HFCL Sustains Momentum of Sturdy Performance; Accelerates Investments inR&D And Capacity Expansion to Fuel Growth Drive

NEW DELHI:
HFCL Limited (‘HFCL’), India’s leading technology enterprise with operations in manufacturing of high-end telecom equipment, optical fiber and optical fiber cables and offering communication network solutions for Telcos, Defence and Railways sectors announced its Audited Financial results for the fourth quarter and year ended 31st March, 2023.

Commenting on the Company’s performance, Mahendra Nahata, Managing Director, HFCL, said, “Amidst the global economic challenges India remains a promising economy and is expected to emerge the fastest-growing in the world. Our Company has also been able to withstand the economic challenges and has shown sturdy performance in FY 22-23. The Company remains focussed on its strategy of increasing revenue from margin accretive products, expansion of capacities coupled with high-level backward integration, huge impetus on R&D, increased customer base and geographical expansion. During FY23 we have significantly increased revenues from international business to Rs.817 crores from Rs 363 crores in FY22 witnessing a growth of 125% on a Y-o-Y basis. Our continued focus on creating and expanding capacities and tapping new geographies has not only led to an increase in the share of product revenue to 56% in FY23 as compared to 43% in FY22 but also resulted into increased share of revenue from private customers to 83% in FY23 from 68% in FY22. We believe that our strategic initiatives will position us well for long-term success.”

He further added that “The Company is expanding its optic fibre capacity from existing 10mn fkm to 25mn fkm and optic fibre cable capacity from 25mn fkm to 35mn fkm by FY25. The Company is simultaneously developing various 5G Radio Access Network Products, Transport products and broadband wireless products which are expected to be launched during the current financial year. These initiatives will not only add to the revenue but will also increase profitability of the Company significantly. We are excited about the future of HFCL and look forward to continuing our commitment to delivering innovative communication solutions that connect people and business worldwide.