Tejas Networks was locked in an upper circuit of 5% at Rs 414.8 after the company on Thursday announced that it has been selected by Bharti Airtel to enhance the telecom operator's optical network capacity in metropolitan markets.
Tejas will supply, install and support its TJ1600 DWDM/OTN products for extending Airtel's optical networks towards the edge, supporting 5G backhaul, B2B services and broadband applications. The enhanced capacity will enable Airtel to deliver a superior experience to its customers as data consumption in India grows rapidly.Sanjay Nayak, MD and CEO of Tejas Networks said, We are delighted to expand our decade-long partnership with Airtel, which has established itself as one of the premier telecom service providers in the world. Under this new contract, we will provide our multi-terabit TJ1600 DWDM/OTN products to augment Airtel's metro network capacity right up the network edge. We are happy to see that our TJ1600 platform, with its pay-as-you-grow modular design supporting 100Gbps to 600Gbps wavelengths and a universal OTN/DWDM architecture offering advanced bandwidth expansion and optimization, is gaining significant traction among leading telecom service providers around the globe.
Randeep Sekhon, chief technology officer of Bharti Airtel said, Airtel has been making significant investments in expanding its metro network capacity as part of its 5G readiness and for catering to increased bandwidth consumption by fixed-line and enterprise customers. We are delighted to partner with Tejas in this key network intervention that will enable us to deliver world-class experience to our customers.
Tejas Networks designs, develops and sells high-performance networking products to telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries.
Last month, Tejas Networks executed definitive agreements with Panatone Finvest, a subsidiary of Tata Sons. Under the agreement, Tata Sons-led arm will acquire a controlling stake in the company. As part of the deal, Panatone and other certain companies of the Tata group will to acquire up to 4.03 crore equity shares of Tejas Networks representing 26% of the emerging voting capital in accordance with SEBI Takeover Regulations.
On a consolidated basis, the company posted a net profit of Rs 7.55 crore in Q1 FY22 as compared to a net loss of Rs 9.76 crore in Q1 FY21. Net sales jumped 80% to Rs 144.25 crore in Q1 FY22 over Q1 FY21.
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