tejas networks ltd - karvy valuetejas networks ltd. tejas networks ltd. summary statement of assets...
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Call Toll Free 1800-425-8282
Initial Public Offer - Note
Issue Highlights:
Issuer: Tejas Networks Limited
Issue Type: 100% Book Built Issue IPO
Issue Open: Wednesday, June 14, 2017
Issue Close: Friday, June 16, 2017
Issue Size (Rs)*: Equity Shares Aggregating up to Rs.450
Crores (“FRESH ISSUE”) and an offer for sale up to 12,711,605
Equity Shares.
Face Value: Rs.10 per Equity Share
Price Band: Rs. 250 – Rs. 257 per Equity Share
Minimum Order Quantity Retail: 55 Shares and in
multiples thereafter
Maximum Bid amount for Retail: Rs. 2 Lakhs
Listing: NSE & BSE
Issue Size and Investor Category Allocation
Total Issue Size: 3,02,21,332 Equity Shares*
QIB: 75% of the issue size (2,26,65,999 Equity Shares*)
HNI: 15% of the issue size (45,33,200 Equity Shares*)
Retail Individual Bidders: 10% of the issue size (30,22,133
Equity Shares*)
(* upper price band)
Book Running Lead Managers:
Axis Capital, Citigroup, Edelweiss Financial Services, Nomura
Registrar:
Link Intime India Pvt Ltd
Key Business Strategies:
Continue investments in innovations focused on the high
growth optical networking segments
Expand into newer and adjacent product areas
Continue to strengthen our leadership position in India
Expand global sales network in emerging and selected
developed markets
Key Strengths:
Our end-to-end portfolio of optical networking products
positions us well to take advantage of the expected
industry growth
Leadership in the fast growing Indian optical equipment
market
Track record and culture of innovation leading to product
and technology leadership
Software-defined hardware with ease of use
Cost and capital efficient business model
Long standing customer relationships with strong repeat
business
Strong professionally managed team with significant
industry experience
Objects of the Issue:
1. Capital expenditure towards payment of salaries and wages of
our research and development team
2. Working Capital Requirement
3. General Corporate Purpose.
Public issue of 3,02,21,332 equity shares of Rs. 10/- each
(“equity shares”) of Tejas Networks Ltd (Company or Issuer).
About the Issuer:
It is a India-based optical and data networking products company
with customers in over 60 countries. It designs, develops and sells
high-performance and cost-competitive products to
telecommunications service providers, internet service providers,
utility companies, defence companies and government entities
(collectively, “Communication Service Providers”).
Its products are used to build high-speed communication networks
that carry voice, data and video traffic from fixed line, mobile and
broadband networks over optical fibre. These products utilize
programmable software-defined hardware architecture with a
common software code-base that delivers an app-like ease of
development and upgrades of new features and technology
standards.
For the year ended March 31, 2016, it was the second largest optical
networking products company in terms of market share in India,
with a market share of 15% in the overall optical networking
market.
The consolidated restated revenues from operations (net) for the
Fiscal Years 2014, 2015 and 2016 and the six months ended
September 30, 2015 and the six months ended September 30, 2016
were Rs.4,230.55 million, Rs.3,868.26 million, Rs.6,274.57 million,
Rs.2,079.01 million and Rs.3,507.75 million, respectively.
Revenue from Operations (Rs. Millions)
Net Profit After Tax (Rs. Millions)
3692.714230.55 3868.26
6274.57
0
2000
4000
6000
8000
FY 13 FY 14 FY 15 FY 16
-790.43
27.77
-178.66
290.05
-1000
-800
-600
-400
-200
0
200
400
FY 13 FY 14 FY 15 FY 16
Tejas Networks Ltd
Tejas Networks Ltd
Call Toll Free 1800-425-8282
(` in Million)
Initial Public Offer - Note
Tejas Networks Ltd
Tejas Networks Ltd
SUMMARY STATEMENT OF ASSETS AND LIABILITIES, AS RESTATED
Particulars As at
September 30,
2016
March 31,
2016
September 30,
2015
March 31,
2015
March
31, 2014
March
31, 2013
March
31, 2012
EQ UITY AND LIABILITIES
Shareholders’ fundsShare capital
721.38 665.23 1,255.31 1,255.31 1,009.79 1,009.79 615.46
Reserves and surplus 3,745.61 3,030.84 2,176.73 2,165.85 2,331.43 2,278.71 3,044.40
4,466.99 3,696.07 3,432.04 3,421.16 3,341.22 3,288.50 3,659.86
Non-current liabilities
Long-term borrowings
290.00 290.00 50.00 50.00 300.00 30.00 -
Other long-term liabilit ies - - - - 4.35 1.75 -
Long-term provisions 23.80 19.64 15.09 14.24 15.92 25.64 30.88
