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Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced the appointment of Prof. Bhaskar Ramamurthi and Mr. P. R. Ramesh as Independent (Additional) Directors with effect from June 27, 2022. These appointments are based on the recommendation of the Nomination and Remuneration Committee of the Board and is subject to the approval of shareholders. The company also announced that Dr. Gururaj Deshpande, who has been a Board member of Tejas Networks since its inception in year 2000, has resigned from his present position as a Non-Executive Director with effect from June 28, 2022.
Prof. Bhaskar Ramamurthi was the Director of IIT Madras from 2011 to 2022. An alumnus of IIT Madras and the University of California, Santa Barbara, Prof. Bhaskar is a Fellow of Indian National Academy of Engineering (INAE) as well as IEEE, and has won several awards for his world-class research in electronics and communications engineering. Prof. Ramamurthi is an honorary Director of the Centre of Excellence in Wireless Technology (CEWiT), a public-private initiative at the IIT-M Research Park and has also served on the Board of Oil India Limited (OIL) and Bharat Electronics Limited (BEL).
Mr. P. R. Ramesh was the Chairman of Deloitte India and has over 40 years of experience in the profession, having served as a member of Deloitte Global Board and Deloitte Asia Pacific Board. Mr. Ramesh is a Fellow Member of the Institute of Chartered Accountants of India (ICAI) and has also been associated with various Regulatory and Industry Bodies. He has extensive experience working with clients in manufacturing, banking and financial services, technology, media, telecommunications, energy and resources and consumer business sectors throughout his professional career.
Commenting on his association with the company, Dr. Gururaj Deshpande said, “I have been associated with Tejas Networks since the beginning, as an investor as well as a Board member. It has been an absolute pleasure to have been a part of the Board and working with the team at Tejas. I truly enjoyed the experience of seeing the company grow from a startup to India’s largest indigenous telecom products company. I strongly believe that with the Tata relationship, the company has all the ingredients needed to become a globally leading telecom OEM. I will always treasure my long association with Tejas and will remain a committed well-wisher of the company.”
Mr. N Ganapathy Subramaniam, Chairman of the Board of Tejas Networks said, “I would like to applaud Dr. Deshpande for his vision in helping create India’s largest telecom product company and thank him for his extraordinary contributions in helping the company achieve all the success over the years.” Welcoming the new Independent Directors Mr. Subramaniam said, “We are delighted to welcome Prof. Ramamurthi and Mr. Ramesh to our Board. They are highly respected professionals in their field and their deep knowledge and domain experience will be very valuable to our company during the next phase of our growth, as we aspire to become a top-tier, global end-to-end telecom products company.”
Mr. Sanjay Nayak, CEO and MD of Tejas Networks added, “We are excited that Prof Bhaskar Ramamurthi and Mr. P. R. Ramesh, two distinguished industry veterans, have agreed to join our Board. I look forward to working with them and am confident that the company will immensely benefit from their vast background and invaluable experience, as we scale up our organization to achieve global success. Dr. Deshpande has been a guiding force behind Tejas from the day it was founded and I would like to convey my sincere appreciation and gratitude to Dr. Deshpande. On behalf of the entire team at Tejas, I would like to thank him for his valuable guidance, mentorship and generous support over the last 22 years. His deep insights on strategic as well as operational matters helped us navigate various challenges and achieve significant success.”
Prof. Bhaskar Ramamurthi was the Director of IIT Madras from 2011 to 2022. An alumnus of IIT Madras and the University of California, Santa Barbara, Prof. Bhaskar is a Fellow of Indian National Academy of Engineering (INAE) as well as IEEE, and has won several awards for his world-class research in electronics and communications engineering. Prof. Ramamurthi is an honorary Director of the Centre of Excellence in Wireless Technology (CEWiT), a public-private initiative at the IIT-M Research Park and has also served on the Board of Oil India Limited (OIL) and Bharat Electronics Limited (BEL).
