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Revenue
₹1,326 Cr
verified against source
Revenue YoY
-5.86%
reported change
EBITDA
₹682 Cr
latest reported figure
Source
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record provenance
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What the record says.
HFCL reported FY24 consolidated revenue of INR 4,465 crore, down ~6% YoY due to a temporary OFC demand slowdown. However, EBITDA grew 2% to INR 682 crore and PAT rose 6% to INR 338 crore, driven by a favorable product mix and cost controls. Q4 standalone revenue was INR 1,326 crore with EBITDA margin of 15.78%, up ~400 bps YoY. Management guided for a transformative FY25, targeting INR 2,000 crore from telecom equipment (vs INR 150 crore in FY24) and INR 2,000 crore from OFC, supported by an order book of INR 7,685 crore. Key growth drivers include 5G FWA equipment (600,000 units ordered), BharatNet Phase III, and defense products like electronic fuses. Risks include delayed OFC demand recovery and execution challenges in new product segments.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects telecom equipment revenue to surge from INR 150 crore in FY24 to INR 2,000 crore in FY25, backed by an order book of INR 1,700 crore already in hand.
- Optical fiber cable revenue is expected to recover to over INR 2,000 crore in FY25, driven by demand revival in India and global markets.
- System integration/turnkey revenue is expected to be around INR 1,750-2,000 crore, supported by existing orders of INR 1,200 crore and recurring business.
- Total capital expenditure of approximately INR 900 crore planned for FY25 and FY26, including the Poland OFC plant and other expansions.
Risks flagged
- Management expects OFC demand to revive from Q2 FY25, but any further delay in global inventory clearance could impact revenue targets.
- Scaling telecom equipment revenue from INR 150 crore to INR 2,000 crore requires flawless execution; any production or supply chain issues could derail guidance.
- Defense products like electronic fuses are still awaiting trials; revenue contribution in FY25 is uncertain despite high potential.
- Debtors stood at INR 2,200 crore (~50% of sales), partly due to long-payment-cycle projects like the Indian Army NFS; cash flow could remain under pressure.
Key quotes
- Last year, the revenue from telecom products was only about INR 150 crores. This year, we are expecting revenue of INR 2,000 crores from the telecom products.
- Our expectation of INR 2,000 crore of order from that part of business is also quite robust expectation, not based on estimation, but based on realistic expectation.
- If I start production today, I would be booked for one year. That's the kind of demand coming up for fuses.
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