HCL Infosystems Q1 results: Co posts Rs 41 cr net profit

New Delhi: IT firm HCL Infosystems on Friday reported a consolidated net profit of Rs 40.58 crore for the quarter ended June 30, 2021, against a loss of Rs 36.86 crore in the year-ago period, HCL Infosystems said in a regulatory filing. Its consolidated revenue from operations decreased to Rs 27.61 crore in the quarter under review from Rs 105.69 crore in the year-ago period, it added.

Hardware products and solutions business accounted for Rs 24.61 crore of the revenue from operations during the June 2021 quarter, while distribution segment contributed Rs 3 crore.

As on June 30, 2021, the Group has accumulated losses and its net worth has been fully eroded, the filing said adding that the losses are primarily as a result of delayed receipts on certain system integration contracts, certain historical low margin contracts, slowdown of distribution businesses and finance costs.