GTL Limited announced its unaudited financial results for the quarter ended December 31, 2025, showing continued financial challenges despite year-over-year improvements in certain metrics. The company's Board of Directors approved the Q3 FY26 results in a meeting held on February 12, 2026.

Financial Performance Overview

The telecommunications services company reported a net loss of ₹262.92 lakhs for the quarter ended December 31, 2025, representing a significant improvement from the loss of ₹4,182.25 lakhs recorded in the corresponding quarter of the previous year. Revenue from operations increased to ₹5,499.84 lakhs in Q3 FY26 from ₹5,103.34 lakhs in Q3 FY25.

Expense Analysis and Key Challenges

Total expenses for Q3 FY26 amounted to ₹5,784.85 lakhs compared to ₹8,855.38 lakhs in the previous year's corresponding quarter. The most significant expense component was employee benefits at ₹2,206.92 lakhs, followed by exchange losses of ₹1,525.11 lakhs and finance costs of ₹917.98 lakhs.

Going Concern and Financial Restructuring

Despite the improved quarterly performance, GTL Limited faces significant financial challenges. The company's net worth has been eroded over recent years, and current liabilities exceed current assets. However, management continues to prepare financial statements on a going concern basis following strategic restructuring initiatives.

The company has entered into One Time Settlement (OTS) agreements with lenders in January 2024 and has fully deposited the OTS amount in an Escrow Account. GTL has successfully settled dues with ten secured original lenders and awaits OTS sanctions from the remaining four lenders.

Auditor's Modified Opinion

The statutory auditors issued a modified opinion highlighting that GTL has neither paid nor provided interest on borrowings during the quarter ended December 31, 2025. Had such interest been recognized, the finance cost would have increased by ₹9,367.79 lakhs, resulting in a significantly higher loss of ₹9,655.50 lakhs for the quarter.

Earnings Per Share and Capital Structure

The company reported basic and diluted earnings per share of ₹(0.17) for Q3 FY26, compared to ₹(2.66) in the corresponding quarter of the previous year. The paid-up equity share capital remained unchanged at ₹15,729.68 lakhs, consisting of equity shares with a face value of ₹10 each.

GTL Limited , a player in the telecom infrastructure sector, has announced significant changes to its board composition and set the date for its upcoming Annual General Meeting (AGM). The company's Board of Directors made several key decisions during their recent meeting, signaling a period of transition and renewal for the organization.

AGM Date and Format

The board has scheduled GTL Limited's 37th Annual General Meeting for September 30, 2025. In line with the ongoing trend of digital accessibility, the AGM will be conducted through video conferencing, allowing shareholders to participate remotely.

Board Changes and Appointments

Secretarial Auditor Appointment

GTL Limited has approved the appointment of Virendra G. Bhatt as the company's Secretarial Auditor. Bhatt, a Practicing Company Secretary with over 40 years of experience in corporate laws, SEBI regulations, and FEMA, will serve for five consecutive years from FY 2025-26 to FY 2029-30, subject to shareholder approval at the upcoming AGM.

Director Transition

A significant change in the board's composition was announced as Sunil Valavalkar, currently serving as a Whole-time Director, will not seek re-appointment. Consequently, Valavalkar will cease to be a Director and Whole-time Director of GTL Limited effective September 30, 2025.

New Addition to the Board

In a move to strengthen its leadership, the board has appointed Rufina Juliana Fernandes as an Additional Director, effective September 4, 2025. Fernandes is set to take on the role of Whole-time Director for a three-year term starting October 1, 2025, subject to necessary approvals.

Profile of the New Director

Rufina Juliana Fernandes brings a wealth of experience to GTL Limited. At 59 years old, she holds a postgraduate degree in International Business & Human Resources, along with PG Diplomas in Education for Peace and Management of Education. With over 36 years of experience across multiple domains including telecom, education, animation, staffing, and information technology, Fernandes is poised to contribute significantly to GTL's strategic direction.

Her extensive background includes senior positions in companies providing telecom tower and maintenance services, including previous experience with GTL Ltd. Fernandes has handled diverse responsibilities ranging from project execution and strategy to human resources and corporate social responsibility.

Notably, Fernandes has also held leadership positions in various organizations:

• Former CEO of NASSCOM Foundation, the non-profit arm of the Indian IT Industry
• Former CEO of the Indian Staffing Federation in Delhi
• Former Chairperson of the Cricket Association for the Blind of Maharashtra (CABM)
• Former Chairperson of the All India Chess Federation for the Blind (AICFB) from 2002-2006

Fernandes currently holds 9,400 equity shares in GTL Limited, aligning her interests with those of the company's shareholders.

These board changes and the upcoming AGM mark a period of transition for GTL Limited as it adapts to evolving market dynamics and strengthens its leadership team.