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Regd. Office & Works : 8, Electronics Complex, Chambaghat, Solan- 173213 (H.P.)  Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>, 230645, 230647 Fax: (01792) 231902 
Corporate Identity Number: L64200HP1987PLC007466  
HFCL/SEC/ 24-25                 October 22 , 2024 
 
The BSE Ltd.  
1st Floor, New Trading Wing, Rotunda Building  
Phiroze Jeejeebhoy Towers, Dalal Street, Fort  
Mumbai – 400001  
<PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>  
Security Code No.: 500183  The National Stock Exchange of India Ltd.  
Exchange Plaza, 5th Floor, C – 1, Block G  
Bandra – Kurla Complex, Bandra (E)  
Mumbai – 400051  
<PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>  
Security Code No.: HFCL  
 
RE: Regulation 30 of the Securities  and  Exchange  Board  of India  (Listin g Obligations and 
Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).  
 Subject: Earnings’ Presentation  
 Dear Sir(s)/ Madam,  
 This is in continuation to our earlier intimation dated October 21 , 2024 .  
 
In terms of Regulation 30 read with Para A of Part A of Schedule III to the SEBI Listing Regulations, 
we hereby submit a copy of the Earnings’ Presentation , inter -alia, on the Un-audited Financial 
Results of the Company for the 2
nd Quarter  and Half Year  ended September  30, 2024,  of the 
Financial Year 2024-25,  both on Standalone and Consolidated basis , to be discussed during 
the Earnings’ Call  scheduled to be held on Tuesday , October  22, 2024  at 04:00 p.m . 
 It may be noted that the Board of Directors of the Company has, considered and approved the 
aforesaid Financial Results of the Company, in its meeting held on October 21 , 2024 . 
 
We request to take the above information on your records and disseminate the same on your 
respective websites.  
 
Thanking you,  
 
Yours faithfully,  
For HFCL Limited  
 
 
 
