HFCL has reported a rise of 49 per cent in its consolidated net profit from Rs 500.2 million in the quarter ended (QE) September 2018 to Rs 659.3 million in QE September 2019.

The company has recorded a decline in total income from Rs 12.15 billion to Rs 9.83 billion during the same period.

Meanwhile, the company announced plans to acquire 50.1 per cent stake in DragonWave HFCL India Private Limited from Singapore based DragonWave Pte. Ltd for Rs 28 million to make it a wholly-owned subsidiary of HFCL.