Tejas Networks Ltd. on Thursday announced that it received Rs 123.5 crore as incentive from the Ministry of Communications, according to an exchange filing.
The amount was as incentive for the financial year 2023–24 under the Production Linked Incentive Scheme for telecom and networking products, it said.
In January, during its investors' presentation, the company had said that pursuant to the approval received from the Department of Telecommunications under the PLI scheme, the company has recognised PLI incentive of Rs 32.7 crore and Rs 123.7 crore pertaining to the financial year ended March 31, 2023, and March 31, 2024, respectively under "other operating revenue" in the financial results for fiscal 2024.
For the third quarter of the current financial year, the Tata Group company had reported a consolidated net profit of Rs 165.7 crore, compared to a loss of Rs 44.9 crore in the year-ago period. Revenue stood at Rs 2,642 crore, a rise of 79% against Rs 560 crore in the similar period last fiscal.
Shares of Tejas Networks closed 2.37% lower at Rs 660.15 apiece on the BSE, compared to a 0.27% decline in the benchmark Sensex.
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