Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the fourth quarter ended March 31, 2020. Tejas Networks designs, develops, manufactures and sells high-performance optical and data networking products, which are used to build high-speed communication networks over optical fiber.
For Q4, 2020, consolidated revenues (net of pass-through component sale) were Rs. 52.7 crore which was a YoY decline of 80.2%. Decline in revenues resulted in a loss before tax and before impairment of intangible assets of Rs. 56.7 crore, as compared to a profit of Rs. 37.1 crore for corresponding previous period, since a majority of costs other than cost of material, are linked to manpower and are fixed in nature. The weak revenue during Q4 was primarily because of operational challenges and inability to ship confirmed customer orders because of lockdown due to Covid-19 and pushout of new customer orders, which were otherwise expected. The company also reassessed the marketability of its intangible assets under development as well as capitalized intangible assets, and has taken a one-time impairment charge of Rs. 69.87 crore towards the accumulated costs relating to past R&D.
For the year ended March 31, 2020, revenues (net of pass-through component sale) were Rs. 379.8 crore, which was a YoY decline of 56.7%. As a result, for the year, loss before tax and before impairment of intangibles was Rs. 68.7 crore (Loss of Rs. 138.6 crore, post one-time R&D impairment charge), against a profit before tax of Rs. 150.0 crore for the corresponding period. Revenues from customers in India (which was 79% of total revenues in FY19) declined by 63% YoY and in particular, revenues from the India Government segment declined by 88% YoY.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “Indian telecom sector is undergoing major financial stress, resulting in capex reduction by all private operators. In addition, Government spending on telecom projects declined sharply during FY20, resulting in a major revenue decline for us. We have put a lot of focus to reduce our dependence on India, and our medium term goal is to get 50% of our revenues from international customers. We made significant progress during FY20 in terms of securing new international customer wins and increasing our sales investments, but we could not see the positive impact in Q4, due to pushout of orders because of COVID-19.
In the short-term, due to ever-changing COVID-19 situation, it is likely that we will have fluctuations in the Company’s operations. There may be delays in customer orders and with various logistics and governmental restrictions, even the execution of orders in hand could be impacted. From a macro industry outlook, with more people working remotely and many services being accessed from homes, there has been a significant increase in data traffic in telecom networks, which will drive a demand for higher bandwidth and more optical and data transmission equipment. Our customers are expected to increase their investments to address fiber-to-the-home broadband requirements and to augment the capacity of their optical networks.”
Mr. Venkatesh Gadiyar, CFO said, “As of March 31, 2020, we are a debt free Company and our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, stood at Rs. 280 crore. Our receivables are at Rs. 456 crore, of which a majority is expected to be collected in FY21 and we also have inventory of Rs. 252 crore, a large part of which is expected to be shipped to customers in FY21. During FY21, we expect to improve our cash position from our current levels, based on our collection plan, inventory usage and tight operations. We have done a detailed cash flow planning for the next 12 months and believe that we are well covered to meet all our business growth requirement. Since the Company has made a loss, as per our policy, the Board has decided not to recommend any dividend this year.”
As on date, we have filed for 349 patents and during the quarter, we were granted 3 patent bringing our cumulative grant to 116 patents.
For Q4, 2020, consolidated revenues (net of pass-through component sale) were Rs. 52.7 crore which was a YoY decline of 80.2%. Decline in revenues resulted in a loss before tax and before impairment of intangible assets of Rs. 56.7 crore, as compared to a profit of Rs. 37.1 crore for corresponding previous period, since a majority of costs other than cost of material, are linked to manpower and are fixed in nature. The weak revenue during Q4 was primarily because of operational challenges and inability to ship confirmed customer orders because of lockdown due to Covid-19 and pushout of new customer orders, which were otherwise expected. The company also reassessed the marketability of its intangible assets under development as well as capitalized intangible assets, and has taken a one-time impairment charge of Rs. 69.87 crore towards the accumulated costs relating to past R&D.
