HCL Info Q1 Net drops 11 pc; looks for acquisitions | business | Hindustan Times
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HCL Info Q1 Net drops 11 pc; looks for acquisitions

IT firm HCL Infosystems reported a consolidated net profit of Rs 58.97 crore for the first quarter ended September 2009, a 10.77 per cent drop over the same period a year ago.

business Updated: Oct 29, 2009 20:06 IST

IT firm HCL Infosystems on Thursday reported a consolidated net profit of Rs 58.97 crore for the first quarter ended September 2009, a 10.77 per cent drop over the same period a year ago.

Revenues declined marginally to Rs 3,027.46 crore during the July-September quarter of the current fiscal from Rs 3,098.45 crore in the corresponding period a year ago, HCL Infosystems Chairman & CEO Ajai Chowdhry said.

The company said there was a decline in net profit due to a slowdown in demand but the signs are emerging that in the next 3-6 months demand could pick up.

He was particularly bullish about the system integration (SI) business where the company has a backlog of orders worth Rs 1,800 crore and revenues would start coming into the company in the next 18 months.

Company CFO Sandeep Kanwar said the company has raised Rs 500 crore through qualified institutional investors and plans to use the money for creating back-end delivery practices for systems integration business and for acquisitions.

"We are looking at the acquisition to fill in the gaps in our offerings. We are targetting companies in SI and products and services business," Chowdhry said.

He said market conditions are going to improve largely in the next 3-6 months and the upcoming 3G auction would throw up a lot of business for the IT sector.