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.

Venkatesh Gadiyar, CFO said, “As on June 30, 2023, our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were at Rs. 943 crore and we continue to be a debt-free Company. On the merger of Saankhya with Tejas, on July 06, 2023, the stock exchanges in terms of Regulation 94 of SEBI (LODR) Regulations, 2015, have conveyed their no objection on the Scheme. Currently, we are in the process of filing the Scheme with National Company Law Tribunal (NCLT).”

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.