In the recent turn of events, Himachal Futuristics Communications Limited, a publicly listed telecom company incorporated in India, saw skyrocketing of their shares. HFCL‘s shares jumped s much as 12% on Tuesday as the company reported a multifold jump in its net profit during the March Quarter.
After appointing Sunil Pandey as their new CIO, the Domestic telecom gear marker posted a multifold jump in its consolidated net profit to INR 88.67 Crores in the quarter ended March 31, 2021. The company had posted a net profit of INR 8.7 crore in the corresponding period of the previous year.
Shares of HFCL soared 12% to INR 38.40 on Tuesday, only to give up some gains marginally to trade at INR 37.80 at 10:35 AM. The scrip was closed at INR 34.30 on Monday. At the same time, BSE Sensex was trading 401.95 points or 0.81 percent lower at 49,100.46
The homegrown optic-fiber to the night-vision device manufacturer claimed that its current order book currently stands at 6,875 crores, and also the company would continue to focus on next-generation (5G) portfolio, following which it has firmed up plans to design small and micro 5G cells.
The Delhi-based company also posted that a net profit of INR 85.11 crores in the December quarter. HFCL’s total income stood at INR 1,391.40 crores in the fourth quarter and the Financial Year 2020-21 over INR 1,277.40 crores in Q3 FY 2020-21.
The company attributed growth mainly to its in-house designed and developed products, in line with the Atmanirbhar Bharat which continues to add to its overall profitability.
The domestic fiber maker works closely with incumbent telecom carriers. Both Reliance Jio and Bharti Airtel are highly focussing on increasing the FTTH network footprint in large cities for triple-play services. By the end of December 2020, the company had shipped 100,000 indigenously designed, developed, and manufactured Wi-Fi systems.
With the current order book of INR 6,800 Crores, the company believes that more relevant business opportunities are expected to come as India moves closer to 5G commercial rollouts.