Tejas Networks has reported its
financial results for the first quarter ending June 30, 2017.
Tejas Networks designs, develops, manufactures and sells high-performance and
cost-competitive optical and data
networking products, which are used to build high-speed communication networks
over optical fiber.
The consolidated revenues for the quarter grew by 49.0%
year-on-year led by strong growth in domestic business. Our operating margins
grew by 251.6% year-on-year. Our operating margin was 12.8% in Q1’18 compared
to 5.4% in Q1’17. Our net profit after tax in Q1’18 was 9.2% as compared to net
loss of 1.2% in Q1’17.
Sanjay Nayak, CEO and MD of
Tejas Networks said, “with exponential increase in data traffic in mobile as
well as fixed-line broadband networks, we are witnessing a strong demand for
our optical transmission equipment. During the quarter, we saw strong revenue
growth especially from our Indian customers”.
During the quarter we completed
our Initial Public Offer (IPO) of shares, raising Rs. 450 crore by issuance of
1,75,09,727 shares to retail and institutional shareholders. The primary
object of the issue is to fund our R&D, increased working capital needs and
general corporate purposes.
As of June 30, 2017, our
cash and cash equivalents amounted to Rs.304.83 crore. Our debt as on that date
was Rs 15.22 crore.
Venkatesh Gadiyar, CFO
said, “our strong balance sheet provides us a perfect platform to seize any
growth opportunity in the market place. We continue to invest heavily in
R&D and sales. During the quarter we also saw significant expansion in
operating and net profits of the company".
During
Q1’18, Tejas supplied a large portion of GPON products for Government of
India’s flagship Bharatnet project for providing broadband to villages. Arnob Roy, President, Optical Products said, “we are pleased to
partner with the Indian government to execute the prestigious BharatNet project
using our leading-edge GPON product.”
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