Tejas Networks has reported its financial results for the fourth quarter ended March 31, 2023. For Q4-FY23, consolidated net revenue was Rs 2.99 billion, which was a year-on-year (YoY) increase of 136.6 per cent, resulting in a loss before tax of Rs 270 million as compared to a loss of Rs 959 million for corresponding previous period. Loss after tax was Rs 115 million as compared to loss of Rs 496 million for corresponding previous period. Effective Q2-FY23 Saankhya Labs and its subsidiaries’ financials have been consolidated and the above includes revenue of Rs 115 million from Saankhya for Q4-FY23. For FY23, consolidated net revenue was Rs 9.19 billion, which was a YoY increase of 67 per cent, resulting in a loss before tax of Rs 427 million as compared to loss of Rs 1.171 billion for corresponding previous period. Loss after tax was Rs 364 million as compared to loss of Rs 627 million for corresponding previous period.

Commenting on the results, Sanjay Nayak, managing director and chief executive officer, Tejas Networks said, “In FY23 we recorded our highest-ever consolidated revenues of Rs 9.20 billion and highest-ever new order inflow. We are starting FY24 with a robust order book of Rs 19.34 billion and a strong visibility into large opportunities. We have made significant investments in our supply chain processes and taken adequate inventory actions to ensure that we can scale-up and deliver on the growth opportunities ahead of us. During FY23, in line with our business growth plans, we made significant investments in R&D, supply chain and field-support and our headcount increased by 41 per cent.”

Meanwhile, Venkatesh Gadiyar, chief financial officer, Tejas Networks said, “As on March 31, 2023, our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were at Rs 13.06 billion and we continue to be a debt-free company. We have made cash flow plans, working with our suppliers, to ensure that we can deliver on our growth and can execute large orders without stressing our working capital.”

As on March 31, 2023, Tejas and its subsidiaries have filed for 445 patents of which 217 have been granted.