IT company HCL Infosystems today reported widening of consolidated net loss to Rs 241 crore in the quarter ended March 2018.
The company had posted a net loss of Rs 124.11 crore in the same period a year ago.
"Gross margin dropped in the fourth quarter of financial year 2018 due to supply mismatch of new products launched and lower demand of new models," HCL Infosystems said in a statement.
The total income of HCL Infosystems increased by over 50 per cent to Rs 1,108.9 crore in the last quarter of 2017-18 compared to Rs 738.5 crore it posted in the corresponding quarter of the previous fiscal.
For the year ended March 2018, the consolidated net loss of HCL Infosystems more than tripled to Rs 813.76 crore from Rs 247.67 crore it posted at the end of 2016-17.
The consolidated total income of the company at the end of 2017-18 was up by 11 per cent to Rs 3,742.03 crore compared to Rs 3,371.19 crore posted a year ago.
"The highlight of the year was the robust performance of our distribution business with annual revenue of Rs 3,016 crore with healthy growth rates. The year also witnessed optimisation of certain businesses which has enabled us to journey ahead on a stronger footing. We took certain strategic decisions whereby the domestic services business is being divested and the care business has been divested to strategic buyers," HCL Infosystems MD Rangarajan Raghavan said in a statement.
The distribution business of the company recorded a revenue of Rs 908 crore in the quarter under review.
"In FY18 (financial year 2018) the consumer business underwent a successful transition from a single brand to a multi-brand distribution model with engagements with leading brands like Apple, HMD (Nokia), Samsung and Microsoft. The partnership with HMD Global continued for Nokia on a stronger note contributing to overall revenues," the statement said.
It said that in September 2017, the partnership with Apple was a highpoint in the unfolding of the multi-brand journey of the company. Enterprise Distribution business of HCL Infosystems registered a year-on-year growth of 31 per cent with revenue of Rs 444 crore in January-March 2018 compared to Rs 338 crore in the same period of the previous fiscal.
The system integration and solutions business reported a revenue of Rs 56 crore in the reported quarter and for fiscal year 2018, the business registered a revenue of Rs 182 crore.
The total order book size of the division stood at Rs 690 crore as on March 31, 2018, the statement said.
Shares of HCL Infosystems closed1.41 per cent lower at Rs 45.35 a unit on the BSE today.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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