Shares of Tejas Networks, a Tata Group-backed company, soared another 20% in early morning trade today, hitting a new all-time high of ₹1,088.25 per share. This remarkable surge was fueled by the company’s impressive performance in the fourth quarter of the fiscal year 2023-24 (Q4FY24), which was announced after market hours on Monday.
In the quarter ending March 24, Tejas Networks reported a net profit of ₹147 Crore and that is probably a great turnaround for the company.
The company has made net losses in its last nine quarters. The revenue from operations for that quarter was ₹1,171 Crore or 3.43 times of the revenue during the corresponding quarter of the previous year.
In fiscal year 24, the company reported a net profit of ₹63 Crore a great improvement over its net losses of ₹36 Crore and ₹63 Crore in the previous two years. The revenue from operations of the company has increased by 1.68 times to ₹2,471 Crore. The order book position of the company as of 31/03/24 was ₹8,221 Crore.
As of 11:35 am, the company’s shares were trading 20% higher at ₹1,088.25, reflecting investors’ confidence in the company’s strong financial performance and future prospects.
