HCL Infosystems Q4 net loss widens to Rs 241cr

30 May 2018

IT company HCL Infosystems on Tuesday reported widening of consolidated net loss to Rs 241 crore in the quarter ended March 2018.
The company had posted a net loss of Rs 124.11 crore in the same period a year ago.
"Gross margin dropped in the fourth quarter of financial year 2018 due to supply mismatch of new products launched and lower demand of new models," HCL Infosystems said in a statement.
The total income of HCL Infosystems increased by over 50 per cent to Rs 1,108.9 crore in the last quarter of 2017-18 compared to Rs 738.5 crore it posted in the corresponding quarter of the previous fiscal.
For the year ended March 2018, the consolidated net loss of HCL Infosystems more than tripled to Rs 813.76 crore from Rs 247.67 crore it posted at the end of 2016-17.
The consolidated total income of the company at the end of 2017-18 was up by 11 per cent to Rs 3,742.03 crore compared to Rs 3,371.19 crore posted a year ago.
"The highlight of the year was the robust performance of our distribution business with annual revenue of Rs 3,016 crore with healthy growth rates. The year also witnessed optimisation of certain businesses which has enabled us to journey ahead on a stronger footing. We took certain strategic decisions whereby the domestic services business is being divested and the care business has been divested to strategic buyers," HCL Infosystems MD Rangarajan Raghavan said in a statement.