HFCL Q1 net jumps over two fold to Rs 117 crore, revenue at Rs 1,343 crore

HFCL on Wednesday reported a net profit of Rs 117 crore for the April to June quarter (Q1FY20). A year ago, the company posted a net profit of Rs 47 crore for the corresponding period.

Written by July 11, 2019 14:59

New Delhi: The Himachal Futuristic Communications Limited (HFCL) on Wednesday reported a net profit of Rs 117 crore for the April to June quarter (Q1FY20). A year ago, the company posted a net profit of Rs 47 crore for the corresponding period.

Starting the financial year 2019-20 on a high note, the HFCL’s consolidated revenue from operations increased 23% to Rs 1,343 crore during the quarter, from Rs 1,215 crore in the corresponding quarter of the previous financial year.

“The all-round performance was powered by change in revenue mix, accelerated project execution and efficiency,” HFCL said in a statement.

Speaking on the performance, HFCL Managing Director Mahendra Nahata said, “While Q1FY20 can be termed as an excellent Quarter for HFCL, what is more remarkable is the consistency at which the Company is able to deliver stellar performance. The holistic strengthening of organisational capabilities undertaken over the last 7-8 quarters is beginning to show the results.”

The company makes telecom network equipment, including optical fibre cables (OFCs). It has manufacturing units in Solan (Himachal Pradesh), Goa and Chennai (Tamil Nadu), and expects to commission new OFC unit in Hyderabad by November.

“We are focused on new products and technologies that shall open additional growth avenues and ensure sustainability,” HFCL Managing Director Mahendra Nahata said.

He said the company will continue to leverage on its strength of design, development and management of communication networks in newer application domains such as railways, defence and smart cities.