HFCL/SEC/24-25 May 03, 2024

The BSE Ltd. The National Stock Exchange of India Ltd.

1st Floor, New Trading Wing, Rotunda Building Exchange Plaza, 5th Floor, C – 1, Block G
Phiroze Jeejeebhoy Towers, Dalal Street, Fort Bandra – Kurla Complex, Bandra (E)
Mumbai – 400001 Mumbai – 400051
[email protected] [email protected]
Security Code No.: 500183 Security Code No.: HFCL

RE: Disclosures under Regulation 30 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”)

Subject: Outcome of the meeting of the Board of Directors held on May 03, 2024.

Time of commencement: 12:30 PM

Time of conclusion: 02: 40 PM

Dear Sir(s)/ Madam,

This is in continuation to our earlier intimation dated April 19, 2024 and April 29, 2024, with respect to
the meeting of the Board of Directors of the Company, scheduled on May 03, 2024.

In terms of Regulation 30 read with Part A of Schedule III of the SEBI Listing Regulations, we would like
to inform all our stakeholders that the Board of Directors, at its meeting held today, has, inter-alia,
considered and approved the following:-

1. Audited Financial Results of the Company for the 4th Quarter and Financial Year ended March
31, 2024, along with Statement of Profit & Loss, Statement of Assets & Liabilities and the Statement of
Cash Flow, for the financial year ended March 31, 2024, both on Standalone and Consolidated basis, in
accordance with the provisions of Regulation 33 of the SEBI Listing Regulations, along with the
Auditors’ Reports thereon.

These results have been duly reviewed by the Audit Committee and audited by M/s S. Bhandari & Co.
LLP, Chartered Accountants and M/s Oswal Sunil & Company, Chartered Accountants, Statutory
Auditors of the Company.
The copies of the aforesaid Financial Results along with the Auditors’ Reports thereon issued by M/s
S. Bhandari & Co. LLP, Chartered Accountants and M/s Oswal Sunil & Company, Chartered
Accountants, Statutory Auditors of the Company and Declaration on Unmodified Opinion on the Audit
Reports on Financial Results, both on Standalone and Consolidated basis, are enclosed herewith.

Arrangements have also been made for publication of the aforesaid financial results in Newspapers, as
per the requirements of Regulation 47 of the SEBI Listing Regulations.

Please note that aforesaid financial results will also be available on the Company’s website at
www.hfcl.com.

2. Dividend for the financial year 2023-24 @ 20%, i.e., Re. 0.20/- per equity share of face value Re.1/-
each, out of the Profits of the Company for the financial year 2023-24, which shall be paid, subject to
the approval of the shareholders in the ensuing annual general meeting or other authorities, wherever
required.

The Dividend for the financial year ended March 31, 2024, if declared, at the ensuing annual general
meeting, will be paid to the shareholders, within 30 days from the date of declaration.

Regd. Office & Works: 8, Electronics Complex, Chambaghat, Solan-173213 (H.P.) Tel: (01792) 230644, 230645, 230647 Fax: (01792) 231902
Corporate Identity Number: L64200HP1987PLC007466
 You are requested to take the above information on records and upload the same on your respective
websites.

Thanking you.

Yours faithfully,
For HFCL Limited

Mano Digitally signed

by Manoj Baid
Date:

j Baid 2024.05.03
14:42:10 +05'30'
(Manoj Baid)
President & Company Secretary

Encl.: Audited Annual Financial Results;

Statement of Assets & Liabilities;
Cash Flow Statement;
Auditors' Report on Financial Results;
Declaration on Unmodified Opinion;

Regd. Office & Works: 8, Electronics Complex, Chambaghat, Solan-173213 (H.P.) Tel: (01792) 230644, 230645, 230647 Fax: (01792) 231902
Corporate Identity Number: L64200HP1987PLC007466
S Bh andari & Co LLP Oswal Suni l & Co m pany
Chartered Accountants Chartered Accou ntants
P-7, Tilak Marg , C-Scheme 71 , Daryciganj,
Jaipur- 302 005 New Delhi-11 0 002

Independent Auditors' Report on the Quarterly and Annual Audited Standalone Financial Results of the
Company Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended.

TO THE BOARD OF DIRECTORS OF

HFCL Limited

Report on the Audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and annual standalone financial results of HFCL Limited
(the "Company") for the quarter ended March 31 , 2024 and for the year ended March 31, 2024 ("the Statement") ,
attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations , 2015, as amended (the "Listing Regulations") .

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

i) is presented in accordance with the requirements of the Listing Regulations in this regard ; and

ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian
Accounting Standards ("Ind AS") and other accounting principles generally accepted in India, of the net profit
and other comprehensive income and other financial information of the Company for the quarter and year
ended March 31, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the
"Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent
of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India
("ICAl")n together with the ethical requirements that are relevant to our audit of the standalone financial statements
under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit opinion.

Board of Directors' Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors
of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view
of the net profit and other comprehensive income of the Company and other financial information in accordance with
the applicable Indian accounting standards (Ind AS) prescribed under Section 133 of the Act read with relevant rules
issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of
the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds
and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the Statement that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
S Bhandari & Co LLP Oswal Sunil & Com pany
Chartered Accountants Chartered Accou ntants

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to conh nue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern o asis of
accounting unless the Board of Directors either intends to liquidate the Company or to cease operations , or has no
realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditors' Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate internal financial controls with reference to financial
statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of
the requirements specified under Regulation 33 of the Listing Regulations.

