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Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the second quarter ended September 30, 2022. Tejas Networks designs, develops, manufactures and sells high-performance telecom and networking products, which are used to build high-speed communication networks.
For Q2-FY23, consolidated net revenue was Rs. 219.9 crore, which was a YoY increase of 27.3%, resulting in a profit before tax of Rs. 10.9 crore as compared to Rs. 3.3 crore, for corresponding previous period. Profit after tax was Rs. 1.1 crore as compared to Rs. 3.7 crore for corresponding previous period. Effective Q2-FY23 Saankhya Labs revenue is consolidated in Tejas books and the above revenue includes Rs. 14 crore from Saankhya Labs.
For H1-FY23, consolidated net revenue was Rs. 345.7 crore, which was a YoY increase of 9.0%, resulting in a loss before tax of Rs. 2.1 crore as compared to profit of Rs. 11.7 crore, for corresponding previous period. Loss after tax was Rs. 5.6 crore as compared to a profit of Rs. 11.2 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We continue to see strong order inflow for our optical products, resulting in all-time high order book of Rs 1,455 crore. We have been re-engineering our supply chain processes and have made substantial improvements during Q2, which will yield better results in the coming quarters. With the launch of our 4G and 5G products, we are well positioned to scale our wireless business in addition to our existing optical business. The integration of Saankhya Labs is progressing well and this has strengthened our R&D investments for 5G development”.
Mr. Venkatesh Gadiyar, CFO said, “During Q2, we made investment in Saankhya Labs amounting to Rs. 284 crore and as on September 30, 2022, our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were Rs. 1,402 crore and we continue to be a debt-free Company. We have also started the merger process for acquisition of the balance 35.60% of Saankhya Labs shares, into our company”.
For Q2-FY23, consolidated net revenue was Rs. 219.9 crore, which was a YoY increase of 27.3%, resulting in a profit before tax of Rs. 10.9 crore as compared to Rs. 3.3 crore, for corresponding previous period. Profit after tax was Rs. 1.1 crore as compared to Rs. 3.7 crore for corresponding previous period. Effective Q2-FY23 Saankhya Labs revenue is consolidated in Tejas books and the above revenue includes Rs. 14 crore from Saankhya Labs.
For H1-FY23, consolidated net revenue was Rs. 345.7 crore, which was a YoY increase of 9.0%, resulting in a loss before tax of Rs. 2.1 crore as compared to profit of Rs. 11.7 crore, for corresponding previous period. Loss after tax was Rs. 5.6 crore as compared to a profit of Rs. 11.2 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We continue to see strong order inflow for our optical products, resulting in all-time high order book of Rs 1,455 crore. We have been re-engineering our supply chain processes and have made substantial improvements during Q2, which will yield better results in the coming quarters. With the launch of our 4G and 5G products, we are well positioned to scale our wireless business in addition to our existing optical business. The integration of Saankhya Labs is progressing well and this has strengthened our R&D investments for 5G development”.
Mr. Venkatesh Gadiyar, CFO said, “During Q2, we made investment in Saankhya Labs amounting to Rs. 284 crore and as on September 30, 2022, our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were Rs. 1,402 crore and we continue to be a debt-free Company. We have also started the merger process for acquisition of the balance 35.60% of Saankhya Labs shares, into our company”.
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that the company has won the “Best Made in India Telecom Innovation” award at IMC yesterday. The company won the award for its ultra-converged broadband networking product, TJ1400 UCB, that has been fully designed, developed and manufactured in India.
Mr. Sanjay Nayak, CEO & Managing Director of Tejas Networks said, “We are honoured to be selected for this prestigious award and thank the jury for their strong endorsement of our “Designed and Made in India” innovation. TJ1400 UCB is the world’s first ultra-converged broadband networking equipment to combine wireless RAN (4G/5G), xPON-based fiber-to-the-home (FTTH), multi-gigabit IP/Ethernet access and packet-optical transmission technologies in a single, compact shelf. We have seen strong customer success for this versatile product, which has been installed in all major public and private sector networks in India and in several international carrier networks”.
