Telecom gear maker HFCL on Monday reported about 15.5 per cent year-on-year rise in consolidated net profit to about Rs 79 crore in the March quarter.
Its net profit stood at about Rs 68 crore in the year-ago period.
The company's revenue rose 21.13 per cent to about Rs 1,433 crore for the fourth quarter ended March 2023.
HFCL Managing Director Mahendra Nahata said the company remains focused on its strategy of increasing revenue from margin accretive products, expansion of capacities coupled with high-level backward integration, huge impetus on R&D, increased customer base and geographical expansion.
"Amid the global economic challenges, India remains a promising economy and is expected to emerge as the fastest-growing in the world. Our company has also been able to withstand the economic challenges and has shown sturdy performance in FY22-23," Nahata said in an earnings statement.
For the full FY2023, the net profit fell 2.5 per cent to Rs 317.7 crore against about Rs 326 crore in the previous year. The company logged revenue of about Rs 4,743 crore in FY23 compared to around Rs 4,727 crore in FY22.
"During FY23, we have significantly increased revenues from international business to Rs 817 crore from Rs 363 crore in FY22, witnessing a growth of 125 per cent on a Y-o-Y (Year-on-Year) basis.
"Our continued focus on creating and expanding capacities and tapping new geographies has not only led to an increase in the share of product revenue to 56 per cent in FY23 as compared to 43 per cent in FY22 but also resulted in an increased share of revenue from private customers to 83 per cent in FY23 from 68 per cent in FY22," Nahata said.
Nahata exuded confidence that strategic initiatives will position the company well for long-term success.
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