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Tejas Networks reports a consolidated profit of Rs 240.4 million for the quarter ended June 2017

August 03, 2017
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Tejas Networks has reported a consolidated profit of Rs 204.4 million during the quarter ended June 2017 as against a net loss of Rs 1.76 million during the quarter ended June 2016. This can be attributed to an increase of 49 per cent in the company’s revenues from Rs 1.49 billion to Rs 2.23 billion led by strong growth in domestic business. However, its total expenses grew from Rs 1.51 billion to Rs 1.98 billion during the same period.

Meanwhile, the firm completed its initial public offer (IPO) of shares in the quarter, raising Rs 4.5 billion by issuance of 17,509,727 shares to retail and institutional shareholders. The primary objective of the issue was to fund its research and development activities, increased working capital needs and general corporate purposes.

The company pointed that there was exponential increase in data traffic in mobile as well as fixed-line broadband networks that resulted in a strong demand for its optical transmission equipment.

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