Tejas Networks announces consolidated results for quarter ended September 30, 2021 Q2 revenue was Rs. 172.8 crore and Net profit was Rs. 3.7 crore
Bengaluru, October 20, 2021: Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the second quarter ended September 30, 2021. Tejas Networks designs, develops, manufactures and sells high-performance telecom and networking products, which are used to build high-speed communication networks.
For Q2-FY22, consolidated net revenue was Rs. 172.8 crore, which was a YoY increase of 61.8%, resulting in a profit before tax of Rs. 3.3 crore as compared to Rs. 4.5 crore, for corresponding previous period. Profit after tax was Rs. 3.7 crore as compared to Rs. 4.5 crore for corresponding previous period.
For the half year ended September 30, 2021, net revenue was Rs. 317 crore, which was a YoY increase of 72.1%, resulting in a profit after tax of Rs. 11.2 crore, as compared to a loss of Rs. 5.2 crore for corresponding previous period.
During the quarter, Tejas Networks received a strategic investment of Rs. 837.5 crore towards preferential allotment of shares and warrants, from Panatone Finvest Limited (a subsidiary of Tata Sons Private Limited).
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We continue to see positive growth momentum in our business. With strong bookings of Rs. 258 crore during the quarter, our order book increased to Rs. 783 crores. However, during the quarter our revenues as well as margins were adversely impacted because of the ongoing global semiconductor component shortage, due to which we are facing challenges in the form of longer lead times and increase in our component costs. Government of India has launched various supportive policies for promoting “designed and made in India” telecom products and we are pleased that our application for the Performance Linked Incentive (PLI) scheme has been approved.”
Mr. Venkatesh Gadiyar, CFO said, “During the quarter, we improved our collections and reduced our DSO as well as working capital, despite continuing to proactively invest in inventory to secure long-lead time components. As on September 30, 2021 our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, increased to Rs. 1,195 crores and we continue to be a debt-free Company. With our healthy cash reserves, we are in a strong position to invest for our business growth”.
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About Tejas Networks Limited
Tejas Networks designs, develops and sells high-performance telecom and 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.
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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