HCL Infosystems Q3 profit after tax at Rs.1731.20 million

HCL Infosystems Ltd has announced the Unaudited results for the quarter ended March 31, 2007. The Company has posted a net profit after tax of Rs 1731.20 million for the quarter ended March 31, 2007 where as the same was at Rs 345.00 million for the quarter ended March 31, 2006. Total Income (net of excise) is Rs 74726.20 million for the quarter ended March 31, 2007 where as the same was at Rs 6667.40 million for the quarter ended March 31, 2006.

The consolidated results for the Quarter ended March 31, 2007: The Group has posted a net profit after tax of Rs 879.80 million for the quarter ended March 31, 2007 where as the same was at Rs 844.40 million for the quarter ended March 31, 2006. Total Income (net of excise) is Rs 29164.80 million for the quarter ended March 31, 2007 where as the same was at Rs 32007.00 million for the quarter ended March 31, 2006.

A Scheme of Arrangement sanctioned by Hon'ble High Court of Delhi has come into effect on March 31, 2007.

Pursuant to the Scheme:

a. The Networking business of HCL Infinet Ltd., a wholly owned subsidiary, has been demerged and stands transferred to and vested with Microcomp Ltd., a wholly owned subsidiary of HCL Infinet Ltd., from the appointed date of April 01, 2006.

b. HCL Infinet Ltd, with the residual Telecommunication and Office Automation business stands amalgamated with the Company from the appointed date of April 01, 2006. Accordingly, HCL Infinet Ltd. stands dissolved without winding up.

c. Microcomp Ltd. has allotted 16,96,810 equity shares of Rs 100/ each credited as fully paid up to the Company pursuant to the Scheme of Arrangement.

d. On the Scheme becoming effective, Microcomp Ltd. and Stelmac Engineering Pvt. Ltd., the erstwhile subsidiaries of HCL Infinet Ltd., have become wholly owned subsidiaries of the Company.

e. The accounts of the Company on Standalone basis for the quarter and nine months ended March 31, 2007 include the results of Telecommunication and Office Automation business for nine months ended March 31, 2007. Consequently, Revenue and Profit Before Tax are higher by Rs 67793.80 million & Rs 1979.20 million respectively for both the periods. The previous year's figures of the standalone Company do not include the impact of amalgamation and hence are not comparable. The results of Telecommunication and Office Automation business for the period April 01, 2006 to June 30, 2006 (period pertaining to the previous financial year) will be adjusted to the reserves.

f. The Consolidated accounts for the quarter and nine months ended March 31, 2007 (as in the corresponding previous year periods) include the results of Telecommunication and Office Automation business for the respective periods.

Source : Equity Bulls

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