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Company's ability to continue as a going concern . If we conclude that a
material uncertaintv. exists, we are required to draw attention in our auditor's report to the related disclosures
in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the Company to cease to continue as a going concern .

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and
whether the Statement represents the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Results
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the
Standalone Financial Results.
S Bhandari & Co LLP Oswal Suni l & Com pany
Chartered Accountants Chartered Acco u ntants

We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The Statement includes the results for the quarter ended March 31, 2024 being the balancing figure between the
audited figures in respect of the full financial year ended March 31, 2024 and the published unaudited year-to-date
figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required
under the Listing Regulations. Our opinion on the statement is not modified in respect of this matter.

For S Bhandari & Co LLP For Oswal Sunil & Company

Chartered Accountants Chartered Accountants
Firm Registration No. 000560C/C400334 Firm Registration No. 016520N

~~
(P. D. Baid)
Partner
(i~
Partner
Membership No: 072625 Membership No: 0
UDIN: : 24072625BKEGAV5137 UDIN: 24054645BKHDBY3738

Place: New Delhi Place: New Delhi

Date: May 03, 2024 Date: May 03, 2024
S. Bhandari & Co LLP Oswal Sunil & Company
Chartered Accountants Chartered Accountants
P-7, Tilak Marg , C-Scheme 71, Daryaganj,
Jaipur- 302 005 New Delhi-11 0 002

Independent Auditors' Report on the Quarterly and Annual Audited Consolidated Financial Results of the
Company Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended

TO THE BOARD OF DIRECTORS OF

HFCL LIMITED

Report on the Audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and annual consolidated financial results of HFCL Limited
("Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"),
and its jointly controlled entities for the quarter ended March 31, 2024 and for the year ended March 31 , 2024 ("the
Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing
Regulations") .

In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of the reports of the other auditors on separate audited financial statements/financial information of the
subsidiaries and jointly controlled entities referred in other matter paragraph below, the statement:

i. include the quarterly and annual financial results of the following entities:

Holding Company
• HFCL Limited

Subsidiaries
• HTL Limited ;
• Polixel Security Systems Private Limited;
• Moneta Finance Private Limited ;
• HFCL Advance Systems Private Limited ;
• Raddef Private Limited ;
• Dragon Wave HFCL India Private Limited ;
• HFCL Technologies Private Limited ;
• HFCL Inc.; and
• HFCL B.V. *

Jointly Controlled Entities

• Nimpaa Telecommunications Private Limited ,
• BigCat Wireless Private Limited

*As per the consolidated financial results

ii. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard ; and

iii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the
applicable Indian Accounting Standards ("Ind AS"), and other accounting principles generally accepted in
India, of the consolidated net profit and other comprehensive income and other financial information of
the Group and of its jointly controlled entities for the quarter and year ended March 31, 2024.
S Bhandari & Co LLP Oswal Sunil & Company
Chartered Accountants Chartered Accountants

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) , as specified under Section 143(10) of
the Companies Act, 2013, as amended ("the Act") . Our responsibilities under those Standards are further described
in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are
independent of the Group and its jointly controlled entities in accordance with the 'Code of Ethics' issued by the
Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit
of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit
evidence obtained by us and other auditors in terms of their reports referred to in "Other Matters" paragraph below, is
sufficient and appropriate to provide a basis for our audit opinion .

Board of Directors' Responsibilities for the Consolidated Financial Results

These Consolidated financial results have been prepared on the basis of the consolidated annual financial
statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these
consolidated financial results that give a true and fair view of the consolidated net profit and consolidated other
comprehensive income and other financial information of the Group including its jointly controlled entities in
accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules
issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33
of the Listing Regulations.

The respective Board of Directors of the companies included in the Group and of its jointly controlled entities are
responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Group and its jointly controlled entities and for preventing and detecting frauds and
other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls ,
that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the consolidated financial results that give a true and fair view and are free from
material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the
consolidated financial results by the Board of Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial results, the respective Board of Directors of the companies included in the
Group and of its jointly controlled entities are responsible for assessing the ability of the Group and its jointly
controlled entities to continue as a going concern , disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the
Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the Companies included in the Group and of its jointly controlled entities are
responsible for overseeing the financial reporting process of the Group and of its jointly controlled entities.

Auditors' Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Consolidated financial results as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
S Bhandari & Co LLP Oswal Sunil & Company
Chartered Accountants Chartered Acco u ntants

• Identify and assess the risks of material misstatement of the consolidated financial results, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit eviden ce that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances . Under Section 143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate internal financial controls with reference to financial
statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of
the requirements specified under Regulation 33 of the Listing Regulations

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the ability of the Group and its jointly controlled entities to
continue as a going concern . If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor's report to the related disclosures in consolidated financial results or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditors' report. However, future events or conditions may cause the Group
and its jointly controlled entities to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Consolidated financial results, including the
disclosures, and whether the Consolidated financial results represent the underlying transactions and events
in a manner that achieves fair presentation.

• Perform procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated 29 th March, 2019
issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.

• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities
within the Group and its jointly controlled entities to express an opinion on the consolidated financial results .
We are responsible for the direction, supervision and performance of the audit of the financial information of
such entities included in the consolidated financial results of which we are the independent auditors. For the
other entities included in the consolidated financial results, which have been audited by other auditors, such
other auditors remain responsible for the direction, supervision and performance of the audits carried out by
them . We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial
Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in
the Consolidated Financial Results .

