Skyline Ventures India Reports Widened Net Loss for Q1, Approves Office Relocation

Skyline Ventures India Limited has reported a significant increase in net loss for the first quarter, according to the company's latest financial results. The board has also approved the relocation of its registered office within Hyderabad.

Financial Performance

For the quarter ended June 30, Skyline Ventures India reported:

The company's net loss widened to ₹19.74 crore, compared to ₹4.17 crore in the same quarter of the previous year. This represents a 373.38% increase in net loss year-over-year.

Total expenses rose significantly to ₹19.76 crore, up from ₹4.18 crore in the previous year's Q1, marking a 372.73% increase. The rise in expenses was primarily attributed to:

• Employee benefits expense of ₹6.43 crore
• Other expenses amounting to ₹13.26 crore

It's worth noting that the company recorded zero revenue from operations and other income during the quarter.

Recognition of Past Expenses

During the current quarter, Skyline Ventures India recognized an amount of ₹7,47,399 towards BSE listing fees and demat charges pertaining to previous financial years. These charges were paid by Wilmer Technologies LLP and have been recorded in the current quarter's financial results.

Office Relocation

The Board of Directors has approved the shifting of the company's registered office within Hyderabad. The new address will be:

Workafella, Cyber Crown- 424, Sec-II, HUDA Techno Enclave, Madhapur, Hyderabad, Telangana –500081, India

This move from the previous location at Flat No. 102, HEMU, Vitalrao Nagar, Hitech City, Madhapur, is within the local limits of the same city.

Auditor's Review

KS RAO & Associates, the company's statutory auditors, have conducted a limited review of the unaudited financial results and issued an unmodified report, stating that nothing has come to their attention that causes them to believe that the financial statements do not present a true and fair view in accordance with applicable accounting standards and SEBI regulations.

The financial results were reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors at their meeting.

Investors and stakeholders can access the detailed financial results on the BSE website ( www.bseindia.com ) and the company's website ( www.slvdigital.in ).