Ladies and gentlemen, good day, and welcome to Tejas Networks Q2 FY27 Earnings Conference
Call hosted by Emkay Global Financial Services Limited. As a reminder, all participant lines will
be in the listen-only mode, and there will be an opportunity for you to ask questions after the
presentation concludes. Should you need assistance during the conference call, please signal an
operator by pressing star, then zero on your touch-tone phone. Please note that this conference is
being recorded.
I now hand the conference over to Mr. Aryan Tripathi, Emkay Global Financial Services
Limited. Thank you, and over to you, sir.
Aryan Tripathi:
Good evening, everyone. I would like to welcome the management and thank them for this
opportunity. We have with us today Arnob Roy, Managing Director and Chief Executive Officer;
AVS Prasad, Chief Financial Officer; Dr. Kumar N. Sivarajan, Chief Technology Officer;
Preetham Uthaiah, Chief Operating Officer; and Sanjay Malik, Chief Strategy and Business
Officer.
I shall now hand over the call to the management for the opening remarks. Over to you,
gentlemen.
Arnob Roy:
Thank you. Good evening, and welcome to the Tejas Networks Earnings Call of Q2. I'd like to
start with a summary of the quarter. We ended with a revenue of INR406 crores as opposed to
INR262 crores on a year-on-year basis. The profit after tax was a loss of INR207 crores, which
was an improvement from minus INR307 crores of Q2 of FY26. And order book at the end of the
quarter was INR2,315 crores while Q1 order book was INR1,529 crores. From a revenue mix,
India was 88% compared to the international revenues of 12%. And from an order book mix, 96%
of India and 4% of international. And the key reason was because of our order book being -- it was
a receipt of the LOI and subsequent POs for 18,000-plus 4G sites for the BSNL 4G network
expansion. And that's the reason why the India component of the order book went up substantially.
The Q2 revenues were driven by shipments of optical IP and FTTx products to our private
operators and system integrators. And we also started the initial shipments of the BSNL
expansion order. We also did initial shipments of our end-to-end 5G solution to international
customer in South America. This is a business that we had won last quarter, and we started our
shipments in this quarter. We filed 26 patents in Q2, taking our global patent count to 748.
I'll now hand it over to our CFO to take us through the numbers.
AVS Prasad:
Good evening, everyone. The Q2 FY27 revenue from operations is around INR406 crores
compared to Q2 of INR262 crores in FY26, an increase of around 55%. The improved scale reflects
the continued recovery in terms of business performance. And at H1 levels compared to INR464
crores in H1 FY26, we are at INR808 crores. This represents approximately around 74% year-onyear growth.
At the EBITDA level, compared to INR293 crores negative in Q2 of FY26, we are at INR108
crores negative in the current quarter. And at the PAT level compared to INR307 crores negative
in Q2 FY26, we are at negative INR207 crores in Q2 FY27.
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In terms of revenue comparison against Q1 FY27, against INR402 crores of revenue, we are at
INR406 crores. And at the EBITDA level compared to the last quarter EBITDA of negative
INR99 crores, we are at negative INR108 crores.
In terms of the balance sheet items, the net working capital compared to Q1 FY27 is lower at
INR4,235 crores. This reduction in terms of working capital significantly is on account of lower
trade receivables on account of increased collections. And also as a business, we do a
nonrecourse bill discounting which also has customer advance settlements, which happens on a
regular basis. The reduction is on account of increased collections and nonrecourse discounting.
In terms of inventory levels, compared to INR2,358 crores, we are at around INR2,314 crores.
The high levels of inventory, we expect a significant portion of the inventories would be utilized
in executing the BSNL 4G order in the coming quarters, for which the deliveries have already
started in Q2 FY27.
At the net debt position compared to INR4,277 crores in Q1 FY27, debt has increased to
INR4,384 crores in Q2 FY27. This increase is on account of continued investments in terms of
capex at Tejas as per the plan and also in terms of funding operational costs.
Arnob Roy:
Thanks, Prasad. Now for some more commentary on the quarter, a few business updates are as
follows. For the wireless business, the most significant thing, as we mentioned, was receiving the
LOI for 18,685 sites for which we have started shipments and the shipment of the end-to-end 5G
mobile network. We did the initial RAN shipments and also shipped and deployed our 5G core in
the network. We initiated multiple POC engagements in North America and Asia Pacific regions,
many of them with end-to-end Tejas solutions and many of them in conjunction with partners,
providing the complete end-to-end solution.
