HFCL Limited has announced its audited financial results for the fourth quarter and full year ended March 31, 2023. The consolidated revenue for the reported year stood at Rs 47.43 billion, up 0.34 per cent from Rs 47.27 billion in the previous year. The company reported earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 6.65 billion as compared to Rs 6.92 billion in fiscal year 2022 (FY2022), a year-on-year (YoY) decline of 3.91 per cent. The EBITDA margin fell to 14.04 per cent during FY23. Meanwhile, the consolidated profit after tax (PAT) for the company was Rs 3.17 billion.

On a standalone basis, the company reported revenue of Rs 43.96 billion, EBITDA of Rs 5.16 billion, profit before tax (PBT) of Rs 3.42 billion, and PAT of Rs 2.55 billion.

Further, for the fourth quarter (Q4) of FY23, the company posted revenue of Rs 14.33 billion, up 31.97 per cent quarter-on-quarter (QoQ) from Rs 10.86 billion during the previous quarter. EBITDA during Q4 was Rs 1.68 billion, a QoQ decline of 13.01 per cent from 194 in Q3 FY23. The company’s PAT for the reported quarter was Rs 790 million, a fall of 22.57 per cent QoQ from Rs 1.02 billion in Q3 FY23.

Commenting on the company’s performance, Mahendra Nahata, managing director, HFCL, said, “Amidst the global economic challenges India remains a promising economy and is expected to emerge the fastest-growing in the world. Our company has also been able to withstand the economic challenges and has shown sturdy performance in FY2022-23. 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. During FY23 we have significantly increased revenues from international business to Rs 8.17 billion from Rs 3.63 billion in FY22 witnessing a growth of 125 per cent on a YoY 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 into increased share of revenue from private customers to 83 per cent in FY23 from 68 per cent in FY22. We believe that our strategic initiatives will position us well for long-term success. The company is expanding its optic fibre capacity from existing 10 million fibre km to 25 million fibre km and optic fibre cable capacity from 25 million fibre km to 35 million fibre km by FY25. The company is simultaneously developing various 5G radio access network products, transport products and broadband wireless products which are expected to be launched during the current financial year. These initiatives will not only add to the revenue but will also increase profitability of the company significantly. We are excited about the future of HFCL and look forward to continuing our commitment to delivering innovative communication solutions that connect people and business worldwide.”