Tejas Networks share price dropped over 9 percent in January 24 trade even as the company returned to black in third quarter of the current fiscal. The Tata Group-owned telecommunications equipment maker reported a net profit of Rs 165.67 crore for Q3FY25. It had earlier reported a net loss of Rs 44.87 crore in the same period a year ago.
The company's net profit is however a decline of 40 percent, sequentially from Rs 275.18 crore it reported in Q2FY25. Tejas Networks also reported a decline in its order book and a increase in inventory levels for the third quarter of the current fiscal.
The stock reacted sharply to the weak Q3 show with the counter dropping 9.32 percent to quote an intraday low of Rs 994.45 per share on the NSE. It had opened gap-down with a loss of 4.48 percent. The stock has been losing for the last two days.
The company's order book stands at Rs 2,681 crore, significantly lower than the five-quarter average of Rs 7,700 crore. The revenue witnessed a remarkable year-on-year growth of 346%, reaching Rs 2,497.30 crore. The company also witnessed an uptick in inventory levels to Rs 2,683 crore against Rs 494 crore in the year-ago period.
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