HCL Infosystems, an IT giant, has reported a significant reduction in its financial losses. For the December quarter, the company’s losses narrowed to Rs 5.25 crore, a significant drop from the Rs 9.30 crore reported in the same quarter a year ago. This is a significant improvement, highlighting the company’s efforts to turnaround its financial performance.
Despite this progress, HCL Infosystems’ revenue from operations took a hit, dropping by 30.14% to Rs 5.70 crore, compared to Rs 8.16 crore in the same quarter of the previous fiscal year. However, the company is focusing on collecting long-overdue receivables and minimizing operational losses.
One of the key challenges faced by the company is recovering outstanding dues from its clients. In an effort to address this, HCL Infosystems has initiated arbitration against several clients. Despite this, legal costs and regulatory challenges continue to impact the business outlook.
Company manager Raj Sachdeva highlighted the company’s efforts to streamline its operations and reduce losses. He emphasized that the company’s focus is on improving its cash flow and debt management. This includes collecting receivables from clients and reducing operational expenses.