We also had a few -- one of the interesting things that has also happened is we are engaged with
discussions with several Tier 1 mobile network operators for custom 5G radio development with
in custom bands as a combination of custom bands and also high-power radios in custom bands.
So this is one of the interesting new engagements that has happened based on our radio technology
that we have.
From a wireline perspective, we continue to increase our market share in the BharatNet, and we
received an LOI from a new SI partner to supply IP/MPLS routers for upgrading the BharatNet
middle mile network in 3 states. We also won a significant order for building a strategic OTN
network -- it's a pan-India network for a Government of India Enterprise. And we have received
the orders subsequently for the shipment.
We also received POs to supply our GPON FTTx products for high-speed broadband access
networks from several leading ISPs in India. They are our existing customers who have increased
their deployment of broadband connectivity to their customers. We also won a new Tier 1 panAfrican telecom operator network and we were selected for optical equipment, our 400-gig
optical equipment for this network. This is, again, a new customer footprint that we have won in
that continent.
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A few other corporate updates. We recently did a logo update, which you can see on the righthand side of the slide, and we launched our new logo with the Tata Endorsement Mark at the
India Mobile Congress in New Delhi. And this new logo gives a more refined and new feel to the
company and also reinforces our Tata Group Association while retaining its familiar visual
character.
We won the TEPC Export Excellence Award in the large enterprise category. We continue to file
our patents, as I mentioned, taking it to 748, out of which 266 are 5G Advanced and 6G
standards-related patents.
We also recently inaugurated our next-generation connectivity lab, showcasing advanced
research in 5G advanced, 6G and AI-powered network intelligence. We were also elected to the
membership of TSDSI's Governing Council, which defines the standards applicable for India.
We had a very successful show at IMC recently. And some of the key announcements and we
demonstrated a real-world application of 6G by showing 6G sensing technology for drone and
vehicle detection, and this was done in partnership with Qualcomm.
We showed our end-to-end portfolio and capabilities, showcasing our unified mobility stack from
radio baseband to core, the WavePlex family of products. We showed our hyperscale network
solutions for cloud and AI data centers. And we also showed our future-ready optical access
transport and routing portfolio scaled for the AI era.
During the conference, we participated in several thought leadership and other discussions, we
had participated in 4 speaking sessions on 6G foundations and road map at the Bharat 6G
Symposium. We also participated in the CEO and CTO roundtables with Honorable Ministry of
Communications. And we have several panelists in the IMC business and technology sessions.
So looking forward, some of the key business drivers in wireless continues to be the expansion of
5G deployment in emerging markets and the 5G rollouts, which are supposed to continue until
2030. And we continue to get new engagements for POCs and many of them leading to a
commercial discussion stage with operators in these emerging markets.
The other important factor is the global 5G FWA subscriptions, the fixed wireless access are
supposed to triple and reach close to 90 million by 2030. The expansion of existing 4G network
domestically, and that's part of the BSNL 4G network expansion that's happening and AI driving
the acceleration of 6G commercialization and which will drive the need for higher capacity
massive MIMO radios and AI-native baseband and core.
Similarly, in wireline, the drivers are the AI data centers driving generational upgrades of access
aggregation and metro backbone networks, high-speed growth and expansion of high-speed
enterprise connectivity, increase in residential broadband connectivity and as the wireless
networks expand, the build-out of the backhaul connectivity for the expanded mobile 5G
networks.
And there's a continued modernization of utility networks that's happening and which we
continue to win as we transition the networks from the older TDM networks to a modern packet-
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based transport networks.
Now I'll let Kumar talk about our key product focus areas going forward.
Kumar N. Sivarajan:
Thank you, Arnob. We are expanding our 5G radio access network portfolio. When we go
international, there are many bands that come up, while India may have only 5 or 6 bands. These
are all custom, and we are expanding our radio portfolio to cover all these bands as they go from
700 megahertz to 4.9 gigahertz.
We are also developing a compact baseband unit, which is as good as the best in the industry,
which will support up to 5 frequency bands in 1 site. So that's essentially for one site, a very
compact 1RU or 2-inch high unit will support all the frequency bands.
We are making investments in 5G Advanced in 6G. AI RAN is an area of significant investment
for us. All the algorithms within the radio for estimating the channel, for managing the energy
consumption, for predicting the mobility of users, all of these, we are moving to AI-based so the
performance is better.