 
(Manoj Baid)  
President  & Company Secretary  
 
Encl : Earnings’ Presentation  HFCL LIMITEDEarnings
Presentation
October 2024
Table of 
Contents
HFCL LIMITED1//Q2 &H1FY25 Update2//About the 
CompanyINVESTOR PRESENTATION 202401
Q2 FY25
Update//03
HFCL LIMITED04//Message from MD05//Q2 & H1 FY25 Key 
Highlights 06//Q2 FY25 –
Consolidated P&L Statement
08//INVESTOR PRESENTATION 2024Consolidated Balance Sheet07//H1 FY25 –
Consolidated P&L Statement09// Order BookMessage from Managing Director
/4
“Asignificant development inQ2was entering into astrategic partnership with General Atomics
Aeronautical Systems Incorporated (GA-ASI), US,todevelop critical sub-systems forone oftheworld’s
most sophisticated unmanned aerial vehicles (UAVs) .Thispartnership underscores ourcapabilities inthe
defense sector and opens more export/international opportunities forusespecially inUSmarket .Weare
also inadvanced stage ofdiscussions forexport ofourindigenously designed and developed Electronics
Fuzes intheGlobal market .
HFCL executed one oftheworld’s largest Control and User Plane Separation (CUPS) architecture -based
broadband network gateway forBSNL inaseamless manner forlegacy network migration and thiswill
also serve asainternet gateway forallenterprise and home users ofBSNL, aswell asfortheexisting Bharat
Net network of1.5lacs gram panchayat and theupcoming pan India Bharat Net expansion inPhase -III
project .
During the quarter under review wedelivered steady performance despite the continuing softness in
demand ofOptic Fiber Cables worldwide .Further monsoon season inseveral parts oftheCountry hasalso
impacted execution ofwork resulting into spillover ofrevenue booking tonext quarter .TheCompany has
started receiving significant global enquiries foroptic fiber cables showing early signs ofrecovery in
coming quarters .Going ahead, ourfocus onnew defence product launches, conscious shift towards
margin -accretive products, increasing share ofprivate customers and expanding international business
willdefinitely result inimproved revenue and profitability .”
Key Performance Metrics forH1FY25
•Revenue :INR2251. 85crores, upby6.89% YoY
•EBITDA :INR357.19crores, upby15.45% YoY
•PAT:INR183.98crores upby26.25% YoY
MAHENDRA NAHATA
Promoter and Managing Director/5Q2 & H1FY25 Key HighlightsINVESTOR PRESENTATION 2024Key Highlights :
•Inasignificant development that underscores HFCL’s technical prowess and commitment, theCompany hasbeen
selected todevelop and supply critical sub-systems forGeneral Atomic -ASI’s advanced Unmanned Aircraft
Systems (UAS). Thispartnership marks amilestone inHFCL’s journey, asitbecomes akeycontributor toone ofthe
world’s most sophisticated Unmanned Aerial Vehicles (UAVs).
•The Company Delivers One ofthe World's Largest Advanced Broadband Network Gateway (BNG) Projects for
Bharat Sanchar Nigam Limited (BSNL )
•Introduced high- density single -jacket single -armor Intermittently Bonded Ribbon (IBR) cables and also expanded its
award -winning Nano Thin product line ofloose tube micro cables tocater tochanging demands fornetwork
deployment driven bygrowth indata centers, metro networks and FTTx inNorth America with these innovative
cable solutions .
•Inalandmark verdict on11th October, 2024 ,theEuropean Commission hasdecided nottoimpose definitive anti-
dumping duty onoptical fiber cables manufactured byHFCL and itssubsidiary HTL, bolstering ourcompetitive edge
intheEuropean market
•Successfully cleared the User Trial Readiness Review for the Armament Upgradation Project of the Indian Army’s for 
BMP- 2 Infantry Combat VehiclesQ2FY25 - Consolidated Profit & Loss Statement
Particulars (₹IN CRORES) Q2FY25 Q2FY24Change
Y-o-YQ1FY25Change
Q-o-Q
Revenue from Operations 1093.61 1111.49 -1.61% 1158.24 -5.58%
EBITDA 171.82 149.77 14.72% 185.37 -7.31%
