HFCL net profit jumps over twofold to Rs 117 cr in June quarter

Domestic telecom gear maker HFCL Wednesday posted over twofold jump in a consolidated profit after tax at Rs 117 crore in the first quarter ended June 30, on account of accelerated project executions.

The company had posted a net profit of Rs 47 crore in the corresponding period a year ago.

Himachal Futuristic Communications Ltd's (HFCL) consolidated revenue from operations increased 23 per cent to Rs 1,343 crore during the quarter, from Rs 1,215 crore in the corresponding quarter of the previous financial year.

"The all-round performance was powered by change in revenue mix, accelerated project execution and efficiency," HFCL said in a statement.

The company makes telecom network equipment, including optical fibre cables (OFCs).

It has manufacturing units in Solan (Himachal Pradesh), Goa and Chennai (Tamil Nadu), and expects to commission new OFC unit in Hyderabad by November.

"We are focused on new products and technologies that shall open additional growth avenues and ensure sustainability," HFCL Managing Director Mahendra Nahata said.

He said the company will continue to leverage on its strength of design, development and management of communication networks in newer application domains such as railways, defence and smart cities.

"In addition to export of optical fibre cables, we are also expanding our business geographies in new domains," Nahata said.