We communicate with those charged with governance of the Holding Company and such other entities included in
the consolidated financial results of which we are the independent auditors regarding , among other matters, the
planned scope and timing of the audit and significant audit findings , including any significant deficiencies in internal
control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
S Bhandari & Co LLP Oswal Sunil & Company
Chartered Accountants Chartered Accountants

Other Matters

i) We did not audit the financial information / financial results of two subsidiaries included in the consolidated financial
results, whose financial results/statements include total assets of Rs. 12.99 Crores as at March 31, 2024, total
revenues of Rs . 0.60 Crores and Rs. 0.60 Crores, total net profit after tax of Rs. 0.58 Crores and Rs . 0.87 Crores,
total comprehensive income of Rs. 0.58 Crores and Rs. 0.88 Crores, for the quarter and for the year ended March 31,
2024, respectively, and net cash inflows of Rs. 0.02 Crores for the year ended March 31, 2024, as considered in the
Consolidated financial results which have been audited by their respective independent auditors.

The independent auditor's report on the financial statements/financial information of these entities have been
furnished to us by the Management and our opinion on the Consolidated financial results in so far as it relates to the
amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such auditors and
the procedures performed by us as stated in paragraph above.

Our opinion on the Consolidated financial results is not modified in respect of the above matter with respect to our
reliance on the work done and the reports of the other auditors.

ii) The financial information / financial results of five subsidiaries included in the consolidated financial results, whose
financial results/statements include total assets of Rs. 645.97 Crores as at March 31 , 2024, total revenues of Rs.
189.88 Crores and Rs. 584.08 Crores, total net (loss)/profit after tax of Rs. (3.10) Crores and Rs. 30.86 Crores, total
comprehensive (loss)/income of Rs. (3.15) Crores and Rs. 30.73 Crores, for the quarter and for the year ended
March 31, 2024, respectively, and net cash inflows of Rs. 0.36 Crores for the year ended March 31, 2024, as
considered in the Consolidated financial results which have been audited by one of the joint auditor of the Holding
company and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures
included in respect of these subsidiaries, is based solely on the reports of such joint auditor.

Our conclusion on the Statement is not modified in respect of the above matters

iii) The Consolidated Financial Statements includes financial information /financial results of three foreign branches
which reflects total assets of Rs.43.75 Crores as at March 31, 2024, total revenues of Rs. 5.73 Crores and Rs. 43.70
Crores, total net (loss) after tax of Rs . (0.59) Crores and Rs. (0.32) Crores, total comprehensive (loss)/lncome of Rs.
(0.61) Crores and Rs. 0.41 Crores, for the quarter and for the year ended March 31, 2024, respectively, and net cash
outflows of Rs. 10.35 Crores for the year ended March 31 , 2024, audited by the respective independent branch
auditor.

The independent branch auditor's report on the financial information/financial results of these branches have been
furnished to us by the Management and our opinion on the Consolidated financial results in so far as it relates to the
amounts and disclosures included in respect of these branches is based solely on the reports of such branch auditors
and the procedures performed by us as stated in paragraph above.

Our opinion on the Consolidated financial results is not modified in respect of the above matters with respect to our
reliance on the work done and the reports of the branch auditors.

iv) The Consolidated Financial Statements includes financial information/financial results of two foreign subsidiaries
which reflects total assets of Rs. 27.82 Crores as at March 31, 2024, total revenues of Rs. 7.23 Crores and Rs. 24.07
Crores, total net (loss) after tax of Rs. (2.24) Crores and Rs. (0.75) Crores, total comprehensive (loss) of Rs. (2 .34)
Crores and Rs. (0.90) Crores, for the quarter and for the year ended March 31, 2024, respectively, and net cash
inflows of Rs. 0.52 Crores for the year ended March 31 , 2024, audited by the independent auditors in accordance
with the regulations of such foreign countries, whose reports have been furnished to us by the Holding Company's
management. Financial information/financial results of one of the subsidiaries has been converted by the Holding
Company's management as per accounting principles generally accepted in India which has been considered in the
consolidated financial results solely based on such converted financial results. In respect of another subsidiary,
consolidated financial information/financial results incorporating results of its step-down subsidiary as per accounting
principles generally accepted in India audited by the Indian Auditor has also been submitted to us by the Holding
Company's management which has been considered in the consolidated financial results solely based on such
audited consolidated financial information/financial results.
S Bhandari & Co LLP Oswal Sunil & Company
Chartered Accountants Chartered Accountants

Our opinion on the Consolidated financial results is not modified in respect of the above matters with respect to our
reliance on the work done and the reports of the other auditors.

v) We did not audit the financial information / financial results of two jointly controlled entities included in the
consolidated financial results, whose financial information / financial results include total net (loss)/profit after tax of
Rs. (0.04) Crores and Rs. 0.93 Crores, total comprehensive (loss)/income of Rs. (0.04) Crores and Rs. 0.93 Crores ,
for the quarter and for the year ended March 31, 2024, respectively , as considered in the Consolidated financial
results which have been audited by their respective independent auditors.

The independent auditor's report on the financial information/ financial results of these entities have been furnished
to us by the Management and our opinion on the Consolidated financial results in so far as it relates to the amounts
and disclosures included in respect of these jointly controlled entities is based solely on the reports of such auditors
and the procedures performed by us as stated in paragraph above.

