HFCL's standalone Q1 net profit zooms 102%
Himachal Futuristic Communications (HFCL) on Wednesday reported a rise of 102 per cent in its standalone net profit for the first quarter 2019-20.
The company's net profit (profit after tax for the period from continuing operations) during the quarter under review grew to Rs 89 crore from Rs 44 crore reported for the corresponding period of 2018-19.
Himachal Futuristic Communications operates as telecom infrastructure developer, system integrator and manufacturer of high-end telecom equipment and optical fibre cables.
The company's revenue from operations rose 16 per cent to Rs 1,201 crore from Rs 1,032 crore reported for the Q1 2018-19.
Commenting on the performance, Mahendra Nahata, Managing Director, Himachal Futuristic Communications said: "The holistic strengthening of organisational capabilities undertaken over the last 7-8 quarters is beginning to show the results."
"We are focused on new products and technologies which shall open additional growth avenues and ensure sustainability. We also continue to leverage our core strength of design, development and management of communication networks in newer application domains such as railways, defence and safe & smart cities."
On a consolidated basis, net profit during the quarter under review grew 148 per cent to Rs 117 crore from Rs 47 crore reported for the corresponding period of 2018-19.
The company's revenue from operations rose 23 per cent to Rs 1,343 crore from Rs 1,088 crore reported for the Q1 2018-19.
According to the company, having achieved significant growth in revenue , company's focus has been on driving increased margins.A
"A lot of initiatives that the company had taken towards business transformation have now fructified," the company said in a statement. IANS