HFCL has announced its financial results for the quarter ended (QE) June 2021. The company’s consolidated net profit increased from Rs 213.4 million during the QE June 2020 to Rs 906.9 million during the QE June 2021, reporting a year-on-year (YoY) increase of 325.82 per cent.
Further, HFCL’s total revenue increased from Rs 6.99 billion to Rs 12.06 billion during the same period, reporting an increase of 72.46 per cent. Meanwhile, the company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increased from Rs 829 million during the QE June 2020 to Rs 1.91 billion during the QE June 2021.
During the quarter under review, company incorporated a wholly-owned subsidiary company namely, HFCL Technologies Private Limited. HFCL Technologies Private Limited proposes to deal in various electronics and telecommunication and Networking products. During the quarter under review, it acquired controlling stake of 50 per cent in Nirnpaa Telecommunications Private Limited (Nimpaa).
Commenting on the Company’s performance, Mahendra Nahata, managing director, HFCL, said, “Our sturdy performance of Q1FY22 demonstrates the foundation and efficacy of our strategy towards growth that we have been working upon over the recent years. The fact that we could execute well across manufacturing and supplies, project implementation and capex plans, in spite of the upheaval caused by the second wave of the pandemic, is a testimony of commitment of our people. Commissioning of a dedicated 5G R&D centre at Bengaluru, on the back of newly constituted 5G business division, launch of another PM WANI model village ‘Baidebettu’ in Karnataka, running of manufacturing capacities at an optimum level of efficiency, fast progress being made on recently announced CAPEX across all manufacturing locations, the healthy enquiry and order inflows from the domestic and international markets both – all these are indicative of a promising path ahead. Our operating environment continues to brim with possibilities. Expansion of BharatNet, rapidly growing fiber to the home segment, PLI scheme, additional spectrum allocation to the telcos and approval for 5MHz 4G spectrum for Indian Railways will all amplify our opportunity spectrum. We are geared up to leverage L these opportunities with our market leading products and solutions which continue to get sharper with an added edges of technological advancements and cost competitive manufacturing. Our collaborative pursuit of new product development in key SG segments including SG Radio Access Network (RAN) and SG Transport equipment both for the Indian and international markets continues to make rapid progress. We stand well aligned with the India growth story with a sharper focus on technology indigenisation and make in India for the world. The transformed HFCL that we have worked passionately and assiduously towards is ready to meet opportunities with preparation.”