Tejas Networks announces results for quarter ended March 31, 2023 Q4 23 revenue was Rs. 299.3 crore (YoY 136.6%) and FY 23 revenue was Rs. 919.6 crore (YoY 67%)
Bengaluru, April 21, 2023: Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the fourth quarter ended March 31, 2023. Tejas Networks designs, develops, manufactures and sells high-performance telecom and networking products, which are used to build high-speed communication networks.
For Q4-FY23, consolidated net revenue was Rs. 299.3 crore, which was a YoY increase of 136.6%, resulting in a loss before tax of Rs. 27 crore as compared to loss of Rs. 95.9 crore, for corresponding previous period. Loss after tax was Rs. 11.5 crore as compared to loss of Rs.49.6 crore for corresponding previous period. Effective Q2-FY23 Saankhya Labs and its subsidiaries’ financials have been consolidated and the above includes revenue of Rs. 15 crore from Saankhya for Q4-FY23.
For FY23, consolidated net revenue was Rs. 919.6 crore, which was a YoY increase of 67%, resulting in a loss before tax of Rs. 42.7 crore as compared to loss of Rs. 117.1 crore, for corresponding previous period. Loss after tax was Rs. 36.4 crore as compared to loss of Rs.62.7 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “In FY23 we recorded our highest-ever consolidated revenues of Rs 920 crore and highest-ever new order inflow. We are starting FY24 with a robust order book of Rs 1,934 crore and a strong visibility into large opportunities. We have made significant investments in our supply chain processes and taken adequate inventory actions to ensure that we can scale-up and deliver on the growth opportunities ahead of us. During FY23, in line with our business growth plans, we made significant investments in R&D, Supply chain and Field-support and our headcount increased by 41%”.
Mr. Venkatesh Gadiyar, CFO said, “As on March 31, 2023, our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were at Rs. 1,306 crore and we continue to be a debt-free Company. We have made cash flow plans, working with our suppliers, to ensure that we can deliver on our growth and can execute large orders without stressing our working capital.”
As on March 31, 2023, Tejas and its subsidiaries have filed for 445 patents of which 217 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.
For more information, visit Tejas Networks Ltd. at http://www.tejasnetworks.com
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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.