In IMC 2026, last week, we showed integrated sensing and communications. So essentially, we
are showing that the 5G radios that we deploy can be used like a radar. So they can sense and
detect traffic, drones, cars, moving cars, floods, and so on. So that's a demonstration that was
well received last week at IMC.
Last year, we had shown Reconfigurable Intelligent Surfaces, which is a technology that
improves fixed wireless access in 5G. The wireline portfolio, we won the MAN tender and
deployed it in the last 2 years, which is based on IP/MPLS. And we are now expanding our
IP/MPLS for routing portfolio to cover higher bit rates so that we can address much bigger
networks.
In the access, latency, low latency is becoming important, especially because of AI-based
applications. And we are developing high-capacity, low-latency access platforms at 200 gig and
beyond. In terms of the backbone, there's both packet-based and optical-based backbone at
terabits per second speeds, and we are investing in these products as well.
Lastly, we already are rolling out AI-based network management solutions. We call it the Tejas
Observability Platform, TOP. And this helps our customers, our telco customers optimize their
network, predict equipment faults and reroute or recover from network faults through resilience
and also to plan the capacity because we can predict when the traffic will grow and their capacity
will start to run out. This is already being deployed by many of our customers today.
Arnob Roy:
Yes. Thank you, Kumar. So similarly, the focus areas for the company as far as business and
operations are concerned in the business that we are seeing a lot of success with other technology
solution partnerships for getting a lot more international traction. So that is a key focus area for the
company that we leverage our existing partnerships and continue to build new partnerships like
technology and solution partnerships with which we can address a lot more customers globally.
The other focus area is to expand our market share in private telcos, mainly in the wireline space
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where we are. But also in the next step, we want to work with them for our radio for our wireless
technologies and get into a situation where we do trials and POCs and all so that we can win
business when they get to do their 4G or 5G expansion, in the next phase of the expansion of
their networks.
We also have a strategic focus on addressing data center interconnect applications as those buildouts continue to happen and grow and as the -- especially as the investments in AI data center
starts happening in India.
From a finance and operations perspective, we recently won this big BSNL expansion order. And
first of all, we have to deliver on the BSNL 4G, this order within the required time lines. That's
an important focus area for us. And as a result of which, I mean, as you know, we had built the
inventory for this expansion order, which we were carrying for a while.
And we have to achieve significant inventory reduction based on the execution of this order.
We'll have increased focus on collections. I mean a lot of the customer deliveries and
commitments have been executed and also there will be a major focus on the customer
receivables and achieving quarterly positive EBITDA performance.
And so the key takeaways for the quarter is that we have a strong growth in order book based on
which we have strong business visibility for the next few quarters. Our wireless business is
maturing. We are seeing increasing international engagements. The BSNL expansion order is an
endorsement of our product scalability and performance.
And with the successful increased expansion of the network, BSNL will see a lot more customers
coming into this network and the growth of that business as well. We see a steady growth in
wireline business, driven a lot primarily by data center connectivity expansion and residential and
enterprise broadband.
We are well-positioned for an AI-driven future with our investments in the next-generation
wireless technologies of 5G Advanced and 6G and with the portfolio of products that we are
investing in for building end-to-end high bandwidth, low latency networks, which are required
for the AI infrastructure.
An important thing that's going to happen is the execution of the BSNL expansion order, which
will bring down our inventory and gross debt significantly. And we are also on the path of
steadily improving our financial performance, and we have a visible path to profitability in the
upcoming years.
So with that, I come to the end of my presentation and I'd like to open the floor to Q&A.
Moderator:
Thank you very much. We will now begin the question-and-answer session. Our first question
comes from the line of Tushar Khurana with Peace Wealth.
Tushar Khurana:
It's very heartening to see our receivables have come down significantly. If you just can comment
on how much dues we have recovered from the BSNL in particular and how much are still due that
we have to receive from BSNL? And by when do we expect that payment to come in? Because in
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the last call, I think you had mentioned that we should be getting the payments by the quarter end.
That's my first question.
Arnob Roy:
Yeah. So thanks, Tushar. So I think from BSNL now we have come to the timelines for the
milestone deliveries. We have met the milestone delivery requirements. And this is the quarter
when we will see a significant amount of collections coming from BSNL, which are connected to
the milestones that we have achieved. So I cannot specify the exact number, but it is going to
substantially reduce our receivables.