Mr. Arnob Roy, Chief Operating Officer & Executive Director of Tejas Networks said, “The innovation and unique software-defined hardware™ architecture of TJ1400 UCB is a testimony to the outstanding engineering and R&D talent available in Tejas. The recent addition of 4G/5G wireless RAN capabilities vastly expands the addressable market for this product. TJ1400 UCB offers a very compelling value proposition to our customers who now get the flexibility to offer mobile as well as various wireline services from a single equipment, saving them significant amount of capex and opex, and potentially translating to lower service costs for consumers”.
Mr. Sanjay Nayak, CEO & Managing Director of Tejas Networks said, “We are honoured to be selected for this prestigious award and thank the jury for their strong endorsement of our “Designed and Made in India” innovation. TJ1400 UCB is the world’s first ultra-converged broadband networking equipment to combine wireless RAN (4G/5G), xPON-based fiber-to-the-home (FTTH), multi-gigabit IP/Ethernet access and packet-optical transmission technologies in a single, compact shelf. We have seen strong customer success for this versatile product, which has been installed in all major public and private sector networks in India and in several international carrier networks”.
Mr. Arnob Roy, Chief Operating Officer & Executive Director of Tejas Networks said, “The innovation and unique software-defined hardware™ architecture of TJ1400 UCB is a testimony to the outstanding engineering and R&D talent available in Tejas. The recent addition of 4G/5G wireless RAN capabilities vastly expands the addressable market for this product. TJ1400 UCB offers a very compelling value proposition to our customers who now get the flexibility to offer mobile as well as various wireline services from a single equipment, saving them significant amount of capex and opex, and potentially translating to lower service costs for consumers”.
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that the company successfully demonstrated 4G/5G network and applications on an end-to-end indigenous network, using its designed-and-made in India hardware and software products, in the presence of Hon’ble Prime Minister of India, Shri Narendra Modi, at the India Mobile Congress (IMC) being held at Pragati Maidan, New Delhi.
The end-to-end network showed a full range of innovative wireless and wireline products from Tejas Networks and its subsidiary Saankhya Labs. These included advanced 4G and 5G macro Radio Access Network (RAN) equipment and broadcast radios, multi-terabit optical aggregation and backbone equipment, all managed from a versatile, universal network management system. Also on display was the world’s first ultra-converged broadband product (TJ1400 UCB) that combines 4G/5G Radio RAN, fiber broadband access (GPON/XGS-PON OLT), and packet-optical transport technologies in a single, compact shelf. The demonstrations included multiple use cases over the 4G/5G network such as video calling, Direct to Mobile (D2M) broadcasting and e-learning.
Mr. Sanjay Nayak, CEO & Managing Director of Tejas Networks said, “Today’s successful live demonstration of indigenous end-to-end network and applications is a critical milestone in India’s journey towards achieving Atmanirbharta in telecom technologies. We are committed to continue building on this success by sustaining our R&D and manufacturing investments, with a vision to create a global-scale telecom OEM from India in the coming years”.
Dr. Kumar N. Sivarajan, Chief Technology Officer of Tejas Networks said, “We are delighted to have played a leadership role in setting up India’s most comprehensive end-to-end indigenous technology demonstrator, covering our latest 4G and 5G RAN equipment as well as our optical transport and access product. It reinforces our position as India’s leading deep-technology innovator in the telecom product space, with a complete portfolio of products to deliver ubiquitous high-speed connectivity in urban, semi-urban, rural and remote areas.”
