Tata Group’s Tejas Networks posted a consolidated loss of Rs 49.62 crore in the fourth quarter ended on March 31, 2022, as the shortage of electronic chips hit its telecom gear production
Balakrishnan V, Chairman of telecom gear manufacturing firm Tejas Networks, has resigned from his position, following which the board of Tejas Network has approved the appointment of TCS chief operating officer and executive director N Ganapathy Subramaniam as non-executive chairman with effect from May 18.
“Mr Balakrishnan V has submitted his resignation from the position of non-executive chairman with effect from April 23, 2022,” Tejas said in a regulatory filing.
Tata Group’s Tejas Networks posted a consolidated loss of Rs 49.62 crore in the fourth quarter ended on March 31, 2022, as the shortage of electronic chips hit its telecom gear production. The company had posted a profit of Rs 33.55 crore in the period a year ago.
The consolidated revenue from operations of Tejas Networks declined by 37.23 per cent to Rs 126.5 crore during the reported quarter from Rs 201.55 crore in the March 2021 quarter.
For the year ended March 31, 2022, Tejas Networks posted a loss of Rs 62.71 crore while it had recorded a profit of Rs 37.54 crore in 2020-21. The annual consolidated revenue from operations of Tejas Networks, however, increased by 4.55 per cent to Rs 550.59 crore from Rs 526.6 crore posted a year ago.
Last month, Tejas Networks had announced it would be acquiring 64.40 percent shares of Bangalore-based semiconductor firm Saankhya Labs Private Ltd. in an all-cash deal of Rs 283.94 crore. Upon procuring all necessary consents and approvals, it also intends to proceed with acquiring the balance 35.60% shares through a merger process or a secondary acquisition.