Our opinion on the Consolidated financial results is not modified in respect of the above matters with respect to our
reliance on the work done and the reports of the other auditors.

vi) The Statement includes the results for the quarter ended March 31 , 2024 being the balancing figures between the
audited figures in respect of the full financial year ended March 31, 2024 and the published unaudited year-to-date
figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us,
as required under the Listing Regulations.

For S Bhandari & Co LLP For Oswal Sunil & Company

Chartered Accountants Chartered Accountants
Firm Registration No. 000560C/C400334 Firm Registration No. 016520N

~J
(P. D. Baid) (i~
Partner Partner
Membership No: 07262 Membership No: 0
UDIN: 24072625BKEGAW7703 UDIN: 24054645BKHDBZ4892

Place: New Delhi Place: New Delhi

Date: May 03, 2024 Date: May 03, 2024
 HFCL LIMITED
Regd . Office : 8,Electronics Complex, Chambaghat, Solan-173213 (Himachal Pradesh)
Tel. : (+911792) 230644, Fax No(+911792) 231902, E-mail: [email protected]
Website: www.hfcl.com I Corporate Identity Number (CIN): L64200HP1987PLC007466
STATEMENT OF AUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED 31ST MARCH, 2024
(Rs. in Crore unless otherwise stated)
Standalone Consolidated
Three months Preceding Corresponding Current Previous Three months Preceding Corresponding Current Previous
ended three months three months Financial Year Financial Year ended three months three months Financial Year Financial Year
ended ended in the ended ended ended ended in the ended ended
SI. previous year previous year
Particulars
No.

March December March 31st March March March December March 31st March March
31st 2024 31st 2023 2023 31st 2024 31st 2023 31st 2024 31st 2023 2023 31st 2024 31st 2023

Audited Un-Audited Audited Audited Audited Audited Un-Audited Audited Audited Audited

I INCOME
Revenue from Operations 1,238.04 954.47 1,323.11 4,074.59 4,395.68 1,326.06 1,032.31 1,432.98 4,465.05 4,743.31
Other Income 13.25 46.20 14.12 100.13 49.46 13.61 46.72 13.74 100.59 47.18
Total Income 1,251.29 1,000.67 1,337.23 4,174.72 4,445.14 1,339.67 1,079.03 1,446.72 4,565.64 4,790.49

II EXPENSES
Cost of materials/services consumed 424.78 499.21 574.98 1,761 .91 1,992.02 460.78 534 .72 590 .10 1,932.13 2,016.85
Purchases of stock-in-trade 526.71 221.10 593.32 1,384.33 1,508.42 528.07 226.10 597.94 1,391.20 1,564.47
Change in inventories of finished goods, work-in (50.24) (4 .15) (98.88) (101 .58) (105.99) (42.99) (4.75) (87.39) -102.89 (102.41)
progress and stock-in trade
Employee benefits expenses 66.28 68.42 74.70 264.79 279.60 87.54 90.08 92.1 2 350.53 348.19
Finance costs 30.75 28.23 30.51 115.02 116.83 39.65 36.55 37.92 147.28 152.19
Depreciation, Impairment and Amortisation 15.33 14.56 13.78 58.48 57.43 20.14 19.27 21.44 81 .76 82.97
expenses
Other expenses 84.33 69.97 79.22 279.32 255.14 96.98 69.43 85.78 312.54 297.53
Total Expenses 1,097.94 897.34 1,267.63 3,762.27 4,103.45 1,190.17 971.40 1,337.91 4,112.55 4,359.79

Ill Profit before, exceptional items and tax (1-11) 153.35 103.33 69.60 412.45 341 .69 149.50 107.63 108.81 453.09 430.70

IV Share of net profits I (loss) of jointly control entities - - - - - (0.05) 0.23 0.12 0.93 (0 .09)
accounted for using equity method

V Profit before exceptional items and tax (lll+IV) 153.35 103.33 69.60 412.45 341.69 149.45 107.86 108.93 454.02 430.61

VI Exceptional item - - - - - - - - - -
VII Profit before tax (V-VI) 153.35 103.33 69.60 412.45 341.69 149.45 107.86 108.93 454.02 430.61

VIII Tax expense

\\
Current Tax 27.00 12.51 (16.79) 53.49 52.97 29.27 12.22 -6.93 67.91 79.00
Deferred Tax 10.91 12.90 35.58 49.30 34.12 10.82 13.21 37.18 48.59 33.90

IX Profit after tax for the period from continuing 115.44 77.92 50.81 309.66 254.60 109.36 82.43 78.68 337.52 317.71
operations (VII- VIII)
--
X Other Comprehensive Income
130.18 0.19 3.56 130.23 4.05 130.11 0.33 2.98 130.08 3.42
Items that will not be reclassified to profit or loss
0.12 (0.05) 0.04 0.09 (0.02) 0.15 (0.08) 0.15 0.13 0.10
Income tax on above item
Items that will be reclassified to profit or loss 0.15 (0.04) (0.81) 0.15 (0.49) (0.01) (0.49) (0.79) (0.61) (1 .97)
Other comprehensive income for the period after 130.45 0.10 2.79 130.47 3.54 130.25 -0.24 2.34 129.60 1.55
tax

Total comprehensive income for the period (IX+X) 245.89 78.02 53.60 440 .13 258.14 239 .61 82.19 81.02 467.12 319.26
XI

XII Profit attributable to:

