HFCL Limited (“HFCL”), a leading technology enterprise with operations in manufacturing of high-end telecom equipment, optical fiber and optical fiber cables and offering communication network solutions for telcos, defence and railway sector announced its Un- audited financial results for the third quarter and nine months ended 31st December, 2023.
Consolidated Financial Highlights – Q3FY24
| Particulars | Q3FY24
₹ in crores |
Q2FY24
₹ in crores |
Change Q-o-Q % | Q3FY23
₹ in crores |
Change Y-o-Y% |
| Revenue |
1032.31 |
1111.49 | -7.12 % | 1085.84 | -4.93% |
| EBIDTA |
163.45 |
149.77 |
9.13 % | 193.33 | -15.46 % |
| EBIDTA Margin (%) |
15.83 % |
13.47% |
236 Bps | 17.80% | -197 Bps |
| PAT | 82.43 | 70.17 | – 17.47 % | 101.62 | -18.88 % |
| PAT Margin (%) |
7.99 % |
6.31% | 168 Bps | 9.36% | -137 Bps |
On a standalone basis, the Company reported quarterly revenue of ₹954.47 crores, EBIDTA of ₹146.12 crores, PBT of ₹103.33 crores and PAT of ₹77.92 crores.
For the nine months ended 31st December, 2023, the Company reported consolidated revenue of ₹3138.99 crores, EBIDTA of ₹472.84 crores, PBT of ₹304.57 crores and PAT of ₹228.16 crores as against revenue of ₹3310.33 crores, EBIDTA of ₹497.69 crores, PBT of ₹321.68 crores and PAT of ₹239.03 crores for nine months ended 31st December, 2022.
For the nine months ended 31st December, 2023, the Company reported standalone revenue of ₹2836.55 crores, EBIDTA of ₹386.52 crores, PBT of ₹259.10 crores and PAT of ₹194.22 crores as against revenue of ₹3072.57 crores, EBIDTA of ₹402.06 crores, PBT of ₹272.09 crores and PAT of ₹203.79 crores for nine months ended 31st December, 2022.
Commenting on the Company’s performance, Mahendra Nahata, Managing Director, HFCL said, “While the global growth in 2024 is set to slow down for a third year in a row, India continues to retain the fastest growing major economy tag as per the recent report published by the World Bank. India has made extraordinary progress on technological advancement with its Digital Public Infrastructure and India’s telecom market is now the second largest in the world. As a prominent player in optical fiber cables, telecom and networking products and network solution offerings, HFCL continued to demonstrate resilient performance. On the order book front, HFCL bagged product orders worth ₹1750 crores which included order of ₹ 623 crores for 5G telecom networking equipment. It is a proud moment for HFCL that it is the only Indian Company which has received such a large order for indigenously designed 5G equipment.”
Nahata outlining HFCL’s strategic developments added, “Our core focus on innovation, product centric approach and tapping new geographies and new customers has enabled us to secure large prestigious product orders from leading telecom operators. HFCL proudly unveiled an array of comprehensive suite of next-gen connectivity and 5G backhauling products during the India Mobile Congress 2023 for the World. To meet the growing demand for seamless high-speed internet connectivity for homes and enterprises HFCL launched indigenously designed and developed first ‘Made-in-India’ 5G FWA CPE portfolio, along with 2 Gbps Unlicensed Band Radio (UBR), IP/MPLS Routers, 5G indoor small cell and unified cloud network management system. HFCL further solidified its position as a trusted partner in the defence communication domain and introduced a range of Surveillance Radars utilizing Frequency Modulated Continuous Wave technology through its 90% subsidiary Raddef Private Limited, a R&D enterprise specialising in cutting edge radars and RF solutions. With the launch of 1728-high-fibre count Intermittently Bonded Ribbon (IBR) Optical Fibre Cable, we have further strengthened our position in Optic Fibre Cable domain. HFCL is amongst the top few players well poised to capture larger market share in India and key global markets. Our Company expects FY2024-25 to be another year of transformation with significant progress in launching new products, continued expansion of international business, robust order book, along with a shift towards margin accretive products and projects resulting into increased revenue and profitability in coming quarters.”