Lynx Machinery Reports Q3 Loss, Director Resigns

Lynx Machinery & Commercials Limited, a company listed on the Indian stock exchange, has released its unaudited financial results for the third quarter and nine months ended December 31, 2020, revealing continued challenges in its operations.

Financial Performance

The company reported zero revenue from operations for the third quarter, indicating a lack of business activity during the period. Despite the absence of revenue, Lynx Machinery managed to narrow its losses compared to the same quarter in the previous year.

The earnings per share (EPS) for the quarter stood at a negative Rs 2.20, reflecting the company's loss-making position.

Board Changes

In a separate development, the company announced a change in its board composition:

• Mrs. Avni Vishal Shroff has resigned from her position as Independent Director.
• The resignation is effective from January 31, 2021.
• The Board of Directors has accepted Mrs. Shroff's resignation.

This change in the board structure comes at a time when the company is grappling with financial challenges.

Outlook

While Lynx Machinery has managed to reduce its quarterly losses compared to the previous year, the absence of revenue and the continued net loss position highlight the significant challenges facing the company. Stakeholders will likely be watching closely for any signs of operational improvements or strategic changes that could help turn the company's fortunes around in the coming quarters.