Stock Market update: HFCL shares down by 5% post Q3 results

The shares of telecom company HFCL have fallen by 5% at Rs. 91.55 per equity share today in early trade.

The share price of telecommunications company HFCL fell by 5% today in early trade post Q3 results. The share price hit at Rs. 91.55 per unit.
Today’s trade opened with Rs. 90.50 per share and representing a decrease of 6.07% and hit a high of Rs. 92.70 per equity share.

The telecommunications company released its financial results report for the quarter ending December 2021 on Monday. HFCL reported a decline in its net profit by up to 5%. The net revenue declined 4.86% during the quarter to Rs 1,215.21 crore compared to Rs 1,277.48 crore it posted in the same quarter of 2020-21.

The telecom company HFCL announced a decline in its total profit by 4.7% to Rs 81.1 crore in the quarter ending December 2021. the reason behind the decline was the increase in input costs, especially the semiconductors. The total revenue declined 4.86 per cent during the quarter to Rs 1,215.21 crore compared to Rs 1,277.48 crore it posted 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 said 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,” he further added.

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