Tejas Networks Q2 net profit surges 68% to Rs 27 crore

New Delhi, Oct 25 () Domestic telecom gear firm TejasNetworks today posted 68 per cent jump in consolidated netprofit to Rs 26.87 crore, on account of demand for opticalfibre equipments for high speed data network.The company, which has direct presence in around eightcountries, had reported net profit of about 16 crore in thesame period a year ago."There has been significant demand for optical fibrenetwork for building high speed data network. Growth has beenhighest in India. There was multi-fold increase inimplementation of Bharat Net project during the quarter whichspurred our business. We were also awarded business of thosewho failed to supply equipments for Bharat Net," TejasNetworks, MD and CEO, Sanjay Nayak told .The company posted total revenue of Rs 222.6 crore in thereported quarter. The company had reported Rs 226.22 crorerevenue in the corresponding period of previous fiscal.However, the revenues are not comparable because of impact ofGoods and Services Tax which has been effective since July 1,2017.Nayak said that 70 per cent of the company's revenue camefrom India market and 30 per cent from overseas."Among overseas market, we saw good business growth inAfrica, South East Asia followed by the US and Mexico," Nayaksaid.Tejas Networks increased investment in research anddevelopment by 25 per cent on year-on-year (YoY) basis."Our patents have now reached 338. Couple of patents werefiled during the second quarter as well. Recently, marketresearch firm Ovum (Informa) ranked Tejas as top company inmarket share for India's optical aggregation market where weare competing with global technology giants," Nayak said.He said the company is closely involved in development ofstandards for 5G services as well, which will give it furtheredge when the next generation services are rolled out.Tejas during the quarter recorded Rs 381.52 crore cash inhand and debt of Rs 3.37 crore.Shares of Tejas Networks closed at Rs 321 a unit, up by4.76 per cent compared to previous close on BSE today. PRSBAL