Tejas Networks plunges 14% to hit record low on weak June quarter results

The company reported a sharp 87 per cent drop in its consolidated net profit at Rs 6 crore in June quarter, due to weak revenue on deferment of spending on government projects.

Shares of Tejas Networks plunged 14 per cent to Rs 111, also its all-time low on the BSE on Thursday, after it reported a sharp 87 per cent drop in its consolidated net profit at Rs 6 crore in June quarter (Q1FY20). The fall in profit came in on the back of weak revenue due to deferment of spending on government projects. The company had registered profit of Rs 45 crore in the year-ago period.

Consolidated revenue during the quarter under review declined 32 per cent year-on-year (YoY) to Rs 157 crore, primarily on account of steep decline in