Shares of Tejas Networks Ltd. declined on Monday after its loss widened in the first quarter.
The broadband, optical and wireless-networking firm's loss widened to Rs 26.29 crore in the quarter ended June from a loss of Rs 6.64 crore during the same quarter a year earlier, according to an exchange filing.
Tejas Networks Q1 FY24 (Consolidated, YoY)
Revenue from operations up 49% to Rs 187.89 crore.
Ebitda loss at Rs 46.27 crore vs Rs 7.32 crore.
Ebitda margin at -24.6% vs -5.8%.
Net loss widened to Rs 26.29 crore from Rs 6.64 crore.
Shares of Tejas Networks declined 4.21% to Rs 809.75 apiece as of 11.05 am, compared to a 0.12% gain in the NSE Nifty 50. The stock fell as much as 8.08% intraday.
However, year-to-date, the stock has risen nearly 4.83%. The relative strength index was at 58.70.
The one analyst tracking the company maintains a 'buy' rating on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 5.9%.
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