Technojet Consultants Reports ₹1.97 Crore Loss in Q1 as Revenue Dries Up
Technojet Consultants Limited, a Mumbai-based company, reported a net loss of ₹1.97 crore in Q1, contrasting with a ₹10.05 crore profit in the previous quarter. The company recorded no revenue from operations, down from ₹12.00 crore. Total income fell to ₹0.62 crore from ₹2.50 crore, while expenses slightly increased to ₹2.59 crore. The Earnings Per Share (EPS) turned negative at ₹(0.99). The Board of Directors approved these unaudited financial results on August 11, with the company's auditors stating that the financial statement gives a true and fair view.
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Technojet Consultants Limited , a Mumbai-based company, has reported a significant downturn in its financial performance for the first quarter. The company's unaudited financial results, approved by the Board of Directors on August 11, reveal a stark contrast to its previous quarter's performance.
Financial Highlights
- Net Loss: Technojet Consultants posted a net loss of ₹1.97 crore, a sharp decline from the profit of ₹10.05 crore in the previous quarter.
- Revenue: The company recorded no revenue from operations, compared to ₹12.00 crore in the previous quarter.
- Total Income: Total income plummeted to ₹0.62 crore from ₹2.50 crore in the previous quarter, consisting entirely of other income.
- Expenses: Total expenses saw a slight increase to ₹2.59 crore from ₹2.49 crore in the previous quarter.
- Employee Benefits: Employee benefits expense more than doubled to ₹0.43 crore from ₹0.20 crore.
- Earnings Per Share (EPS): The EPS turned negative at ₹(0.99) compared to ₹5.03 in the previous quarter.
Detailed Financial Overview
| Particulars (in ₹ crore) | Q1 | Previous Quarter | Q1 Previous Year |
|---|---|---|---|
| Revenue from Operations | 0.00 | 12.00 | 0.00 |
| Other Income | 0.62 | 0.54 | 1.08 |
| Total Income | 0.62 | 2.50 | 1.08 |
| Total Expenses | 2.59 | 2.49 | 3.37 |
| Profit/(Loss) Before Tax | (1.97) | 10.05 | (2.30) |
| Net Profit/(Loss) | (1.97) | 10.05 | (2.30) |
Management Commentary
The company's management has not provided specific comments on the reasons behind the significant drop in revenue and the resulting loss. However, the financial results indicate a challenging quarter for Technojet Consultants, with a complete halt in operational revenue.
Board Meeting Details
The Board of Directors meeting, which approved these unaudited financial results, was held on August 11. The meeting commenced at 4:30 p.m. and concluded at 5:00 p.m., as disclosed in the company's filing to the BSE Limited.
Auditor's Review
Kalyaniwalla & Mistry LLP, the company's chartered accountants, conducted a limited review of the financial results. They stated that nothing has come to their attention that causes them to believe that the financial statement does not give a true and fair view in accordance with applicable accounting standards and other recognized accounting practices and policies.
Investors and stakeholders will be keenly watching Technojet Consultants' performance in the coming quarters to see if the company can reverse this downtrend and return to profitability. The dramatic shift from a profitable previous quarter to a loss-making quarter, coupled with zero operational revenue, raises questions about the company's operational challenges and future strategies.
Historical Stock Returns for Technojet Consultants
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | 0.0% | 0.0% | +20.00% | +20.00% | +20.00% |
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