HCL Infosystems Ltd’s has narrowed down its net loss. The company reported a consolidated net loss of ₹28.59 crore for the first quarter ended June 30, 2018, against a net loss of ₹55.12 crore for the same quarter last year.

Its consolidated revenue grew 98 per cent between April and June 2018 to ₹1,137 crore from ₹575.29 for the same period last year. Distribution business revenue stood at ₹985.83 crore followed by services at ₹144.06 crore. While the business from distribution increased by 124 per cent, services saw a 30 per cent dip compared to the same quarter last year.

Profits from hardware, products and solutions segment took a hit. The company registered net loss of ₹11.09 crore in first quarter, up 46.8 per cent compared to the same quarter last year at ₹7.55 crore.

The company’s distribution agreement for iPhone and other Apple products will not be extended beyond March 30, 2019. In the statement, the company informed that the revenue from Apple business was ₹352 crore for the quarter and there was no significant gain from this line of business in the quarter.

Rangarajan Raghavan, Managing Director, HCL Infosystems Ltd, said in an official statement, “In FY18 we had set a roadmap to focus on a few core businesses - Distribution and Overseas Services. In this quarter we kept our focus and continued on this track. This has borne good traction as both the Distribution and Singapore Services business registered steady performances in the quarter.”

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