Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the first quarter ended June 30, 2023. Tejas Networks designs, develops, manufactures and sells high-performance telecom and networking products, which are used to build high-speed communication networks.
For Q1-FY24, consolidated net revenue was Rs. 187.9 crore, which was a YoY increase of 49.4%, resulting in a loss before tax of Rs. 65.9 crore as compared to loss of Rs. 12.9 crore, for corresponding previous period. Loss after tax was Rs. 26.3 crore as compared to loss of Rs. 6.6 crore for corresponding previous period.
Mr. Anand Athreya, Managing Director and CEO of Tejas Networks said, “In Q1-FY24 we saw a YOY growth of 49%. The QoQ revenue decline was primarily due to transition of EMS facilities and some supply chain challenges. The loss after tax was primarily due to continued investment in R&D for growth and increased component costs due to expedite fees and spot buys to ensure critical customer shipments. We have successfully commissioned the pilot network of 200 sites for the BSNL 4G network and plan to ramp up our supplies in the coming quarters”.
Mr. Venkatesh Gadiyar, CFO said, “As on June 30, 2023, our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were at Rs. 943 crore and we continue to be a debt-free Company. On the merger of Saankhya with Tejas, on July 06, 2023, the stock exchanges in terms of Regulation 94 of SEBI (LODR) Regulations, 2015, have conveyed their no objection on the Scheme. Currently, we are in the process of filing the Scheme with National Company Law Tribunal (NCLT).”
As on June 30, 2023, Tejas and its subsidiaries have filed for 445 patents of which 267 have been granted.
For Q1-FY24, consolidated net revenue was Rs. 187.9 crore, which was a YoY increase of 49.4%, resulting in a loss before tax of Rs. 65.9 crore as compared to loss of Rs. 12.9 crore, for corresponding previous period. Loss after tax was Rs. 26.3 crore as compared to loss of Rs. 6.6 crore for corresponding previous period.
Mr. Anand Athreya, Managing Director and CEO of Tejas Networks said, “In Q1-FY24 we saw a YOY growth of 49%. The QoQ revenue decline was primarily due to transition of EMS facilities and some supply chain challenges. The loss after tax was primarily due to continued investment in R&D for growth and increased component costs due to expedite fees and spot buys to ensure critical customer shipments. We have successfully commissioned the pilot network of 200 sites for the BSNL 4G network and plan to ramp up our supplies in the coming quarters”.
Mr. Venkatesh Gadiyar, CFO said, “As on June 30, 2023, our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were at Rs. 943 crore and we continue to be a debt-free Company. On the merger of Saankhya with Tejas, on July 06, 2023, the stock exchanges in terms of Regulation 94 of SEBI (LODR) Regulations, 2015, have conveyed their no objection on the Scheme. Currently, we are in the process of filing the Scheme with National Company Law Tribunal (NCLT).”
As on June 30, 2023, Tejas and its subsidiaries have filed for 445 patents of which 267 have been granted.
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that it has deployed its TJ1400 family of carrier-class Fiber-to-the-x (FTTx) and Packet Switching Network (PTN) solutions to deliver high-speed fiber connectivity services to businesses across the country for Tata Tele Business Services (TTBS). TTBS is a leading digital solutions provider offering a comprehensive portfolio of data, voice and managed services to Enterprises.
Mr. Arnob Roy, COO & Executive Director of Tejas Networks said, “We are pleased that TTBS has selected Tejas for their access network modernization project. This win is a testament to our emergence as a world-class enterprise access & metro vendor of choice among telecom service providers seeking to deliver high-quality and ultra-reliable communications experience to their subscribers. Tejas is committed to a software enabled transformation approach which significantly lowers the total cost of ownership and provides the highest value to our customers.”
Yogesh Verma, Vice President of Sales at Tejas Networks said “Our field proven TJ1400 product will allow TTBS to address the growing demand for enterprise connectivity and enhanced customer experience. We thank TTBS for reposing their faith in Tejas once again and we look forward to exploring further synergies to enhance end-customer delight”.
“Emerging markets, such as India, are witnessing strong take-up rates for fiber broadband services due to attractive supply-side and demand-side conditions in these countries. Cost per premise passed in India is relatively low due to lower labor costs, use of aerial fiber, and higher population density. Indian consumers are showing a strong willingness to pay for high-quality fiber broadband connections, leading to strong adoption. Tejas Networks is an established GPON/XGS-PON vendor in the Asia and Oceania region and has been winning multiple FTTx contracts in India,” said Julie Kunstler, Chief Analyst for Broadband Access at Omdia.
