay the loans, it said.