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HCL Info Q2 net up 6%

Our Bureau

New Delhi , Jan 24

HCL Infosystems today posted a 6.1 per cent rise in consolidated net profit for the second quarter ended December 31, 2005, to Rs 63.77 crore against Rs 60.1 crore in the corresponding previous year.

However, its consolidated gross sales reflected a 40.69 per cent increase to about Rs 2,807 crore in the second quarter as compared to Rs 1,994.8 crore in the year-ago period, with growth coming from office automation and telecommunications business.

Operating profit, excluding exchange fluctuation gain/loss and other income, was reported at Rs 89.1 crore as against Rs 66.3 crore in the corresponding quarter of the previous year, registering a growth of 34 per cent.

Outlining the segment-wise performance, HCL said revenues from computer systems business rose 11 per cent to Rs 556.5 crore as against Rs 502.2 crore in the same period previous year. "Rupee has been volatile during the quarter ended December 31, 2005 touching a low of 46.4 and a high of 44.06 per dollar; as a result, the effect of exchange fluctuation on import liabilities paid/ restated in accordance with AS 11, significantly reduced the profitability of the parent company by Rs 5.7 crore during this quarter as against exchange rate gain of Rs 10.1 crore in the corresponding quarter of the previous year," HCL said in a statement here.

Revenue from the office automation and telecommunication business was pegged at Rs 2,243.7 crore as against Rs 1,482.6 crore in the year-ago period, a growth of 51 per cent.

The board has also inducted two new members — Mr Jegadeesh Narasimhan and Mr V.N. Koura. Mr Narasimhan is currently Dean's Distinguished Professor, Emory University, while Mr Koura is a senior partner of Koura & Co, a legal consultancy firm in India.

HCL said it was in the process of merging the office automation and telecommunication segment of the subsidiary, HCL Infinet Ltd, with HCL Infosystems with effect from April 1, 2006 through a Scheme of Arrangement, subject to the requisite approvals.

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