HFCL Faces Setbacks Amid Optical Fibre Demand Slump
HFCL reported a Rs 83 crore loss for the March quarter due to reduced optical fibre demand, contrasting with a Rs 109 crore profit last year. Revenue fell 39% to Rs 800.72 crore. Annual profit dropped 49% to Rs 173.26 crore. Despite challenges, the company anticipates recovery with a strong order book.
- Country:
- India
Indian telecom gear maker HFCL announced a significant financial downturn, posting a loss of Rs 83 crore for the March quarter, attributed primarily to a decline in demand for optical fiber.
In contrast, HFCL had achieved a consolidated profit after tax of Rs 109 crore in the same timeframe last year, highlighting the challenging market conditions. The company's revenue fell sharply by 39%, reaching Rs 800.72 crore compared to Rs 1,326 crore in the previous year.
Despite these obstacles, HFCL Managing Director Mahendra Nahata expressed optimism. Citing a robust order book valued at Rs 9,967 crore and anticipated growth in demand, Nahata foresees improved performance in the upcoming fiscal year. The company's focus remains on fortifying its foundations to ensure long-term growth.
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