- - - - - 110.06 82.24 71 .82 329.81 300.97
Owners of the Parent
- - - - - (0.69) 0.20 6.86 7.72 16.74
Non-controlling interests

XIII Total comprehensive income attributable to:

- - - - - 240.32 81.99 74.26 459.44 302.63
Owners of the Parent
- - - - - (0.70) 0.21 6.76 7.69 16.63
Non-controlling interests

144.01 142.77 137.64 144.01 137.64 144.01 142.77 137.64 144.01 137.64
XIV Paid-up Equity Share Capital (Face value of Re. 1/
each)

xv Other Equity - - - 3,677.70 2,855.37 - - - 3,855.81 3,006.50

XVI Earnings per Share (face value of Re. 1/- each) - ,

Basic (Rs.) 0.81 0.54 0.37 2.19 1.85 / 0.76 0.58 0.52 2.33 2.18
0.81 0.54 0.37 2.19 1.85 0.76 0.58 0.52 2.33 2.18
Diluted (Rs.)
Cont..

Audited Standalone and Consolidated segment wise revenue, results, assets and liabilities for the fourth quarter and year ended March 31, 2024
(Rs in Crore unless otherwise stated)
Standalone Consolidated
Three months Preceding Corresponding Current Previous Three months Preceding Corresponding Current Previous
ended three months three months Financial Year Financial Year ended three months three months Financial Year Financial Year
ended ended In the ended ended ended ended in the ended ended
previous year previous year
SI. Particulars
No.
December March 31st March March - ~ March December March 31st March March
March
31st 2023 2023 31st 2024 31st 2023 31st 2024 31st 2023 2023 31st 2024 31st 2023
31st 2024
Un-Audited Audited Audited Audited Audited Un-Audited Audited Audited Audited
Audited

1 Segment Revenue
268.90 281.88 489.97 1,415.22 2,035.38 362.41 363.83 654.25 1,862.48 2,637.97
a. Telecom Products
969.14 672.59 833.14 2,659.37 2,360.30 963.65 668.48 778.29 2,602.57 2,103.60
b. Turnkey Contracts and Services
0.44 1.74
c. Others 4,743.31
954.47 1,323.11 4,074.59 4,395.68 1,326.06 1,032.31 1,432.98 4,465.05
Revenue from Operations 1,238.04

2 Segment Results - Profit /(Loss) before tax and

interest from each segment 219.50 403.12
11 .47 21.48 80.38 141 .07 277.05 17.86 35.24 124.94
a. Telecom Products 367.06 170.15
173.33 102.83 22.13 368.29 171.84 172.99 103.00 22.02
b. Turnkey Contracts and Services 0.36 2.27
0.35 3.10
c. Others 586.92 575.54
184.80 124.31 102.51 509.36 448.89 191.20 138.24 150.06
Total

30.51 115.02 116.83 39.65 36.55 37.92 147.28 152.19

Less: i. Interest 30.75 28.23
6.68 8.22 8.56 7.25 0.06 6.68 8.22 8.56
ii. Other un-allocable expenditure net off 7.25 0.06
(4.28) (26.33) (18.19) (5.15) (6.23) (3.47) (22.60) (15.82)
iii Un-allocable income (6.55) (7.31)
1 69.60 412.45 341.69 149.45 107.86 108.93 454.02 430.61
0 -v I'< L & C 0
\ otal Profit before Tax 153.35 103.33

3 Segment Assets s~ (r~I ~~

~ 1,896.62 1,597.26 2,248.11 2,233.94 1,980.88 2,248.11 1,980.88
a. Telecom Products j <fl '-II-- ')/
1
1,896.62 1,856.87 1,597.26
2,896.22 3,416.35 3,170.60 2,900.94 3,416.35 2,900.94
b. Turnkey Contracts anc! e - s fo16;1CN ; 3,417.24 3,176.91 2,896.22 3,417.24
3.89 6.25 3.89
c.·oth rs ~ N€ ~ IhJ., ~ 6.25 12.14
679.75 586 .88 816.13 586.88
~,,.I.0 ~'"" 816.14 679.76 586.90 816.14 586.90 816.13

JO~~ - d Un-allocated
Total -
rc d Accov
_
6,130.00 5,713.54 5,080.38 6,130.00 5,080.38 6,486.84 6,096.43 5,472.59 6,486,84 5,472.59

0 ( !, \ 4 ~ C}~iabilities /~OAR/ ~
I~~~ ~ ~::; ~~~~r~~~: =3/~Q.\-)•~ E E
1
and Servj ' :~-~ 1.:::_:: :::::: 1 :::_:: :::_:: 1 :;::; 1 :;: : : ::; 1 :;:;: '•::;

➔~allocated ; ~ r\ -~~..J-
} _ _ _6_3_4._59-1-----=6-=2.:.:9·-=09:...+-_ _ _ _3.:.:8:..:6.:..
.1:..:1-1-----=-6.:..34.:..:.·.:..59:.....i-_ ___;_3:..:8.:.6:..:.1...:.1-1---.....:..63:...4.:...5:..:9-1-_ _......:.6.=2.:.:9·.:.09:...+----......:.38:...6.:...1.:..14-_ _ _6:..:3...:.4·:..:5.:..9-1---.....:..38:..:6_.1_1-l
Total \\. :.'-1. L, /. __'_~ (/ 2,308.29 2,211.28 2,087.37 2,308.29 2,087.37 2,487.02 2,409 .75 2,328 .45 2,487.02 2,328.45
Notes:
1. The above Audited Standalone & Consolidated Financial Results of the Company for the fourth quarter and year ended 31st March, 2024 have been reviewed and recommended by the Audit Committee and were approved by the Board of
Directors of the Company at their respective meetings held on 3rd May, 2024.
2. The above Results are in compliance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended).

