HCL Infosystems gets approval for sale of the company's DE business

HCL Infosystems has received an approval for the sale of the company's digital entertainment (DE) business as a going concern, to HCL Security, its wholly owned subsidiary. The sale is subject to the approval of the shareholders.

Further, the company has also received approval for acquisition of the security business of HCL Security as a going concern basis. The company has received these approvals at its board meeting held on June 10, 2011.

The company has reported a drop of 19.17% in its net profit of Rs 53.96 crore for the quarter ended March 31, 2011 as compared to Rs 66.76 crore for the quarter ended March 31, 2010. Net sales of the company has decreased marginally by 7.39% to Rs 2587.39 crore for the quarter ended March 31, 2011 whereas the same was at Rs 2793.83 crore for the quarter ended March 31, 2010.

On the consolidated basis, the group has reported a fall of 11.33% in its net profit of Rs 53.28 crore for the quarter ended March 31, 2011 as compared to Rs 60.09 crore for the quarter ended March 31, 2010. Net sales of the company has decreased marginally by 3.92% to Rs 2730.01 crore for the quarter ended March 31, 2011 where as the same was at Rs 2814.50 crore for the quarter ended March 31, 2010.