HFCL Sheds Over 3% Even After Profit Jumps To Rs 90 Crore In June Quarter

Share price of HFCL limited declined more than three per cent on Tuesday, July 13, a day after the company announced its April-June quarter results for the financial year 2021-22. On Tuesday, HFCL opened on the BSE at Rs 90, inching to an intra day high of Rs 91 and an intra day low of Rs 85, in the trading session so far. HFCL's net profit jumped three folds to Rs 90.69 crore on a consolidated basis in the June quarter of the current fiscal year, according to a regulatory filing by the company to the stock exchanges.

HFCL reported a net profit of Rs 21.34 crore in the corresponding quarter of the previous financial year. The company's revenue stood at Rs 1,206.87 crore in the first quarter, compared to Rs 699.76 crore in the same quarter last year, marking a growth of 72.46 per cent year-on-year.

The company is involved in the manufacture of high-end transmission as well as access equipment, optical fiber cables, optical fiber. HFCL establishes modern communication network for railways, telecom service providers, smart city, defence, and surveillance projects.

The company was also involved in implementing telecom network for the Indian Railways' dedicated freight corridor project. Earlier this year, the domestic telecom equipment major won orders worth Rs 221 crore for Kanpur and Agra metro projects.

On the NSE, HFCL opened at Rs 90.40, marking an intra day high of Rs 90.40 and an intra day low of Rs 84.80, in the session so far. It was last trading 3.19 per cent lower at Rs 86.40 on the NSE.

Shares of HFCL were last trading 3.86 per cent lower at Rs 86 on the BSE.