Tushar Khurana:
That's great to know, sir. And sir, the order book that we have mentioned this time, INR2,300
crores, does it also include this BSNL order for INR1,500 crores we got from TCS.
Arnob Roy:
A part of it because we have received the LOI for the entire amount. But right now, as and when
we get the POs, the purchase orders are all connected to the sites and the bands and the circle
readiness and the identification. So as we keep on getting the POs, they come into our order book,
and that's what we ship. So all of INR1,500 crores is not there in the order book yet, but they will
come -- most of it, we expect to come by the end of this quarter.
Tushar Khurana:
Okay. I just want to figure out, sir, because last quarter, our order book was INR1,500 crores. So
out of this INR2,300 crores, can we just know what amount has come from outside BSNL?
Arnob Roy:
I don't think I can share the exact details of the order book wins from customers here and there.
But all I can say is that all of BSNL INR1,500 crores that we announced is not in this order book.
I mean it's a portion of it, a substantial portion of it and the rest of it has come from non-BSNL
customers.
Tushar Khurana:
Okay. Okay. And sir, so there is one question that really baffles me is that we are going
international. We are going in all the expos that are happening globally and participating in all the
bids. So are we asked this question that we are an Indian company, and we are trying ourselves
globally and yet we have not been able to tap anything outside BSNL within India. So how do you
answer to such questions if you've been asked? And how do you think about it?
Arnob Roy:
Yes. So I think if you look at it, by the time we were delivering BSNL, a lot of the Indian operators
had already built their 4G and 5G networks, right? So to get into those networks, we need to wait
for the next phase of expansion. Until that time, we have to get our products and solutions qualified.
So in the next expansion phase, that's going to happen.
But if you look at it, the rest of our -- and when you're talking about BSNL only, you are probably
referring to only the wireless products because our wireline products are deployed in the India
private operators.
So when the question comes to -- I don't think there is ever an issue of why aren't we deployed in
beyond the BSNL's mobile network. As I said, most of the operators have finished their
significant phase of the development. So we are also targeting when they get to the next phase of
expansion, we are going to -- we target to be part of that.
But more importantly, the traction is coming from markets where there is new 5G deployment
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happening. They need new vendors for doing it because a couple of things that many of these
countries don't get the attention or the pricing or the products that they need for their markets.
And as a new vendor, we are more suited and more responsive to their needs, right? I mean,
because they are not like large Tier 1 pan-country operators. Our initial business is with smaller,
in emerging market operators, Tier 1, Tier 2 and smaller markets.
And the other thing is that we are -- many places we are deploying in partnership with solutions
with the other company. I mean I mentioned about partnership with NEC, Rakuten. There are
other partners that we have signed up and are signing up.
So many of them is like a joint solution where they have access to the customer, we are providing
our radio technology. They are providing some of their CU/DU technology and so on, right, or
we are providing the core and they are providing part of the network.
So this kind of joint solutions is also what is giving us a lot of traction. And this issue doesn't
really come up. The fact that we have deployed a network of this scale, which is working
successfully and well commercialized with BSNL turning profit and increasing customers, I think
it's a very strong testimony to really go and approach our international customers with.
Tushar Khurana:
That's great. Just a follow-up on this. So we are running some POC trials with Vi also has, that's
what I have been in the papers. And since Vi is also going to expand further in 5G and more on 4G
as well, do we see a case in future where we might also be a partner to Vi and where we can provide
our wireless to them?
Arnob Roy:
Yes. As I mentioned with many of the operators without taking specific names, I would say that,
yes, the fact that we are doing POCs and trials is basically to get to that stage where we qualify for
their next phase of expansion and we become one of the qualified vendors when they actually start
procuring equipment for the next phase of expansion.
So yes, the trials are actually for that purpose and the trials will be across multiple bands, all the
different bands that they need and they are qualifying our equipment thoroughly before they get to
the next level of vendor selections.
Tushar Khurana:
Okay. One last question from my side, then I can join back the queue. So I attended the IMC
recently and one of the guys explained to me the DCI stack that we are trying to make. So one part
of it is also the GPU vendor onboarding that we need to do in order to complete our stack. So just
if you can comment on that, do we have -- are we in discussion with those GPU vendors also?
And where are we in this stage of DC where we can have the DC ready and then we can go out for
it? And also, if I understand correctly, we are also trying to do some kind of POC with the data
center for TCS on a smaller scale for now. So if you can just elaborate on both of these questions.
That's my last question.