The end-to-end network showed a full range of innovative wireless and wireline products from Tejas Networks and its subsidiary Saankhya Labs. These included advanced 4G and 5G macro Radio Access Network (RAN) equipment and broadcast radios, multi-terabit optical aggregation and backbone equipment, all managed from a versatile, universal network management system. Also on display was the world’s first ultra-converged broadband product (TJ1400 UCB) that combines 4G/5G Radio RAN, fiber broadband access (GPON/XGS-PON OLT), and packet-optical transport technologies in a single, compact shelf. The demonstrations included multiple use cases over the 4G/5G network such as video calling, Direct to Mobile (D2M) broadcasting and e-learning.
Mr. Sanjay Nayak, CEO & Managing Director of Tejas Networks said, “Today’s successful live demonstration of indigenous end-to-end network and applications is a critical milestone in India’s journey towards achieving Atmanirbharta in telecom technologies. We are committed to continue building on this success by sustaining our R&D and manufacturing investments, with a vision to create a global-scale telecom OEM from India in the coming years”.
Dr. Kumar N. Sivarajan, Chief Technology Officer of Tejas Networks said, “We are delighted to have played a leadership role in setting up India’s most comprehensive end-to-end indigenous technology demonstrator, covering our latest 4G and 5G RAN equipment as well as our optical transport and access product. It reinforces our position as India’s leading deep-technology innovator in the telecom product space, with a complete portfolio of products to deliver ubiquitous high-speed connectivity in urban, semi-urban, rural and remote areas.”
Tejas Networks [BSE: 540595, NSE: TEJASNET] (“Company”) had acquired 64.40% of shares of Saankhya Labs Private Limited (‘Saankhya Labs’) in July 2022. In view to consolidate and merge the operations of Saankhya Labs and its subsidiary, Saankhya Strategic Electronics Private Limited (“Saankhya Strategic”) with the Company, the Board of Directors of Tejas Networks have approved a scheme of amalgamation through a National Company Law Tribunal (“NCLT”) approved process.
As consideration for the said amalgamation and based on the independent valuation report and fairness opinion, issued by the Registered Valuer and Independent Merchant Banker, respectively, the Company will issue 3,871,084 equity shares of Tejas Networks to Saankhya Labs shareholders holding 35.60% equity shares, using the swap ratio of 112 shares of Tejas Networks for 100 shares of Saankhya Labs. The Appointed Date for the amalgamation has been fixed as July 1, 2022.
The proposed amalgamation will expand Tejas’s wireless offerings by adding Saankhya Lab’s 5G Open RAN (ORAN), 5G cellular broadcast and satellite communication products, in addition to enhancing the Company’s expertise in fabless semiconductor chip design. This amalgamation is expected to enhance operational, organizational and financial efficiencies, help achieve economies-of-scale by pooling of resources, drive synergies in revenue, costs and operations, and will help build a stronger base for future growth of the Company’s business.
The proposed amalgamation is subject to necessary approvals by SEBI, shareholders of the Company, Saankhya Labs, Saankhya Strategic, NCLT and other statutory and regulatory bodies, as may be required. Till such approvals are received, Saankhya Labs and Saankhya Strategic will continue to operate as majority-owned subsidiaries of Tejas Networks Limited.
As consideration for the said amalgamation and based on the independent valuation report and fairness opinion, issued by the Registered Valuer and Independent Merchant Banker, respectively, the Company will issue 3,871,084 equity shares of Tejas Networks to Saankhya Labs shareholders holding 35.60% equity shares, using the swap ratio of 112 shares of Tejas Networks for 100 shares of Saankhya Labs. The Appointed Date for the amalgamation has been fixed as July 1, 2022.
The proposed amalgamation will expand Tejas’s wireless offerings by adding Saankhya Lab’s 5G Open RAN (ORAN), 5G cellular broadcast and satellite communication products, in addition to enhancing the Company’s expertise in fabless semiconductor chip design. This amalgamation is expected to enhance operational, organizational and financial efficiencies, help achieve economies-of-scale by pooling of resources, drive synergies in revenue, costs and operations, and will help build a stronger base for future growth of the Company’s business.
