Report as on 5 July 2023 at 01:05 AM

POOR GROWTH IN
LONG TERM NET SALES
Mildly Bearish HFCL
Technical Trend

Sell
44.68% Pledged
Promoter Holding
CMP: 67.62
STOCK INFO:
BSE – 500183/ NSE – HFCL
Market Cap - Mid Cap (Rs. 9,354 cr)
Sector – Telecom - Equipment
52 w H/L (Rs.) – 88.8/54.4
Dividend Yield: 0.26%
Debt Equity: 0.14%
Return on Equity: 9.69%
Price to Book: 3.02

www.marketsmojo.com
HFCL
CMP: 67.62 45 Sell
Report as on 5 July 2023 at 01:05 AM
Strong Sell Sell Hold Buy Strong Buy

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WHY IT’S A SELL? IS THIS STOCK FOR YOU?

High Risk, Medium Return (1 Year)
Poor long term growth as Net Sales has grown by
an annual rate of 0.03% and Operating profit at Absolute Risk Volatility
8.62% over the last 5 years Adjusted
Stock is technically in a Mildly Bearish range HFCL 22.95% 0.63 36.27%
-The technical trend has deteriorated from Sideways SENSEX 23.00% 1.95 11.81%
on 12-Jun-23 and has generated -3.88% returns since
then How much should you sell? - All quantity irrespective of
whether you are making profits or losses
-Multiple factors for the stock are Mildly Bearish like
When to re-enter? - We will constantly monitor the
MACD, Bollinger Band, KST, DOW and OBV company and review our call based on new data
44.68% of Promoter Shares are Pledged
-In falling markets, high promoter pledged shares RETURNS SUMMARY (Price + Dividend)
puts additional downward pressure on the stock The stock gave a total returns of 23.28% in the last 1 year
prices In line with Sensex returns of 23.00%
750%

500%

WHAT ARE OTHER FACTORS? 250%

High Management Efficiency with a high ROCE of 0%

19.10%
-250%
O 20

F e 20

Se 21
N 21
Ja 2 1

O 22

F e 22
Ju 2 1
D 20

D 22

Ju 2 3
Au 20

Au 2
Ap 21

M -2 2

Ap 23
Ju 2
Au 21

M 22

23
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-

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HFCL Ltd MIDCAP

Investors Returns (3 years) –

Period 6M 1Y 2Y 3Y
Stock (%) -9.17% 23.28% -6.35% 342.9%
Sector (%) -3.88% -3.88% -19.51% 31.46%
Sensex (%) 7.95% 23.00% 24.76% 81.78%

DO YOU HAVE OTHER BETTER CHOICES?

Within same sector Within same market cap
There are no stocks in Telecom - Equipment industry which Ujjivan Small Finance Bank Ltd
we would recommend at this point
Get Verdict Report

MOJO PROFESSIONAL 1
HFCL SELL | Report as on 5 July 2023 at 01:05 AM

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis service is only for
PAID SUBSCRIBERS of www.marketsmojo.com

This Real-Time Stock Analysis Report was

generated on 5th July, 2023 at 01:05 AM, and may
not be valid if you are reading it later.

Some factors/data, as well as the buy/sell/hold call

might have changed.

To access the LATEST version of this report.

Click Here

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HFCL SELL | Report as on 5 July 2023 at 01:05 AM

GROWTH

POOR LONG TERM GROWTH AS NET SALES

HAS GROWN BY AN ANNUAL RATE OF
0.03% AND OPERATING PROFIT AT 8.62%
OVER THE LAST 5 YEARS

Poor Growth in Net Sales 6000Cr

of 0.0% CAGR
0.0% No clear trend in Net Sales numbers
4,366
4,727 4,743

CAGR 4000Cr
3,547
3,068

2000Cr

0Cr
Mar 2018 Mar 2019 Mar 2020 Mar 2022 Mar 2023

Poor Growth in Operating 600Cr 571

534
Profit of 8.6% CAGR
8.6% Company’s Operating Profit has fallen
CAGR
397
400Cr
after increasing for 3 consecutive 317
periods
245
Company’s Operating Profit growth 200Cr
has fallen after increasing for 3
consecutive periods

0Cr
Mar 2018 Mar 2019 Mar 2020 Mar 2022 Mar 2023

Net Profit of 8.2% CAGR 400Cr

8.2% Company’s Net Profit has fallen after

increasing for 3 consecutive periods 300Cr
317
300

CAGR
Company’s Net Profit growth has 203
fallen after increasing for 3 200Cr
156
184

consecutive periods
100Cr

0Cr
Mar 2018 Mar 2019 Mar 2020 Mar 2022 Mar 2023

MOJO PROFESSIONAL 3
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a violation of law and it may also result in cancellation of your subscription package without any refund and may lead to legal action.

