NewsEarningsGlobus Power Generation Reports Zero Revenue, Narrows Losses in Q1; Appoints New DirectorsGlobus Power Generation Reports Zero Revenue, Narrows Losses in Q1; Appoints New Directors
Globus Power Generation reported zero revenue for Q1 but narrowed its net loss to Rs. 3.98 lakhs from Rs. 16.39 lakhs year-over-year. The company re-appointed two independent directors, Mr. Thamattoor Prabhakaran Nair and Mrs. Chhavi Prabhakar, for five-year terms. Mr. Sunil Rai was appointed as a new Additional Non-Executive Independent Director. The board also approved preparations for the 40th AGM and appointed scrutinizers and e-voting service providers.
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Globus Constructors & Developers , a power sector company, has announced its financial results for the first quarter, along with key board decisions, including the appointment and re-appointment of independent directors.
Financial Performance
The company reported zero revenue from operations for Q1, compared to Rs. 0.05 lakhs in the same period last year. Despite the lack of revenue, Globus Power Generation managed to narrow its losses:
| Particulars (in Rs. lakhs) | Q1 (Current) | Q1 (Previous) |
|---|---|---|
| Revenue from Operations | 0.00 | 0.05 |
| Total Expenses | 13.79 | 16.08 |
| Exceptional Items | 9.50 | 0.30 |
| Net Loss | 3.98 | 16.39 |
| Total Comprehensive Loss | 3.98 | 30.56 |
The company's total expenses decreased to Rs. 13.79 lakhs from Rs. 16.08 lakhs year-over-year. An exceptional item of Rs. 9.50 lakhs contributed to the reduction in net loss, which stood at Rs. 3.98 lakhs, significantly lower than the Rs. 16.39 lakhs loss in the previous Q1.
Board Decisions and Director Appointments
In a board meeting held on August 11, Globus Power Generation made several key decisions:
Re-appointment of Independent Directors: The board approved the re-appointment of two independent directors for five-year terms:
- Mr. Thamattoor Prabhakaran Nair (DIN: 03608795)
- Mrs. Chhavi Prabhakar (DIN: 07553853)
New Independent Director: Mr. Sunil Rai (DIN: 01568405) was appointed as an Additional Non-Executive Independent Director for a five-year term, effective August 11.
These appointments are subject to shareholder approval at the upcoming 40th Annual General Meeting (AGM).
Director Profiles
Mr. Thamattoor Prabhakaran Nair: A graduate with over 37 years of experience in Telecom and Cable TV, having held key positions in companies like Shyam Telecom Limited and Shyam Communication Systems Pvt Ltd.
Mrs. Chhavi Prabhakar: A senior financial services professional with over 20 years of experience in NRI Banking, Wealth Management, and Private Banking. She has worked with organizations such as Citibank, Society General Private Banking, and Axis Bank.
Mr. Sunil Rai: A corporate leader with over 37 years of multifaceted experience across industries including aviation, freight forwarding, infrastructure, real estate, telecom, power, and manufacturing. He holds qualifications in B.Com (Hons.), LL.B., F.C.A., F.C.S., and MBF (ICAI).
Additional Board Approvals
The board also approved:
- Preparation of the Director's Report, Corporate Governance, and Management Discussion & Analysis Report.
- Draft notice for the 40th AGM to be held via video conferencing.
- Appointment of M/s Soniya Gupta & Associates as scrutinizers for the AGM.
- Appointment of NSDL for the e-voting process.
The financial results and board decisions reflect Globus Power Generation's efforts to streamline operations and strengthen its corporate governance structure amidst challenging market conditions.
Historical Stock Returns for Globus Constructors & Developers
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.96% | -0.56% | +14.45% | +16.36% | -32.32% | +236.84% |
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