New Delhi, May 10 (PTI) Domestic telecom gear maker HFCL on Monday posted a miltifold jump in its consolidated net profit to Rs 86.47 crore in the quarter ended March 31, 2021.

The company had posted a net profit of Rs 8.7 crore in the corresponding period of the previous year.

"The year-on-year growth is high because there was not much business activity last year due to the pandemic which we resumed later.

"However, better execution of the project and high demand for optical fibre cable (OFC) have contributed to the growth," HFCL Managing Director Mahndra Nahata told PTI.

He said that the production-linked incentive scheme, business from BharatNet, 5G roll-out, optical fibre and OFC demand are going to drive the business.

"Next five years are going to bring a lot of business opportunities for telecom companies in India. PLI announcement is good and we will also look at taking advantage of the same.

"We are investing significantly in research and development and having our own products will get us good margin. We have a good order pipeline and we expect to maintain this year as well along with new orders on top of it," Nahata said.

The consolidated revenue of HFCL more than doubled to Rs 1,391.4 crore during the reported quarter, from Rs 663.19 crore it posted in the corresponding quarter of 2019-20.

For the year ended March 31, 2021, HFCL's consolidated profit rose 3.7 per cent to Rs 246.24 crore as compared with Rs 237.33 crore it posted at the end of 2019-20.

The annual consolidated revenue of HFCL for 2020-21 increased by 15.2 per cent to Rs 4,422.96 crore, from Rs 3,838.91 crore at the end of 2019-20.

Nahata said HFCL is optimistic about growth with continuous rise in demand for optical fiber cables and telecom equipment, as the shift towards digital economy has accelerated globally. HRS hrs

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