Mr. Arnob Roy, COO & Executive Director of Tejas Networks said, “We are pleased that TTBS has selected Tejas for their access network modernization project. This win is a testament to our emergence as a world-class enterprise access & metro vendor of choice among telecom service providers seeking to deliver high-quality and ultra-reliable communications experience to their subscribers. Tejas is committed to a software enabled transformation approach which significantly lowers the total cost of ownership and provides the highest value to our customers.”
Yogesh Verma, Vice President of Sales at Tejas Networks said “Our field proven TJ1400 product will allow TTBS to address the growing demand for enterprise connectivity and enhanced customer experience. We thank TTBS for reposing their faith in Tejas once again and we look forward to exploring further synergies to enhance end-customer delight”.
“Emerging markets, such as India, are witnessing strong take-up rates for fiber broadband services due to attractive supply-side and demand-side conditions in these countries. Cost per premise passed in India is relatively low due to lower labor costs, use of aerial fiber, and higher population density. Indian consumers are showing a strong willingness to pay for high-quality fiber broadband connections, leading to strong adoption. Tejas Networks is an established GPON/XGS-PON vendor in the Asia and Oceania region and has been winning multiple FTTx contracts in India,” said Julie Kunstler, Chief Analyst for Broadband Access at Omdia.
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.
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.
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that it has received an Advance Purchase Order of Rs 696 crores from BSNL (Bharat Sanchar Nigam Limited) for the upgradation of its pan-India IP-MPLS based Access and Aggregation Network (MAAN) using its state-of-the-art routers. The company won this order while competing against top-tier global vendors in an open tender, after being technically shortlisted and upon submitting the lowest commercial bid. As a part of this contract, Tejas will supply, install and commission over 13,000 of its TJ1400 series of next-generation access and aggregation routers for realizing a converged multi-service packet network, being rolled out on a nationwide basis.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We are delighted to win this prestigious contract which is the single largest order we have received till date in our company. We look forward to partnering with BSNL to create a unified, flexible and scalable IP/MPLS network that will cater to growing data traffic from its full-range of services, including mobile (2G/3G/4G/5G), fiber broadband, Voice over IP, WiFi and enterprise data services. It provides us an excellent opportunity to deploy at scale, our carrier routing products and establish our world-class capabilities in the critical routing technology area.”
Mr. Arnob Roy, COO and Executive Director of Tejas Networks said, “It’s a proud moment for us to be selected as the first Indian company to supply its indigenously designed and field-hardened routing products for BSNL’s nationwide MAAN network. This win further reinforces our position as a leading telecom and networking equipment vendor capable of designing and delivering complex, high-availability mission critical networks. It also catapults us into the global service provider switching and routing segment, which requires products that have high technological complexity and significant R&D capabilities.”
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We are delighted to win this prestigious contract which is the single largest order we have received till date in our company. We look forward to partnering with BSNL to create a unified, flexible and scalable IP/MPLS network that will cater to growing data traffic from its full-range of services, including mobile (2G/3G/4G/5G), fiber broadband, Voice over IP, WiFi and enterprise data services. It provides us an excellent opportunity to deploy at scale, our carrier routing products and establish our world-class capabilities in the critical routing technology area.”
Mr. Arnob Roy, COO and Executive Director of Tejas Networks said, “It’s a proud moment for us to be selected as the first Indian company to supply its indigenously designed and field-hardened routing products for BSNL’s nationwide MAAN network. This win further reinforces our position as a leading telecom and networking equipment vendor capable of designing and delivering complex, high-availability mission critical networks. It also catapults us into the global service provider switching and routing segment, which requires products that have high technological complexity and significant R&D capabilities.”
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that Mr. Sanjay Nayak, Co-founder, Chief Executive Officer (CEO) and Managing Director (MD) has expressed his desire to take retirement and pursue other personal interests. The Board of Directors has considered his request and accepted the same.
The Board has also approved the appointment of Mr. Anand Athreya as the CEO & MD designate of Tejas Networks and he will join the Company effective 3rd April 2023. He would be appointed as MD post all regulatory and shareholder approvals. Post handing over the baton to Mr. Athreya, Mr. Nayak would step down from his role as CEO and MD by the next Annual General Meeting of the company.
Mr. Athreya has more than 25 years of highly technical and managerial experience in telecom equipment, networking, and software industries. He was the Executive Vice President & Chief Development Officer of Juniper Networks since 2017 and he served as Senior Vice-President of the Routing Business Unit for 3 years prior to his current role. Mr. Athreya was with Juniper Networks since 2004 until November 2022.
Mr. N Ganapathy Subramaniam, Chairman, Tejas Networks said, “Sanjay has been successfully leading the Company since its inception and has helped build a pioneering technology company from India. On behalf of Board of Directors and employees of the Company, I would like to thank Sanjay for his significant contributions in building Tejas Networks as a leading telecom products company. We wish Sanjay all the very best for the future”.
