Orient Technologies Limited has informed the Exchange regarding Resignation of Mr. Gourav Modi as Chief Financial Officer of the company w.e.f. Jun 25, 2026.
ORIENTTECH · price
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Orient Technologies Limited announced the resignation of Mr. Gourav Modi as Chief Financial Officer (CFO), effective from close of business hours of June 25, 2026, citing personal reasons. The company also reported audited standalone revenue of Rs 86,493.19 lakhs for FY2026, a 3% increase over prior year (Rs 83,953.06 lakhs). However, standalone profit before tax dropped significantly to Rs 507.28 lakhs (vs Rs 6,801.65 lakhs) due to exceptional items totaling Rs 2,368.33 lakhs, which includes write-off of unamortized costs (Rs 1,515.09 lakhs) following the loss of a major customer during Q3 FY2026. The company completed acquisitions (Red Hut Innovation, AIT Internet Services, Athena IT & Telecom) and a bonus issue during the year. Cash position declined to Rs 6,250.66 lakhs from Rs 11,407.55 lakhs, reflecting investments in acquisitions and office premises.
The CFO resignation one month in advance creates leadership transition uncertainty during a period of significant earnings decline. The exceptional items and customer loss highlight business challenges. Shareholders should monitor for the board's appointment of a new CFO and the company's recovery strategy.