Tejas Networks shares zoom over 15% on Q4 profit surge, hit new all-time high
The company achieved profitability in Q4FY24, marking a significant turnaround after nine consecutive quarters of net losses. Revenue from operations during this period came in at ₹1,171 crore, representing a remarkable 343% year-on-year increase.
Following a 17% rally in the previous trading session, shares of Tejas Networks, a Tata Group backed company, jumped another 15.5% in today's early morning trade to hit a new all-time high of ₹1,046.95 apiece. This stellar rise was in response to the company's stellar performance in Q4FY24, which was released post-market hours on Monday.
In the quarter ending in March (Q4FY24), the company achieved profitability with a net profit of ₹147 crore, marking a significant turnaround after nine consecutive quarters of net losses. Revenue from operations during this period came in at ₹1,171 crore, representing a remarkable 343% year-on-year increase.
Looking at the company's performance for the full fiscal year FY24, net profit amounted to ₹63 crore, showcasing a substantial improvement from net losses of ₹36 crore and ₹63 crore reported in FY23 and FY22, respectively. Additionally, revenue from operations for FY24 surged by 168% year-on-year to ₹2,471 crore.
At the close of FY24, the company's order book reached ₹8,221 crore. According to its investor presentation, progress is underway for the installation of 4G/5G RAN for BSNL’s nationwide network, with equipment shipped to over 10,000 sites.
In March, the company entered into an agreement with Telecom Egypt, the Information Technology Industry Development Agency, and the National Telecom Institute to replicate its success in implementing Bharatnet and NKN projects in Egypt.
The company secured strategic wins for DWDM and switching and routing products in the critical infrastructure sector during the quarter.
During the quarter, the company received ₹32.66 crore as incentives for FY 2022-23 under the PLI Scheme for Telecom and Networking Products. Additionally, Saankhya Labs was approved under the semiconductor DLI scheme.
Tejas Networks, part of the Tata Group, designs and manufactures high-performance wireline and wireless networking products for telecommunications service providers, internet service providers, utilities, defense, and government entities in over 75 countries.
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