India's HFCL down nearly 4% after Q2 profit fall

HFCL

20/10/2023 06:05

** Shares of telecom infrastructure provider HFCL  HFCL.NS  fall as much as
3.8% to 70.25 rupees; hit lowest in nearly two months
    ** HFCL on Thursday reported a 15.2% fall in its September quarter profit to
694.2 million rupees ($8.35 million)
    ** During the quarter, HFCL witnessed demand softening for optical fibre
cables, telecom and networking products from telecommunication companies,
managing director Mahendra Nahata noted
    ** He also attributed revenue decline to inventory built-up with major
operators, leading to overall revenue reduction in domestic and international
markets
    ** Stock down 3.5% YTD, including day's moves


($1 = 83.1710 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))