Nettlinx Limited , a company primarily operating in the ISP and telecom services segment, has reported a significant decline in revenue and swung to a net loss for the first quarter, according to its latest financial results.

Financial Performance

The company's consolidated revenue for Q1 stood at ₹264.46 lakhs, marking a substantial 44.00% decrease from ₹472.48 lakhs reported in the same quarter of the previous year. This sharp decline in revenue highlights the challenges faced by the company in the current business environment.

Nettlinx Limited's bottom line also took a hit, with the company reporting a consolidated net loss of ₹48.24 lakhs for the quarter. This is in contrast to the net profit of ₹133.67 lakhs recorded in the corresponding quarter of the previous year, representing a significant downturn in profitability.

Standalone Results

On a standalone basis, the company's performance showed an even steeper decline. Standalone revenue fell by 56.20% to ₹100.80 lakhs compared to the previous year. The company also reported a standalone net loss of ₹15.29 lakhs, as opposed to a profit of ₹111.81 lakhs in the corresponding quarter of the last fiscal year.

Key Financial Metrics

The company's paid-up equity share capital remained unchanged at ₹2,417.66 lakhs.

Disclosure and Transparency

In compliance with regulatory requirements, Nettlinx Limited published these financial results in Business Standard and Nava Telangana newspapers on August 9. The company also made the newspaper publications available on its website, demonstrating its commitment to transparency and investor communication.

The financial results were reviewed by the Audit Committee and approved by the Board of Directors at a meeting held on August 7. The results were prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.

As Nettlinx Limited navigates through these challenging times, investors and stakeholders will be closely watching the company's strategies to improve its financial performance and return to profitability in the coming quarters.

Nettlinx Limited , a prominent player in the Indian technology sector, has reported its financial results for the first quarter, along with several significant corporate updates.

Financial Performance

The company's standalone financial results for the quarter paint a challenging picture:

Nettlinx reported a standalone loss of Rs 48.24 lakhs for Q1, compared to a profit of Rs 136.18 lakhs in the previous quarter. The company's income from operations decreased significantly to Rs 284.46 lakhs from Rs 604.39 lakhs in the preceding quarter.

On a consolidated basis, the company reported a loss of Rs 48.33 lakhs, compared to a loss of Rs 15.29 lakhs in the previous quarter.

Board Changes and Corporate Updates

The company's board meeting on August 7 resulted in several key decisions:

1. Director Resignations: Mr. Sreenivasa Rao Kurra and Mr. Satya Raja Shakar Praharaju Kurra resigned from their positions as Non-Executive Independent Directors, effective August 7, citing professional responsibilities and personal reasons.

2. Director Re-appointment: The board approved the re-appointment of Mr. Jeeten Anil Desai as an Independent Director for a second term of five years, starting November 9, subject to shareholder approval.

3. Secretarial Auditor Appointment: M/s. Aakanksha Dubey & Co., Practicing Company Secretaries, were appointed as the new Secretarial Auditors for a period of five financial years.

4. Registered Office Relocation: The company's registered office will be shifted within local limits from Flat No. 303 to Flat No. 301, 3rd Floor, My Home Sarovar Plaza, Secretariat, Saifabad, Hyderabad.

5. Annual General Meeting: The 32nd Annual General Meeting is scheduled for September 23, to be held through video conferencing.

Divestment of Material Subsidiary

In a separate announcement on August 6, Nettlinx Limited disclosed the completion of the sale of its entire investment in Sri Venkateswara Green Power Projects Limited, a material subsidiary. This divestment, approved by shareholders through a postal ballot in June, marks a significant change in the company's structure.

Outlook

While Nettlinx Limited faces financial challenges in the current quarter, the company is actively restructuring its board and operations. The divestment of its material subsidiary and the upcoming AGM may provide more clarity on the company's future strategies and growth plans.

Investors and stakeholders will be keenly watching how these corporate changes and financial results impact Nettlinx's performance in the coming quarters.