For the year ended March 31, 2020, revenues (net of pass-through component sale) were Rs. 379.8 crore, which was a YoY decline of 56.7%. As a result, for the year, loss before tax and before impairment of intangibles was Rs. 68.7 crore (Loss of Rs. 138.6 crore, post one-time R&D impairment charge), against a profit before tax of Rs. 150.0 crore for the corresponding period. Revenues from customers in India (which was 79% of total revenues in FY19) declined by 63% YoY and in particular, revenues from the India Government segment declined by 88% YoY.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “Indian telecom sector is undergoing major financial stress, resulting in capex reduction by all private operators. In addition, Government spending on telecom projects declined sharply during FY20, resulting in a major revenue decline for us. We have put a lot of focus to reduce our dependence on India, and our medium term goal is to get 50% of our revenues from international customers. We made significant progress during FY20 in terms of securing new international customer wins and increasing our sales investments, but we could not see the positive impact in Q4, due to pushout of orders because of COVID-19.
In the short-term, due to ever-changing COVID-19 situation, it is likely that we will have fluctuations in the Company’s operations. There may be delays in customer orders and with various logistics and governmental restrictions, even the execution of orders in hand could be impacted. From a macro industry outlook, with more people working remotely and many services being accessed from homes, there has been a significant increase in data traffic in telecom networks, which will drive a demand for higher bandwidth and more optical and data transmission equipment. Our customers are expected to increase their investments to address fiber-to-the-home broadband requirements and to augment the capacity of their optical networks.”
Mr. Venkatesh Gadiyar, CFO said, “As of March 31, 2020, we are a debt free Company and our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, stood at Rs. 280 crore. Our receivables are at Rs. 456 crore, of which a majority is expected to be collected in FY21 and we also have inventory of Rs. 252 crore, a large part of which is expected to be shipped to customers in FY21. During FY21, we expect to improve our cash position from our current levels, based on our collection plan, inventory usage and tight operations. We have done a detailed cash flow planning for the next 12 months and believe that we are well covered to meet all our business growth requirement. Since the Company has made a loss, as per our policy, the Board has decided not to recommend any dividend this year.”
As on date, we have filed for 349 patents and during the quarter, we were granted 3 patent bringing our cumulative grant to 116 patents.
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that it has stepped forward to support Government of Karnataka’s ongoing relief efforts to tackle and contain the damage being caused by the novel Coronavirus outbreak. The company donated Rs 11 Lacs to the Karnataka Chief Minister’s Relief Fund (CMRF) and Rs 40 Lacs to support Akshaya Patra Foundation Bangalore, that runs the world’s largest mid-day meal programme and is now providing food and ration as a part of our country’s COVID-19 relief efforts.
Sanjay Nayak, CEO & Managing Director of Tejas Networks said, “Our country is grappling with the biggest humanitarian crisis of our times. We appreciate and support the outstanding work being done by our Government and other agencies in tackling this unprecedented situation. As a responsible organization, we are making our humble contribution for these disaster relief efforts.
Tejas Networks has supplied telecom equipment to all the major communication service providers, mission-critical government and defence networks. At this critical juncture, when the need for digital connectivity is critical, we are ensuring that we provide timely support to our customers so that businesses, government offices, hospitals, homes and other essential services stay connected”.
Sanjay Nayak, CEO & Managing Director of Tejas Networks said, “Our country is grappling with the biggest humanitarian crisis of our times. We appreciate and support the outstanding work being done by our Government and other agencies in tackling this unprecedented situation. As a responsible organization, we are making our humble contribution for these disaster relief efforts.
Tejas Networks has supplied telecom equipment to all the major communication service providers, mission-critical government and defence networks. At this critical juncture, when the need for digital connectivity is critical, we are ensuring that we provide timely support to our customers so that businesses, government offices, hospitals, homes and other essential services stay connected”.
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that it has signed a Memorandum of Understanding (MoU) with Bharat Electronics Limited (BSE: 500049, NSE: BEL), India’s premier defence solution provider. The MoU envisages strategic cooperation, covering the use of Tejas’ optical transmission, access and data-switching products for domestic & export markets by jointly capitalising on the emerging opportunities in defence communication, strategic communication, smart city, homeland security, metro and state network projects under the “Make-in-India” program.
