HCL Infosystems reports net loss of Rs 14.96 cr in Jan-Mar
IT hardware company HCL Infosystems on Friday reported a standalone net loss of Rs 14.96 crore for the quarter ended March 31, 2013 against a net profit of Rs 20.02 crore in the year-ago period.business Updated: May 10, 2013 16:57 IST
IT hardware company HCL Infosystems on Friday reported a standalone net loss of Rs 14.96 crore for the quarter ended March 31, 2013 against a net profit of Rs 20.02 crore in the year-ago period.
The standalone net sales of the company fell by 25% to Rs 1,869.84 crore in the January-March quarter against Rs 2,496.16 crore in the same period in 2012, it said in a BSE filing.
For the nine months ended March 31, 2013, HCL Infosystems standalone net loss stood at Rs 41.09 crore against a net profit of Rs 45.30 crore in the year-ago period.
The company follows the July-June fiscal.
Its standalone net sales declined to Rs 6,669.55 crore from Rs 7,740.78 crore in the review period. "The decline in our revenues this quarter was primarily due to a dip in our telecom distribution business as also a stagnant Personal Computer Industry which impacted our revenues in this segment," HCL Infosystems Chief Executive Officer Harsh Chitale said in a release.
Chitale added that the business restructuring announced in early 2013 is on track.
"I am happy to note that we have been able to create a leaner organisation as there is a significant improvement in terms of efficiency and cost optimisation to the tune of around Rs 40 crore on an annualised basis," he said.
Recently, the firm's personal computing business won bids from CHiPS (Chhattisgarh Infotech and Biotech Promotion Society), Punjab Education Society and State Bank of India, the release said.
It has been selected by CHiPS for the government of Chhattisgarh project - Free Distribution of Laptops to final year engineering and medical students of government-aided and Private Colleges across the state. This is the first phase of the project, where HCL Infosystems is supplying 14,000 laptops, it added.