Mr. P. R. Ramesh was the Chairman of Deloitte India and has over 40 years of experience in the profession, having served as a member of Deloitte Global Board and Deloitte Asia Pacific Board. Mr. Ramesh is a Fellow Member of the Institute of Chartered Accountants of India (ICAI) and has also been associated with various Regulatory and Industry Bodies. He has extensive experience working with clients in manufacturing, banking and financial services, technology, media, telecommunications, energy and resources and consumer business sectors throughout his professional career.
Commenting on his association with the company, Dr. Gururaj Deshpande said, “I have been associated with Tejas Networks since the beginning, as an investor as well as a Board member. It has been an absolute pleasure to have been a part of the Board and working with the team at Tejas. I truly enjoyed the experience of seeing the company grow from a startup to India’s largest indigenous telecom products company. I strongly believe that with the Tata relationship, the company has all the ingredients needed to become a globally leading telecom OEM. I will always treasure my long association with Tejas and will remain a committed well-wisher of the company.”
Mr. N Ganapathy Subramaniam, Chairman of the Board of Tejas Networks said, “I would like to applaud Dr. Deshpande for his vision in helping create India’s largest telecom product company and thank him for his extraordinary contributions in helping the company achieve all the success over the years.” Welcoming the new Independent Directors Mr. Subramaniam said, “We are delighted to welcome Prof. Ramamurthi and Mr. Ramesh to our Board. They are highly respected professionals in their field and their deep knowledge and domain experience will be very valuable to our company during the next phase of our growth, as we aspire to become a top-tier, global end-to-end telecom products company.”
Mr. Sanjay Nayak, CEO and MD of Tejas Networks added, “We are excited that Prof Bhaskar Ramamurthi and Mr. P. R. Ramesh, two distinguished industry veterans, have agreed to join our Board. I look forward to working with them and am confident that the company will immensely benefit from their vast background and invaluable experience, as we scale up our organization to achieve global success. Dr. Deshpande has been a guiding force behind Tejas from the day it was founded and I would like to convey my sincere appreciation and gratitude to Dr. Deshpande. On behalf of the entire team at Tejas, I would like to thank him for his valuable guidance, mentorship and generous support over the last 22 years. His deep insights on strategic as well as operational matters helped us navigate various challenges and achieve significant success.”
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that Mr. Balakrishnan V, Non-Executive Chairman of the Board of the Company has decided to step down from his position and that the Board has approved the appointment of Mr. N. Ganapathy Subramaniam as the Non-Executive Chairman of the Board with effect from May 18, 2022. Mr. N. Ganapathy Subramaniam is a Nominee Director of Panatone Finvest Ltd.
Mr. Balakrishnan V, after serving as the Non-Executive Chairman of the Board for more than 7 years, has also resigned as an Independent Director effective Apr 23, 2022. Commenting on his association with the Company, Mr. Balakrishnan said, “Tejas Networks is a great company with wonderful founders and I enjoyed every moment working with the team. Consequent to the change in control, Tejas has a bigger platform to build a truly global product company from India. I have expressed my desire to leave and the Board has kindly consented. I wish Tejas all the very best in its future endeavors.”
Mr. N. Ganapathy Subramaniam, the incoming Chairman said, “Bala has done an outstanding job of guiding Tejas Networks in its journey from a startup to India’s first listed deep-technology telecom product company, which is now poised to tap global opportunities. We sincerely thank Bala for his invaluable contributions to the Company’s success and wish him all the best in his future endeavors”.
The Tejas Board expressed its deep appreciation and admiration for the skillful manner in which Mr. Balakrishnan V steered and positioned the company during his tenure. Mr. Sanjay Nayak, CEO & MD said, “working with Bala has been an absolute pleasure and a great learning experience. His sharp sense of business judgement and understanding of corporate governance issues was truly admirable and he instilled a culture of excellence in all aspects of our Company. I am thankful to him for having guided me over the years, and would like to place on record my sincere appreciation for the strong contribution that Bala has made to the success of Tejas Networks.”
Welcoming the incoming Chairman, Mr. Nayak said, “I am delighted that Mr. Subramaniam is taking over as the Chairman of our Board at this exciting stage of our Company. He brings in a rich strategic as well as operational experience, strong domain knowledge and a stellar track record of scaling-up companies from India to global scale. I look forward to his valuable insights and guidance, as we set our sights to tap the global market place.”