HFCL SELL | Report as on 5 July 2023 at 01:05 AM

TECHNICALS

STOCK IS TECHNICALLY IN A MILDLY

BEARISH RANGE
Mildly Bearish Daily Moving Averages indicating near term price weakness
Current Price 50 Day Moving Average 200 Day Moving Average

67.62 66.20 70.85

Factors with downward momentum

Indicator Technical Trend
MACD Mildly Bearish (monthly)
Bollinger Band Mildly Bearish (monthly)
KST Mildly Bearish (monthly)
Dow Theory Mildly Bearish (weekly)
OBV Mildly Bearish (weekly)

In the last 1 year Stock has generated 22.95% returns vs a market (BSE 500)
return of 22.43%
3 Months 1 Year 3 Years
340.52%
22.95% 22.43%
13.14%
10.02%

90.44%

Stock BSE 500 Stock BSE 500 Stock BSE 500

MOJO PROFESSIONAL 4
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HFCL SELL | Report as on 5 July 2023 at 01:05 AM

SHAREHOLDING

44.68% OF THE PROMOTER HOLDINGS ARE

PLEDGED
In falling markets, high promoter pledged shares 60%

puts additional downward pressure on the stock

44.72% 44.72% 44.72% 44.68% 44.68%
prices 39.23% 39.20% 39.20% 39.24% 39.24%
40%

20%

0%
Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

Promoter Pledge

Non Institution
49.73%
Stable Promoter Confidence
Promoter holdings have been stable over the previous period with
FIIs Promoters holding 39.24% of the company
6.77%
Insurance
Companies Other DIIs
0.35% 1.48%

Promoters
39.24%

FII
7.5%
6.66% 6.81% 6.72% 6.77%
6.52%

holding has increased by 0.25%

5%
Number of FIIs holding stake in the company has
decreased to 114 from 115

2.5%

0%
Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

MOJO PROFESSIONAL 5
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HFCL SELL | Report as on 5 July 2023 at 01:05 AM

FACTORS
WORKING
FOR THE COMPANY


MOJO PROFESSIONAL 6
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a violation of law and it may also result in cancellation of your subscription package without any refund and may lead to legal action.

HFCL SELL | Report as on 5 July 2023 at 01:05 AM

MANAGEMENT RISK

HIGH MANAGEMENT EFFICIENCY WITH A

HIGH ROCE OF 19.10%

ROCE
The company has been able to generate a Return on Capital
19.10% ROCE
Employed (avg) of 19.10% signifying high profitability per unit
of total capital (equity and debt)

Dividend Payout Ratio

An average Dividend Pay-out ratio of 7.90% may signify the
7.90%
Dividend Payout Ratio
company is not able to payback profits to shareholders at this
point

Tax Ratio
High Tax Ratio signifies that the profits generated by the
26.16% Tax Ratio
company are real and it is making adequate contributions
towards by paying due taxes

Institutional Holding
Average Institutional Holdings at 11.03%- These investors have
11.03%
Institutional Holding
better capability and resources to analyse fundamentals of
companies than most retail investors

MOJO PROFESSIONAL 7
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HFCL SELL | Report as on 5 July 2023 at 01:05 AM

CAPITAL STRUCTURE

STRONG ABILITY TO SERVICE DEBT AS THE

COMPANY HAS A LOW DEBT TO EBITDA
RATIO OF 0.82 TIMES
Total Debt Debt to Equity Ratio
Low Debt to Equity Ratio Mar 2023 768.12 0.22
Company’s average Debt to Equity ratio over the past few years Mar 2022 759.12 0.25
is low at 0.22 times
Mar 2020 824.26 0.27
No clear trend in Debt to Equity Ratio numbers Mar 2019 616.18 0.25

Total Debt Debt to EBITDA Ratio

Low Debt to EBITDA Ratio Mar 2023 768.12 0.82
Company’s average Debt to EBITDA ratio over the past few Mar 2022 759.12 1.04
years is low at 1.38 times
Mar 2020 824.26 1.26
Debt to EBITDA Ratio has seen a high fall of -100% over Mar 2019 616.18 1.14
previous period

Total Debt EBIT to Interest

An average EBIT to Interest Mar 2023 768.12 3.58
Company has an average EBIT to Interest ratio of 3.58 times Mar 2022 759.12 3.41
No clear trend in EBIT to Interest numbers Mar 2020 824.26 3.6
Mar 2019 616.18 4.18

MOJO PROFESSIONAL 8
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perform, modify, create derivative works, transmit, or in any way exploit any such content. Unauthorized usage is an infringement of our intellectual property rights and
a violation of law and it may also result in cancellation of your subscription package without any refund and may lead to legal action.

