Tejas Networks hit a lower circuit limit of 5% at Rs 40.70 after the company reported consolidated net loss of Rs 126.53 crore in Q4 March 2020 compared with net profit of Rs 35.89 crore in Q4 March 2019.
Consolidated net sales tumbled 80.02% to Rs 54.57 crore in Q4 March 2020 over Q4 March 2019. The result was announced after market hours yesterday, 21 April 2020.
The weak revenue during Q4 was primarily because of operational challenges and inability to ship confirmed customer orders because of lockdown due to COVID-19 and pushout of new customer orders, which were otherwise expected. The company also reassessed the marketability of its intangible assets under development as well as capitalized intangible assets, and has taken a one-time impairment charge of Rs 69.87 crore towards the accumulated costs relating to past Research & Development (R&D).
Consolidated net loss stood at Rs 237.12 crore for the year ended on 31 March 2020 (FY20) compared with net profit of Rs 147.24 crore in the year ended as on 31 March 2019 (FY19). Net sales slumped 56.62% to Rs 390.54 crore in FY20 over FY19.
Tejas Networks designs, develops, manufactures and sells optical and data networking products, which are used to build high-speed communication networks over optical fiber.
At present, the TV operator has filed for 349 patents and during the quarter, it was granted 3 patent bringing the cumulative grant to 116 patents.
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