HCL Infosystems slumps post Q1 numbers

NEW DELHI: Shares of HCL Infosystems slumped 4.5 per cent to close the day at Rs 57.30 in Friday’s trade, after the IT services and solutions company said net loss for the September quarter widened to Rs 49.24 crore compared with loss of Rs 45.26 crore in corresponding quarter of last year. On Friday, the scrip hit an intra-day low of Rs 54.80.

“The ongoing transformation and emphasis on growth of distribution and services business continue to be on track, notwithstanding the need to address growth and efficiency simultaneously,” Premkumar Seshadri, executive VC and MD, HCL Infosystems, said in a statement released on the BSE website.

The company saw declining revenues from both consumer and enterprises distribution businesses. Revenue of the consumer distribution business fell 8 per cent on a quarter-on-quarter basis while that of enterprises distribution shrank 19 per cent.

The services business did well for the company, as revenues surged 22 per cent on a YoY basis. The consumer services business contributed 18 per cent revenue growth on a YoY basis.