HFCL Limited 8, Comm tel I Compl , M Jld Molh, Gr t r K II h • II, N w O lhi • 1100 8, In I Tel (~ 1 11 I 3520 400, J 20 500 ,c ( 1 11 520 25 Wb Em II ICh cl. om

HFCL/SEC/24-25 February 03, 2025

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 February 03, 2025.

Time of commencement: 04:00 PM Time of conclusion: 04:45 PM

Dear Sir(s)/ Madam,

This is in continuation to our earlier intimation dated January 23, 2025, with respect to the meeting of the Board of Directors of the Company, scheduled on February 03, 2025.

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. Un-audited Financial Results of the Company for the 3rd Quarter and Nine Months ended December 31, 2024, of the Financial Year 2024-25, both on Standalone and Consolidated basis, in accordance with the provisions of Regulation 33 of the SEBI Listing Regulations, along with the Limited Review Report of the Auditors' thereon, duly reviewed and recommended by the Audit Committee in its meeting held today.

The copies of the aforesaid Financial Results along with the Limited Review 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, 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. We would further like to update all the stakeholders that the Board of Directors in its meeting held on February 21, 2024, had granted approval for a strategic expansion into Europe by way of setting up an Optical Fiber Cable ('OFC') manufacturing facility in Poland.

Subsequently, the European Commission vide its landmark decision on June 14, 2024 mentioned that HFCL is the only Indian company that has not been engaged in the dumping of OFC in European markets. As a result, while provisional anti-dumping duties were imposed on all other Indian OFC manufacturers, HFCL remains the sole Indian OFC manufacturer to have been exempted from these duties. Furthermore, the European Commission on December 16, 2024 announced the imposition of definitive anti-dumping duty on all other Indian OFC manufacturers, reaffirming HFCL's exemption.

Hf CL Limited 8, Comm tc I j d Moth, Gr I r K II h · 11, N w D lh • 11 Ttl j-t 11 20 500 F x ( t 11 620 ² w b WW Em II aal"lrer-a I.com

Given this significant regulatory development, the Board in its meeting held today decided to temporarily put on hold the planned OFC manufacturing project in Poland. Instead, the Company will leverage its competitive advantage and cater to European customers directly from its manufacturing facilities in India. This approach will enable the Company to optimize resource allocation while continuing to strengthen its presence in the European market.

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 (Manoj Baid) Mano j Baid Digitally signed by Manoj Baid Date: 2025.02.03 17:13:19 +05'30'

President & Company Secretary

Encl.: Un-audited Financial Results and Limited Review Reports.

S Bhandari & Co LLP Chartered Accountants P-7, Tilak Marg, C Scheme , Jaipur - 302 005

Independent Auditors' Review Report on Standalone Unaudited Quarterly and Year to date Financial Results ofHFCL Limited ('the Company') pursu·ant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of HFCL Limited

1. We have reviewed the accompanying Statement of the Unaudited Standalone Financial Results ('the Statement') ofHFCL Limited ('the Company') for the quarter ended December 31, 2024 and for the period from April O 1, 2024 to December 31 , 2024, being submitted by the Company pursuant to the requirements ofReguiJ.ation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time. The Statement is the responsibility of the Company's Management and has been approved by the Company's Board of Directors. Our responsibility is to issue a report on the Statement based on our review of the Statement, which has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), specified under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review oflnterim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

3. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with the recognition and measurement principles laid down in the applicable Indian accounting standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, read with relevant rules issued there under and other recognised accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S BHANDARI & CO LLP Chartered Accountants Firm Registration No. 0

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(Virendra Ra1 ~ Partner Membership No. 015780 ,;,, Brea UDIN: 25015780BMRKFJ8415

Place: New Delhi Date: Februa1y 03, 2025 For OSW AL SUNIL & COMP ANY Chartered Accountants

Place: New Delhi Date: February 03, 2025 S Bhandari & Co LLP Chartered Accountants P-7, Tilak Ma1·g, C Scheme, Jaipur - 302 005

Independent Auditors' Review Report on Consolidated Unaudited Quarterly and Year to date Financial Results of HFCL Limited {the "Parent") pursuant to Regulation 33 of the SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015 {as amended)

To the Board of Directors of HFCL Limited

1. We have reviewed the accompanying Statement of the Unaudited Consolidated Financial Results ("the Statement") ofHFCL Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive profit of its jointly controlled entities, for the quarter ended December 31, 2024 and for the period from April 01, 2024 to December 31, 2024, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Listing Regulations').

2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under· Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review of the Statement. •

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review oflnterim Financial Information Perfom1ed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

1. The Statement includes the results of following Subsidiaries and Jointly Controlled Entities:

i. Subsidiaries:

• a. HTLLtd.;
• b. Polixel Security Systems Pvt. Ltd.;
• c. Moneta Finance Pvt. Ltd.;
• d. HFCL Advance Systems Pvt. Ltd.;
• e. Rad def Pvt. Ltd.;
• f. Dragon Wave HFCL India Pvt. Ltd.;
• g. HFCL Technologies Pvt. Ltd.;
• h. HFCL Inc. (United State of America); and
• 1. HFCL B.V. (Netherlands) (As per consolidated financial results)

ii. Jointly Controlled Entities:

• a. Nimpaa Telecommunications Pvt. Ltd; and

• b. BigCat Wireless Pvt. Ltd.

• Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6, 7 and 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard ("Ind AS") specified under section 133 of the Companies Act 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

S Bhandari & Co LLP Chartered Accountants P-7, Tilak Marg, C Scheme, Jaipur - 302 005

Oswal Sunil & Company Chartered Accoun t ants 71 , Daryaganj New Delhi - 11 0 002

1. We did not review the interim financial information / financial results of two subsidiaries included in the consolidated unaudited financial results, whose interim financial information / financial results reflect total revenues of Rs. Nil and Rs. Nil Crores, total net profit after tax of Rs. 0.12 Crores and Rs. 0.35 Crores and total comprehensive income of Rs. 0.12 Crores and Rs. 0.35 Crores for the quarter ended December 31, 2024 and for the period from April 01, 2024 to December 31, 2024 respectively, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. 0.65 Crores and Rs. 1.46 Crores for the quarter ended December 31, 2024 and for the period from April O 1, 2024 to December 31, 2024 respectively, as considered in the Statement, in respect of two jointly controlled entities, whose interim financial results have not been reviewed by us. These interim financial information / financial results have been reviewed by other respective auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and jointly controlled entities, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

2. The interim financial information / financial results of five subsidiaries included in the unaudited consolidated financial results, whose interim financial information/ financial results reflect total revenues of Rs. 134.42 Crores and Rs. 455.34 Crores, total net profit after tax of Rs. (5.32) Crores and Rs. (10.45) Crores and total comprehensive income of Rs. (4.93) Crores and Rs. (9.94) Crores for the quarter ended December 31 , 2024 and for the period from April 01, 2024 to December 31, 2024 respectively, as considered in the Statement, have been reviewed by one of the joint auditors of the Parent and our opinion on the Statement, 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.

3. The interim financial information/ financial results of two foreign subsidiaries (which includes consolidated financial results/ financial information of one of such foreign subsidiaries incorporating results of its step-down subsidiaries) which reflects total revenues of Rs. 28.34 Crores and Rs. 44.94 Crores, total net profit after tax of Rs. 0.60 Crores and Rs. 1.47 Crores and total comprehensive income of Rs. 0.31 Crores and Rs. 1.13 Crores for the quarter ended December 31, 2024 and for the period from April 01, 2024 to December 31, 2024 respectively, as considered in the Statement, have been reviewed by the independent auditors in accordance with the regulations of such foreign countries, such reports have been furnished to us by the management. Financial . Information/financial results of these subsidiaries have 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.

Our conclusion on the Statement in respect of matters stated in paragraph 6, 7 and 8 above is not modified.

For S BHANDARI & CO LLP Chartered Accountants Firm Registration No. 34

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Partner Membership No. 0157 UDIN: 250 l 5780BMRKFK7652

Place: New Delhi Date: February 03, 2025 For OSW AL SUNIL & COMP ANY Chartered Accountants Firm Registration No. 016520N

(Nawin K Lahot Partner Membership No. 0 UDIN: 25056931BMLDBl8150

Place: New Delhi Date: February 03, 2025 HFCL LIMITED

Regd. Office: 8,Electronics Complex, Chambaghat, Solan-173213 (Himachal Pradesh)

Tel.: (+911792) 230644 , Fax No(+911792) 231902, E-mail: [email protected]

Un-audited Standalone and Consolidated segment wise revenue, results, assets and liabilities for the third quarter and nine months ended 31st December, 2024

(Rs. in Crore unless otherwise stated)

1. The above Un-Audited Standalone & Consolidated Financial Results of the Company for the third quarter and nine months ended 31st December, 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 February, 2025.

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, 2021 (as amended).

3. During the previous year, the Company had 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. 279.81 Crore ( including share issue expenses) towards purposes/objects specified in the placement document.The balance amount of QIP proceeds amounting to Rs.72.19 Crore remains invested in fixed deposits with scheduled commercial banks as interim use of funds.

4. The Consolidated financial results for the third quarter and nine months ended 31st December, 2024 includes the results of the following entities:

a. HFCL Limited (HFCL) (Holding Company)

• b. HTL Limited (Subsidiary)
• c. Radde! 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)
• m. HFCL Canada Inc. (Wholly owned Subsidiary of HFCL B.V.- Netherlands) Canada
• n. HFCL Poland Sp. z.o.o. (Formerly Blue Diwali Sp. z.o.o.) (Wholly owned Subsidiary of HFCL B.V.- Netherlands) Poland
• o. HFCL UK Limited (Wholly owned Subsidiary of HFCL B.V.- Netherlands) United Kingdom
• p. HFCL Pty Limited (Wholly owned Subsidiary of HFCL B.V.- Netherlands) Australia
• 1. Earning per share is not annualised for the quarter and nine months ended 31st December, 2024, 31st December 2023 and quarter ended 30th September 2024.
• 1. As per the accounting policy of the Company, Other Comprehensive Income (OCI) includes the impact of quoted equity investments, which are valued at the prevailing market price at the end of respective quarter.
• 1. The figures of the previous periods have been re-grouped/ re-arranged wherever considered necessary.

• (Mahendra Nahata) Managing Director DIN 00052898