Tejas Networks Ltd

About

Tejas Networks Ltd is a global R&D-driven telecom equipment company headquartered in India. It designs, develops and manufactures high-performance optical and data networking products that are used by telecom service providers, utilities, government and defense networks.[1]

Key Points

Product Portfolio
Company's products and services include optical transmission equipment, broadband access equipment, Ethernet/ IP switches, Network management software and lifecycle management services.[1]
It has an established market presence in the domestic optical transmission products market.[2]

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  • Market Cap 5,227 Cr.
  • Current Price 457
  • High / Low 570 / 101
  • Stock P/E 96.8
  • Book Value 175
  • Dividend Yield 0.00 %
  • ROCE 2.07 %
  • ROE 3.13 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Promoter holding has increased by 37.37% over last quarter.

Cons

  • Stock is trading at 2.61 times its book value
  • The company has delivered a poor sales growth of -3.44% over past five years.
  • Company has a low return on equity of -1.77% for last 3 years.
  • Dividend payout has been low at 2.15% of profits over last 3 years
  • Company has high debtors of 236.38 days.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
184.33 273.13 161.89 87.42 86.66 54.57 80.11 110.06 134.88 201.55 144.25 172.78
147.99 220.40 137.70 81.03 86.60 172.66 79.49 100.78 121.26 171.57 126.64 154.44
Operating Profit 36.34 52.73 24.19 6.39 0.06 -118.09 0.62 9.28 13.62 29.98 17.61 18.34
OPM % 19.71% 19.31% 14.94% 7.31% 0.07% -216.40% 0.77% 8.43% 10.10% 14.87% 12.21% 10.61%
Other Income 9.30 6.87 7.05 6.89 6.19 13.52 4.34 8.11 8.55 3.85 8.38 4.17
Interest 4.54 5.07 3.44 2.51 0.70 1.07 0.94 1.02 0.88 0.86 1.26 0.90
Depreciation 16.19 17.45 17.59 18.24 20.33 20.89 13.78 11.84 12.06 14.44 16.39 18.28
Profit before tax 24.91 37.08 10.21 -7.47 -14.78 -126.53 -9.76 4.53 9.23 18.53 8.34 3.33
Tax % -31.83% 3.21% 42.70% 41.37% -658.19% -0.00% -0.00% -0.00% -0.00% -81.06% 9.47% -9.91%
Net Profit 32.84 35.89 5.85 -4.38 -112.06 -126.53 -9.76 4.53 9.23 33.55 7.55 3.66
EPS in Rs 3.59 3.91 0.64 -0.48 -12.16 -13.72 -1.06 0.49 0.99 3.60 0.81 0.32

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
201 369 423 387 627 875 750 900 391 527 653
216 322 328 319 514 711 597 704 478 473 574
Operating Profit -14 47 95 68 113 164 153 196 -87 53 80
OPM % -7% 13% 22% 18% 18% 19% 20% 22% -22% 10% 12%
Other Income 7 -42 10 10 4 -22 28 37 34 25 25
Interest 40 36 46 47 49 32 13 17 8 4 4
Depreciation 45 48 56 49 38 56 61 66 77 52 61
Profit before tax -93 -79 3 -18 29 54 106 150 -139 23 39
Tax % -0% -0% -0% -0% -0% -73% -0% 2% -71% -67%
Net Profit -93 -79 3 -18 29 93 107 147 -237 38 54
EPS in Rs -15.94 -13.56 0.48 -3.07 4.59 13.15 11.73 16.05 -25.71 4.03 5.72
Dividend Payout % -0% -0% -0% -0% -0% -0% -0% 6% -0% -0%
Compounded Sales Growth
10 Years: %
5 Years: -3%
3 Years: -11%
TTM: 97%
Compounded Profit Growth
10 Years: %
5 Years: 4%
3 Years: -31%
TTM: 122%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 27%
1 Year: 344%
Return on Equity
10 Years: %
5 Years: 3%
3 Years: -2%
Last Year: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
62 101 101 126 67 74 94 95 95 97 117
Reserves 299 220 223 206 294 519 1,058 1,225 985 1,038 1,876
Borrowings 221 222 268 250 259 281 2 1 28 22 23
59 152 193 210 219 160 175 264 132 156 177
Total Liabilities 640 656 745 728 838 1,034 1,330 1,585 1,241 1,312 2,194
111 77 65 51 94 92 75 99 79 111 156
CWIP 75 71 84 88 52 19 47 41 27 24 -0
Investments 16 -0 -0 -0 -0 -0 77 87 51 37 589
438 508 597 589 692 924 1,132 1,358 1,085 1,139 1,449
Total Assets 640 656 745 728 838 1,034 1,330 1,585 1,241 1,312 2,194

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
34 25 27 76 127 150 239 -82 1 158
-38 -0 -74 -29 -50 -140 -213 -104 71 -167
-15 8 15 -40 -41 -28 157 -11 -22 -3
Net Cash Flow -19 34 -32 8 37 -18 183 -197 50 -13

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 143 136 193 196 148 160 134 252 351 236
Inventory Days 715 340 341 405 238 129 179 143 452 290
Days Payable 70 129 207 206 185 72 98 129 134 125
Cash Conversion Cycle 788 348 326 395 201 217 215 266 669 401
Working Capital Days 560 287 289 318 185 190 257 304 585 388
ROCE % 2% 9% 5% 13% 16% 12% 13% -11% 2%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
24.83 25.06 26.29 21.77 21.92 22.52 21.77 21.06 21.14 21.27 20.32 14.48
11.71 12.41 12.70 17.16 17.20 18.97 15.21 11.18 8.38 7.60 7.38 5.70
63.46 62.53 61.01 61.07 60.88 58.51 63.02 67.76 70.48 71.13 72.30 79.82

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