EBITDA Margin (%) 15.71% 13.47% 224Bps 16.00% -29Bps
Depreciation 25.48 21.45 24.07
Finance Cost 44.88 34.78 42.31
Profit Before Tax 102.47 94.18 8.80% 118.79 -13.74%
Profit after Tax 73.33 70.17 4.50% 110.65 -33.73%
PAT Margin (%) 6.71% 6.31% 40Bps 9.55% -284Bps
EPS (Diluted ₹) 0.51 0.50 2.00% 0.77 -33.77%
/6INVESTOR PRESENTATION 2024H1FY25 - Consolidated Profit & Loss Statement
Particulars (₹IN CRORES) H1FY25 H1FY24Change
Y-o-Y
Revenue from Operations 2251.85 2106.68 6.89%
EBITDA 357.19 309.39 15.45%
EBITDA Margin (%) 15.86% 14.69% 117Bps
Depreciation 49.55 42.35
Finance Cost 87.19 71.08
Profit Before Tax 221.26 196.71 12.48%
Profit after Tax 183.98 145.73 26.25%
PAT Margin (%) 8.17% 6.92% 125Bps
EPS (Diluted ₹) 1.28 0.99 29.29%
/7INVESTOR PRESENTATION 2024Consolidated Balance Sheet
/8INVESTOR PRESENTATION 2024Equities & Liabilities (₹IN CRORES) H1FY25 FY24 FY23 FY22
Total - Shareholder Funds 4,234.33 3,999.83 3,144.14 2,818.37
NON CURRENT LIABILITIES
(A)   Financial Liabilities
(i) Borrowings 298.24 169.21 110.37 121.25
(ii) Other Liabilities 6.66 9.07 6.20 19.34
(B)   Other Non Current Liabilities 144.17 124.77 69.72 34.74
Total - Non –Current Liabilities 449.07 303.05 186.29 175.33
CURRENT LIABILITIES
(i)Borrowings 900.08 808.05 637.94 621.55
(ii) Other Liabilities 1,938.55 1,375.90 1,504.22 1556.21
Total – Current Liabilities 2,838.63 2,183.95 2,142.16 2,177.76
GRAND TOTAL -EQUITIES & LIABILITES 7,522.03 6,486.83 5,472.59 5,171.46
Assets (₹IN CRORES) H1FY25 FY24 FY23 FY22
(A) Tangible Assets 738.47 661.75 574.91 536.16
(B)Goodwill 26.17 26.17 26.17 26.17
(C) Other Intangible Assets 521.60 433.01 215.31 74.10
(D) Investment in Associates / JV 20.31 19.50 18.57 11.66
(E)  Financial Assets
(i) Trade receivables 727.15 520.31 423.11 595.61
(ii)Other Financial Assets 321.02 232.48 92.82 85.94
(F)  Other Non Current Assets 65.11 60.11 39.55 22.52
Total - Non –Current Assets 2,419.85 1,953.33 1,390.44 1,352.16
(A)Inventories 781.19 774.42 757.85 573.38
(B)    Financial Assets
(i)Trade Receivables 2,329.91 2,215.48 1,886.11 1,895.94
(ii)Cash & Bank Balances 405.27 336.35 322.59 528.24
(iii)Others 623.03 538.50 533.57 386.31
(iv)Others 38.03 72.51 36.68 26.04
(v)Investments 6.59 5.19 12.38 8.80
(C) Other Current Assets 918.16 591.05 532.97 400.59
Total – Current Assets 5,102.18 4,533.50 4,082.15 3,819.30
GRAND TOTAL –ASSETS 7,522.03 6,486.83 5,472.59 5,171.46Order book as on Sep, 2024 
/9
6,776
6,151
Q1FY25 Q2FY252884
Network
Services
2010
O&M1257
ProductsOrder Book
(IN ₹CRORES)
Order book category wise
(IN ₹CRORES)
4183
Government1968
PrivateOrder book customer wise
(IN ₹CRORES)INVESTOR PRESENTATION 202402
About the 
Company//03
HFCL LIMITED11//About HFCL12//Product 
Portfolio13//Product Portfolio contd.. 
15//Network Solutions & Projects
18//Shift in Revenue Mix16//Strong Domestic Presence
19//R&D: Powering towards
a technology
led  Company20//Key Customers17//Expanding Manufacturing Capacities
21//Strong Technology Partners22//Why HFCL? The Difference MakerINVESTOR PRESENTATION 2024About HFCL
/11Largest market share in Optical fiber Cable (OFC) 
supplies and also one of the largest manufacturers 
of Wi -Fi  access points and Unlicensed band radios 
in IndiaOne of the most innovative designers 
of modern communication systems 
for metros, railways & freight lines.
2%Railways
Revenue Contribution
In H1FY251%Defense
Revenue ContributionIn H1FY25
Leading technology company that 
offers end -to-end solutions by designing 
customised defence communication 
products and also establishing network required by armed forces for defense communication in India
97%Telecom
Revenue Contribution
In H1FY25
A technology -driven company providing 
communication & networking products & 
solutions to telecom, defence & railways 
