Panabyte Technologies Limited has announced the receipt of an additional work order worth ₹8.33 lakh from Mangalore Refinery Petrochemicals Limited (MRPL) for implementing an Attendance Monitoring Access Control System. The company disclosed this development to BSE, in compliance with SEBI listing regulations.

Work Order Details

The latest contract award represents an extension of a previous work order that was initially disclosed by the company in August. The new order specifically focuses on implementing an Attendance Monitoring Access Control System across various locations of MRPL under the Materials Department.

Contract Specifications

The work order involves the deployment of an advanced Attendance Monitoring Access Control System at respective MRPL locations. The contract is structured for immediate execution, indicating the urgent nature of the project requirements. The system implementation will be carried out under the supervision of MRPL's Materials Department.

Regulatory Compliance

Panabyte Technologies has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was made by Prakash Vichhivora, Chairman and Managing Director, emphasizing the company's commitment to transparency and regulatory compliance.

Business Relationship

This additional work order demonstrates the continued trust and confidence that MRPL places in Panabyte Technologies' capabilities. The company expressed gratitude for the opportunity to work with such a renowned organization in the petroleum and natural gas sector. The order confirms no related party transactions or promoter group interests in the awarding entity.

The contract award reinforces Panabyte Technologies' position in providing technology solutions to government entities and public sector undertakings, particularly in the critical infrastructure and monitoring systems segment.

Panabyte Technologies Limited has announced a significant business development, securing a substantial work order from Mahindra & Mahindra Limited. The company has been tasked with the supply, installation, testing, and commissioning (SITC) of an Access Control and Time Attendance System across multiple Mahindra & Mahindra locations in India.

Contract Details

Innovative Solution

Panabyte Technologies has developed a tailor-made, first-of-its-kind solution in the Access Control and Time Attendance industry. This innovative system is specifically designed to meet the requirements of Mahindra & Mahindra's extensive workforce, showcasing Panabyte's capability to create customized solutions for large-scale enterprises.

Strategic Importance

This contract marks a significant milestone for Panabyte Technologies, as it not only brings substantial revenue but also solidifies the company's position in the biometric systems market. The trust placed by a renowned organization like Mahindra & Mahindra underscores the quality and reliability of Panabyte's offerings.

Market Impact

The successful execution of this project could potentially open doors for Panabyte Technologies to secure similar contracts with other large corporations, thereby expanding its market presence and boosting its financial performance in the coming quarters.

As the project unfolds over the next three months, investors and market watchers will likely keep a close eye on Panabyte Technologies' performance and its ability to deliver on this significant contract. The successful completion of this project could serve as a strong reference point for future business opportunities in the Access Control and Time Attendance Systems sector.