Tejas Networks has recently received purchase orders totalling over INR 60 crores from BEL, towards supply and services of its optical and data networking equipment for various projects won by BEL, which includes the Kerala Fibre Optic Network, defence communication networks and smart city projects.
Mrs. Anandi Ramalingam, Director (Marketing) at Bharat Electronics Limited said, “Communication technology is becoming a critical part of defence systems and having an indigenous eco-system is important to address our long-term strategic needs. We are pleased to partner with Tejas Networks, India’s leading R&D-driven telecom products company in the private sector, and combine our complementary strengths to address emerging opportunities in the defence, strategic and civilian sector. BEL has proven capabilities in delivering projects that require complex electronic system design, engineering and production, while Tejas is strong in R&D-led, high-technology product development for optical and data communication. Working together, we expect to create a strong indigenous R&D-driven eco-system, which will reduce our dependence on foreign technology and boost high-value, indigenous electronics manufacturing within the country, in line with the Make in India program.”
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks added, “We are excited to enter into a strategic partnership with BEL, India’s flagship defence electronics company with an outstanding track record of execution and deep understanding of complex defence systems as well as strategic and civilian projects. This partnership will enable us to offer our state-of- the-art optical transmission, access and data-switching products for turnkey projects in India and internationally. It will also diversify our customer base across a wider set of networking applications and domains.”
Tejas Networks has recently received purchase orders totalling over INR 60 crores from BEL, towards supply and services of its optical and data networking equipment for various projects won by BEL, which includes the Kerala Fibre Optic Network, defence communication networks and smart city projects.
Mrs. Anandi Ramalingam, Director (Marketing) at Bharat Electronics Limited said, “Communication technology is becoming a critical part of defence systems and having an indigenous eco-system is important to address our long-term strategic needs. We are pleased to partner with Tejas Networks, India’s leading R&D-driven telecom products company in the private sector, and combine our complementary strengths to address emerging opportunities in the defence, strategic and civilian sector. BEL has proven capabilities in delivering projects that require complex electronic system design, engineering and production, while Tejas is strong in R&D-led, high-technology product development for optical and data communication. Working together, we expect to create a strong indigenous R&D-driven eco-system, which will reduce our dependence on foreign technology and boost high-value, indigenous electronics manufacturing within the country, in line with the Make in India program.”
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks added, “We are excited to enter into a strategic partnership with BEL, India’s flagship defence electronics company with an outstanding track record of execution and deep understanding of complex defence systems as well as strategic and civilian projects. This partnership will enable us to offer our state-of- the-art optical transmission, access and data-switching products for turnkey projects in India and internationally. It will also diversify our customer base across a wider set of networking applications and domains.”
Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the second quarter ended September 30, 2019. Tejas Networks designs, develops, manufactures and sells high-performance optical and data networking products, which are used to build high-speed communication networks over optical fiber.
Highlights for the quarter:
• India-Private segment grew 67% for H1 on YOY basis
• Added 5 new international customers in Q2, and closed techno-commercials on 6 new deals
• DSO (excluding BSNL) decreased by 24 days as compared to Q1
• Cash and cash equivalents increased by ₹ 59 Cr to ₹ 290 Cr as of September 30, 2019
For Q2, 2019, consolidated revenues (net of pass-through component sale) were ₹ 85.1 crore which was a year-on-year decline of 58.0%. The weak revenue during the quarter was primarily due to lower revenues from India Government segment, which had a year-on-year decline of 88% for H1 ended September 30, 2019, on account of BSNL and Bharatnet. On the other hand, India-Private segment was robust and grew by 67% year-on-year for the first six months. Decline in revenues resulted in a loss after tax of ₹ 4.4 crore for the quarter ended September 30, 2019, since a majority of costs such as R&D, are linked to manpower and are fixed in nature.