HFCL SELL | Report as on 5 July 2023 at 01:05 AM

FINANCIAL TREND
Positive

POSITIVE RESULTS IN MAR 23

results for

2
consecutive
quarters

Near term PBT trend is very 131.23

positive
49.5% 105.25
95.19
PBT less Other Income (Rs Cr)
PBT Growth At Rs 95.19 cr has Grown at 49.51 % 63.67
Year on Year (YoY)
51.96

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

The company has been reducing

0.3 times its borrowing as compared to
equity capital 0.49

Debt-Equity Ratio
Debt-Equity Ratio
0.34
- Half Yearly 0.27 0.26 0.25
Lowest at 0.25 times and Fallen
each half year in the last five half yearly periods

Mar 2021 Sep 2021 Mar 2022 Sep 2022 Mar 2023

Near term sales trend is positive

21.1% Net Sales (Rs Cr) 1 432.98

At Rs 1,432.98 cr has Grown at 21.13 % 1 182.98

1 051.02
1 173.47
1 085.84
Sales Growth Year on Year (YoY)

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

Mar'23 Mar'22 Change%

Net Sales 1,433.0 1,183.0 21.1%
Key Operating Profit (PBDIT) excl Other Income 154.4 124.1 24.4%
Result Interest 37.9 37.8 0.5%
Highlights Exceptional Items 0.0 0.0
Consolidated Net Profit 71.8 65.3 10.0%
Operating Profit Margin (Excl OI) 10.8 10.5 0.3%
Consolidate- figures in Rs
Cr

MOJO PROFESSIONAL 9
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HFCL SELL | Report as on 5 July 2023 at 01:05 AM

VALUATION

WITH ROCE OF 15.1, IT HAS A FAIR

VALUATION WITH A 2.8 ENTERPRISE
VALUE TO CAPITAL EMPLOYED
Expensive

Fair ITI

Affle India

valuation
Railtel Corpn.

Valuation HFCL

Indus Towers

as compared to its Fundamentals

Attractive
Weak Fundamental Strong

Very
Enterprise value to Capital Employed vs ROCE
32 5
Fundamental

Attractive

Valuation
16 3

0 1
as compared to its

3
19

20

21

22
8

02
01

01

02

02

02
past valuations
20

20

20

20

l- 2
-2

-2

-2

-2

-2
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n-

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ec

ec

ec

ec

ec

Ju
Ju

Ju

Ju

Ju
D

Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Ratio Yield
Key
HFCL Fair 3 31 0 0.3%
Valuation
Multiples Indus Towers Attractive 2.1 21.4 0 0%
vs Peers Affle India Very Expensive 9.6 57.7 4 0%
ITI Risky 4.3 -28.4 0 0%
Railtel Corpn. Expensive 2.5 21.7 0 0%

MOJO PROFESSIONAL 10
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HFCL SELL | Report as on 5 July 2023 at 01:05 AM

RESULT
ANALYSIS 

MOJO PROFESSIONAL 11
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HFCL SELL | Report as on 5 July 2023 at 01:05 AM

QUARTERLY VARIANCE

QUARTER RESULTS VARIANCE ANALYSIS

Mar'23 Dec'22 QoQ Mar'22 YoY Comments
Total Operating income 1,433 1,086 32% 1,183 21.1% High Growth in previous quarter
and same quarter last year
Total Expenditure (Excl Depreciation) 1,279 898 42.4% 1,059 20.8% High Growth in previous quarter
and same quarter last year
Operating Profit (PBDIT) excl Other Income 154 188 -17.7% 124 24.4%
Other Income 14 6 141.5% 30 -53.6%
Operating Profit (PBDIT) 168 193 -13% 154 9.4%
Interest 38 37 2.4% 38 0.5% QoQ and YoY increase
Exceptional Items 0 0 0% 0 0%
Depreciation 21 20 6.5% 23 -5.5%
Profit Before Tax 109 137 -20.4% 93 16.8%
Tax 30 35 -14.3% 25 19.9%
Provisions and contingencies 0 0 0% 0 0%
Net Profit 79 101 -22.1% 68 15.5%
Share in Profit of Associates 0 1 -84% 0 20%
Minority Interest 7 5 25% 3 144.1% High Growth in previous quarter
and same quarter last year
Other related items 0 0 0% 0 0%
Consolidated Net Profit 72 96 -25.3% 65 10%

