Panabyte Technologies Limited (PTL) has announced a significant contract win from a prestigious government organization, showcasing its growing presence in the technology services sector.

Contract Details

PTL has been awarded a Non-Comprehensive Annual Maintenance Contract for the Fire Alarm System at the Master Control Facility (MCF) in Hassan, which operates under the Department of Space, Government of India. The contract, valued at Rs 7.59 lakh, is set to be executed over a period of two years.

Scope of Work

The company will be responsible for maintaining the Fire Alarm System at the MCF, Hassan. This contract underscores PTL's expertise in critical safety systems and its ability to secure projects from high-profile government entities.

Management's Response

Prakash Mavji Vichhivora, Chairman & Managing Director of Panabyte Technologies Limited, expressed the company's gratitude for the trust placed in them by the Department of Space. In an official statement, he said, "We are absolutely delighted and profoundly grateful for the trust placed in us by such a renowned organization."

Contract Significance

This domestic maintenance contract is noteworthy for several reasons:

1. Government Sector Engagement: It strengthens PTL's position as a trusted partner for government organizations.
2. Critical Infrastructure: The contract involves maintaining safety systems for a crucial space facility, highlighting the company's capabilities in handling sensitive projects.
3. Long-term Commitment: The two-year duration of the contract provides PTL with a stable revenue stream and the opportunity to build a long-term relationship with the client.

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Panabyte Technologies Limited has duly informed the BSE Limited about this contract award. The company has provided all necessary details as required by the regulatory authorities, demonstrating its commitment to transparency and corporate governance.

Conclusion

This contract win represents a positive development for Panabyte Technologies Limited, potentially opening doors for future collaborations with other government departments and reinforcing its position in the technology services market. As the company embarks on this new project, stakeholders will be keen to see how this contract contributes to PTL's overall growth and performance in the coming years.

Panabyte Technologies Limited, a technology company, has reported a net loss of Rs 13.09 crore for the first quarter, ending June 30. This marks a significant shift from the profit of Rs 1.61 crore recorded in the same quarter of the previous year.

Revenue Growth and Increased Expenses

Despite the loss, the company saw a substantial increase in its revenue from operations, which rose to Rs 186.30 crore from Rs 96.04 crore year-on-year, representing a growth of nearly 94%. However, this revenue growth was overshadowed by a sharp rise in total expenses, which increased to Rs 211.08 crore from Rs 100.17 crore in the corresponding quarter last year.

Financial Performance Breakdown

The company's financial results reveal several key points:

Issuance of Convertible Warrants

In a strategic move, Panabyte Technologies has issued 3,50,000 convertible warrants to its promoters. The key details of this transaction include:

• Face Value per Warrant: Rs 10
• Issue Price per Warrant: Rs 48 (including a securities premium of Rs 38)
• Total Upfront Payment Received: Rs 42 lakh (25% of the total consideration)
• Conversion Option: Each warrant is convertible into one equity share upon payment of the remaining Rs 36 per warrant

The company has confirmed that the proceeds of Rs 42 lakh have been fully utilized for the intended purposes as of June 30.

Management Commentary

Prakash Vichhivora, Chairman & Managing Director of Panabyte Technologies, stated in the company's filing, "The Board of Directors has reviewed and approved the unaudited financial results for the quarter ended June 30. While we have seen significant revenue growth, the increase in expenses has impacted our bottom line. We are actively working on optimizing our cost structure while continuing to invest in growth opportunities."

Outlook

The company's performance in the coming quarters will be closely watched by investors and analysts, particularly in light of the recent loss and the issuance of convertible warrants. The management's ability to control costs while maintaining revenue growth will be crucial for Panabyte Technologies' financial health and market position in the technology sector.

Panabyte Technologies Limited is listed on the BSE. The company's shares will likely be in focus as the market digests these quarterly results and the implications of the warrant issuance.