For the half year ended September 30, 2019, revenues (net of pass-through component sale) were ₹ 241.7 crore, which was a year-on-year decline of 44.4%. As a result, for H1 2019, profit after tax was ₹ 1.5 crore, a decline of 98.1% on year-on-year basis.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “As we anticipated, there was a decline in India Government business which is lumpy in nature, and resulted in weak Q2 revenues. Our medium term goal is to increase our international revenue contribution to at least 50% of our total and we are on track to achieve it. Despite delay in collection from BSNL, our cash position continues to be strong, which will help us to invest and achieve our medium term goals. We see strong momentum in our international business, and during the quarter we added 5 new international customers. We also closed techno-commercial discussions for 6 new international customer deals, each of which are expected to result in multi-million orders during H2 of this year.”
Mr. Venkatesh Gadiyar, CFO said, “During Q2, our cash position improved by ₹ 59 crore and our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, stood at ₹ 290 crore. During the quarter, our overall DSO marginally improved to 277 days and excluding BSNL, our DSO improved by 24 days to 173 days, as compared to June 30, 2019. We also started to receive some amount of long-overdue payments from BSNL during the quarter. We are practically debt-free and we have a strong balance sheet to support our growth plans.”
As on date, the company has filed for 349 patents and during the quarter was granted 2 patents, bringing the cumulative grant to 109 patents. Tejas Networks recently launched a new product, TJ1600S/I, which is the world’s largest disaggregated multi-terabit packet-optical switch optimized for 5G, cloud and broadband networks.
Highlights for the quarter:
• India-Private segment grew 67% for H1 on YOY basis
• Added 5 new international customers in Q2, and closed techno-commercials on 6 new deals
• DSO (excluding BSNL) decreased by 24 days as compared to Q1
• Cash and cash equivalents increased by ₹ 59 Cr to ₹ 290 Cr as of September 30, 2019
For Q2, 2019, consolidated revenues (net of pass-through component sale) were ₹ 85.1 crore which was a year-on-year decline of 58.0%. The weak revenue during the quarter was primarily due to lower revenues from India Government segment, which had a year-on-year decline of 88% for H1 ended September 30, 2019, on account of BSNL and Bharatnet. On the other hand, India-Private segment was robust and grew by 67% year-on-year for the first six months. Decline in revenues resulted in a loss after tax of ₹ 4.4 crore for the quarter ended September 30, 2019, since a majority of costs such as R&D, are linked to manpower and are fixed in nature.
For the half year ended September 30, 2019, revenues (net of pass-through component sale) were ₹ 241.7 crore, which was a year-on-year decline of 44.4%. As a result, for H1 2019, profit after tax was ₹ 1.5 crore, a decline of 98.1% on year-on-year basis.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “As we anticipated, there was a decline in India Government business which is lumpy in nature, and resulted in weak Q2 revenues. Our medium term goal is to increase our international revenue contribution to at least 50% of our total and we are on track to achieve it. Despite delay in collection from BSNL, our cash position continues to be strong, which will help us to invest and achieve our medium term goals. We see strong momentum in our international business, and during the quarter we added 5 new international customers. We also closed techno-commercial discussions for 6 new international customer deals, each of which are expected to result in multi-million orders during H2 of this year.”
Mr. Venkatesh Gadiyar, CFO said, “During Q2, our cash position improved by ₹ 59 crore and our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, stood at ₹ 290 crore. During the quarter, our overall DSO marginally improved to 277 days and excluding BSNL, our DSO improved by 24 days to 173 days, as compared to June 30, 2019. We also started to receive some amount of long-overdue payments from BSNL during the quarter. We are practically debt-free and we have a strong balance sheet to support our growth plans.”
As on date, the company has filed for 349 patents and during the quarter was granted 2 patents, bringing the cumulative grant to 109 patents. Tejas Networks recently launched a new product, TJ1600S/I, which is the world’s largest disaggregated multi-terabit packet-optical switch optimized for 5G, cloud and broadband networks.
