Stock Report

HCL Infosystems registers Rs. 31.41 Crore revenue with operating loss of Rs. 52.58 Crore in FY23

Posted On : 2023-05-23 12:02:39( TIMEZONE : IST )

HCL Infosystems has announced its financial results for the quarter ended Mar 31st, 2023.

FY23 Business Highlights:

- FY23 revenue was Rs. 31.41 Crore
- Systems Integration and Solutions business reported revenue of Rs. 25.74 Crore
- Loss Before Tax and exceptional items Rs. 52.58 Crore
- Exceptional non-recurring gain during this year was on account of:
- Profit on sale of properties of Rs. 13.84 Crore.
- Loss Before Tax after considering exceptional items Rs. 38.74 Crore

Q4' FY23 Business Highlights:

- Q4'23 revenue was Rs. 8.26 Crore
- Systems Integration and Solutions business reported revenue of Rs. 6.99 Crore
- Loss Before Tax and exceptional items Rs. 14.57 Crore
- Exceptional non-recurring gain during this year was on account of:
- Profit on sale of properties of Rs. 8.97 Crore.
- Loss Before Tax after considering exceptional items Rs. 5.60 Crore

Mr. Raj Sachdeva, Manager of HCL Infosystems Ltd, commenting on the results' said, "In FY 23, the management of the Company continued to focus on initiatives such as monetization of properties, realization of tax refunds in order to reduce the Company's debt and losses".

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 for recovery of dues. Due to multiple legal arbitration proceedings and legacy issues, significant effort and cost is being incurred on legal and legacy matters.

Shares of HCL Infosystems Limited was last trading in BSE at Rs. 12.95 as compared to the previous close of Rs. 13.34. The total number of shares traded during the day was 122286 in over 371 trades.

The stock hit an intraday high of Rs. 13.45 and intraday low of 12.93. The net turnover during the day was Rs. 1598838.00.