IGI Logo

HFCL Limited (‘HFCL’), a leading technology enterprise with operations in manufacturing of high-end telecom equipment, optical fiber and optical fiber cables and offering communication network solutions for telcos, defence and railway sector announced its Un-audited financial results for the second quarter and half year ended 30th September, 2023.

Consolidated Financial Highlights – Q2FY24

On a standalone basis, the Company reported quarterly revenue of INR 1001.76 Crores, EBIDTA of INR 131.85 crores, PBT of INR 90.25 crores and PAT of INR 67.55 crores.

Commenting on the Company’s performance, Mr. Mahendra Nahata, Managing Director, HFCL said, “Despite challenging macroeconomic conditions across different regions and also the uncertainties triggered by Global conflicts, the international monetary fund has revised the growth rate forecast to 6.3% for India due to its robust growth prospects. Indian telecom industry stands resilient and India has emerged as among the top three 5G ecosystems in the world within just a year from start of 5G rollout. As a prominent player in optical fiber cables, telecom and networking products and network solution offerings, HFCL continues to demonstrate sustainable performance. During this quarter, the Company has witnessed softening in demand of OFC and telecom and networking products from the telcos, resulting into decline in product revenue both on Quarter on Quarter and Year on Year basis. The temporary decline is attributed to an inventory built-up with major operators, resulting in an overall reduction in revenue in absolute terms both domestically and in the international markets.”

Mr. Nahata outlining HFCL’s strategic moves added, “With our focus on innovation and R&D, we have made significant progress in designing and developing indigenous telecom product and solutions, to meet the significant upcoming demand for fiberisation and 5G network infrastructure in India and key global markets like US, Middle East, France and Germany. We have taken continued efforts to design and develop next-gen products like optical fiber cables for international markets, 5G access and transportation equipment and 5G backhauling products which will significantly boost our revenue and margins going ahead. The Company recently launched its revolutionary Intermittently Bonded Ribbon (IBR) Cable in the United Kingdom and showcased high-fiber density Flat Ribbon Cable in the United States to address the fiberisation challenges and evolving needs of the international customers.”