GTL Limited , a prominent player in the network services sector, has announced a significant change in its top management. The company's Board of Directors has approved the appointment of Harshad Kulkarni as the new Chief Financial Officer (CFO) and Key Managerial Personnel, effective August 7, 2025. This decision comes following the retirement of the current CFO, Milind Bapat.

New CFO Appointment

The appointment of Harshad Kulkarni was made based on the recommendations of the Nomination and Remuneration Committee and the Audit Committee. Kulkarni, aged 52, brings a wealth of experience to his new role at GTL Limited.

Kulkarni's Professional Background

Harshad Kulkarni is a qualified Chartered Accountant and Cost Accountant with a strong commerce background. His professional journey spans over 28 years, during which he has developed expertise in various aspects of financial management. Kulkarni's areas of specialization include:

• Financial accounting
• Budgeting and Management Information Systems (MIS)
• Taxation
• Internal audit
• Systems development of Oracle Financials

Prior to his promotion to CFO, Kulkarni was serving as the Assistant Vice President - Finance & Accounts at GTL Limited, showcasing his in-depth understanding of the company's financial operations.

Board Meeting Details

The decision to appoint Kulkarni was made during a Board meeting held on August 6, 2025. The meeting commenced at 12:30 Hours (IST) and concluded at 16:55 Hours (IST), as per the company's disclosure to the stock exchanges.

Regulatory Compliance

In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, GTL Limited has duly informed the stock exchanges about this change in key managerial personnel.

Company Performance

While the focus of this announcement is on the CFO appointment, it's worth noting that GTL Limited recently reported its unaudited financial results for the quarter ended June 30, 2025. The company posted a revenue from operations of ₹5,572.66 lakh for the quarter, with a total income of ₹5,848.61 lakh. The profit for the period stood at ₹1,560.12 lakh, showing a positive financial performance.

As GTL Limited welcomes Harshad Kulkarni to his new role as CFO, the company looks forward to leveraging his extensive experience in financial management to drive continued growth and maintain strong financial governance.

GTL Limited , a network services provider, has announced its unaudited financial results for the quarter ended June 30, revealing a significant increase in revenue and profit despite ongoing financial challenges.

Financial Highlights

• Revenue from operations surged to ₹6,990.00 crore, up from ₹5,573.00 crore in the same quarter last year.
• Net profit reached ₹1,560.00 crore, compared to ₹1,289.00 crore in the previous year's quarter.
• Earnings per share (EPS) stood at ₹0.99 after exceptional items.

Key Financial Data

Exceptional Items and Financial Challenges

The company recorded exceptional items of ₹1,129.00 crore, representing one-time revenue. However, GTL's financial position remains precarious:

• The company did not pay or provide interest on borrowings during the quarter.
• If interest had been recognized, GTL would have reported a loss of ₹7,738.00 crore with a negative EPS of ₹4.93.
• The company's net worth remains eroded, with current liabilities exceeding current assets.

Debt Resolution Progress

GTL has made progress in settling its debts:

• Dues have been settled with ten secured lenders, including Canara Bank.
• Canara Bank has filed for withdrawal of proceedings before the National Company Law Tribunal (NCLT) Mumbai.
• The company has entered into an Upside Sharing Agreement with eligible lenders to share 75% of the net recovery amount from ongoing arbitration proceedings.

Management Outlook

Despite the financial challenges, GTL's management maintains a positive outlook:

• The company continues to operate on a going concern basis.
• Management is awaiting the outcome of arbitration proceedings and One-Time Settlement (OTS) sanctions from the remaining lenders.
• Efforts are being made to resolve issues before the Debt Recovery Tribunal (DRT).

Leadership Changes

In a separate announcement, GTL Limited informed that:

• Mr. Harshad Kulkarni has been appointed as the new Chief Financial Officer (CFO) and Key Managerial Personnel, effective August 7.
• Mr. Kulkarni, aged 52, is a Chartered Accountant and Cost Accountant with over 28 years of experience in financial accounting, budgeting, taxes, and internal audit.
• He replaces Mr. Milind Bapat, who is retiring from the CFO position.

GTL Limited's financial results reflect a complex situation where the company has managed to increase its revenue and report a profit, largely due to exceptional items. However, the underlying financial challenges, including unpaid interest and eroded net worth, continue to cast doubt on the company's long-term sustainability. The management's efforts to resolve debt issues and the appointment of a new CFO signal ongoing attempts to navigate these challenges and steer the company towards financial stability.