“The commercial production is likely to begin from November 15 onwards. The impact of this enlargement shall be visible within the subsequent fiscal,” Nahata stated. HFCL spokesperson stated that the reduction was a result of the company transferring round 2,000 out of its about 5,000 employees to clients’ payroll after completion of project for operation and maintenance. The company’s exports elevated by 78 per cent to Rs 20 crore from Rs 9.09 crore in similar quarter a year ago.

The company, which posted weak revenue growth in July-September quarter, stated the gross sales was impacted by rainy season which impacts project implementation. While its web profit rose 4 per cent year-on-year to Rs seventy one.88 crore, income declined by 9.7 per cent to Rs 587.52 crore. The firm has declared an interim dividend of Rs 3.25 per share on eighty,50,000 cumulative redeemable preference shares of Rs a hundred every for the financial year . HFCL just lately ventured in to manufacturing of electronic warfare for defence section and sees as one of many pillars for firm’s development in future.

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At present, HFCL’s revenues come completely from the telecom gear enterprise, but within the subsequent three years, Nahata expects as a lot “as forty per cent of annual income to stem from the brand new defence and railways verticals”. HFCL is in superior talks with some Tier-1 global defence electronics makers for the proposed three way partnership . “HFCL is likely to soon zero in on a international partner for the proposed JV, and would be the majority stakeholder,” the particular person cited earlier told ET.

The company had posted a net revenue of Rs sixty eight.ninety four crore in the same interval a year ago. Telecom options provider Himachal Futuristic Communications Ltd is all set to enter defence tools manufacturing business as part of its ‘Make in India’ initiative. Over the next three to five years, the company plans to invest about Rs 500 crore in augmenting existing manufacturing strains for domestically churning out specialised electronics gear for each the defence and railways sectors. The funds would be raised by way of a combination of internal accruals and debt.

The net gross sales of the company remained largely flat at Rs 625.37 crore compared with Rs 618.82 crore 12 months in the past. “Homegrown telecom equipment maker HFCL on Monday reported a sixty one.seventy eight percent bounce in web profit to Rs 112.39 crore in the course of the first quarter ended June 30.