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Tejas Networks shares tumble over 8% after Q1 loss widens

Tejas Networks declined 4.37% to Rs 808.30 after the company reported net loss of Rs 26.29 crore in Q1 FY24 as compared with Rs 6.64 crore in Q1 FY23.

Net sales jumped 49.4% to Rs 187.89 crore in Q1 FY24 as compared with Rs 125.76 crore posted in corresponding quarter last year. Pre tax loss stood at Rs 65.88 crore in the first quarter as compared to loss of Rs 12.9 crore in same quarter last year. Anand Athreya, managing director and CEO, Tejas Network, said, “In Q1FY24 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.

As on 30 June 2023, Tejas and its subsidiaries have filed for 445 patents of which 267 have been granted. Tejas Networks designs, develops, manufactures and sells high-performance telecom and networking products, which are used to build high-speed communication networks. Capital Market

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