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced the launch of TJ1600S/I, which is the world’s largest disaggregated multi-terabit packet-optical switch optimized for 5G, cloud and broadband networks. TJ1600S/I was unveiled by Shri Ravi Shankar Prasad, Hon’ble Minister for Communications, Electronics & Information Technology and Law & Justice, Government of India in the presence of Shri Anshu Prakash, Chairman DCC and Secretary (T), Department of Telecommunications (DoT) at the India Mobile Congress 2019, New Delhi.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We are honoured that Hon’ble Minister Shri Ravi Shankar Prasad, has launched TJ1600S/I, our latest packet and optical switching product, at IMC today. TJ1600S/I is a revolutionary product that has been fully conceptualized, designed and made in India and can be deployed in 5G core networks, for interconnecting hyperscale data centers and to build multi-terabit backbone networks. TJ1600S/I has been developed using an innovative, modular architecture that delivers unprecedented switching capacity in a small footprint, through incremental capex addition in a pay-as-you-grow model.”
TJ1600S/I is the latest addition to Tejas’s TJ1600 series of carrier-class products for optical aggregation, metro and core networks. TJ1600S/I is a future-proof packet and optical switching product that enables service providers to efficiently handle up to 48 terabits of data traffic while optimizing shelf space and power consumption. Built using a programmable software-defined hardware™ approach, TJ1600S/I extends significant time-to-market advantage to customers while incorporating new protocols, technologies, and standards.
Mr. Arnob Roy, COO and President–Optical Products of Tejas Networks said, “TJ1600S/I adopts an innovative disaggregated architecture vis-a-vis the traditional industry approach of building large monolithic systems that are highly inefficient in terms of space and power utilization. TJ1600S/I’s novel architecture enables dynamic and incremental scaling of switching capacity from a few hundred gigabits to tens of terabits by coupling a central TJ1600S fabric shelf with multiple compact TJ1600I interface shelves in a non-blocking fashion. Unlike traditional chassis-based architectures with design constraints, TJ1600S/I’s flexible disaggregated approach will allow the latest advances in optical and semiconductor technologies to be made commercially available to service providers within the shortest period of time.”
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We are honoured that Hon’ble Minister Shri Ravi Shankar Prasad, has launched TJ1600S/I, our latest packet and optical switching product, at IMC today. TJ1600S/I is a revolutionary product that has been fully conceptualized, designed and made in India and can be deployed in 5G core networks, for interconnecting hyperscale data centers and to build multi-terabit backbone networks. TJ1600S/I has been developed using an innovative, modular architecture that delivers unprecedented switching capacity in a small footprint, through incremental capex addition in a pay-as-you-grow model.”
TJ1600S/I is the latest addition to Tejas’s TJ1600 series of carrier-class products for optical aggregation, metro and core networks. TJ1600S/I is a future-proof packet and optical switching product that enables service providers to efficiently handle up to 48 terabits of data traffic while optimizing shelf space and power consumption. Built using a programmable software-defined hardware™ approach, TJ1600S/I extends significant time-to-market advantage to customers while incorporating new protocols, technologies, and standards.
Mr. Arnob Roy, COO and President–Optical Products of Tejas Networks said, “TJ1600S/I adopts an innovative disaggregated architecture vis-a-vis the traditional industry approach of building large monolithic systems that are highly inefficient in terms of space and power utilization. TJ1600S/I’s novel architecture enables dynamic and incremental scaling of switching capacity from a few hundred gigabits to tens of terabits by coupling a central TJ1600S fabric shelf with multiple compact TJ1600I interface shelves in a non-blocking fashion. Unlike traditional chassis-based architectures with design constraints, TJ1600S/I’s flexible disaggregated approach will allow the latest advances in optical and semiconductor technologies to be made commercially available to service providers within the shortest period of time.”
Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the first quarter ended June 30, 2019. Tejas Networks designs, develops, manufactures and sells high-performance optical and data networking products, which are used to build high- speed communication networks over optical fiber.
For the quarter ended June 30, 2019, our consolidated revenues (net of pass-through component sale) were ₹ 156.6 crore which was a year-on-year decline of 32.5%. The weak revenue during the quarter was primarily due to steep decline in Government business. The Government business was 15% of revenues during the quarter as compared to 55% in Fiscal 2019. The decline is due to deferment of spending on Government projects and we expect to see enhanced Government spending during the second half of the fiscal year.
