Tejas Network soars to 52-week high on receiving Rs 750-cr advance for BSNL project

Tejas Networks had bagged the contract worth Rs 7,492 crore from TCS for the supply, support, and annual maintenance services for BSNL’s Pan-India 4G/5G network in August.

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Shares of Tejas Networks surged 4.5 percent to hit a 52-week high of Rs 934.90 in early trade on September 8 after the company received a mobilisation advance of Rs 750 crore from Tata Consultancy Services. The amount received is in connection to the deal towards supplying radio access network equipment for BSNL’s pan-India 4G/5G network. At 09.50 am, shares of Tejas Networks were trading 1.7 percent higher at Rs 908.55 on the National Stock Exchange.

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Tejas Networks had bagged the contract from TCS for the supply, support, and annual maintenance services for Radio Access Network equipment for BSNL’s Pan-India 4G/5G network for approximately 100,000 sites in August. The total order value is Rs 7,492 crore.

The supply of the equipment will be executed by the company across 2023 and 2024, whereas support and maintenance services will be for a period of 9 years post the warranty period.

The financials

In the April-June quarter, the wireless telecom and data networking products company recorded a consolidated net loss of Rs 26.3 crore, widening it from a loss of Rs 11.5 crore seen in the preceding quarter. In the year-ago period as well, the company had reported a net loss of Rs 6.6 crore.

On a sequential basis, revenue also fell 37.2 percent to around Rs 188 crore, while it was up over 46 percent on year.

The higher losses were 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.

However, the company’s order book remained robust in the June quarter at Rs 1,909 crore, with 50-60 percent of it likely to be executed by the end of the current fiscal.

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