He further added, “I am delighted to welcome Anand to Tejas Networks. He is an industry veteran, having been a leader in world-class global Silicon, Systems & Software Engineering, and global innovation led R&D and product development for the networking world. He has led the delivery of several industry leading and award-winning products for the telecommunication industry. I am sure Tejas Networks would benefit from his leadership and rich experience. Sanjay and Anand will be working towards a smooth transition over the coming months.”
Mr. Sanjay Nayak the current CEO & MD said “As a co-founder, I had the privilege of leading the company from a startup to India’s first publicly-listed deep-technology telecom products company. I am proud of what we have built as a company- having a rich portfolio of world-class products for the telecom industry and a solid launchpad for future growth. The association with the Tata Group has only accelerated this journey and I am confident that Tejas is well poised to tap the global market opportunities and become a leading telecom OEM. Having worked with tremendous passion and intensity for the last 23 years, and now with the backing of the Tata Group, I feel this is the right time for me to transition and pursue my other interests. Anand brings in strong domain knowledge and rich global experience. I look forward to working with him and in transitioning my responsibilities over the coming months. I wish him well, as he steers the next phase of growth for the company.”
Mr. Athreya earned his B.E. in Electrical Engineering from Bangalore University, India, and M.Tech in Computer Science and Engineering from Osmania University, India. He later moved to USA and obtained Master’s in Business Administration (Hons.) from National University, CA. He also attended the Advanced Management Program at Harvard Business School.
Speaking on the occasion, Mr. Anand Athreya said, “I am both honoured and humbled to lead Tejas and help transform the telecommunication industry. I am eagerly looking forward to working with Tejas’ leadership team and the Tata group. Tejas is in a unique position to build industry leading telecom and networking solutions right out of India, for India and the rest of the world.”
The Board has also approved the appointment of Mr. Anand Athreya as the CEO & MD designate of Tejas Networks and he will join the Company effective 3rd April 2023. He would be appointed as MD post all regulatory and shareholder approvals. Post handing over the baton to Mr. Athreya, Mr. Nayak would step down from his role as CEO and MD by the next Annual General Meeting of the company.
Mr. Athreya has more than 25 years of highly technical and managerial experience in telecom equipment, networking, and software industries. He was the Executive Vice President & Chief Development Officer of Juniper Networks since 2017 and he served as Senior Vice-President of the Routing Business Unit for 3 years prior to his current role. Mr. Athreya was with Juniper Networks since 2004 until November 2022.
Mr. N Ganapathy Subramaniam, Chairman, Tejas Networks said, “Sanjay has been successfully leading the Company since its inception and has helped build a pioneering technology company from India. On behalf of Board of Directors and employees of the Company, I would like to thank Sanjay for his significant contributions in building Tejas Networks as a leading telecom products company. We wish Sanjay all the very best for the future”.
He further added, “I am delighted to welcome Anand to Tejas Networks. He is an industry veteran, having been a leader in world-class global Silicon, Systems & Software Engineering, and global innovation led R&D and product development for the networking world. He has led the delivery of several industry leading and award-winning products for the telecommunication industry. I am sure Tejas Networks would benefit from his leadership and rich experience. Sanjay and Anand will be working towards a smooth transition over the coming months.”
Mr. Sanjay Nayak the current CEO & MD said “As a co-founder, I had the privilege of leading the company from a startup to India’s first publicly-listed deep-technology telecom products company. I am proud of what we have built as a company- having a rich portfolio of world-class products for the telecom industry and a solid launchpad for future growth. The association with the Tata Group has only accelerated this journey and I am confident that Tejas is well poised to tap the global market opportunities and become a leading telecom OEM. Having worked with tremendous passion and intensity for the last 23 years, and now with the backing of the Tata Group, I feel this is the right time for me to transition and pursue my other interests. Anand brings in strong domain knowledge and rich global experience. I look forward to working with him and in transitioning my responsibilities over the coming months. I wish him well, as he steers the next phase of growth for the company.”
Mr. Athreya earned his B.E. in Electrical Engineering from Bangalore University, India, and M.Tech in Computer Science and Engineering from Osmania University, India. He later moved to USA and obtained Master’s in Business Administration (Hons.) from National University, CA. He also attended the Advanced Management Program at Harvard Business School.
Speaking on the occasion, Mr. Anand Athreya said, “I am both honoured and humbled to lead Tejas and help transform the telecommunication industry. I am eagerly looking forward to working with Tejas’ leadership team and the Tata group. Tejas is in a unique position to build industry leading telecom and networking solutions right out of India, for India and the rest of the world.”
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.
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.