Arnob Roy:
No, our approach to this market is not partnership with the GPU vendors. We are partnering with
people who are building the entire data center rack, which consists of the compute, whether the
server based, the GPU-based, the compute and then providing the networking solutions, right? The
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inter-connectivity of data centers, some of the data center switching elements.
And so we are working with the system integrators who are building the entire kind of a thing and
not with the direct end customer. And the focus largely is more on the connectivity between the
data centers on the data center interconnect. And so that's where we are. And as I said, that the
approach is not working directly with the GPU vendors or building a complete stack with them.
Moderator:
Our next question comes from the line of Keyurkumar Vadaliya with Niveshaay.
Keyurkumar Vadaliya:
Am I audible?
Moderator:
You are audible, sir. You may proceed.
Keyurkumar Vadaliya:
So on the product line side, I have 2 to 3 questions. First is that you have mentioned regarding the
AI and 6G and all. So, I think in annual reports and the last conference and all, we also have, I
think, getting the trial on the coverage side on the railways. If you can provide the insights on that,
first thing.
And second is on the product of the AI DCI. So like in the last 6 to 8 months, are we able to get
any orders on those products? And what kind of opportunity in terms, if you can provide either in
range or a quantum, we are seeing on the AI DCI products?
Kumar N. Sivarajan:
So this is Kumar. Let me answer the railways. So we are deployed in railways, 5G network 700
megahertz on a trial section, okay? This is a 700 megahertz communication network. It is not only
for Kavach. It will potentially be used for Kavach, but it is all for the internal communication needs
of railways, okay? So that we had, we got the PO some time ago, and we have deployed a trial
section. And based on the results of the trial, we expect to expand. Regarding the AI, I will ask
Arnob.
Arnob Roy:
Yes, yes. So, I think for the data center interconnect, yes, we have been connecting -- we have been
part of this data center interconnect network with our existing products as well as the newer
optimized data center product that we have. And the connectivity is not only in India, it has been
across many other countries as well internationally.
And so it's not only the connection between the data centers, but also the connectivity from the
enterprises to the data centers as well. So this market has been a very important and a focus market
for us, and we are indeed winning several business in this area.
Keyurkumar Vadaliya:
Okay. And coming to the financials. So in the recent quarter, we have mentioned that like INR145
crores regarding the contract manufacturing process losses was included in the COGS. So if you
can provide like what was this? And is it like a part of the recurring nature? Or is it only onetime
basis if that is the case? So will that lead to the gross margin improvement in the next few quarters?
Arnob Roy:
Kumar?
AVS Prasad:
I think the provisioning was of the previous year, not the current quarter.
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Keyurkumar Vadaliya:
I think that was mentioned that in the...
AVS Prasad:
It's September 2025. There is no provisioning of that sort in the current quarter.
Keyurkumar Vadaliya:
Okay. So there was no recurring in nature in future quarter also?
Arnob Roy:
Correct. This was connected to the major amount of manufacturing that we did for the first 100,000
site order.
Keyurkumar Vadaliya:
Understood. And another thing, the BSNL PO that we are receiving right now.
Moderator:
Sir, sorry to interrupt, but your line is a little muffled. If you could please check the device mode.
Keyurkumar Vadaliya:
Is it audible right now?
Moderator:
Yes, much better, sir. Please go ahead. Yeah.
Keyurkumar Vadaliya:
So I'm asking like the BSNL PO that we are receiving right now, how much it will in terms of
percentage or if you can provide any quantum, it will reduce our inventory portion and the debt
portion that we have right now, the gross debt what kind of reductions as a management we are
planning in next 6 to 9 months, sir?
Arnob Roy:
Yes. So, I mean, I cannot give exact numbers. But as you know, a significant part of the inventory
that we have been carrying for many quarters is for this BSNL expansion order. And so over the
next few quarters, we certainly should see a significant reduction of this inventory. That's all I can
say, right? And it will come down to much -- to the earlier levels, which are in line with the kind
of quarterly business that we do.
Keyurkumar Vadaliya:
If you can also answer on the gross debt side?
Arnob Roy:
Yes, it will be a similar story in the sense that with the shipment of the new sites, even the
collection. So the inventory is going to get collected -- converted into collectibles. So with that and
with the collection of the past from the initial order, as I said, we've completed some of the
important milestones and those are due, which whatever comes in, significant amount is going to
come in.