Our Operating profit was at ₹ 6.6 crore which was 4.2% of our revenues (net) as against 19.5% for Q1 2019. Our profit after tax was ₹ 5.9 crore which was a year-on-year decline of 87%. The decline in profits is primarily due to decline in revenues, coupled with the fact that a majority of our costs such as R&D, are linked to manpower and are fixed in nature. We believe that the margins will normalise on a full year basis, with better business momentum.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “A large portion of our Government business is lumpy with significant fluctuations on a quarterly basis. To de-risk our business, we aim to increase our international revenue contribution to at least 50% of our total revenues in the medium term. We are continuing to make investments in international sales and recently we have hired a strong sales leader in US, which is expected to be a key market for us.” The macro factors driving our business continue to be robust, as increased use of data by consumers, businesses and governments and the rollout of 5G networks is resulting in an increased demand for our optical transmission equipment.
During the quarter, our DSO increased to 284 days and working capital to 283 days primarily due to continued delay in collections from a PSU customer and higher revenue in the last month of the previous quarter.
Mr. Venkatesh Gadiyar, CFO said, “While our receivables days are stretched our cash position is comfortable with cash and cash equivalents (including investment in mutual funds) at ₹ 231 crore as of June 30, 2019. We are virtually a debt-free company. We expect to collect the overdue amounts and normalise our working capital cycle in near future.”
Investment in Research and Development (R&D) continues to be a key focus area for us. Our products have won accolades at national as well as international levels. Tejas’ GPON OLT product won the prestigious “National Technology Award” from Department of Science and Technology, Government of India. Our latest ultra-converged broadband access/edge product family, was the finalist at the “Leading Lights Award 2019” from Light Reading, USA. As on date, we have filed for 349 patents and during the quarter, we were granted 1 patent bringing our cumulative grant to 107 patents.
For the quarter ended June 30, 2019, our consolidated revenues (net of pass-through component sale) were ₹ 156.6 crore which was a year-on-year decline of 32.5%. The weak revenue during the quarter was primarily due to steep decline in Government business. The Government business was 15% of revenues during the quarter as compared to 55% in Fiscal 2019. The decline is due to deferment of spending on Government projects and we expect to see enhanced Government spending during the second half of the fiscal year.
Our Operating profit was at ₹ 6.6 crore which was 4.2% of our revenues (net) as against 19.5% for Q1 2019. Our profit after tax was ₹ 5.9 crore which was a year-on-year decline of 87%. The decline in profits is primarily due to decline in revenues, coupled with the fact that a majority of our costs such as R&D, are linked to manpower and are fixed in nature. We believe that the margins will normalise on a full year basis, with better business momentum.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “A large portion of our Government business is lumpy with significant fluctuations on a quarterly basis. To de-risk our business, we aim to increase our international revenue contribution to at least 50% of our total revenues in the medium term. We are continuing to make investments in international sales and recently we have hired a strong sales leader in US, which is expected to be a key market for us.” The macro factors driving our business continue to be robust, as increased use of data by consumers, businesses and governments and the rollout of 5G networks is resulting in an increased demand for our optical transmission equipment.
During the quarter, our DSO increased to 284 days and working capital to 283 days primarily due to continued delay in collections from a PSU customer and higher revenue in the last month of the previous quarter.
Mr. Venkatesh Gadiyar, CFO said, “While our receivables days are stretched our cash position is comfortable with cash and cash equivalents (including investment in mutual funds) at ₹ 231 crore as of June 30, 2019. We are virtually a debt-free company. We expect to collect the overdue amounts and normalise our working capital cycle in near future.”
Investment in Research and Development (R&D) continues to be a key focus area for us. Our products have won accolades at national as well as international levels. Tejas’ GPON OLT product won the prestigious “National Technology Award” from Department of Science and Technology, Government of India. Our latest ultra-converged broadband access/edge product family, was the finalist at the “Leading Lights Award 2019” from Light Reading, USA. As on date, we have filed for 349 patents and during the quarter, we were granted 1 patent bringing our cumulative grant to 107 patents.