3. \) During the year, the Company has issued 5, 10, 14,491, equity shares of face value of Re. 1 each at an issue price of Rs.69/- per equity share (including premium of Rs.68/- per equity share), aggregating to -Rs. 352.00 Crore (including
securities premium of Rs.346.90 Crore). The issue was made through eligible Qualified Institutions Placement ("QIP") in terms of chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018 as amended, Section 42 & 62 and other relevant provisions of the Companies Act, 2013. Out of the proceeds from QIP issue, the Company had utilized Rs. 277.52 Crore ( including share issue expenses) towards
purposes/objects specified in the placement document.The balance amount of QIP proceeds amounting to Rs .74.48 Crore remains invested in fixed deposits with scheduled commercial banks as Interim use of funds.

11) Pursuant to the resolutions passed by the Board of Directors and Shareholders of the Company at their meetings held on September 02, 2022 and September 30, 2022 respectively, the Allotment Committee (Warrants) of the Board of
Directors, vide its resolution passed on October 15, 2022, had approved the allotment of 1,41,00,000 (One Crores Forty-One Lakh} Warrants convertible into 1,41,00,000 equity shares at a price of ~80/- per Equity Share (Warrant Exercise
Price) to persons belonging to Promoter and Non-Promoter category in the preferential issue made under Chapter Vof the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations") and Section 42
and Section 62 of the Companies Act, 2013, as amended, read with the rules issued thereunder.
Further, the Allotment Committee (Warrants) of the Board of Directors, vide its resolutions passed on February 07, 2024, March 22, 2024 and April 11, 2024 had approved the allotment of 1,00,00,000 (One Crores), 22,00,000 (Twenty-Two
Lakhs) and 17,00,000 (Seventeen Lakhs) equity shares respectively, having face value of ~1/- (Rupee One only) each, at a premium of H9/- per equity share, fully paid-up, upon conversion of warrants.
Further, as per provisions of Regulation 169(3) of Chapter Vof SEBI ICDR Regulations, the warrants allotted to one of the warrant holders holding 2,00,000 warrants, who sought early retirement from the Company, and since retired, did not
exercise the conversion option within 18 months from the date of the allotment, i.e. on or before April 14, 2024, the 25% of Warrant Exercise Price i.e. Rs.40,00,000 received by the Company stands forfeited.

4. The Consolidated financial results for the fourth quarter and year ended 31st March, 2024 includes the results of the following entities:
a. HFCL Limited (HFCL) (Holding Company)
b. HTL Limited (Subsidiary)
c. Raddef Private Limited (Subsidiary)
d. Moneta Finance Private Limited (Wholly owned Subsidiary)
e. Polixel Security Systems Private Limited (Wholly owned Subsidiary)
f. HFCL Advance Systems Private Limited (Wholly owned Subsidiary)
g. DragonWave HFCL India Private Limited (Wholly owned Subsidiary)
h. HFCL Technologies Private Limited (Wholly owned Subsidiary)
i. HFCL Inc. (Wholly owned Subsidiary) - United States of America
j. HFCL B.V. (Wholly owned Subsidiary) - Netherlands
k. Nimpaa Telecommunications Private Limited (Jointly Controlled Entity)
I. BigCat Wireless Private Limited (Jointly Controlled Entity with 50% voting rights)
m. HFCL Canada Inc. (Wholly owned Subsidiary of HFCL B.V.- Netherlands) - Canada
5. The Company held 6,30,223 equity shares of Rs .10/- each in Exicom Tele-Systems Limited ("Exicom") as at March 31, 2023. After March 31, 2023, Exicom issued bonus equity shares in the ratio of eleven equity shares for every one equity
share held by the shareholders as on the record date on September 15, 2023, and consequently the Company received 69,32,453 equity shares of Exicom pursuant to the bonus issue. Subsequently, Exicom shares got listed on both the
NSE and BSE. As at the balance sheet, the Company has done fair valuation of shares of Exicom at closing market price prevailing at BSE as per the requirement of Ind AS 109 and Ind AS 113, resulting in increase in other comprehensive
income by INR 129.93 crores.
6. Earning per share is not annualised for the Quarter ended 31st March, 2024, Quarter ended 31st December, 2023 and Quarter ended 31st March, 2023.
7. The Figures of the quarter ended March 31, 2024 and March 31, 2023 are the balancing figures between audited figures in respect of the full financial years and the published year to date figures upto the third quarter of the respective
financial years, which were subject to limited review by the Auditors.
8. The Board ha.s recommended a Dividend@ 20%, i.e., Rs0.20 per equity share of face value of Re.1/- each, for the financial year ended March 31, 2024, subject to the approval of shareholders at the ensuing Annual General Meeting (AGM)
of the Company or other authorities wherever required. The Dividend for the financial year ended 31st March, 2024, if declared at the ensuing AGM, will be paid to the shareholders within 30 days from the date of declaration.

