Domestic telecom gear maker HFCL on Monday posted 4.7 per cent decline in consolidated revenue to Rs 81.1 crore for the third quarter ended December 31, 2021 primarily on account of hike in part costs, specifically semiconductors.
The firm had posted a revenue after tax of Rs 85.11 crore in the identical interval a 12 months in the past.
Revenue declined 4.86 per cent in the course of the quarter to Rs 1,215.21 crore in comparison with Rs 1,277.48 crore it posted in the identical 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 fiber and semiconductor prices,” HFCL Managing Director Mahendra Nahata mentioned in a press release.
The firm in the course of the quarter raised Rs 600 crore by means of certified institutional placement to broaden capacities and construct community answer capabilities to faucet the upcoming alternatives within the telecom and defence sectors.
“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 mentioned.
He mentioned the corporate’s board has authorized the plan for enlargement of fiber manufacturing capacities from 1 crore fiber kilometer (fkm) every year to 2.2 crore fkm and consolidated optical fiber cable (OFC) manufacturing capacities from 2.47 crore fkm every year to three.47 crore fkm every year with an total capital outlay of about Rs 425 crore.
“We remain optimistic about the outlook of the sector. The government’s approval for our PLI scheme candidature will help us in improving our competitiveness, collaborate with new players and venture into new geographies,” he added.