sectors across the globe.Optical fiber Cable 
Supplier in India
#1Countries of 
Presence
45+Manufacturing Facilities
5R&D Centres
3INVESTOR PRESENTATION 2024Product Portfolio
/12Networking Products
1
 2 3
5
6 4
1.Point to Point U nlicensed Band B ackhaul Radio (UBR)
2.Indoor & Outdoor Wi -Fi 5 and 6 Access Points
3.Unified Cloud based Network management system
4.Ethernet L2 Switches
5.Home Mesh Routers
6.5G  Indoor & Outdoor FWA CPE 
7.IP/ MPLS RoutersOptic Fiber/ Optical Fibers Cables
1
 2
 3
 4
5
 6
 7
1.Optic Fiber
2.Armoured and Unarmoured Cable
3.Micro Cable
4.Micro Module Cable
5.Ribbon Cable
6.FTTH Cable
7.IBR CableTelecom Defence
Electronics Products
Empowering global telcos with a wide range 
of new age products
51 2
43
1.Electronic FUZE
2.High -capacity radio relay
3.Ground Surveillance Radar
4.Thermal Imaging Core (TI Core)
5.Thermal Weapon Sights (TWS)
Innovator in Indian defence technology space through indigenously developed products7
INVESTOR PRESENTATION 2024Product Portfolio
/13Passive Connectivity Solutions Wire Harness Portfolio
Supplying high quality compatible passive 
connectivity solutions for catering to high speed networksSupplier of highly specialised, custom designed cables for the aerospace and automotive sectors1
2
1 2 3
4 5 6
1.Cable Assemblies
2.High Density Cabinets
3.Fiber Termination Box
4.PLC Splitters
5.Joint Closures
6.Aerial/ FTTH Accessories1.Aerospace and Defense cable assemblies
2.Automotive cable assembliesINVESTOR PRESENTATION 2024Product Innovation -Recent launches and 
products under development
/14Fuelled by a sharp focus on innovation, we have created a comprehensive suite of next -gen 
connectivity and 5G backhauling products :
Products Under 
Development
•Next Gen WiFi 7 routers
•Ultra High -Capacity
Point- to-point and Point -
to-Multipoint Unlicensed
Band Backhaul RadioTelecommunication
•Software defined radio
•Drone Detection RadarDefense Communication 
& Electronics Recent Launches:
Public Communications
1.5G Fixed Wireless Acces s
E
quipment
2.IP/ MPLS Routers
3.1 GBPS UBR & 2 GBPS point
to multipoint UBR
4.Unified Cloud NetworkManagement System
5.1728 High fiber
Intermittently BondedRibbon Cable
Defence
1.Ground and Coastal  
Surveillance Radars of  
various types
2.Electronic Fuzes
3.Night Vision devices
4.High Capacity Radio  
RelayIP/ MPLS 
RoutersHome Mesh 
Router
Surveillance 
Radar
UBRWi Fi 7 Outdoor 
Access Point
Electronic
FuzesCloud 
Management 
System
High -
Capacity 
Radio RelayNight Vision 
Devices
INVESTOR PRESENTATION 2024Network Solutions & Projects
Public Telecommunication Defence Communication Railways
• Established player in large- scale 
telecom projects  including Optical 
Transport Network, Rural GSM Network, 
Fiber to the Home, In- building 
Solutions, Mobile Backhaul Networks
• Creation of Optical Transport Network 
across India for leading telecom 
operator• Dedicated Multi -Protocol Label 
Switching (MPLS) Network
• End-to-end solution for multiple hybrid 
microwave broadband radio links in 
remote area
• Exclusive and dedicated nationwide dense wavelength -division 
multiplexing -based Optical transmission 
backbone network
• GSM based Fiber Monitoring & Management System• Transforming and modernizing railway communication systems & signalling infrastructure for domestic and international metros
• Pioneered IP -based video 
surveillance system (VSS) for railways
• Deploying advanced telecom networks for seven greenfield dedicated freight corridor projects for Indian government
• Video management systems implemented at ~750 railway stations
/15
 INVESTOR PRESENTATION 2024Strong Domestic 
Presence
/165
Operational
Manufacturing facilities 
across IndiaHYDERABAD, TELANGANA 2 facilities
•5.2 mnfkm/annum Optical Fiber Cables
•432k cable km/annum FTTH Cables
•14 mnfkm/annum Optic Fiber production
