IYKOT HITECH TOOLROOM LIMITED, a company listed on the Bombay Stock Exchange (BSE: 522245), has announced significant corporate actions following a board meeting. The company's Board of Directors has approved several key decisions, including the reclassification of a major shareholder and the scheduling of an Extraordinary General Meeting (EGM).

Promoter Reclassification

The Board has approved the reclassification of Electronics Corporation of Tamil Nadu Ltd (ELCOT) from the 'Promoter/Other Promoter' category to the 'Public' category. This decision comes after receiving a No-Objection Certificate from BSE Limited for the proposed reclassification. The move is in compliance with Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Extraordinary General Meeting

An Extraordinary General Meeting has been scheduled for October 27, at 11:00 AM (IST). The meeting will be conducted via video conferencing or other audio-visual means (VC/OAVM) to seek shareholder approval for the aforementioned reclassification.

Corporate Governance Measures

The company has taken note of a warning letter received from BSE Limited regarding the non-filing of corporate announcements related to the reclassification application. In response, IYKOT HITECH TOOLROOM has implemented measures to ensure compliance and transparency:

1. Appointment of Scrutinizer: M/s. Lakshmmi Subramanian & Associates, Practicing Company Secretaries, has been appointed as the scrutinizer for conducting the remote e-voting and e-voting process at the EGM.

2. E-voting Agency: The Board has proposed to engage Central Depository Services (India) Ltd. (CDSL) as the e-voting agency for the EGM, facilitating shareholder participation and voting.

These actions demonstrate the company's commitment to adhering to regulatory requirements and maintaining good corporate governance practices.

The board meeting where these decisions were made commenced at 04:00 PM and concluded at 05:00 PM. Likhitta Dugar, Whole Time Director of IYKOT HITECH TOOLROOM LIMITED, signed off on the official communication to the BSE.

Investors and stakeholders are advised to take note of these developments, particularly the upcoming EGM, which will play a crucial role in determining the company's shareholding structure.

Iykot Hitech Toolroom , a manufacturer of high-tech tooling solutions, has released its unaudited financial results for the first quarter. The company reported a narrowed net loss compared to the same period last year, despite a significant decrease in revenue.

Financial Performance

The company's financial results for Q1 show:

Iykot Hitech Toolroom reported a net loss of Rs 35.38 lakhs for the quarter, an improvement from the Rs 55.96 lakhs loss in the corresponding quarter of the previous year. This represents a 36.78% reduction in net loss year-over-year.

However, the company's net sales decreased significantly to Rs 68.43 lakhs, down 55.93% from Rs 155.27 lakhs in the previous year's quarter. The total expenses also saw a reduction, falling to Rs 103.81 lakhs from Rs 214.47 lakhs in the same period last year, a decrease of 51.60%.

Operational Highlights

The company's cost-cutting measures are evident in the reduced expenses across various categories:

• Cost of material consumed decreased to Rs 46.58 lakhs from Rs 144.83 lakhs.
• Employee benefits expense reduced to Rs 10.59 lakhs from Rs 19.30 lakhs.
• Other expenses were down to Rs 28.36 lakhs from Rs 45.40 lakhs.

These reductions helped offset the impact of lower sales on the company's bottom line.

Corporate Actions

In addition to the financial results, the Board of Directors approved several corporate actions:

1. Preparation for the 34th Annual General Meeting (AGM) to be held through virtual video conferencing.
2. Appointment of Central Depository Services (India) Limited as the e-voting facilitator for the upcoming AGM.
3. Appointment of M/S. Lakshmmi Subramanian & Associates as the scrutinizer for the 34th AGM.

Management Commentary

Likhitta Dugar, Whole Time Director of Iykot Hitech Toolroom, signed off on the financial results.

Conclusion

While Iykot Hitech Toolroom faces challenges with declining revenue, the company has managed to narrow its losses through significant cost reductions. The focus now appears to be on streamlining operations and preparing for the upcoming AGM. Investors and stakeholders will be watching closely to see if the company can return to revenue growth while maintaining its improved cost structure in the coming quarters.