Tejas Networks, an optical and data networking products company, announced on Wednesday that fourth-quarter net profit fell 57% year-on-year to ₹29.1 crore on delayed orders from clients.
For the full-year ended March 31, 2018, the consolidated revenue of the company declined 9.6% year-on-year to ₹739.9 crore.
During the fourth quarter, revenue plunged 61.2% to ₹98.7 crore.
Sanjay Nayak, MD and CEO, said: “Revenue decline during the year is primarily due to late receipt of a few large orders. However, we ended the year with a healthy [order] backlog of ₹579 crore, which gives us the necessary momentum for a strong revenue growth in the coming year.”
Globally, the increased use of mobile data as well as broadband by consumers, businesses, and governments, results in an increased demand for the company’s optical transmission equipment, according to a company statement.
With the expansion of 4G networks and advent of 5G and IoT in future, the company expects this trend to continue for the next few years. “However, due to the nature of our business, our revenue on a quarter-on-quarter basis will continue to be lumpy.”
Tejas’ cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions at the end of the year was ₹512.7 crore.