21
5
4
3
CHENNAI, TAMIL NADU 
(Through subsidiary company HTL Ltd)
•11.88 mnfkm/annum Optical Fiber Cables
•270k cable km/annum -FTTH Cables
•Passive connectivity solutions
HOSUR, TAMIL NADU 
(Through subsidiary company HTL Ltd)
•660kkm/annum Aramid Reinforced Plastic (ARP) 
Rods 
•504k km/annum Fiber Reinforced Plastic (FRP) 
Rods
•2,700 MT/ annum Impregnated Glass Fiber
Reinforcement (IGFR) 
All above are raw materials for Optical fiber cable
VERNA, GOA 
•8 mnfkm/annum Optical Fiber Cables
1 2 3 54INVESTOR PRESENTATION 2024Expanding Manufacturing 
Capacities
/17Planned expansion of manufacturing 
capacity of Optic fiber
(IN mn fkm p.a)
1433.90
Current Capacity Proposed CapacityFurther strengthening of backward 
integration
•Reduce dependence on external 
suppliers for  manufacturing of Optic 
Fiber Cables
•Higher Quality Assurance of finished 
goods
•Yield better margins
Setting up of new facility in NCR 
region for the manufacture of 
Telecom and Networking 
products
•Cumulative TAM of ~ 614 bn USD both 
globally and in India by FY30. 
•Targeting revenue of ~ Rs.2000 crores in 
FY24 -25 compared to Rs.143 crores during 
FY24 from existing product portfolio. 
•Eligible for PLI benefits by manufacturing 
these products
(IN mn fkm p.a)
2538.25
Current Capacity Proposed CapacityPlanned Optical fiber Cable capacity 
expansion
INVESTOR PRESENTATION 2024Shift in Revenue Mix
/18Revenue share from Private 
Customers(IN %)
49% 32% 17% 26% 43%51% 68% 83% 74% 57%
FY21 FY22 FY23 FY24 H1FY25
Government PrivateShift towards Product-led Revenue (IN %)
27% 43% 56% 42% 54%73% 57% 44% 58% 46%
FY21 FY22 FY23 FY24 H1FY25
Product-led Revenue Project-led RevenueExports Revenue Share*(IN %)
4.547.6817.23
11.21
9.92
FY21 FY22 FY23 FY24 H1FY25Increased business from 
Private Entities in alignment with market demand
*The global optical fiber cable
market iscurrently experiencing a
slowdownShift from Project -led revenue to Product -led 
revenue -Increase in product revenue will 
facilitate lower working capital requirements, 
quicker realization and margin expansionINVESTOR PRESENTATION 2024R&D: Powering towards a technology led Company
/19
Strengthened 
in-house R&D 
team 3 dedicated R&D centres in 
Bengaluru, Hyderabad and Gurugram driving 
innovation.
Segments No. of people
5G Products 135
Other Networking Products 116
Technology & Defence 61
Optic fiber &Optical fiber
Cable41
Total 353INVESTOR PRESENTATION 2024Key Customers
/20INVESTOR PRESENTATION 2024
Strong Technology Partners
/21
Partnership for 5G 
Transport Products
Partnership for 5G indoor small cells Partnership for Artificial Intelligence (Al) based Analytics Partnership for Software Defined Radios Partnership for SwitchesDesign partner for Macro Radio, Wifi
Access points, UBRs, Cloud management systems, Element management systems etc.Partnership for 5G Small Cells Partnership for 5G Small Cells Partnership for 5G Small Cells
Partnership for 5G Transport productsLicensing for Open 
source Wi -Fi 7 products ;
5G millimeter wave FWA ; product development;
5G Outdoor Small Cell 
etc. 
INVESTOR PRESENTATION 2024
Why HFCL? The Difference Maker
/22
Market 
Leader
Largest share in 
domestic supplies
of Optic fiber 
cables  in India
Vertical 
Integration
Optimized business 
model and consistent 
supply chain
Dedicated R&D
Capabilities
350+ R&D resources 
across 3 research 
centres
Expanding 
International Presence
Operations in 45+ 
countries serving
100+ clients 
globally
Strong Business 
Relationships
Strong business 
relationship with 
leading telecom 
operators resulting 
in repeat business 
opportunities
Industry 
Veterans
Have been present 
in the telecom and 
Optical fiber cable 
industry for more 
than 3 decades
Large Order 
Book
Strong Order Book of 
~ ₹6151 crores 
diversified across 
