Home Market News Brightcom Group reports Q1 FY25 results, clarity on suspension revocation awaited
Over 6.5 lakh small shareholders of the Brightcom Group have been left in the lurch for nearly six months now since the shares of the Brightcom Group were suspended for regular trading since June this year.
By Hormaz Fatakia December 2, 2024, 6:28:32 AM IST (Published)
Brightcom Group, shares of which are currently suspended by the BSE and NSE for regular trading, reported its June quarter results for financial year 2025, after its board meeting on Sunday, December 1.
Consolidated revenue for the quarter stood at ₹1,182 crore compared to ₹705 crore in the March quarter. During the June quarter of financial year 2024, Brightcom Group had reported a topline of ₹1,690 crore.
Net profit for the quarter also increased to ₹159.5 crore from ₹37.45 crore in March. Brightcom Group's net profit during the year-ago quarter stood at ₹321.5 crore.
Both of Brightcom Group's business segments - Digital Marketing and Software Development, reported growth in its topline when compared to the March quarter. While the Digital Marketing segment revenue fell on a year-on-year basis, the Software Development segment saw a slight increase on a year-on-year basis as well.
Additionally, the board of the company has approved the appointment of two new independent directors - PV Subba Rao and Deepika Daliya after its board meet on November 30.
However, during the current earnings release, the Brightcom Group did not share a timeline as to when its trading suspension will be revoked. Last week, the company had highlighted that the trading suspension revocation timeline could be advanced once the company declares its results for Q1 FY25, which it has now done.
One of its earlier statements had earlier mentioned that it is confident of its trading suspension being revoked by the BSE and the NSE "well before" December 14, 2024.
Over 6.5 lakh small shareholders of the Brightcom Group have been left in the lurch for nearly six months now since the shares of the Brightcom Group were suspended for regular trading since June this year. They only trade in the 'trade-for-trade' segment and are categorized in the 'Z' group of stocks, where trading takes place only on the first trading day of the week.
Brightcom Group's appeal at the Securities Appellate Tribunal (SAT) will be heard on Wednesday, December 4. Earlier this year, the SAT had dismissed Brightcom Group's appeal against the order issued by market regulator Securities and Exchange Board of India (SEBI), which barred former Chairman PS Reddy and CFO Narayan Raju from holding key managerial positions.
The recent hearing addressed the specific regulatory orders related to asset impairment and preferential issues, not the broader compliance or revocation process.
