Telecom gear maker HFCL Q2 profit flat at Rs 84 crore; revenue falls 4.5%

Domestic telecom gear maker HFCL's consolidated net profit remained flat at Rs 84.31 crore for the quarter ended on September 30, 2022, according to the company's statement.

The company had posted a net profit of Rs 85.94 crore in the same period a year ago.

The consolidated revenue from operations declined by about 4.5 per cent to Rs 1,173 crore compared to Rs 1,122 crore in the September 2021 quarter, it added.

"On the backdrop of easing supply chain disruptions and improvement in input costs, we have been able to demonstrate healthy growth in our revenue and margins over last quarter," HFCL Managing Director, Mahendra Nahata said on Wednesday.

He said that the company's share of exports to revenues has improved to 16.38 per cent during the reported quarter compared to 9.08 per cent in the September 2021 quarter.

"We continue to see strong response in key global markets like Europe, Africa and Middle East, thereby making us optimistic about doubling our exports to Rs 750 crore by end of FY'23. We have also committed an investment of Rs 425 crore on R&D and creation of facilities to manufacture telecom equipment under the government's PLI and DLI scheme," Nahata said.