Telecom firm HFCL Ltd on Wednesday said it has registered a consolidated net profit of Rs 84.31 crore for the quarter ending September 30, 2022.
The company had posted a net profit of Rs 85.94 crore in the same quarter last year.
The consolidated revenue for the quarter was Rs 1,173 crore as against Rs 1,122 crore reported during the same period last year, an increase of 4.58 per cent.
Mahendra Nahata, Managing Director, HFCL said, “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.
“With the leap in technology, higher backward integration, capacity expansion in OFC business, production of next-gen equipment and expanding global footprints, we are well on our mission to transform as a technology-driven enterprise that innovates and manufactures for both domestic and global markets with an aim to become a Product led global player in Optic Fiber Cables and telecom equipment and solutions”.
“We have further strengthened our R&D initiatives and 5G product portfolio and launched World’s first open standard Wi-Fi 7 Access Points, 8T8R Macro Radio units and 5G Lab-as-a-Service. Backed by our portfolio of indigenous futuristic products & solutions, our share of exports to revenues has improved to 16.38% in Q2 FY23 as compared to 9.08% in Q2 FY22.
“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 crores by end of FY23. We have also committed an investment of Rs 425 crores on R&D and creation of facilities to manufacture telecom equipment under the Government’s PLI/DLI scheme.”