Consolidate results triggered in Rs Cr

Margins
Mar'23 Dec'22 Sep'22 Jun'22 Mar'22 Avg. (4 Comments
Qtrs)
OPM 10.8% 17.3% 14.2% 10.5% 10.5% 13.1% Lower than average (4 Qtrs)
GPM 9.1% 14.4% 11.5% 8.8% 9.8% 11.1% Lower than average (4 Qtrs)
NPM 5.5% 9.4% 7.2% 5.1% 5.8% 6.8% Lower than average (4 Qtrs)

MOJO PROFESSIONAL 12
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HFCL SELL | Report as on 5 July 2023 at 01:05 AM

ANNUAL RESULT

NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2023 IS 0.34% VS 6.88% IN MAR 2022
Consolidated Net Profit: YoY Growth in year ended Mar 2023 is -3.88% vs 31.01% in Mar
2022
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2023 is -
4.83% vs 18.28% in Mar 2022
Interest: YoY Growth in year ended Mar 2023 is -8.54% vs -4.76% in Mar 2022 0.34%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2023 has fallen from Mar NET SALES
2022

Mar'23 Mar'22 Change(%)

Net Sales 4,743.31 4,727.11 0.34%
Key Operating Profit (PBDIT) excl Other Income 618.68 650.07 -4.83%
Annual Interest 152.19 166.40 -8.54%
Results Exceptional Items 0.00 0.00
Consolidated Net Profit 300.97 313.12 -3.88%
Operating Profit Margin (Excl OI) 13.04 13.75 -0.71%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Net Sales-YoY Growth in year ended Mar 2023 is 0.34% vs Consolidated Net Profit-YoY Growth in year ended Mar 2023
6.88% in Mar 2022 is -3.88% vs 31.01% in Mar 2022
5000 4,737.79 4,727.11 4,743.31 500
4,422.96
3,838.91
313.12 300.97
219.91 227.25 239.00
2500 250

0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023

Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2023 is -4.83% vs 18.28% in Mar 2022 Mar 2023 has fallen from Mar 2022
1000 20

650.07 12.87 13.75 13.04

618.68 12.43
549.58
494.09
500 415.47 10 8.77

0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023

Figures in Rs Crore

MOJO PROFESSIONAL 13
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HFCL SELL | Report as on 5 July 2023 at 01:05 AM

BALANCESHEET AND CASHFLOW

BALANCE SHEET AND CASH FLOW

ANALYSIS

-20.64% Borrowings
Mar'22
729.78
Mar'21
919.62
Change%
-20.64%

Increase
Other Long Term Liabilities 19.34 18.47 4.71%
Fixed Assets 551.67 499.31 10.49%
Investments 46.56 34.82 33.72%
in Borrowings in quarter Current Assets 3,819.29 4,149.81 -7.96%
ended Mar 2022 vs in
Figures in Rs Cr
Mar 2021

Other Long Term Liabilities: YoY Growth in year ended Mar 2022 is 4.71% vs 9.10% in Mar 2021
Fixed Assets: YoY Growth in year ended Mar 2022 is 10.49% vs 0.07% in Mar 2021
Investments: YoY Growth in year ended Mar 2022 is 33.72% vs -37.48% in Mar 2021
Current Assets: YoY Growth in year ended Mar 2022 is -7.96% vs 35.57% in Mar 2021

Cash From Operation - YoY Growth in year ended Mar

42.21% 2022 is 42.21% vs -16.01% in Mar 2021
Mar'22 Mar'21 Change%
GROWTH Cash Flow from Operating Activities 205.88 144.77 42.21%
Figures in Rs Cr

300

207.09 205.88
200
172.36
144.77

100

33.94

0
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022

MOJO PROFESSIONAL 14
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HFCL SELL | Report as on 5 July 2023 at 01:05 AM

