Bengaluru, October 21, 2022: Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the second quarter ended September 30, 2022. Tejas Networks designs, develops, manufactures and sells high-performance telecom and networking products, which are used to build high-speed communication networks.
For Q2-FY23, consolidated net revenue was Rs. 219.9 crore, which was a YoY increase of 27.3%, resulting in a profit before tax of Rs. 10.9 crore as compared to Rs. 3.3 crore, for corresponding previous period. Profit after tax was Rs. 1.1 crore as compared to Rs. 3.7 crore for corresponding previous period. Effective Q2-FY23 Saankhya Labs revenue is consolidated in Tejas books and the above revenue includes Rs. 14 crore from Saankhya Labs.
For H1-FY23, consolidated net revenue was Rs. 345.7 crore, which was a YoY increase of 9.0%, resulting in a loss before tax of Rs. 2.1 crore as compared to profit of Rs. 11.7 crore, for corresponding previous period. Loss after tax was Rs. 5.6 crore as compared to a profit of Rs. 11.2 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We continue to see strong order inflow for our optical products, resulting in all-time high order book of Rs 1,455 crore. We have been re-engineering our supply chain processes and have made substantial improvements during Q2, which will yield better results in the coming quarters. With the launch of our 4G and 5G products, we are well positioned to scale our wireless business in addition to our existing optical business. The integration of Saankhya Labs is progressing well and this has strengthened our R&D investments for 5G development”.
Mr. Venkatesh Gadiyar, CFO said, “During Q2, we made investment in Saankhya Labs amounting to Rs. 284 crore and as on September 30, 2022, our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were Rs. 1,402 crore and we continue to be a debt-free Company. We have also started the merger process for acquisition of the balance 35.60% of Saankhya Labs shares, into our company”.
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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.