Latest News | Tejas Networks Posts Loss of Rs 49.62 Cr in Jan-Mar Quarter

New Delhi, Apr 22 (PTI) Tata group firm Tejas Networks on Friday posted a consolidated loss of Rs 49.62 crore in the fourth quarter ended on March 31, 2022, as the shortage of electronic chips hit its telecom gear production.

The company had posted a profit of Rs 33.55 crore in the period a year ago.

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The consolidated revenue from operations of Tejas Networks declined by 37.23 per cent to Rs 126.5 crore during the reported quarter from Rs 201.55 crore in the March 2021 quarter.

"We are disappointed that our fourth-quarter revenues were below our expectations. This was due to the ongoing global chip supply shortage and despite our best efforts, we could not manufacture enough products to fulfil open orders," Tejas Networks managing director and CEO Sanjay Nayak said in a statement.

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For the year ended March 31, 2022, Tejas Networks posted a loss of Rs 62.71 crore while it had recorded a profit of Rs 37.54 crore in 2020-21. The annual consolidated revenue from operations of Tejas Networks, however, increased by 4.55 per cent to Rs 550.59 crore from Rs 526.6 crore posted a year ago.

"We continue to see a positive business momentum with a strong fourth quarter order inflow of Rs 316 crore, increasing our total order book to an all-time high of Rs 1,175 crore.

"We have already taken advance inventory actions for securing components for our planned revenues for the next 12 months and we believe that we will be able to effectively address the challenges of the ongoing semiconductor component shortages," Nayak said.

TCS chief operating officer and executive director N Ganapathy Subramaniam will join the board of Tejas Networks as non-executive chairman with effect from May 18, according to a regulatory filing by the company.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)