PEER COMPARISION

PEER COMPARISON
HFCL Affle India ITI Railtel Corpn. Black Box
Size
Market Cap (Cr.) 9,334 14,117 10,213 4,106 2,358
Annual Sales (TTM) (Cr.) 4,743 1,434 1,395 1,964 6,288
Annual Net Profit (TTM) (Cr.) 301 245 -360 189 66
Growth Factors (TTM)
Net Sales Growth 1 year 0.3% 32.6% -25% 26.8% 17.1%
Operating Profit Growth 1 year -6.5% 32.5% -446.4% 5.1% 12.2%
Net Profit Growth 1 year -5.3% 14.4% -400.6% -9.5% -21%
Net Sales Growth 5 year 0% 62.6% -0.9% 19.4% 53.7%
Operating Profit Growth 5 year 8.6% 47.5% -239.4% 5.2% 48.3%
Net Profit Growth 5 year 8.2% 55.1% -209.3% 15.2% 39.9%
Capital Structure Factors
EBIT to Interest 3.5 21 -1 30.9 1.6
Debt to EBITDA 1.2 0.4 -12.2 0.1 2.2
Net Debt to Equity 0.1 -0.4 0.7 -0.2 1.4
Sales to Capital Employed 1.3 1.6 0.3 1.4 8.8
Management Quality Factors
ROCE (latest) 15.1% 25.9% -5% 13.5% 24.6%
ROE(latest) 9.7% 16.7% -15.2% 11.5% 22.2%

Tax Ratio 26.2% 12.8% - 25.8% 19.5%

Operating CF to Net Profit 64.8% 96.3% -360.8% 126.3% 72.3%
Dividend Payout Ratio 7.9% - - 36.9% -
Valuation Factors
PE Ratio 31 57.7 -28.4 21.7 35.8
Price to Book 3 9.6 4.3 2.5 8
PEG Ratio - 4 - - -
Dividend Yield 0.3% - - - -
EV to EBITDA 15.8 47 -77.3 11.3 9.8
EV to Capital Employed 2.8 14.7 2.9 2.8 3.9
Shareholding
Promoter Holdings 39.2% 59.9% 90.3% 72.8% 71.1%
Promoter Pledged Holdings 44.7% - - - 8.9%
Total Institutional Holding 11% 23.4% 7.7% 5.2% 5.7%
FII Holdings 6.8% 11.4% 0.1% 1% 5.6%
Returns
1 Month 4.5% 10.4% 1.7% 8.5% 3.7%
3 Months 10% 7.4% 18% 22% 41.4%
YTD -8.2% -1.7% 3.6% 1.3% 4.6%
1 Year 23% 3.8% 7.5% 40.3% -4.4%
3 Years 340.5% 248.8% -4.2% - 126.7%

MOJO PROFESSIONAL 15
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HFCL SELL | Report as on 5 July 2023 at 01:05 AM

COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

Himachal Futuristic Communications Limited (HFCL) is a diverse telecom
INDUSTRY : Telecom - infrastructure enabler with active interest spanning telecom infrastructure
Equipment development, system integration, and manufacture and supply of high-end
telecom equipment and Optic Fiber Cable (OFC). Their manufacturing facilities are
located at Solan in Himachal Pradesh, Salcete in Goa and New Delhi. Himachal
9,354 cr (Mid Cap) Futuristic Communications Limited was incorporated as a Public Limited Company
on May 11, 1987.

Part of NIFTY FREE

SMALL 100

Board of Directors
Mahendra Nahata Managing Director

Arvind Kharabanda Non Executive Director

Manoj Baid Vice President & CS

R M Kastia Non Executive Director

Surendra Singh Sirohi Non-Exec. & Independent Dir.

3 more board of directors

Company Coordinates

Company Details: Registrat Details:

8 Electronics Complex, Chambaghat Solan Himachal Pradesh MCS Ltd , F-65, , Okhla Industrial Area, Phase - I, New Delhi
: 173213 Fax: 011-41709881
Tel: 01792-230643 / 230644 Email: admin@mcsdel.com/mcscomplaintsdel@mcsdel.com
Fax: 01792-231902
Email: investor@hfcl.com
Website: www.hfcl.com

MOJO PROFESSIONAL 16
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a violation of law and it may also result in cancellation of your subscription package without any refund and may lead to legal action.

HFCL SELL | Report as on 5 July 2023 at 01:05 AM

MOJO PROFESSIONAL FEATURES

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HFCL SELL | Report as on 5 July 2023 at 01:05 AM

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