Tejas Networks Shares Decline To Over One-Week Low Even After Posting Q1 Profit
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.
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.
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.
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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%
