Tata group company Tejas Networks saw its share hitting a 20% upper circuit and touching a one-year high on the BSE today on robust January-March 2023-24 quarterly financial results.

The Bengaluru-based optical, broadband and data networking products company reported a fourth-quarter net profit of ₹147 crore against a net loss of ₹11.5 crore in the same quarter last year.

Its revenue in the said quarter was recorded at ₹1,327 crore, up more than three-fold on a year-on-year basis, against ₹299.3 crore in the corresponding period previous fiscal.

The earnings per share or EPS for the fourth quarter of the 2023-24 fiscal year was recorded at 8.61, up 1,330% YoY.

For the full fiscal year (FY2023-24), Tejas saw its profit grow to ₹63 crore, after net losses of ₹50.58 crore, ₹11.98 crore and ₹14.65 crore in the last three quarters, respectively. Tejas' total loss in FY23 was ₹36 crore.

Similarly, the total revenue for 2023-24 came in at ₹2,471 crore against ₹922 crore revenue in 2022-23.

"With our strong revenue growth, we have achieved a scale in our business that reflects our profitability in line with the significant investments that we made during FY24. We not only ramped up BSNL's 4G/%G RAN shipments but also completed the delivery of the large volume of IP/MPLS routers for the backhaul network," says Anand Athreya, MD and CEO, Tejas Networks. He says the company was granted 22 patents in Q4, taking its total patent count to 335.

Chief financial officer Sumit Dhingra says the company's order book after completing FY24, with a net profit of ₹63 crore, stands at ₹8,221 crore.

In its Q4 FY24 update, the company says 4G/5G RAN installations work for BSNL’s pan-India network is progressing well, and that it has cumulatively shipped equipment for over 10,000 sites.

Tejas says in Q4, it also received ₹32.66 crore as incentives for FY2022-23 under the PLI (Production-Linked Incentive) Scheme for telecom and networking products. Its arm semiconductor arm Saankhya Labs has been approved under the Semiconductor DLI Scheme.

As of Q4, its working capital increased by ₹1,519 crore, and the total borrowings were at ₹1,744 crore at the end of Q4.

Share of Tejas Networks is trading at ₹1,086.90 after opening a gap up at ₹1,013.70 in the morning trade. At 12.33 pm, around 6.6 lakh shares were changing hands on the BSE against the two-week average of 0.61 lakh. With the rally in share price, Tejas' m-cap has risen to ₹18,554.26 crore. Market benchmarks BSE Sensex is also trading up 0.33% at 73,894.18 while the Nifty 50 is also up 0.34% at 22,414.20.

The Tejas Networks share has seen a major rally in the past month, rising around 61%. The scrip has given 71.15% return in the past year, and 24.68% in the calendar year. In the past six months, the share has risen 31.44%.