RIL backed HFCL bags Rs 83 crore order to supply optical fibre cable

Reliance Industries-backed Himachal Futuristic Communications Limited (HFCL) on Monday said it has bagged a Rs 82.60 crore order from a domestic telecom service provider.

In a regulatory filing, the company said it has received the order for the supply of optical fibre cable from an Indian company into telecom services, and the contract is likely to be executed by November this year.

HFCL recorded a 42 per cent rise in its net profit to Rs 75.56 crore in the April-June quarter of FY2023-24, up from Rs 53 crore in the year-ago period.

Its revenue declined 5 per cent to Rs 995 crore from Rs 1,051 crore in the last fiscal around the same period, according to the filing.

 

Net profit dropped 4 per cent sequentially from Rs 79 crore in the March quarter, while its revenue took a 31 per cent plunge from the previous quarter. The company had recorded Rs 1,432 crore in revenue in Q4FY23.

Mahendra Nahata, Managing Director of HFCL said, "During Q1FY24, we have significantly increased revenues from international business to Rs 176.23 crores witnessing a growth of 156 per cent on a year-on-year basis. HFCL's strategy to focus on increased revenue from products, expand its capacities and tap into new geographies has resulted in an increase in the product revenue share to 67 per cent in Q1FY24 as compared to 59 per cent in the same quarter last year."

Earlier, the telecom gear maker had announced it bagged an order worth Rs 80.92 crore from Delhi Metro Rail Corporation (DMRC) to set up Fibre Optics Transmission System (FOTS) for Delhi Metro Rail Project, according to a statement.

"The company will be involved in the design, manufacture, supply, installation, testing and commissioning of Fibre Optics Transmission System (FOTS) for three priority Corridors of Phase-IV of Delhi Metro Rail Project," the statement said, announcing the Rs 80.92 crore order win from Delhi Metro Rail Corporation.

"HFCL has a strong track record in deploying communication networks for various railway projects globally and domestically, including the Mauritius Metro, the ongoing Dhaka Metro project and the Gujarat Metro project coupled with Kanpur-Agra metro rail projects," it said.