Tejas Networks shares soar more than 15%, hit new all-time high. Here’s why
Tejas Networks share price: Shares of Tejas Networks jumped 15.5% today (April 23) to hit a new all-time high of ₹1,046.95 apiece following the realease of company’s Q4 results. The Tata Group backed company achieved profitability with a net profit of ₹147 crore while revenue from operations during this period came in at ₹1,171 crore- a 343% year-on-year increase.
Tejas Networks designs and manufactures high-performance wireline and wireless networking product.
In the fiscal year 2024, the company’s net profit amounted to ₹63 crore- an improvement from net losses of ₹36 crore and ₹63 crore reported in FY23 and FY22. Revenue from operations for FY24 surged by 168% year-on-year to ₹2,471 crore, the company said.
This comes as the company entered into an agreement with Telecom Egypt, the Information Technology Industry Development Agency, and the National Telecom Institute.
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