Mr. Balakrishnan V, after serving as the Non-Executive Chairman of the Board for more than 7 years, has also resigned as an Independent Director effective Apr 23, 2022. Commenting on his association with the Company, Mr. Balakrishnan said, “Tejas Networks is a great company with wonderful founders and I enjoyed every moment working with the team. Consequent to the change in control, Tejas has a bigger platform to build a truly global product company from India. I have expressed my desire to leave and the Board has kindly consented. I wish Tejas all the very best in its future endeavors.”
Mr. N. Ganapathy Subramaniam, the incoming Chairman said, “Bala has done an outstanding job of guiding Tejas Networks in its journey from a startup to India’s first listed deep-technology telecom product company, which is now poised to tap global opportunities. We sincerely thank Bala for his invaluable contributions to the Company’s success and wish him all the best in his future endeavors”.
The Tejas Board expressed its deep appreciation and admiration for the skillful manner in which Mr. Balakrishnan V steered and positioned the company during his tenure. Mr. Sanjay Nayak, CEO & MD said, “working with Bala has been an absolute pleasure and a great learning experience. His sharp sense of business judgement and understanding of corporate governance issues was truly admirable and he instilled a culture of excellence in all aspects of our Company. I am thankful to him for having guided me over the years, and would like to place on record my sincere appreciation for the strong contribution that Bala has made to the success of Tejas Networks.”
Welcoming the incoming Chairman, Mr. Nayak said, “I am delighted that Mr. Subramaniam is taking over as the Chairman of our Board at this exciting stage of our Company. He brings in a rich strategic as well as operational experience, strong domain knowledge and a stellar track record of scaling-up companies from India to global scale. I look forward to his valuable insights and guidance, as we set our sights to tap the global market place.”
Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the fourth quarter ended March 31, 2022. Tejas Networks designs, develops, manufactures and sells high-performance telecom and networking products, which are used to build high-speed communication networks.
For Q4-FY22, consolidated net revenue was Rs. 126.5 crore, which was a YoY decrease of 37.2%, resulting in a loss before tax of Rs. 95.9 crore as compared to a profit of Rs. 18.5 crore, for corresponding previous period. Loss after tax was Rs. 49.6 crore as compared to profit of Rs. 33.6 crore for corresponding previous period.
For FY 22, net revenue was Rs. 550.6 crore, which was a YoY increase of 6.9%, resulting in a loss after tax of Rs. 62.7 crore, as compared to a profit of Rs. 37.5 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We are disappointed that our Q4 revenues were below our expectations. This was due to the ongoing global chip supply shortages and despite our best efforts, we could not manufacture enough products to fulfil open orders. However, we continue to see a positive business momentum with strong Q4 order inflow of Rs. 316 crores, increasing our total order book to an all-time high of Rs. 1,175 crores. We have already taken advance inventory actions for securing components for our planned revenues for next 12 months and we believe that we will be able to effectively address the challenges of the ongoing semiconductor component shortages. We are also pleased that our 4G Radio Access Network (RAN) equipment, as a part of the indigenous 4G solution, has successfully passed the Proof-of-Concept field tests in the network of a large Indian telecom operator.”
Mr. Venkatesh Gadiyar, CFO said, “During Q4, we saw margin pressure due to increase in component prices and lower international revenues. Our cash position continues to be healthy and as on March 31, 2022 our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were Rs. 1,102 crores and we continue to be a debt-free Company”.
For Q4-FY22, consolidated net revenue was Rs. 126.5 crore, which was a YoY decrease of 37.2%, resulting in a loss before tax of Rs. 95.9 crore as compared to a profit of Rs. 18.5 crore, for corresponding previous period. Loss after tax was Rs. 49.6 crore as compared to profit of Rs. 33.6 crore for corresponding previous period.
