Shares of Tejas Networks were tanking on Saturday going down close to 7% to hit an intraday low of ₹802.85.
What Happened: Shares of the Tata Group company are trailing today as investors seem unimpressed by the company’s December quarter results. Tejas Networks reported a revenue of ₹559.96 crore, reflecting a significant increase of 103.95% compared to ₹274.55 crore in the corresponding period.
However, the EBITDA (earnings before interest, taxes, depreciation, and amortization) showed a loss of Rs 7.51 crore, as opposed to a profit of Rs 8.01 crore in the same quarter last year. The net loss stood at ₹44.87 crore, indicating an increase from the loss of ₹15.15 crore in the previous period.
The company attributed the growth in losses to continued investments in scaling up R&D teams and operations to accelerate product development for driving growth and executing large projects. The company’s order book stood at ₹9,028 crore at the end of the December quarter.
Price Action: Tejas Network’s share price was down 5% to trade at ₹818.75 on Saturday.
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