New Delhi, February 8 (PTI): HCL Infosystems announced that its losses for the December quarter have decreased to ₹5.25 crore.
According to a company filing, the IT system integration and solutions company reported losses of ₹9.30 crore for the previous year.In the third quarter of the current fiscal year, revenue from operations fell 30.14 percent to ₹5.70 crore, compared to ₹8.16 crore in the same period last year.
Revenue decreased by 16% sequentially.
According to Raj Sachdeva, manager of HCL Infosystems, "the company continued to focus on actions and initiatives aimed at realizing our long outstanding receivables and minimising operational losses during this quarter."
Payment delays have resulted from the company's ongoing difficulties getting timely customer acceptance and sign-offs for finished projects.
As a result, there has been no notable advancement in collecting unpaid debts from clients, despite an increase in the number of contracts that have reached conclusion.
"In an effort to collect the money owed, the business has taken the step of starting arbitration proceedings against a number of clients. Significant effort and expense are being spent on legal and legacy matters as a result of several legal arbitration actions," the statement stated.
It further stated that the company "anticipates limited business opportunities in the near term" due to the expenses associated with project execution, regulatory compliance, internal finance management, continuing litigation, and provision for unutilized GST input tax credit.
Additionally, the firm announced that Ritu Arora, an Independent and Non-Executive Director (existing director), will resign on April 5, 2025, following the conclusion of her second term.
The statement also mentioned Rita Gupta's appointment as an Additional Non-Executive Director.
"In an effort to collect the money owed, the business has taken the step of starting arbitration proceedings against a number of clients. Significant effort and expense are being spent on legal and legacy matters as a result of several legal arbitration actions," the statement stated.
It further stated that the company "anticipates limited business opportunities in the near term" due to the expenses associated with project execution, regulatory compliance, internal finance management, continuing litigation, and provision for unutilized GST input tax credit.
Additionally, the firm announced that Ritu Arora, an Independent and Non-Executive Director (existing director), will resign on April 5, 2025, following the conclusion of her second term.
The statement also mentioned Rita Gupta's appointment as an Additional Non-Executive Director.
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