HFCL Q2 Profit Up 4.5% to Rs 73 Crore

New Delhi, Oct 21 (PTI) Domestic telecom gear make HFCL on Monday posted 4.5 per cent year-on-year rise in its consolidated net profit for second quarter ended September 2024 (Q2FY25) to Rs 73 crore.

The Q2 revenue, however, slipped 1.61 per cent year-on-year to about Rs 1,094 crore.

In a statement, HFCL Managing Director Mahendra Nahata noted that the company delivered steady performance despite the ongoing softness in demand for Optic Fiber Cables globally.

"Further, monsoon season in several parts of the country impacted execution of work, causing some revenue to spill over into the next quarter," Nahata said.

The company said Q2FY25 was marked by some significant milestones. HFCL delivered one of the world's largest advanced broadband network gateway projects for BSNL, it added.

The company also entered into a strategic partnership with General Atomics Aeronautical Systems Incorporated (GA-ASI), US, to develop critical sub-systems for one of the world's most sophisticated unmanned aerial vehicles (UAVs).

"This partnership underscores our capabilities in the defense sector and opens more export opportunities for us. We are also in advanced stage of discussions for export of our indigenously designed and developed Electronics Fuzes in the global market," he said.

The company has started receiving global enquiries for optic fiber cables indicating early signs of recovery in the coming quarters.

"Going ahead, our focus on launching new products, conscious shift towards margin-accretive products, increasing our share of private customers and expanding our international business will definitely result in improved revenue and profitability," Nahata added.