For FY 22, net revenue was Rs. 550.6 crore, which was a YoY increase of 6.9%, resulting in a loss after tax of Rs. 62.7 crore, as compared to a profit of Rs. 37.5 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We are disappointed that our Q4 revenues were below our expectations. This was due to the ongoing global chip supply shortages and despite our best efforts, we could not manufacture enough products to fulfil open orders. However, we continue to see a positive business momentum with strong Q4 order inflow of Rs. 316 crores, increasing our total order book to an all-time high of Rs. 1,175 crores. We have already taken advance inventory actions for securing components for our planned revenues for next 12 months and we believe that we will be able to effectively address the challenges of the ongoing semiconductor component shortages. We are also pleased that our 4G Radio Access Network (RAN) equipment, as a part of the indigenous 4G solution, has successfully passed the Proof-of-Concept field tests in the network of a large Indian telecom operator.”
Mr. Venkatesh Gadiyar, CFO said, “During Q4, we saw margin pressure due to increase in component prices and lower international revenues. Our cash position continues to be healthy and as on March 31, 2022 our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were Rs. 1,102 crores and we continue to be a debt-free Company”.
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that it has signed definitive agreements to acquire 64.40% of shares of Saankhya Labs Private Ltd. Bangalore (“Saankhya”) for Rs 283.94 Cr in cash. The initial acquisition of Saankhya shares is expected to close within the next 90 days. Tejas Networks, upon procuring all necessary consents and approvals, also intends to proceed with acquiring the balance 35.60% shares through a merger process or a secondary acquisition.
Saankhya was founded in 2007 by technology entrepreneurs with global experience and has developed a wide range of system and semiconductor products for cellular Wireless, Broadcast radios and Satellite communication ground-terminal, which are deployed by customers in India and in international markets. With a rich IPR portfolio and 73 international patents (41 granted, 32 filed), Saankhya is a pioneer in building software defined radios (SDR), powered by its own SDR chipsets. Saankhya has a strong technology team of more than 250 engineers, with deep expertise in wireless communication systems and fabless-semiconductor design.
Mr. Sanjay Nayak, CEO & MD of Tejas Networks said, “We are committed to our vision to create a global telecom equipment company from India, which will provide an end-to-end stack of world-class products and solutions based on latest technologies and customer requirements. This acquisition shows our continued commitment to expand our wireless product offerings to address the growing market opportunity. Saankhya’s products would complement our existing 4G/5G Radio Access Network (RAN) products and positions us well for the emerging opportunities in the O-RAN and 5G Broadcast space. We are excited to welcome the highly talented and experienced team of Saankhya and the intellect and domain expertise they bring for wireless as well as semiconductor design. We expect that this acquisition will accelerate our roadmap to create a full range of trusted and secured, world-class telecommunication products.”
Mr. Parag Naik, Co-founder and CEO of Saankhya Labs said, “We are delighted to become a part of Tejas Networks, which is India’s leading telecom equipment company. Being part of Tejas Networks gives us a strong platform to scale up the business for our wireless products and technologies in India as well as in to international markets. Our customers and partners will also benefit from a larger product portfolio and an accelerated roadmap of our products. This merger will further Saankhya’s founding team’s vision to build a world class technology company from India.”
ONE Media 3.0, LLC (“ONE Media”) which is the largest shareholder of Saankhya, will sell majority of its shareholding in Saankhya and post merger, will retain a minority shareholding in Tejas. Mr. Mark Aitken, ONE Media’s President said, “Our close relationship with Saankhya has been critical to moving our company forward in the world of NextGen Broadcasting. Saankhya has delivered world-class products, technology and solutions, spanning across communication as well as semiconductor domains. From mobile phone design to low-cost, efficient broadcast radio heads enabling single frequency networks, its contributions have been a strategic key for us. We look forward to continuing our business and technology engagement with Tejas Networks, in opportunity areas such as cellularized 5G broadcast infrastructure.
Saankhya was founded in 2007 by technology entrepreneurs with global experience and has developed a wide range of system and semiconductor products for cellular Wireless, Broadcast radios and Satellite communication ground-terminal, which are deployed by customers in India and in international markets. With a rich IPR portfolio and 73 international patents (41 granted, 32 filed), Saankhya is a pioneer in building software defined radios (SDR), powered by its own SDR chipsets. Saankhya has a strong technology team of more than 250 engineers, with deep expertise in wireless communication systems and fabless-semiconductor design.
