Nettlinx, the Hyderabad-based Internet services provider today announced its unaudited results for the Quarter ended 30th June 2016.
The Company posted Q1 revenue of Rs. 10.75Cr and net profit of Rs. 4.68 Cr against the previous Quarter revenue of Rs. 5.16Cr and net profit of Rs. 0.19 Cr respectively. Q1 consolidated Revenues grew by 96.5% QoQ.
The details of the results can be viewed at the company’s website www.nettlinx.com.
“Results this Quarter were strong. Our teams executed well in building solid revenue streams by aligning relevant technologies around best growth opportunities. We continue to focus on providing a simple yet a powerful internet experience to our users and clients,” said Dr. Manohar Lokareddy, Chairman of the company.
INDUCTION OF MANAGING DIRECTOR AND INDEPENDENT DIRECTORS TO THE BOARD:
In the course of a meeting earlier today, the Nomination and Remuneration Committee of the Company recommended the induction of Mr. Rohith Lokareddy as Additional Director and Managing Director who will primarily focus on GDRs and other fund Raising issues. He will also be responsible for major Acquisitions and to transform the company for aggressive growth; Mr. Subramanyeswara Rao Kakarala and Mr. Kiran Kakarla as Additional and Independent Directors.
Rohith Lokareddy is a graduate in Management from the Indian School of Business, who earlier earned a Bachelor of Science degree at the Bentley University, Massachusetts. His academic honors include Presidential Scholarship, Member of the Honor’s program, Dean’s List (Fall ’06 – Spring ‘10), National Honors Society (Finance) and Omicron Delta Epsilon (International Economics Honors Society).
Post completing an internship program at the Fidelity Investment, a multinational financial services corporation in the Margin Department, he kick-started his career phase by joining the Hughey Center for Financial Services as a Trading Room Assistant.
Rohith then advanced to complete a two-year stint at the John Hancock Financial Services. He joined its Investment Division Rotation Program as a Credit Analyst for the Bond & Corporate Finance Group. He then went onto working in the Manulife Asset Management as a Quantitative Analyst by collaborating with fixed income credit analysts to analyze various high yield securities.
He was then promoted as a Foreign Exchange Trader, wherein he supported the global fixed income portfolios by analyzing securities/ issues that could materially affect the fund’s performance. He also oversaw currency exposure on multiple funds ($120 billions), updated the portfolio managers on the P&L from there FX exposure in each of their funds on an hourly basis and analyzed market conditions and researched economic trends that had an effect on exchange rates.
In 2012, he returned to his hometown Hyderabad and became the Manager of Northeast Broking Services Limited. He led a team to optimize the price charged for client transactions which led to a 50% increase in the revenue and helped the group to report consistent profits for the first time in the 7 Years. He played a significant role and advised high net worth individuals (HNI’s) and corporate clients on various investment opportunities.
Mr. Subramanyeswara Rao Kakarala – Senior SAP Functional Consultant and having experience in Liaison with Auditors, Liaison with Banks for all Term Loans working capital loans, with other Financial Institutions like APIDC, IDBI etc., Handling Excise department, Sales Tax and Income Tax Departments, Monitoring Books of Accounts, Financial Planning for the organization and Payment processing etc ;
Mr. Kiran Kakarla who is Member of ICWAI having Expert knowledge in General Ledger, Accounts Receivable, Accounts Payable, Asset Accounting and BCM and working knowledge in Controlling and RMCA and also having Experience in handling projects and Managing teams in Offshore-Onshore . Worked in multi cultural environment, countries worked in are India, UAE, U.K and USA.
The Board of Directors, in a meeting held after the Committees meeting, accepted the recommendations of the Committee and appointed them as Additional Directors. The new directors will hold office up to the date of ensuing AGM. At that point, their appointment as Managing Directors and Independent Directors will be placed for approval of the shareholders.
Dr. Manohar Lokareddy, Chairman and Director, said, “I am very happy that Mr.Rohith Lokareddy for joining as Managing Director of the company to harness and grow the organization. Congratulate the two independent Directors for their guidance to change the face of the company.”
Mr. Chandra Sekhar Pogula, Chief Executive Officer and Whole Time Director, said, “Am Looking forward to assist Mr. Rohith Lokareddy in taking the growth of the company to the next level.”