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Domestic telecom gear maker HFCL Limited on Monday posted a 25.3 per cent year-on-year rise in consolidated net profit for the December 2022 quarter at Rs 102 crore.
Its net profit stood at Rs 81 crore in the corresponding period of previous year, according to a company statement.
Revenue came in at Rs 1,086 crore for Q3 FY23, falling 10.6 per cent over the year-ago period.
HFCL Managing Director Mahendra Nahata said over the last few quarters, despite the global supply chain disruptions, the company continued to demonstrate strong business performance with strategy to tap into new geographies, new customers with new products and shift in revenue mix from projects to more of products which resulted in sustainable revenue and margin expansion.
The company's order book stood at over Rs 7,000 crore as on December 31, 2022 compared to Rs 5,280 crore in the previous quarter.
"HFCL has been granted approval to avail incentives up to Rs 652.79 crore from FY 22-23 to FY 26-27 as part of Government's production-linked incentive (PLI) scheme, wherein, we committed an investment of Rs 425 crore over a period of four years for the development and manufacturing of telecom products including 5G radio equipment, routers, switches, WiFi Products and backhaul radios," Nahata added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Mon, January 23 2023. 22:40 IST