Tejas Networks (TEJASNET) Q4 23/24 earnings summary

Executive summary

• FY24 was a record year: consolidated revenue reached ₹2,470.92 crore, up 168% YoY, with a ₹8,221 crore closing order book and a return to profitability.

• Large BSNL wireless and wireline projects drove domestic growth; execution of the 4G/5G RAN rollout and the nationwide MAAN router deployment were key operating milestones.

Financial highlights

• Consolidated revenue from operations rose to ₹2,470.92 crore from ₹921.54 crore; gross profit was ₹702.70 crore, up from ₹241.68 crore.

• EBITDA was ₹275.43 crore versus ₹18.90 crore; EBIT was ₹92.98 crore versus a loss of ₹103.60 crore.

• PBT was ₹100.22 crore versus a loss of ₹42.65 crore; PAT was ₹62.98 crore versus a loss of ₹36.41 crore. Basic/diluted EPS was ₹3.71/₹3.65 versus losses of ₹2.46 each.

• Gross margin increased to 28.4% from 26.2%; EBITDA margin rose to 11.1% from 2.1%.

• Standalone revenue increased 172% YoY to ₹2,370.46 crore; standalone PAT was ₹81.98 crore versus ₹3.04 crore, with basic EPS of ₹4.83 versus ₹0.20.

Outlook and guidance

• The ₹8,221 crore order book at March 31, 2024 included product and service orders; 93% was expected to convert to revenue within the next year.

• More than 10,000 BSNL RAN sites had received shipped equipment by FY24-end; management expected to complete the rollout by the end of FY25.

• Management cited opportunities in Indian capacity expansion and FTTx, as well as international 4G/5G, broadband and trusted-network refresh projects.

• Continued investment in R&D, international sales and scalable manufacturing was planned to expand product breadth and support large wireless and wireline orders.