The Indian telecom company Himachal Futuristic Communications Limited (HFCL) on Monday came up with its consolidated net profit for the third quarter for FY22 ended in December 2021. The consolidated net profit data revealed that the profit was down by 4.7 per cent this time with Rs 81.1 crores for the December quarter which was ₹85.11 crores in the same quarter last year mainly on account of a hike in component prices, especially semiconductors.
HFCL shares were high up to 4.52 per cent worth Rs 96.00 (+4.15) per share (4.52%) at 3:30 pm IST on Monday closing session on the national stock exchange.
The company during the quarter raised Rs 600 crore through a competent institutional placement to boost abilities and construct network solution capabilities to cater to impending opportunities in the telecom and defence sectors.
Revenue dwindled 4.86 per cent during the quarter to Rs 1,215.21 crore compared to Rs 1,277.48 crore in the same quarter of 2020-21.
”Although the demand in the economy is coming back gradually, we had a strong quarter with growth in revenues. The margins during the quarter got slightly impacted followed by increased logistic costs and increase in fibre and semiconductor prices,” HFCL Managing Director Mahendra Nahata remarked in a statement.
”The company is also constantly working on expanding its global market access and appointed global leaders in US and Europe to boost its OFC and Telecommunication product sales,” Nahata said.
HFCL is a leading manufacturer of optical fibre cables, optical transport, power electronics and broadband equipment for the telecommunication industry. The Company has state of the art modern production facilities at Solan (Himachal Pradesh), Goa, and Chennai (Tamil Nadu) and caters to both Indian and global markets.