Tejas Networks announces consolidated results for quarter ended June 30, 2021 Q1 revenue was Rs. 144.3 crore and Net profit was Rs. 7.6 crore
Bengaluru, July 21, 2021: Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the first quarter ended June 30, 2021. Tejas Networks designs, develops, manufactures and sells high-performance optical and data networking products, which are used to build high-speed communication networks.
For Q1-FY22, consolidated net revenue was Rs. 144.3 crore, which was a YoY increase of 86.4%, resulting in a profit before tax of Rs. 8.3 crore as compared to a loss before tax of Rs. 9.8 crore, for corresponding previous period. Profit after tax was Rs. 7.6 crore as compared to loss after tax of Rs. 9.8 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We are on track for our business growth and improved profitability, driven by rapid adoption of broadband services and increased bandwidth consumption, which is generating robust demand for our equipment. Our international revenues grew by 81.8 % YoY and was 52% of total revenues for the quarter. Our order book is healthy and has increased to Rs. 701 crore. We continue to see supportive Government policies for promoting domestic manufacturing and we have applied under the Government’s Performance Linked Incentive (PLI) scheme for telecom equipment.”
Mr. Venkatesh Gadiyar, CFO said, “With increased revenues, we continue to improve our profitability. However, our working capital was higher compared to previous quarter, primarily due to delayed payments from few of our customers because of COVID lockdowns, and higher payments made to our component suppliers to minimize supply chain disruptions. We expect to get our working capital normalized in the next few quarters. As on June 30, 2021 our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, stood at Rs. 312 crores and we continue to be a debt-free Company.”
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About Tejas Networks Limited
Tejas Networks designs, develops and sells high-performance and cost-competitive networking products to telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries. Tejas products utilize programmable, software-defined hardware architecture with a common software code-base that delivers seamless upgrades of new features and technology standards. Tejas Networks is ranked among top-10 suppliers in the global optical aggregation segment and has filed 349 patents.
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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.