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Stock Report
HCL Infosystems registers Rs. 6.93 Crore revenue with operating loss of Rs. 10.09 Crore in Q2FY23
Posted On : 2022-11-09 08:04:05( TIMEZONE : IST )
HCL Infosystems has announced its financial results for the quarter ended Sep 30th, 2022.
Q2' FY23 Business Highlights:
- Q2' FY23 revenue was Rs. 6.93 Crore
- Systems Integration and Solutions business reported revenue of Rs. 5.54 Crore
- Loss Before Tax after considering exceptional items Rs. 10.09 Crore
Mr. Raj Sachdeva, Manager of HCL Infosystems Ltd, commenting on the results' said, "In Q2'23, the management of the Company continued to focus on actions/ initiatives that can help reduce operational losses, expedite deliverables of existing projects and improve collection of receivables from customers."
As mentioned in our earlier news releases, our Systems Integration and Solutions business continued to face delays in customer acceptance and sign-offs on project completion from certain customers resulting in delays in recovering receivables. Over time the number of contracts that are coming to closure have increased without any considerable progress on release of money against receivables by customers. As a result the Company has initiated arbitation proceedings against a number of customers as per the terms of the contracts with them in an effort to obtain final sign-offs and recovery of overdue receivables. As a result of multiple legal and arbitration proceedings, our legal cost has increased considerably, which is evident from the increase in legal, professional and consultancy charges in our financials. In some contracts, the company continues to provide support to these customers, thereby incurring higher costs which is increasing our operational losses as reflected in the financials.
Shares of HCL Infosystems Limited was last trading in BSE at Rs. 15.85 as compared to the previous close of Rs. 15.90. The total number of shares traded during the day was 111196 in over 780 trades.
The stock hit an intraday high of Rs. 16.30 and intraday low of 15.80. The net turnover during the day was Rs. 1767486.00.
