Ann: Half Yearly Report and Accounts, page-13

After looking at the numbers, its clear to me that a miscalculation of a potential deal lead to the over supply.

The right off stock is only a glitch which will be worked thru as it gets sold down.

I remember Bassam saying that the need for inventory was for faster turnaround for larger orders.

Clearly Poland was a disaster, and dealing with NATO countries maybe a issue with long tail sales timing and red tape..

TATA India was another name that has disappeared.

All in all , HCL is trading at a super cheap level after being punished for a one off gamble on hooking some large orders.