![HFCL Q1 Results: Net profit zooms 42% YoY to 75.56 crore](https://img.etimg.com/thumb/msid-102147100,width-210,height-158,imgsize-870,resizemode-75/hfcl-q1-results-net-profit-zooms-42-yoy-to-75-56-crore.jpg)
HFCL’s profit rose to Rs 75.56 crore in the first quarter of the current fiscal as compared to Rs 53.1 crore in the same quarter last year. Revenue from operations came in at Rs 995.19 crore, 5.3% lower on-year than Rs 1051.02 crore reported a year ago.
However, revenue dipped 30.6% sequentially while its EBITDA and net profit saw 5.08% and 3.97% drops on-quarter, respectively.
“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,” Mahendra Nahata, managing director, HFCL said in a statement. "During Q1FY24, we have significantly increased revenues from international business to Rs 176.23 crores witnessing a growth of 156% on a Y-o-Y basis."
The company’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% in Q1FY24 as compared to 59% in the same quarter last year, he added.
Earnings before interest, depreciation, depreciation, taxation and amortisation for Q1FY24 was Rs 159.62, up 23.01% from the year before.
Nahata added that India’s emerging 5G ecosystem is expected to benefit the company in the coming quarters. “The company is developing a number of products for 5G networks which are expected to start being commercially available in the current financial year,” he said.
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