9 The figures of the previous periods have been re-grouped/ re-arranged wherever considered necessary.

~ ~\__~
(Mahendra Nahata)
Place : New Delhi Managing Director
Date : 3rd Ma 2024 DIN 00052898

)
HFCL LIMITED
Statement of Assets and Liabilities as at March 31, 2024
(All amounts are in Rs crore)
Standalone Consolidated
As at March 31, As at March 31, As at March 31, As at March 31,
Particulars 2024 2023
2024 2023
Audited Audited Audited Audited
ASSETS
(I) Non-current Assets
(a) Property, Plant and Equipment 331.49 331 .88 495.94 487.09
(b) Capital work-in-progress 122.45 45.76 154.09 70.50
(c) Right-of-use-assets 11.72 17.32 11.72 17.32
(d) Goodwill - - 26.17 26. 17
(e) Other Intangible assets 116.98 15.81 118.14 17.65
(f) Intangible assets under development 314.86 197.65 314.87 197.66
(g) Investment in subsidiaries and joint controlled entities 58.34 53 .69 19.50 18.57
(h) Financial Assets
(i) Investments 167.27 37.09 169.22 39.03
(ii) Trade receivables 520.31 423.11 520.31 423.11
(iii) Loans 87.73 71.58 9.00 9.50
(iv) Others 120.44 113.73 54.26 44 .29
(i) Other non-current assets 33.20 19.30 60.11 39.55
Sub-total 1,884.79 1,326.92 1,953.33 1,390.44
(2) Current Assets
(a) Inventories 618.95 584.45 774.42 757.85
(b) Financial Assets
(i) Investments 5.01 12.19 5.19 12.38
(ii) Trade receivables 2,127.03 1,784 .35 2,215.48 1,886.l l
(iii) Cash and cash equivalents 20.86 61.35 23.33 62.91
(iv) Bank balances other than (iii) above 297.41 235.06 313.02 259.68
(v) Loans 17.50 18.50 20.01 21.49
(vi) Others 527.98 524.48 538.50 533.57
(c) Current Tax Assets (Net) 47.44 12.85 52.50 15.19
(d) Other current assets 583.03 520.22 591.05 532.97
Sub-total 4,245.21 3,753.45 4,533.50 4,082.15

Total Assets 6,130.00 5,080.37 6,486.83 5,472.59

EQUITY AND LIABILITIES

(1) Equity
(a) Equity Share capital 144.01 137.64 144.01 137.64
(b) Other Equity 3,677.68 2,855 .38 3,811.53 2,969.90
(c) Non-Controlling interest - - 44.29 36.60

Sub-total 3,821.69 2,993.02 3,999.83 3,144.14

(2) Liabilities
Non-current Liabilities
(a) Financial Liabilities
(i) Borrowings 135.16 83 .60 169.21 I 10.37
(ii) Lease liabilities 9.07 6.20 9.07 6.20
44.11 38.22 47.49 40.90
(b) Provisions
74.75 25.55 77.28 28.82
(c) Deferred tax liabilities
Sub-total 263.09 153.57 303.05 186.29

Current Liabilities
(a) Financial Liabilities
683.91 519.38 808.05 637.94
(i) Borrowings
4.89 13.61 4.89 13.61
(ii) Lease liabilities
(iii) Operational Buyers' Credit / Suppliers' Credit - 168.13 - 168.13
835.65 850.84 807.62 878 .02
(iv) Trade Payable
422.47 330.31 440.87 368.75
(v) Other financial liabilities
• 0.26 2.48 4.88 19.52
(b) Current Tax liabilities (Net)
86.18 37.12 105.37 43 .89
(c) Other current liabilities
11.86 11.91 12.27 12.30
(d) Provisions

Sub-total 2,045.22 1,933.78 2,183.95 2,142.16

6, 130.00 5,080.37 6,486.83 5,472.59

Total Eouitv and Liabilities
 HFCL LIMITED
Standalone Statement of Cash Flow for the year ended March 31, 2024
(All amounts are in Rs.crore)
Standalone Consolidated
For the year For the year Forthe year For the year
Particulars ended ended ended ended
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Audited Audited Audited Audited
I. Cash flow from Operating Activities:

Net Profit before taxes and Exceptional items 412.45 341.69 454.04 430.60

Adjustments for:
Depreciation, Impairment and Amortization expenses 58.48 57.43 81.79 82.99
(Gain)/Loss on disposal of property, plant and equipment 0.25 (0.53) 0.25 (0.53)
Financial Guarantee impairment (4.78) (4.02) (0.14) (0.30)
Bad Debts, advances and miscellaneous balances written (back)/ off (10.94) 3.74 (10.98) 4.70
Liquidated Damages recovered on Sales (5.90) (2.73)
Unrealised Loss I (gain) on foreign exchange fluctuation 3.67 (6.47) 3.54 (10.09)
(Gain)/Loss on Sale oflnvestment - Net (1.34) (1.34)
Share of (profit)/loss of an associate (0.93) 0.09
Dividend and interest income classified as investing cash flows (19.51) (13.67) (21.08) (14.66)
Finance costs (net) 115.02 116.83 147.28 152.19
140.85 147.41 198.39 211.66
Change in operating assets and liabilities :
(Increase)/ Decrease in Trade and other receivables (432.61) 201.60 (419.14) 191.17
(Increase)/ Decrease in Inventories (34.48) (175.96) (16.58) (184.47)
Increase/ (Decrease) in Trade payables (15.18) (82.98) (70.39) (132.10)
(Increase)/ Decrease in other financial assets (1.75) (142.25) (1.31) (147.60)
(Increase)/ Decrease in other financial liabilities (168.13) 168.13 (168.12) 154.34
(Increase)/ Decrease in other non-current assets (7.52) (3.39) (7.52) (3.39)
(Increase)/ Decrease in other current assets (62.82) (132.17) (58.07) (138.81)
Increase/ (Decrease) in provisions (0.07) 2.24 (0.03) 2.15
Increase in other non-current liabilities 5.50 5. 18 5.44 3.63
Increase/(Decrease) in other current liabilities 143.16 65 .88) 158.93 (53.47)
573.90) 225.48) 576.79 (308.55)