Again, from a debt point of view, we're going to see a significant reduction, right? And both of
these, I kind of mentioned in my presentation in the financial outlook going forward, both inventory
and debt is going to come down significantly with the order.
Moderator:
Our next question comes from the line of Tushar Khurana with Peace Wealth.
Tushar Khurana:
Just one more question from my side on the D2M side. So recently, I was reading that there's an
RFP that is going to be issued by the government for the deployment of D2M. So if you can just
comment on that, sir, how do you see this opportunity for Tejas Networks?
Kumar N. Sivarajan:
So we have -- in Tejas, we have developed the broadcast radio heads. And we have also done this
trial of a few sites around Delhi and shown that this technology works. So we are expecting system
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integrators who will participate in this RFP once it's issued, and they will be the ones who will
actually build out the network.
We are well-positioned if this network were to happen when this happens to be the broadcast radio
providers, okay, to the winners. So that's how we are positioning ourselves, but we will not be the
system integrator.
Tushar Khurana:
Okay. And one more question from my side. So you mentioned that we are doing POCs
internationally. So if you can just quantify how big are these telcos, if these are telcos? And if you
can just quantify like how big networks they are having in terms of thousands, something like that?
Kumar N. Sivarajan:
Okay. So the POCs we are doing in at least a few different telcos around the world, both in the
Americas and as well as Asia Pacific. These are typically the second or third operator in those
countries or sometimes they're building a 5G-only network. That's the case with one of the
operators.
In other case, somebody is building -- there are 2 incumbents, but he's building a data-only 5G
network. So it's of that nature, somebody who's doing a fresh build-out. There's also incumbents
who are getting into 5G, where we're doing trials. So it's mostly 5G, sometimes also 4G in
developing markets.
And these are telcos often providing voice and data services, sometimes data only. So it's a mixed
bag in terms of these POCs. We are also engaged, and Arnob mentioned this earlier, with the Tier
1 telcos, Tier 1 markets, where they have custom radio requirements.
And these radio requirements are for custom combinations of bands or there is some peculiarity in
the spectrum allotment in that country, where we need a special spectral emission mask or spectral
characters for the radio. So the Tier 1 engagement is mainly on custom radio development. And
these are Tier 1s and Tier 2s.
Tushar Khurana:
Okay. And sir, on the NEC side, so whatever I read is NEC about USD500 million business that
they were doing in the 5G radio side. Now they are pivoting into virtual radios. So are we like the
exclusive partner for NEC?
And how is NEC helping us in order to get leads and where we are able to pitch to the customer
with the help of NEC. If you can just help me understand how this collaboration with NEC is
playing out for us or how it could play out in the future for us?
Kumar N. Sivarajan:
So I cannot comment on the NEC's revenue number on radio side, not the accuracy of that. But as
we have announced, we have licensed the massive MIMO 5G radio technology from NEC. And
we have started to supply that technology to some of their customers.
We've also started to supply the technology to new customers, okay, with some changes we have
made, we developed on the technology we got. And with that, we are starting to supply both to
previous customers of NEC and new customers of ours. That's about all I can say. I cannot comment
on the revenue numbers.
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Arnob Roy:
Yes, yes. So we are part of the agreement that we are radio development partner for many of their
future radios, and we are engaged in developing many of the new generation radios for their
customers in their international markets. So that's the scale of this, the radio partnership that we
have with them. So, if there are no more questions, I think we can close the call a bit early, I guess.
Moderator:
Sir, we have do not have anyone in the queue at this time. If you would like to go ahead with
closing comments.
Arnob Roy:
Yes, for sure. So thank you very much. Thanks a lot for taking the time to attend the call. I know
it's the festive season, it's Navratri and all of us want to get back to our celebrations. But I want to
leave with a parting thought that there's a lot of progress that has happened in the company in Q2,
and especially with the winning of the new -- the BSNL opportunity.
And looking forward, this is going to give a significant momentum to the company, both not only
in terms of the revenues in the next few quarters, but also the reduction of inventory, reduction of
our debt, reduction of our receivables.
So going forward, I mean, we should be seeing much improved financial performance going
forward from the company. So thank you very much, and look forward to talking to you again at
the end of next quarter. Thank you.
Moderator:
Thank you. On behalf of Emkay Global Financial Services Limited, that concludes this conference.
Thank you all for joining us. You may now disconnect your lines.
Note: This transcript has been edited for clarity and readability and does not purport to be a verbatim record of the proceedings
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