The proposed amalgamation is subject to necessary approvals by SEBI, shareholders of the Company, Saankhya Labs, Saankhya Strategic, NCLT and other statutory and regulatory bodies, as may be required. Till such approvals are received, Saankhya Labs and Saankhya Strategic will continue to operate as majority-owned subsidiaries of Tejas Networks Limited.
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that it has been awarded a contract worth Rs 298 crores for the supply, installation, commissioning and support of its state-of-the-art optical networking equipment, for the augmentation of PGCIL’s (NSE: POWERGRID) pan-India telecom backbone and access networks. As part of this contract, Tejas will deploy a wide range of its versatile family of products including TJ1600 multi-terabit OTN cross-connects and 100G/200G DWDM systems with advanced Flex-grid ROADM functionality, TJ1400P series of MPLS-TP/Carrier Ethernet switches, along with TejNMS, its universal, multi-technology network management system to create a scalable and high-capacity network for PGCIL.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We are delighted to be selected by PGCIL for the capacity expansion of their nationwide backbone and access network, which further reinforces our position as a leading trusted telecom equipment provider for the critical infrastructure segment. This win is a strong endorsement of the competitiveness of our end-to-end portfolio of world-class optical networking products for Access, Metro and Backbone networks.”
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We are delighted to be selected by PGCIL for the capacity expansion of their nationwide backbone and access network, which further reinforces our position as a leading trusted telecom equipment provider for the critical infrastructure segment. This win is a strong endorsement of the competitiveness of our end-to-end portfolio of world-class optical networking products for Access, Metro and Backbone networks.”
Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the first quarter ended June 30, 2022. Tejas Networks designs, develops, manufactures and sells high-performance telecom and networking products, which are used to build high-speed communication networks.
For Q1-FY23, consolidated net revenue was Rs. 125.8 crore, which was a YoY decrease of 12.8%, resulting in a loss before tax of Rs. 12.9 crore as compared to a profit of Rs. 8.3 crore, for corresponding previous period. Loss after tax was Rs. 6.6 crore as compared to profit of Rs. 7.6 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We continued to experience supply chain challenges and we could not manufacture enough products to make complete, balanced shipments against our open orders. We are re-engineering our supply chain processes and IT tools, to better manage the unpredictability of component supplies. With these changes, along with our strong order book of Rs 1,158 crores and advance inventory actions, we expect to see better revenue performance in the coming quarters. We continue to increase our R&D and manufacturing investments for 4G and 5G wireless products and are seeing a good pipeline of business building up”.
Mr. Venkatesh Gadiyar, CFO said, “During Q1, we saw margin pressure due to industry-wide increase in component prices over last few quarters, which we could not pass on to some of our customers with whom we had agreed for fixed price deals. Our cash position continues to be healthy and as on June 30, 2022 our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were Rs. 1,739 crore and we continue to be a debt-free Company”.
For Q1-FY23, consolidated net revenue was Rs. 125.8 crore, which was a YoY decrease of 12.8%, resulting in a loss before tax of Rs. 12.9 crore as compared to a profit of Rs. 8.3 crore, for corresponding previous period. Loss after tax was Rs. 6.6 crore as compared to profit of Rs. 7.6 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We continued to experience supply chain challenges and we could not manufacture enough products to make complete, balanced shipments against our open orders. We are re-engineering our supply chain processes and IT tools, to better manage the unpredictability of component supplies. With these changes, along with our strong order book of Rs 1,158 crores and advance inventory actions, we expect to see better revenue performance in the coming quarters. We continue to increase our R&D and manufacturing investments for 4G and 5G wireless products and are seeing a good pipeline of business building up”.
Mr. Venkatesh Gadiyar, CFO said, “During Q1, we saw margin pressure due to industry-wide increase in component prices over last few quarters, which we could not pass on to some of our customers with whom we had agreed for fixed price deals. Our cash position continues to be healthy and as on June 30, 2022 our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were Rs. 1,739 crore and we continue to be a debt-free Company”.
