HFCL's Q2 consolidated net profit up 32%

Telecom equiptment and infrastructure developer HFCL (formerly Himachal Futuristic Communications Ltd) on Tuesday reported a 31.8 per cent rise in its consolidated net profit at Rs Rs 66 crore for the quarter ended September, on a year-on-year (YoY) basis.

However, its consolidated total revenue during the July-September quarter of the financial year 2019-20 declined by 19 per cent to Rs 983 crore.

The rise in profit was aided by a 24.8 per cent YoY fall in expenses to Rs 8,415 crore.

Commenting on the performance, Mahendra Nahata, MD, HFCL said: "The company has delivered yet another quarter of increased profit and margin. Our sustained all round efforts towards margin improvement yielded good results.

"We continue to improve our product and EPC contract mix with enhanced contribution and higher margin. Margin improvement was also aided by various operational measures aimed at improved efficiency, cost control and speedy project execution. We have been able to better our profits both in terms of absolute amount and margins in current year."IANS