Tejas Networks’ share price slumped over 3.5% on Monday morning hitting an intraday low of ₹853.35.

What Happened: The Tata Group company posted its earnings for the quarter ended September on Friday evening. The company’s topline rose by 80.03% to ₹396 crore compared to the same period in the previous year, where it booked revenues of ₹220 crore. This was the highest-ever quarterly revenue achieved by Tejas Networks.

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However, the company reported a net loss of ₹12.64 crore for Q2 FY24. In the same quarter last year, the company’s losses stood at ₹3.2 crore. The loss after tax in the September quarter was attributed to several factors, including expedited fees incurred for delayed components, significant investments in scaling up research and development (R&D) teams, the addition of new facilities, and the expansion of manufacturing infrastructure.

These investments were made to address the requirements for large upcoming shipments of BSNL 4G wireless equipment. The company’s order book at the end of September stood at ₹9,271 crore, marking the highest order book in the company’s history.

Price Action: Tejas Network’s share price was trading 2.43% lower at ₹863.65 shortly after open on Monday.

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