Himachal Futuristic Communications Limited (HFCL) reports a 42% surge in its net profit at Rs 75.56 crore for the first quarter of the current fiscal year, up from Rs 53 crore for the year-ago quarter.

The Reliance Industries-backed HFCL saw a 5.3% decline in operating revenue to Rs 995.19 crore from Rs 1,051 crore in the same quarter of the previous fiscal year.

Mahendra Nahata, 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 pc on a Y-o-Y basis.

“HFCL’s strategy to focus on increased revenue from products, expand its capacities and tap into new geographies has resulted in an increase in the product revenue share to 67pc in Q1FY24 as compared to 59pc in the same quarter last year.”

The company has signed an MOU (Memorandum of Understanding) with India’s most significant defence, telecom, and railway sectors, Bharat Electronic Limited.

At 9:45 am, the shares of HFCL reached an intraday low of Rs 63.75 apiece on NSE.

At 11:20 am, the share traded 0.92% below its previous close at Rs 64.40 apiece on NSE.