313.80 309.64 65.09 64.24 320.27 57.39 30.88
Current liabilitiesShort-term borrowings 658.78 2,174.36 1,894.63 2,090.52 2,179.13 1,768.96 1,655.90
Trade payables
Total outstanding dues to microenterprises and small enterprises
- - - - - - -
Total outstanding dues to
creditors other than micro
enterprises and small enterprises
1,262.53 1,998.03 1,116.59 1,226.74 1,418.64 1,136.97 734.79
Other current liabilit ies 96.58 152.19 306.00 303.87 119.42 54.90 46.72
Short-term provisions 32.62 28.68 21.10 19.57 19.73 10.08 11.37
2,050.51 4,353.26 3,338.32 3,640.70 3,736.92 2,970.91 2,448.78
TO TAL 6,831.30 8,358.97 6,835.45 7,126.10 7,398.41 6,316.80 6,139.52
ASSETS
Non-current assetsFixed assets
Tangible assets 287.33 290.99 253.76 260.91 289.70 132.44 87.35
Intangible assets 481.46 651.91 500.88 247.81 356.01 634.54 532.16
Tangible Capital work-in-
progress
- - 1.32 - 2.13 -
Intangible assets under
development
639.22 524.67 696.63 883.36 843.23 717.66 759.86
Non-current investments 45.89 45.89 45.89 45.89 45.88 45.67 587.54
Long-term loans and advances 477.34 558.10 555.23 543.84 535.82 486.33 460.14
Other non-current assets 354.05 316.22 22.02 30.23 340.07 8.56 1.61
2,285.29 2,387.78 2,074.41 2,013.36 2,410.71 2,027.33 2,428.66
Current assets
Current investments - - - - - - 158.57
Inventories 1,882.86 2,315.81 2,294.59 2,221.95 2,083.11 2,007.22 2,029.82
Trade receivables 1,920.34 2,491.37 1,404.68 1,947.18 2,174.01 1,263.74 740.93
Cash and Bank balances 317.08 690.46 491.31 478.84 220.19 554.19 256.88
Short-term loans and advances 301.27 323.08 333.29 249.45 347.70 416.96 499.38
Other current assets 124.46 150.47 237.17 215.32 162.69 47.36 25.28
4,546.01 5,971.19 4,761.04 5,112.74 4,987.70 4,289.47 3,710.86
TO TAL 6,831.30 8,358.97 6,835.45 7,126.10 7,398.41 6,316.80 6,139.52
Call Toll Free 1800-425-8282
Source
for
Note:
DRHP
IMPORTANT: Please
read
the
Red
Herring
Prospectus
of this
issue
carefully
before
investing
in
the
same.
:: Research Desk :: :: Research Desk ::
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Direct Ph: 040 3321 7132
Disclaimer
The information and views presented in this report are prepared by Karvy Stock Broking Limited. The information
contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the
accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss
incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors.
Investors must make their own investment decisions based on their specific investment objectives and financial position
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document.
PF/IPON/07062017/27
(` in Million)
Initial Public Offer - Note
Tejas Networks Ltd
Tejas Networks Ltd
SUMMARY STATEMENT OF PROFITS AND LOSSES, AS RESTATED
Particulars For half year ended For the year ended
September 30, 2016
September 30, 2015
March 31, 2016
March 31, 2015
March 31, 2014
March 31, 2013
March 31, 2012
INCO MERevenue from operations (gross) 3,648.78 2,162.28 6,725.71 4,060.99 4,119.87 2,921.33 1,918.31
Less: Excise duty 187.94 90.61 470.37 202.66 172.57 171.52 111.45
Revenue from operations (net) (A) 3,460.84 2,071.67 6,255.34 3,858.33 3,947.30 2,749.81 1,806.86
EXPENS ESCost of materials consumed 2,122.08 1,074.81 3,548.50 2,040.10 1,859.24 1,364.12 990.67
Employee benefits expense 357.72 284.17 634.18 477.18 430.89 429.82 528.23
Other expenses 435.63 339.92 964.31 656.25 713.63 493.54 451.44
Total expenses (B) 2,915.43 1,698.90 5,146.99 3,173.53 3,003.76 2,287.48 1,970.34
Restated Earnings before exceptional
items, interest, tax, depreciation and
amortisation (EBITDA) (A - B)
545.41 372.77 1,108.35 684.80 943.54 462.33 (163.48)
Finance Cost (180.82) (246.97) (485.69) (459.21) (441.60) (334.47) (373.27)
Depreciation and amortisation expense (278.02) (143.03) (382.43) (485.51) (558.46) (480.29) (443.14)
Other Income 35.30 28.11 34.73 94.34 109.24 128.61 186.64
Restated Profit / (Loss) before
exceptional items and tax
121.87 10.88 274.96 (165.58) 52.72 (223.82) (793.25)
Exceptional itemsProvision for diminution in the value of
long term investments
- - - - - (541.87) -
Restated Profit / (Loss) before tax 121.87 10.88 274.96 (165.58) 52.72 (765.69) (793.25)
Tax expense
Current tax expense for current year - - - - - - -
Deferred tax - - - - - - -
Restated Profit / (Loss) for the year 121.87 10.88 274.96 (165.58) 52.72 (765.69) (793.25)
Earning per share (Par Value Rs. 10
each)
(a) Basic 1.87 0.18 4.46 (2.69) 0.86 (12.44) (12.89)
(b) Diluted 1.87 0.18 4.13 (2.69) 0.86 (12.44) (12.89)
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