HFCL, domestic telecom gear maker on Thursday reported a decline of 16.77 per cent in consolidated profit after tax at Rs 70.17 crore in the second quarter ended September 30, 2023.

In the same period a year ago, the company had reported a profit after tax of Rs 84.31 crore.

The consolidated revenue of HFCL decreased by 5.28 per cent to Rs 1,111.49 crore during the reported quarter from Rs 1,173.47 crore in September 2022 quarter.

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“During this quarter, the Company has witnessed softening in demand of OFC and telecom and networking products from the telcos, resulting into decline in product revenue both on Quarter-on-Quarter and Year-on-Year basis. The temporary decline is attributed to an inventory built-up with major operators, resulting in an overall reduction in revenue in absolute terms both domestically and in the international markets,” HFCL Managing Director Mahendra Nahata said.

Currently, the company shares are trading 2.75 per cent down at Rs 71.04 on the BSE.