HCL reports Rs.69 crore operating loss in FY22

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Biznextindia : HCL Infosystems has reported revenue of Rs.69.44 crore with an operating loss of Rs.75.77 Crore in the 2021-22 financial year. In the fourth quarter, the company has reported Rs. 13.86 crore revenue with an operating loss of Rs.18.82 crore.

“In FY 22 ,the management of the Company continued to rationalize the businesses of the Company and to focus on actions/ initiatives that can help reduce operational losses and debt and finance cost, for which various strategies like scaling down certain businesses and selling select businesses and assets (including identified immovable properties) have been implemented” Mr. Raj Sachdeva, Manager of HCL Infosystems Ltd, commenting on the results’ said.

“Our Systems Integration and Solutions business continued to face delays in customer acceptance and sign-offs on project completion from certain customers, particularly those in the power sector, resulting in delays in recovering receivables. Also as the company continued to provide support to these customers ,the company is incurring higher cost which is increasing our operational losses as reflected in the financials.The team has been continuously engaging with this set of customers to recover the outstanding dues and the Company is also pursuing legal options by including arbitration to recover the receivables.This is leading to high legal costs as reflected in legal and professional expenses” the company said.

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