HFCL Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2023. On a standalone basis, the company reported quarterly revenue of Rs 9.54 billion, earnings before interest, taxes, depreciation, and amortisation (EBIDTA) of Rs 1.46 billion, profit before tax (PBT) of Rs 1.03 billion and profit after tax (PAT) of Rs 779.2 million.
For the nine months ended December 31, 2023, the company reported consolidated revenue of Rs 31.38 billion, EBIDTA of Rs 4.72 billion, PBT of Rs 3.04 billion and PAT of Rs 2.28 billion as against revenue of Rs 33.10 billion, EBIDTA of Rs 4.97 billion, PBT of Rs 3.21 billion and PAT of Rs 2.39 billion for nine months ended December 31, 2022.
In addition, for the nine months ended December 31, 2023, the company reported standalone revenue of Rs 28.36 billion, EBIDTA of Rs 3.86 billion, PBT of Rs 2.59 billion and PAT of Rs 1.94 billion as against revenue of Rs 30.72 billion, EBIDTA of Rs 4.02 billion, PBT of Rs 2.72 billion and PAT of Rs 2.03 billion for nine months ended December 31, 2022.
Commenting on the results, Mahendra Nahata, managing director, HFCL, said, “While the global growth in 2024 is set to slow down for a third year in a row, India continues to retain the fastest growing major economy tag as per the recent report published by the World Bank. India has made extraordinary progress on technological advancement with its digital public infrastructure and India’s telecom market is now the second largest in the world. As a prominent player in optical fibre cables, telecom and networking products and network solution offerings, HFCL continued to demonstrate resilient performance. On the order book front, HFCL bagged product orders worth Rs 17.5 billion which included order of Rs 6.23 billion for 5G telecom networking equipment. It is a proud moment for HFCL that it is the only Indian company which has received such a large order for indigenously designed 5G equipment.”
He further added, “Our core focus on innovation, product centric approach and tapping new geographies and new customers has enabled us to secure large prestigious product orders from leading telecom operators. HFCL proudly unveiled an array of comprehensive suite of next-gen connectivity and 5G backhauling products during the India Mobile Congress 2023 for the world. To meet the growing demand for seamless high-speed internet connectivity for homes and enterprises HFCL launched indigenously designed and developed first ‘Made-in-India’ 5G fixed-wireless access (FWA) customer premise equipment (CPE) portfolio, along with 2 Gbps unlicensed band radio (UBR), internet protocol (IP)/multi-protocol label switching (MPLS) routers, 5G indoor small cell and unified cloud network management system. HFCL further solidified its position as a trusted partner in the defence communication domain and introduced a range of surveillance radars utilising frequency modulated continuous wave technology through its 90 pe cent subsidiary Raddef Private Limited, a research and development (R&D) enterprise specialising in cutting edge radars and radio frequency (RF) solutions. With the launch of 1728-high-fibre count Intermittently bonded ribbon (IBR) optical fibre cable, we have further strengthened our position in optic fibre cable domain. HFCL is amongst the top few players well poised to capture larger market share in India and key global markets. Our company expects the fiscal year 2024-25 (FY25) to be another year of transformation with significant progress in launching new products, continued expansion of international business, robust order book, along with a shift towards margin accretive products and projects resulting into increased revenue and profitability in coming quarters.”
