HFCL records 42% rise in net profit to Rs 75 crore, revenue declines 5%

Mahendra Nahata, Managing Director of HFCL said, "During Q1FY24, we have significantly increased revenues from international business to Rs 176.23 crores witnessing a growth of 156 pc on a Y-o-Y basis.

Reliance Industries-backed Himachal Futuristic Communications Limited (HFCL) recorded a 42 percent rise in its net profit at Rs 75.56 crore in the April-June quarter of FY2023-24, up from Rs 53 crore in the year-ago period, according to a BSE filing.

Its revenue declined 5 percent to Rs 995 crore from Rs 1,051 crore in the last fiscal around the same period, according to the filing.

Net profit dropped 4 percent sequentially from Rs 79 crore in the March quarter, while its revenue took a 31 percent plunge from the previous quarter. The company had recorded Rs 1432 crore in revenue in Q4FY23.

Mahendra Nahata, Managing Director of HFCL said, "During Q1FY24, we have significantly increased revenues from international business to Rs 176.23 crores witnessing a growth of 156 pc on a Y-o-Y basis.

"HFCL's strategy to focus on increased revenue from products, expand its capacities and tap into new geographies has resulted in an increase in the product revenue share to 67pc in Q1FY24 as compared to 59pc in the same quarter last year." The company has signed a two-year memorandum of understanding (MoU) with Bharat Electronic Limited, India's largest defence PSU for defence, telecom and railway sectors, he added.

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