HCL Info net down 11%

Demand slowdown hits revenues.

Hardware and systems integrator company HCL Infosystems’ net profit and revenue for the first quarter ended September 30, 2009, slipped due to the slowdown in demand and in the system integration business.

Profit after tax for the quarter stood at Rs 58.97 crore, down 10.77 per cent from Rs 66.09 crore in the corresponding quarter last year. Income fell 2.29 per cent year-on-year to at Rs 3,027.46 crore from Rs 3,098.45 crore.

“The year gone by witnessed a major turmoil in the global economic scenario across the globe as well as in India. The ICT market in India has since seen a fall in growth due to a host of reasons, including global slowdown, currency fluctuation and the political situation.

However, with improving sentiments across the world, we have seen the Indian ICT market picking up sequentially over the last two quarters,” said Ajai Chowdhry, chairman and CEO, HCL Infosystems.