Tejas Networks (TEJASNET) Q3 24/25 earnings summary

Executive summary

• Q3 FY2025 net revenues reached INR 2,642 crores, a 4.7x year-over-year increase, with PAT at INR 166 crores and an order book of INR 2,681 crores at quarter-end.

• Major achievements include completion of RAN supplies for over 86,000 BSNL 4G/5G sites, a three-year Vodafone Idea contract, and successful POCs in the U.S. and Asia.

• Corporate highlights include new executive appointments, industry awards, expanded Bangalore facilities, and a new Center of Excellence for wireless research.

• The group comprises the parent and subsidiaries in Singapore, Nigeria, and the USA.

• Unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2024, were reviewed and approved by the Board on January 23, 2025.

Financial highlights

• Q3 FY2025 consolidated revenue from operations was INR 2,642.24 crores, with other operating revenue of INR 144.94 crores, totaling INR 2,655.16 crores.

• PAT for Q3 FY2025 was INR 166 crores (standalone) and INR 168.16 crores (consolidated), with EBIT at INR 260 crores.

• PLI incentives contributed INR 144.94 crores to other operating revenue in Q3 FY2025.

• Inventory at INR 3,127 crores, trade receivables at INR 4,730 crores, and collections of INR 2,000 crores in the quarter.

• Cash position at quarter-end was INR 643 crores, with borrowings of INR 3,157 crores mainly for working capital.

Outlook and guidance

• Anticipates conversion of large opportunities (BSNL 4G/5G expansion, BharatNet Phase 3, Indian Railways, private 5G) in Q4 FY2025 and Q1 FY2026.

• Expects significant order book replenishment and revenue execution in FY2026 if key deals close.

• PLI incentives recognized for the quarter and nine months ended December 31, 2024, were INR 144.94 crores and INR 367.74 crores, respectively.