VL E-Governance & IT Solutions Ltd Share Price – NSE  /  BSE

IT - Software, Small Cap

VL E-Governance & IT Solutions has entered into a binding term sheet with Edgewood Ventures LLC, USA on 18 July 2024 for acquisition of 26% equity stake in HAL-Edgewood Technologies (HETL).

HETL was set-up in 2007 as a Joint Venture of Hindustan Aeronautics (HAL), in collaboration with Edgewood Ventures LLC, USA and Edgewood Technologies , Bangalore, India.

HETL has developed next-generation state-of-art Mission Computer (OSAMC: Open System Architecture Mission Computer) for Military Aviation / Aircraft. The first product in its category and completely designed & developed on Indian Soil. It is also an import substitution product. The product Mission Computer (OSAMC) has been patented vide patent No. 302177 and received approval under Make-in-India products.

The Company is engaged in the business of design, develop, manufacture or promote high-tech projects/products such as to carry on the business and promote research design and development in the field of electronics, software, hardware and aeronautical system required for aviation, aerospace and satellite projects.

The company is also in the business of to set up design center for design and development of chip data encryption and digital design center.

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Net profit of VL E-Governance & IT Solutions reported to Rs 0.61 crore in the quarter ended June 2024 as against net loss of Rs 4.42 crore during the previous quarter ended June 2023. Sales reported to Rs 2.51 crore in the quarter ended June 2024. There were no Sales reported during the previous quarter ended June 2023.

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VL E-Governance & IT Solutions will hold a meeting of the Board of Directors of the Company on 9 July 2024.

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Net Loss of VL E-Governance & IT Solutions reported to Rs 163.47 crore in the quarter ended March 2024 as against net loss of Rs 3.49 crore during the previous quarter ended March 2023. There were no Sales reported in the quarter ended March 2024 as against Rs 165.06 crore during the previous quarter ended March 2023.

For the full year,net loss reported to Rs 169.93 crore in the year ended March 2024 as against net profit of Rs 5.89 crore during the previous year ended March 2023. Sales declined 96.98% to Rs 22.01 crore in the year ended March 2024 as against Rs 729.53 crore during the previous year ended March 2023.

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