Telecom Services company Tejas Networks announced Q1FY23 results:

• For Q1FY23, 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 a 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".

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