HFCL Q1FY24 earnings: Steady growth despite revenue dip
HFCL Limited, an Indian technology enterprise known for manufacturing high-end telecom equipment, optical fiber and cables, and providing communication network solutions, has released its un-audited financial results for the first quarter (Q1) of the financial year 2023-24. The reports include results on both standalone and consolidated bases.
In Q1FY24, HFCL reported a revenue of INR 995.19 crores, down from INR 1,051.02 crores in Q1FY23. Notwithstanding, the company recorded a significant 156% growth in international business revenue in Q1FY24 compared to Q1FY23. The last three years have seen the company’s export and product revenue CAGR stand at 88.02% and 46.04% respectively.
The company saw an increase in the EBIDTA margin to 16.04% in Q1FY24 from 12.35% in Q1FY23. PBT margin also increased to 10.30% in Q1FY24 from 6.75% in Q1FY23, and PAT margin was 7.59% in Q1FY24 compared to 5.05% in Q1FY23. The company’s short term credit rating has been upgraded by CARE from A2+ to A1. HFCL’s order book currently stands at INR 6,584.71 crores.
HFCL reports 156% international business growth in Q1FY24. Photo courtesy of Nuttyprofessor2016/Wikipedia.org.
On a standalone basis, HFCL reported quarterly revenue of ₹880.32 crores, EBIDTA of ₹108.55 crores, PBT of ₹65.52 crores, and PAT of ₹48.75 crores.
HFCL’s Managing Director, Mahendra Nahata, stated, “Despite the volatile global macroeconomic environment, the Indian telecom industry looks promising and is expected to emerge as one of the top 5G ecosystems in the entire world. HFCL has also sustained its growth momentum with its strategic initiatives focusing on margin accretive products, shift in revenue mix from projects to products, backward and horizontal integration, capacity expansion, research & development, tapping new geographies and widening customer base.”