IRFC Q3 result, December quarter, Indian Railway Finance Corporation Ltd
Its total revenue from operations grew by 8 per cent to Rs 3,932.38 crore during the quarter under review, company’s data showed.
Share price of HCL Infosystems plunged over 3 per cent on Thursday after the firm posted a loss of Rs 34.32 crore in the third quarter of FY2020.
The company’s scrip during the intra-day trading was at Rs 8.89 down by 3.16 per cent. Earlier, it had slipped 4.90 per cent to Rs 8.73 on the BSE.
Similarly, on the NSE, the shares recovered but they remained in the negative territory. At 12.16 company’s shares were Rs 8.90, down by 3.26 per cent. Earlier it was down by 4.89 per cent.
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The company’s board of directors has also approved the sale of its wholly-owned subsidiary HCL Infotech to Novezo Consulting at a purchase price based on the enterprise value of HCL Infotech as of the date of the share transfer.
The consolidated revenue from operations decreased to Rs 72.03 crore for the quarter under review from Rs 428.73 crore in the same period last fiscal, HCL Infosystems said in a regulatory filing.
The losses are primarily on account of delayed receipts on certain system integration contracts, certain historical low margin contracts, slow-down of distribution businesses and finance costs, the filing said.
HCL Infosystems said over the past several quarters, the company’s management has been consistently making efforts to rationalise its businesses through actions/initiatives aimed at reducing the company’s debt as well as business losses.
The sale of HCL Infotech Ltd is consistent with these initiatives, it said.
In the past, certain loss-making businesses like PC manufacturing, financial inclusion, learning, and enterprise and consumer distribution business have been wound down. Other businesses such as Care (Consumer Services), Enterprise Services, and overseas businesses in Singapore and the Middle East have been sold off.
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