Tejas Networks bags Rs 66 cr order from L&T Construction; stock surges 5%

The company said it has bagged orders for Indian Defence Network Project from L&T Construction.

Shares of Tejas Networks were frozen at the 5 per cent upper circuit band of Rs 63.80 on the BSE on Monday after the company announced it has bagged order worth Rs 66 crore for Indian Defence Network Project from L&T Construction. 

The company, in its press release, said it has "received a purchase order of Rs 66 crore from L&T Construction, to supply its GPON based fiber-broadband products and high-performance Metro Ethernet switches for a prestigious Indian defence network project. The order was received during the last quarter and the first set of supplies have started this quarter." CLICK TO READ PRESS RELEASE 
 

“We are honoured to be selected as a communications equipment supplier for this prestigious Indian defence project. It is a matter of great pride that our designed and made in India GPON OLT/ONT products and Metro Ethernet switches will be deployed in this strategic network," said Sanjay Nayak, Managing Director and CEO of Tejas Networks. 

For the quarter ended March 2020 (Q4FY20), Tejas Networks had reported a consolidated net loss of Rs 126.53 crore as compared with net profit of Rs 35.89 crore in Q4 March 2019. READ MORE

Consolidated net sales had tumbled 80.02 per cent to Rs 54.57 crore in Q4 March 2020 over Q4 March 2019.

Tejas Networks designs, develops, manufactures, and sells optical and data networking products, which are used to build high-speed communication networks over optical fiber.