Tejas Networks announces consolidated results for quarter ended December 31, 2022 Q3 23 revenue was Rs. 274.6 crore and 9M 23 revenue was Rs. 620.3 crore Q3 23 Net loss was Rs. 10.9 crore and 9M 23 loss was Rs. 16.4 crore
Bengaluru, February 06, 2023: Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the third quarter ended December 31, 2022. Tejas Networks designs, develops, manufactures and sells high-performance telecom and networking products, which are used to build high-speed communication networks.
For Q3-FY23, consolidated net revenue was Rs. 274.6 crore, which was a YoY increase of 156.4%, resulting in a loss before tax of Rs. 5.1 crore as compared to loss of Rs. 32.9 crore, for corresponding previous period. Loss after tax was Rs. 10.9 crore as compared to a loss of Rs. 24.3 crore for corresponding previous period. Effective Q2-FY23 Saankhya Labs and its subsidiaries (Saankhya) financials have been consolidated - and the above revenue includes Rs. 21 crore from Saankhya - for Q3-FY23.
For 9M-FY23, consolidated net revenue was Rs. 620.3 crore, which was a YoY increase of 46.3%, resulting in a loss before tax of Rs. 7.1 crore as compared to a loss of Rs. 21.2 crore, for corresponding previous period. Loss after tax was Rs. 16.4 crore as compared to a loss of Rs. 13.1 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We continue to see strong business momentum with a robust order book of Rs 1,431 crore and a good pipeline of large orders for our optical as well as wireless products. Our revenue growth has been constrained due to shortages of semiconductor chips, many of which still have long-lead times. To mitigate this, we have re-engineered and improved our supply chain processes which has resulted in consistent revenue growth. We continue to increase our investments, especially in the 4G/5G products, in line with our business growth plans”.
Mr. Venkatesh Gadiyar, CFO said, “As on December 31, 2022 our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were at Rs. 1,221 crore and we continue to be a debt-free Company. On February 03, 2023 we have received an investment of Rs 300 crore from Panatone Finvest Limited (a subsidiary of Tata Sons Private Limited.), towards final subscription of Series-B Warrants, for which equity shares have been allotted on February 06, 2023.”
As on December 31, 2022, Tejas and its subsidiaries have filed for 443 patents of which 191 have been granted.
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About Tejas Networks Limited
Tejas Networks Ltd. designs and manufactures high-performance wireline and wireless networking products for telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries. Tejas Networks Ltd. is a part of the Tata Group, with Panatone Finvest Ltd. (a subsidiary of Tata Sons Pvt. Ltd.) being the majority shareholder.
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Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements due to risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to successfully implement our strategy and our growth and expansion plans, technological changes, our exposure to market risks, general economic and political conditions in India which have an impact on our business activities or investments, changes in the laws and regulations that apply to the industry in which the Company operates. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company.