Tejas Networks tanks 8% as net loss widens on higher costs

The net loss for Tejas Networks was also weighed down by a loss on the operational level.

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Shares of Tejas Networks slumped 8 percent on July 24 after the company’s net loss widened sequentially in the April-June quarter.

The company posted a consolidated net loss of Rs 26.3 crore for the April-June period, surpassing a loss of Rs 11.5 crore recorded in the previous quarter. The company was Rs 6.6 crore into the red a year back.

At 1.06pm, shares of Tejas Networks were trading at Rs 804.90, down 4.8 percent on the National Stock Exchange. Trading volumes were also strong as 19 lakh shares changed hands on the exchanges, higher than the one-month daily traded average of 16 lakh shares.

The company’s revenue dropped 37.2 percent sequentially to around Rs 188 crore, down from Rs 299.3 crore in the last quarter. On a year-on-year basis, however, the topline was up over 46 percent.

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The sequential fall in revenue was linked to the transition to EMS (element management system) facilities. The company encountered some delays in receiving components during the June quarter, as one of the EMS suppliers was in the process of shifting their facilities. However, the problem has since been resolved.

EBITDA loss for the wireless telecom and data networking products company also widened to nearly Rs 47 crore during the June quarter from just Rs 8 crore at the end of March and Rs 7.3 crore a year ago.

The higher losses can be attributed to various factors, including a Rs 31.3 crore charge for ESOP (employee stock option), ongoing investments in research and development (R&D), and increased component costs to expedite fees and spot buys, all aimed at ensuring the timely delivery of critical customer shipments.

Coming to the few positives emerging from the company’s Q1 earnings, its order book remains robust at  Rs 1,909 crore at the end of the June quarter. The company also announced that 50-60 percent of its total order book is likely to be executed by the end of this fiscal.

Tejas successfully commissioned the pilot network of 200 sites of BSNL’s 4G network in Punjab during the quarter gone by and expects to ramp up supplies for deployment from the September quarter.