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HFCL’s Q1 FY-24 PAT Increases 42.29% YoY, Revenue Down to Rs. 995 Cr.

Himachal Futuristic Communication HFCL logo

Himachal Futuristic Communications Limited (HFCL) [NSE: HFCL, BOM: 500183], an Indian manufacturer of Optical Fibre Cable (OFC), has announced its financial results for the quarter ended 30th June 2023.

HFCL’s Standalone Financials for Q1 FY24

For the quarter ended 30th June 2023, HFCL clocked a standalone revenue of Rs. 880.32 crore from operations. Profit After Tax (PAT) of the company stood at Rs. 48.75 crore for the first quarter of FY24.

Further, HFCL logged Rs. 0.35 as its Earnings per Share (EPS) during Q1 2023-24 financial year.

Consolidated Q1 FY24 Financial Figures for HFCL

YoY Comparison of HFCL’s Financial Performance: Q1 FY-24 vs. Q1 FY-23

Comparison of HFCL’s Financials: Q1 FY23 vs Q1 FY24 vs Q4 FY23

On a Year-over-Year basis, HFCL’s revenue from operations was down by 5.31% to Rs. 995.19 crore in Q1 of FY24 from Rs. 1,051.02 crore logged during the first quarter of FY23.

Further, there was a healthy increase of 42.30% YoY in the company’s PAT to Rs. 75.56 crore reported for Q1 of FY24, as compared to Rs. 53.10 crore which was earned in initial quarter of FY23.

As for the EPS, HFCL reported this figure as Rs. 0.49 for Q1 of current fiscal against Rs. 0.37 for Q1 of FY23.

QoQ Comparison of HFCL’s Financial Numbers: Q1 FY-24 vs. Q4 FY-23

On a Quarter-over-Quarter basis, the company’s revenue from operations fell by 30.55% from Rs. 1,432.98 crore clocked in the last quarter of FY23. PAT also dropped by 3.97% from Rs. 78.68 crore registered for the quarter ended 31st March 2023.

Company’s Insights on its Financial Performance

Commenting on the company’s financial performance for the quarter ended 30th June 2023, Mr. Mahendra Nahata, Promoter and Managing Director of HFCL, said, “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”.

He further added that HFCL will be expanding its optical fibre cable production capacity from 25mn fkm (million fiber Km) to 35mn fkm. This expansion will be completed by FY 2024-25.

As per an investor presentation of the company, Credit Analysis & Research Limited (CARE) has upgraded the credit ratings of the company from A2+ to A1 for short-term basis and HFCL has been rated A with stable outlook for long-term basis.

About HFCL: Delhi-headquartered HFCL was founded in 1987, and it caters mainly to the communication sector through OFC and transmission & access equipment manufacturing. The company has OFC manufacturing facilities in Goa and Hyderabad. HTL Limited, the company’s subsidiary, also has an OFC manufacturing plant in Chennai.