Mr. Sanjay Nayak, CEO & MD of Tejas Networks said, “We are committed to our vision to create a global telecom equipment company from India, which will provide an end-to-end stack of world-class products and solutions based on latest technologies and customer requirements. This acquisition shows our continued commitment to expand our wireless product offerings to address the growing market opportunity. Saankhya’s products would complement our existing 4G/5G Radio Access Network (RAN) products and positions us well for the emerging opportunities in the O-RAN and 5G Broadcast space. We are excited to welcome the highly talented and experienced team of Saankhya and the intellect and domain expertise they bring for wireless as well as semiconductor design. We expect that this acquisition will accelerate our roadmap to create a full range of trusted and secured, world-class telecommunication products.”
Mr. Parag Naik, Co-founder and CEO of Saankhya Labs said, “We are delighted to become a part of Tejas Networks, which is India’s leading telecom equipment company. Being part of Tejas Networks gives us a strong platform to scale up the business for our wireless products and technologies in India as well as in to international markets. Our customers and partners will also benefit from a larger product portfolio and an accelerated roadmap of our products. This merger will further Saankhya’s founding team’s vision to build a world class technology company from India.”
ONE Media 3.0, LLC (“ONE Media”) which is the largest shareholder of Saankhya, will sell majority of its shareholding in Saankhya and post merger, will retain a minority shareholding in Tejas. Mr. Mark Aitken, ONE Media’s President said, “Our close relationship with Saankhya has been critical to moving our company forward in the world of NextGen Broadcasting. Saankhya has delivered world-class products, technology and solutions, spanning across communication as well as semiconductor domains. From mobile phone design to low-cost, efficient broadcast radio heads enabling single frequency networks, its contributions have been a strategic key for us. We look forward to continuing our business and technology engagement with Tejas Networks, in opportunity areas such as cellularized 5G broadcast infrastructure.
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced the appointment of Mr. N. Ganapathy Subramaniam and Mr. Amur S. Lakshminarayanan as Nominee Directors from Panatone Finvest Limited, a subsidiary of Tata Sons Private Limited. This appointment is based on recommendation of the Nomination and Remuneration Committee of Tejas Networks Board, and is subject to the approval of shareholders.
Mr. N. Ganapathy Subramaniam is Chief Operating Officer (COO) of Tata Consultancy Services Limited (TCS) since February 2017. He is also a Director and Chairman of Tata Elxsi Limited since November 2014. He has about four decades of experience in TCS in strategic management of technology and operations, across large corporations in both established and new growth markets. He has been closely involved with the evolution of Indian IT industry and the value creation process with a globally distributed talent.
Mr. Amur S. Lakshminarayanan is CEO & MD of Tata Communications. He has over 35 years of experience in a broad range of leadership roles across regions and industries. Through the course of his career, he has managed and developed scalable businesses, with deep understanding of the global technology market and enterprises’ growing digital needs. Prior to Tata Communications, he was President and CEO of Tata Consultancy Services Japan, where he was in charge of accelerating the company’s market opportunity and developing the brand in the region. His Other leadership positions within TCS also include: Global Head of four P&L units (Telecom, Media & Information Services, HiTech and Utilities) and Head of UK & Europe where he brought significant growth of the business.
Welcoming Mr. N. Ganapathy Subramaniam and Mr. Amur S. Lakshminarayanan to the Board, Mr. V. Balakrishnan, Chairman of the Board of Tejas Networks said, “We are delighted to welcome two industry luminaries to our Board. They bring a rich strategic as well as operational experience, strong domain knowledge and a stellar track record of scaling-up companies from India to global scale. We look forward to their valuable insights, as Tejas Networks accelerates its journey to become a top global end-to-end telecom products company.”
Mr. N. Ganapathy Subramaniam is Chief Operating Officer (COO) of Tata Consultancy Services Limited (TCS) since February 2017. He is also a Director and Chairman of Tata Elxsi Limited since November 2014. He has about four decades of experience in TCS in strategic management of technology and operations, across large corporations in both established and new growth markets. He has been closely involved with the evolution of Indian IT industry and the value creation process with a globally distributed talent.
