Tejas Networks receives design-linked PLI incentives for FY23

Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that the company has received Rs 27.78 crore as incentives for the fiscal year 2022-'23 under the PLI (Production-Linked Incentive) Scheme for Telecom and Networking Products. The said amount accounts for 85% of the total claim for FY23 and the balance 15% is expected to be released subequently in accordance with the PLI Scheme Guidelines.

Mr. Anand Athreya, CEO and Managing Director of Tejas Networks said, "We thank the Empowered Committee for PLI Scheme, Department of Telecommunications (DoT) and SIDBI for approving our incentive application for FY23. Government of India's design-linked PLI is an excellent scheme that has given a massive boost to indigenous telecom R&D and manufacturing by kickstarting a virtuous cycle of domestic innovation in this sector. As the country's leading home-grown telecom and networking products company, we continue to make the committed R&D and other capital investments to scale-up our business globally and accelerate our vision to be a top-tier telecom OEM in the next few years."

The company is eligible to receive design-linked PLI incentives for five years, starting with fiscal year 2022-'23, on meeting the minimum cumulative investment of Rs 750 crore committed during the scheme period. As per the scheme guidelines, the quantum of incentives in each year will be a proportion of the company's incremental net sales of the approved products under the scheme generated in that year over the net eligible sales done in the baseline year (2019-'20).

Shares of Tejas Networks Limited was last trading in BSE at Rs. 710.15 as compared to the previous close of Rs. 682.35. The total number of shares traded during the day was 32920 in over 1994 trades.

The stock hit an intraday high of Rs. 721.20 and intraday low of 666.00. The net turnover during the day was Rs. 22762049.00.

Source : Equity Bulls

Keywords

TejasNetworks INE010J01012 PLIScheme Incentives FY2023