Cash generated from operations (20.60) 263.62 75.64 333.70

Income taxes paid/refund (net) (90.30) (79.28) (120.52) (98.60)

Net cash inflow from /(used in) operating activities 110.90 184.34 44.88 235.11

II Cash flow from Investing activities

Payment for acquisition of subsidiaries & other investments (I 0.25) (10.25)

Capital Receipt of Subsidy on Fiber Plant 42.58 42.58
Payments for property, plant and equipment including CWIP (138.16) (I 18.49) (183.51) (193.57)
Payments for Intangible Assets (226.50) (146.92) (226.52) (147.98)
Payment for loan to body corporate/ subsidiaries (15.15) (43.08) 1.98 5.55
Proceeds from sale of property, plant and equipment 0.38 0.15 0.50 I. 13
Bank deposits placed/matured (net) (59.74) 251.06 (53.93) 252.59
Proceeds from sa le of Investment 8.95 8.95
Dividends received 0.01 0.01
Interest received 20.30 14.94 3.80 5.86
Net Cash flow from/ (used in) investing activities 409.91 (I0.01) 448.72 (44.09)

III Cash flow from Financing Activities

Proceeds from Issue of convertible Warrants 73.20 28.20 73.20 28.20

Proceeds from issues of Share Capital ( including security premium) 352.96 3.08 352.96 3.08
Share issue expenses (9.06) (9.06)
Proceeds from borrowings 258.59 108.78 320.19 133.29
(Repayment) of borrowings (42.51) (116.63) (91.23) (127.79)
(Repayment) of lease liabilities (6.86) (9.81) 6.86 (9.81)
626.32 13.62 639.20 26.97

Finance Costs paid (117.45) (116.47) (156.64) (147.32)

Dividend paid (28.55) (24.45) (28.55) (24.45)

Net Cash flow from/ (used in) financing activities 480.32 (127.30) 454.01 (144.80)

IV Net increase/(decrease) in cash & cash equivalents (1 +II+ 111) 40.49 47.03 39.59 46.22

V Cash and cash equivalents at the beginning of the financial year 61.35 14.32 62.91 16.69

VI Cash and cash e uiva lcnts at end of the eriod / year '\ 20.86 6 1.35 23 .32 62.9 1

Notes:
The Statement or Cash flow has been pre par ~ Cash Flow" as spc •
Accounting Standards) Rules, 2015.
2 Fi!.!ures in bracket indicate cash outllow.
I
 HFCL Limited
m
HFC L GROUP
8, Commercial Complex, Masjid Moth, Greater Kai lash - II,
New Delhi -110048, India
Tel : (+91 11) 3520 9400, 3520 9500 Fax : (+91 11) 3520 9525
Web : www.hfcl.com
[email protected]
Email

HFCL/SEC/24-25 May 03, 2024

The BSE Ltd. The National Stock Exchange of India Ltd.

l5t Floor, New Trading Wing, Rotunda Building Exchange Plaza, 5th Floor, C - 1, Block G
Phiroze jeejeebhoy Towers, Dalal Street, Fort Bandra - Kurla Complex, Bandra (E)
Mumbai - 400001 Mumbai - 400051
[email protected] [email protected]
Security Code No.: 500183 Security Code No.: HFCL

RE: Declaration under Regulation 33 (3)( d) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").

Subject: Audit Report with Unmodified Opinion, on Annual Audited Financial Results for the
Financial Year ended March 31, 2024, both on Standalone and Consolidated basis.

Dear Sir(s)/ Madam,

Pursuant to Regulation 33(3) of the SEBI Listing Regulations, the Board of Directors of the Company at its
meeting held today has considered and approved the enclosed Audited Financial Results of the Company
for the Financial Year ended March 31, 2024, both on Standalone and Consolidated basis.

In compliance of Regulation 33(3)(d) of the SEBI Listing Regulations read with SEBI Master Circular no.
SEBI/HO /CFD /PoD2/CIR/P /2023/120 dated July 11, 2023, we hereby declare that the Statutory Auditors
of the Company, namely, M/s S. Bhandari & Co. LLP, Chartered Accountants and M/s Oswal Sunil &
Company, Chartered Accountants, have issued Audit Reports with Unmodified Opinion on the Annual
Audited Financial Results of the Company, for the Financial Year ended March 31, 2024, on Standalone and
Consolidated basis.

You are requested to take the above information on records and disseminate the same on your respective
websites.

Thanking you,

Yours faithfully,
For HFCL Limited \., Lf
(;

~ Le
(Vijay Raj Jain)
Chief Financial Officer

Regd. Office & Works : 8, Electronics Complex, Chambaghat, Solan-173 213 (H.P.) Tel.: (01792) 230644, 230645, 230647, Fax: (01792) 231902
Corporate Identity Number: L64200HP1987PLC007466