Mr. Amur S. Lakshminarayanan is CEO & MD of Tata Communications. He has over 35 years of experience in a broad range of leadership roles across regions and industries. Through the course of his career, he has managed and developed scalable businesses, with deep understanding of the global technology market and enterprises’ growing digital needs. Prior to Tata Communications, he was President and CEO of Tata Consultancy Services Japan, where he was in charge of accelerating the company’s market opportunity and developing the brand in the region. His Other leadership positions within TCS also include: Global Head of four P&L units (Telecom, Media & Information Services, HiTech and Utilities) and Head of UK & Europe where he brought significant growth of the business.
Welcoming Mr. N. Ganapathy Subramaniam and Mr. Amur S. Lakshminarayanan to the Board, Mr. V. Balakrishnan, Chairman of the Board of Tejas Networks said, “We are delighted to welcome two industry luminaries to our Board. They bring a rich strategic as well as operational experience, strong domain knowledge and a stellar track record of scaling-up companies from India to global scale. We look forward to their valuable insights, as Tejas Networks accelerates its journey to become a top global end-to-end telecom products company.”
Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the third quarter ended December 31, 2021. Tejas Networks designs, develops, manufactures and sells high-performance telecom and networking products, which are used to build high-speed communication networks.
For Q3-FY22, consolidated net revenue was Rs. 107 crore, which was a YoY decrease of 17.1%, resulting in a loss before tax of Rs. 32.9 crore as compared to a profit of Rs. 9.2 crore, for corresponding previous period. Loss after tax was Rs. 24.3 crore as compared to profit of Rs. 9.2 crore for corresponding previous period.
For the 9 months ended December 31, 2021, net revenue was Rs. 424.1 crore, which was a YoY increase of 35.4%, resulting in a loss after tax of Rs. 13.1 crore, as compared to a profit of Rs. 4.0 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “Our Q3 revenues were low as we could not fulfill customer orders due to ongoing global semiconductor component shortage. However, our medium to long-term business momentum continues to be in our favour, as we saw strong Q3 order inflow of Rs. 311 crore, increasing our total order book to an all-time high of Rs. 986 crores. We continue to take proactive measures to address the ongoing semiconductor component shortage challenges.”
During the quarter, we were also certified as a “Trusted Source” for telecom equipment by Government of India.
Mr. Venkatesh Gadiyar, CFO said, “During Q3, we saw margin pressure due to increase in component prices and lower international revenues. In addition, our inventory levels increased, since many orders could not be fulfilled due to shortage of certain critical components. Our cash position continues to be healthy and as on December 31, 2021 our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were Rs. 1,175 crores and we continue to be a debt-free Company”.
For Q3-FY22, consolidated net revenue was Rs. 107 crore, which was a YoY decrease of 17.1%, resulting in a loss before tax of Rs. 32.9 crore as compared to a profit of Rs. 9.2 crore, for corresponding previous period. Loss after tax was Rs. 24.3 crore as compared to profit of Rs. 9.2 crore for corresponding previous period.
For the 9 months ended December 31, 2021, net revenue was Rs. 424.1 crore, which was a YoY increase of 35.4%, resulting in a loss after tax of Rs. 13.1 crore, as compared to a profit of Rs. 4.0 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “Our Q3 revenues were low as we could not fulfill customer orders due to ongoing global semiconductor component shortage. However, our medium to long-term business momentum continues to be in our favour, as we saw strong Q3 order inflow of Rs. 311 crore, increasing our total order book to an all-time high of Rs. 986 crores. We continue to take proactive measures to address the ongoing semiconductor component shortage challenges.”
During the quarter, we were also certified as a “Trusted Source” for telecom equipment by Government of India.
Mr. Venkatesh Gadiyar, CFO said, “During Q3, we saw margin pressure due to increase in component prices and lower international revenues. In addition, our inventory levels increased, since many orders could not be fulfilled due to shortage of certain critical components. Our cash position continues to be healthy and as on December 31, 2021 our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were Rs. 1,175 crores and we continue to be a debt-free Company”.
