HCL Infosystems announces its revenue for the fourth quarter

HCL Infosystems India's premier IT services, system integration, hardware and distribution company announced its financial results for the fourth quarter and financial year ended June 30th, 2013. Consolidated revenue reported at Rs 2,138 crores, taking the consolidated revenues for the year to Rs 9,295 crores. 

Harsh Chitale, CEO, HCL Infosystems, commenting on the results said, "The present economic environment provides for a far more muted growth rate and profitability in comparison to the heydays that the industry had witnessed a few years back. We as a company, taking cognizance of this different and challenging business environment has been extensively preparing for the future by investing in new growth opportunities and as well as restructuring our existing businesses."

"It was a tough year for us with difficult market conditions for our hardware business, high interest costs and high impairment of overdue receivables coupled with issues like rupee depreciation. One of our growth focus areas, IT Services, has continued to perform well in terms of new customer additions and large-ticket outsourcing deals. Our distribution, though impacted by decline in Telecom revenues, has been successful in reducing the concentration risk with addition of many principals in the IT, consumer electronics, office automation and lifestyle product categories. This is evident from the fact that our non-telecom distribution revenues almost doubled this year compared to last year. With a few recent successful product launches by our telecom principal, our telecom revenues also witnessed upswing in this quarter thereby resulting in our overall distribution business revenues to grow by 13% quarter over quarter. Our new businesses such as mobility, learning and care gained positive traction in their areas of operations and are in line for a robust growth trajectory. We continued the transformation journey which we started two years ago and undertook multiple initiatives on go-to-market strategy, operations improvement and cost optimization. We took a significant leap forward in our transformation journey this year by initiating the restructuring exercise to align our diverse businesses in different subsidiaries. I am extremely confident that as we begin our new financial year our investments in growth areas and re-tooling of some of the existing businesses will pay-off and lead HCL Infosystems on the path of success" Chitale added.