HCL reports drop in PBT on account of System Integration

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

HCL reports drop in PBT on account of System Integration

HCL has announced financial results for its quarter ending June 30th 2011 and financial year ending 2010- 2011. Revenue from Computer Systems business for the quarter was Rs. 854 crores, taking the revenue for the year to Rs. 3691 crores. Revenue from Telecommunication and Office Automation business for the quarter was Rs. 1768 crores, taking the revenue for year to Rs. 7805 crores. Strong free cash flow generation from operations of Rs. 131 crores in the quarter.

Ajai Chowdhry, Founder HCL and Chairman, HCL Infosystems Ltd. said, "The economy at large has been going through a difficult phase with both enterprises & consumers being cautious in decision making and discretionary spends. Inflationary pressures leading to aggressive interest rate escalation has also played an integral role in slowing down the economy and the desired growth momentum. Led by a volatile environment in the country today, the capacity expansion in most sectors has momentarily taken a back seat with IT sectors like System Integration, IT product and Services been affected in the domestic markets with the slow Government project execution and decision process. But I see this having only a short term impact, as with the emerging broadband ecosystem, leading to technologies like cloud services, mobility and steps taken by the Government with the new Electronics policy and focus on R&D, have great potential to be big growth drivers in the long run. As HCL Infosystems begins its new year, I am confident that our rigorous execution plans will show results and build a strong organisation over the next 2-3 years for the future."

Harsh Chitale, CEO, HCL Infosystems Ltd. said, "As we had indicated last quarter, Systems Integration business continued to be severely impacted by slow down in projects and customer decision cycles. On the other hand the recently inducted businesses like Learning more than doubled and we also did exceedingly well with successfully establishing presence in new growth areas such as remote services and emerging markets in Middle East and Africa. HCL Infosystems has embarked on a transition phase and with the companywide business excellence program currently underway, we are putting relentless efforts to re-align the organisation to drive cost and working capital efficiencies and to re-position it for future growth opportunities. Over the next 12-15months we expect these efforts to result in terms of bottom-line as well as cash flow performance."


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