Advertisement

Shares of HFCL tank nearly 9% after Q3 profit, revenue decline

Agencies | Updated on: Tuesday, January 18, 2022, 01:32 PM IST

The stock declined 8.60 per cent to Rs 88.10 on the BSE. At the NSE, it tumbled 8.56 per cent to Rs 88.10./ Representational Image | Photo: Pixabay
The stock declined 8.60 per cent to Rs 88.10 on the BSE. At the NSE, it tumbled 8.56 per cent to Rs 88.10./ Representational Image | Photo: Pixabay
Advertisement

Shares of domestic telecom gear maker HFCL on Tuesday tumbled nearly 9 per cent after the company posted 4.7 per cent decline in consolidated profit for the third quarter ended December 31, 2021.

The stock declined 8.60 per cent to Rs 88.10 on the BSE.

At the NSE, it tumbled 8.56 per cent to Rs 88.10.

HFCL on Monday posted 4.7 per cent decline in consolidated profit to Rs 81.1 crore for the third quarter ended December 31, 2021 mainly on account of hike in component prices, specially semiconductors.

The company had posted a profit after tax of Rs 85.11 crore in the same period a year ago.

Revenue declined 4.86 per cent during the quarter to Rs 1,215.21 crore compared to Rs 1,277.48 crore it posted in the same quarter of 2020-21.

''Although the demand in the economy is coming back gradually, we had a strong quarter with growth in revenues. The margins during the quarter got slightly impacted followed by increased logistic costs and increase in fiber and semiconductor prices,'' HFCL Managing Director Mahendra Nahata said in a statement.

(With inputs from PTI)

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Tuesday, January 18, 2022, 01:23 PM IST