Domestic telecom gear maker HFCL Ltd on Monday (September 11) said the company and its material subsidiary HTL Ltd have clinched a lucrative contract worth approximately Rs 82.60 crore.

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The deal involves supplying high-quality optical fibre cables to one of India's leading domestic telecom service providers, according to a stock exchange filing.

The purchase orders come with a tight timeline, requiring HFCL and HTL Ltd to execute the contract by November 2023, it said.

The Reliance Industries-backed HFCL recorded a 42 percent rise in its net profit at Rs 75.56 crore in the April-June quarter of FY2023-24, up from Rs 53 crore in the year-ago period.

Its revenue declined 5 percent to Rs 995 crore from Rs 1,051 crore in the last fiscal around the same period. Net profit dropped 4 percent sequentially from Rs 79 crore in the March quarter, while its revenue took a 31 percent plunge from the previous quarter.

Shares of HFCL Ltd ended at Rs 77.17, up by Rs 1.06, or 1.39 percent, on the BSE.

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(Edited by : Shoma Bhattacharjee)

First Published:Sept 11, 2023 6:04 PM IST