TEJASNET · Telecommunication
Tejas Networks Ltd. reported revenue of ₹2,811 cr for July to September 2024, +609.8% on the year and +79.8% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹535 cr, a margin of 19.0%, +1,575 bps on the year and +432 bps on the quarter. Over the last 6 quarters the margin has ranged from −24.5% to 23.3%, averaging 5.7%. Operating costs grew +494.3% against revenue growth of +609.8%, so more of each rupee of sales reached operating profit.
The company swung to a net profit of ₹275 cr from a loss of ₹13.0 cr a year earlier, with earnings per share of ₹16.07.
Telecom is capital-heavy: depreciation and interest take a large share of operating profit, so the operating line matters more than net profit in any one quarter. The quarterly statements do not carry revenue per user, subscribers and capital spending; those come with the filing read.
On earnings per share of ₹26.56 over the last four quarters, the stock at ₹474.75 trades at 17.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹396 cr | ₹560 cr | ₹1,327 cr | ₹1,563 cr | ₹2,811 cr | ₹2,642 cr | ₹1,907 cr | ₹202 cr | ₹262 cr | ₹307 cr | ₹333 cr | ₹402 cr |
| YoY | — | — | — | +731% | +610% | +372% | +44% | −87% | −91% | −88% | −83% | +99% |
| EBITDA margin | 3.3% | −1.4% | 23.3% | 14.7% | 19.0% | 14.1% | 6.4% | −67.3% | −112.2% | −43.6% | −35.4% | −24.9% |
| Other income, % of PBT | — | — | 5% | 11% | 3% | 7% | — | — | — | — | — | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | 37% | 36% | 33% | 22% | — | — | — | — | — | — |
| Net profit | −₹13.0 cr | −₹45.0 cr | ₹147 cr | ₹77.0 cr | ₹275 cr | ₹166 cr | −₹72.0 cr | −₹194 cr | −₹307 cr | −₹197 cr | −₹211 cr | −₹202 cr |
| YoY | — | — | — | — | — | — | −149% | −352% | −212% | −219% | — | — |
| Core profit YoY | — | — | — | — | — | — | −124% | −382% | −220% | −258% | — | — |
| EPS | −₹0.74 | −₹2.64 | ₹8.60 | ₹4.53 | ₹16.07 | ₹9.43 | −₹4.07 | −₹10.98 | −₹17.36 | −₹11.07 | −₹11.89 | −₹11.36 |
| Flags | · | · | · | 1 | ✓ | 2 | 3 | 2 | 2 | 2 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tejas Networks Ltd. reported revenue of ₹2,811 cr (+609.8% on the year) and net profit of ₹275 cr (— on the year) for July to September 2024.
None of the 6 checks that could run raised a question.
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