Shares of Tejas Networks Ltd. fell to their lowest level in over one week on Monday, even after reporting profit during the first quarter.
The company reported a net profit of Rs 77.48 crore in the quarter ended in June, compared to a loss of Rs 26.29 crore during the corresponding period of the previous financial year.
The company was able to report profit as its revenue surged over 700% during the first quarter, primarily due to monetary support under the government's production-linked incentive scheme, according to an exchange filing on Friday.
Also Read: Vodafone To Tejas Networks: Telecom Space Buzzing With Momentum To Continue, Say Analysts
Tejas Networks Q1 Results: Key Highlights (YoY)
Revenue up 730.68% at Rs 1,562 crore.
Ebitda at Rs 230.03 crore versus loss of Rs 46.03 crore.
Ebitda margin at 14.71%.
Net profit at Rs 77.48 crore versus loss of Rs 26.29 crore.
Shares of Tejas Networks Ltd. fell 6.77% to Rs 1,405.20, the lowest level since July 10. It pared losses to trade 1.04% lower at Rs 1,390.55 as of 10:20 a.m., compared to 0.11% advance in the NSE Nifty 50.
The stock gained 78.48% in last 12 months, and 59.68% on year to date basis. The total traded volume so far on NSE in the day stood at 0.95 times its 30-day average. The relative strength index was at 52.03.
One analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 20.6%
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