Telecom equipment manufacturer HFCL on Monday reported a fall of 4.71 per cent in its consolidated net profit for the third quarter of FY22 on a year-on-year basis.
The consolidated net profit for the period under review fell to Rs 81.10 crore from Rs 85.11 crore posted for the corresponding quarter of the previous financial year.
Besides, the company’s consolidated revenue fell to Rs 1,215.21 crore as compared to Rs 1,277.48 crore earned during Q3FY21.
“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 due to increased logistic costs and increase in fibre and semi-conductor prices,” said Mahendra Nahata, Managing Director, HFCL.
“In order to expand capacities and build network solution capabilities to tap the upcoming opportunities in telecom and defence sectors, the company has raised Rs 600 crore via QIP,” Nahata added.
He said the company is on track to shift revenue mix from “more of EPC to more of products”.
“The company is also constantly working on expanding its global market access and appointed global leaders in the US and Europe to boost its OFC and telecommunication product sales,” Nahata said.