HFCL - Undertaking An Ambitious Business Pivot: ICICI Securities Initiates Coverage
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ICICI Securities Report
We believe HFCL Ltd. is well poised to grow at a healthy pace given the opportunities in-
optical fibre/optical fibre cables,
telecom and networking,
security and surveillance segments.
Management maintains revenue growth outlook of 15-20% for FY22 and similar growth outlook for the medium term.
Further, HFCL is changing its product mix by adding more revenue from product segments, which will strengthen its margin and reduce working capital intensity.
The company targets 45% revenue from product sales during FY22, which will increase to 60% in next two to three years and correspondingly reduce revenue proportion from turnkey projects.
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