HFCL Faces Downturn: Optical Fiber Demand Decrease Hits Bottom Line
HFCL, a telecom equipment manufacturer, reported a loss of Rs 83 crore in the March quarter due to reduced demand for optical fiber. The company is experiencing a 39% drop in revenue and a 49% decline in profit for the year, but remains optimistic due to a strong order book.
- Country:
- India
Homegrown telecom equipment manufacturer HFCL reported a significant setback in its financial performance for the March quarter, citing a loss of Rs 83 crore attributed to declining demand for optical fiber.
The organization's consolidated revenue saw a drastic fall of 39%, dropping to Rs 800.72 crore from Rs 1,326 crore compared to the same period last year. Furthermore, HFCL experienced a 49% decrease in annual profit after tax, plummeting to Rs 173.26 crore from Rs 337.52 crore in FY24.
Despite these challenges, HFCL Managing Director Mahendra Nahata expressed an optimistic outlook, supported by a robust order book of Rs 9,967 crore and increasing product demand, which they believe will lead to improved performance in the upcoming fiscal year.
(With inputs from agencies.)
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