Telecom, Defence and 
Railways providing 
revenue visibility
End -to-End 
Network Solution 
Provider
One -stop shop for 
communication 
network and 
solutionsINVESTOR PRESENTATION 2024Shareholders’ Information
Share Information 
(AS ON  September 30, 2024)
NSE Ticker HFCL
BSE Ticker 500183
Market Cap ( ₹Crores) 21,416.48
% free -float 62.05%
Free -float market cap ( ₹Crores) 13,289.69
Shares Outstanding 1,44,26,72,812
3M ADTV (Shares)4,60,52,441 
3M ADTV ( ₹Crores) 640.72
IndustryTelecommunications –
Equipment & Solutions
/236.68
FII’s & FPI’s10.36
DII’S/ MFShareholding as on 30 September, 2024(IN %)
46.72
Others36.24
PromotersINVESTOR PRESENTATION 202401//  HFCL AT A GLANCE HFCL LIMITED | INVESTOR PRESENTATION 2024
/19
Thank You
HFCL LIMITEDCorporate Office
8, Commercial Complex, 
Masjid Moth,Greater Kailash Part 2, New Delhi, Delhi -110048Amit Agarwal
HEAD –INVESTOR RELATIONS
HFCL LimitedTel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>
Email: ir@hfcl.comINVESTOR PRESENTATION 2024Disclaimer
This presentation (“ Presentation”) does not constitute a prospectus, offering memorandum or an offer, or a solicitation of any offer, to 
purchase or sell any securities.
This presentation should not be considered as a recommendation that any investor should subscribe to or purchase any securities of 
HFCL Limited (“ Company”) or its subsidiaries (collectively, the “ Group”) and should not be used as a basis for any investment decision. 
The information contained in this presentation is only current as of its date and has not been independently verified. The Gr oup will 
not update you in the event the information in the presentation becomes stale. Moreover, both express or implied representation or 
warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or 
contained in this presentation.None of the Group or any of its affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever a rising 
from any information presented or contained in this presentation. Furthermore, no person is authorized to give any informatio n or 
make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsiste nt 
information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the G roup.
This presentation is highly confidential, being given solely for your information and for your use, and may not be copied, repro duced 
or redistributed to any other person in any manner. The distribution of this presentation in certain jurisdictions may be res tricted by 
law. Accordingly, any person in possession of this presentation should inform themselves about and observe any such restricti ons.
This presentation contains certain statements of future expectations and other forward -looking statements, including those relat ing to 
the Group's general business plans and strategy, its future financial condition and growth prospects, and future developments inits 
sectors and its competitive and regulatory environment. In addition to statements which are forward looking by reason of cont ext, 
the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potent ial’ or ‘continue’ 
and similar expressions identify forward looking statements. All forward looking statements are subject to risks, uncertainties and 
assumptions that could cause actual results, performances or events to differ materially from the results contemplated by the relevant 
forward looking statement. The factors which may affect the results contemplated by the forward looking statements could incl ude, 
among others, future changes or developments in ( i) the Group’s business, (ii) the Group’s regulatory and competitive environment, 
and (iii) political, economic, legal and social conditions in India or the jurisdictions in which our Group operates.

    Give the output in markdown format.
    
Assistant: