Aksh Optifibre, a franchisee of BSNL and MTNL in India, has reported a 2 percent sequential growth in revenues from its IPTV service iControl and VoIP service Pigeon for the quarter ended December 2008. Aksh is one of the franchisees for PSU telcos BSNL and MTNL for these two services and competes with HFCL-related company Smart Digivision (MyWay). The status of other competitors – Time Broadband and BSE listed IOL Netcom, is not known. The company had previously noted its services business is expected to break even in a few quarters. EBIT loss is down 9 percent sequentially to Rs. 76.19 million and 23.7 percent year on year over revenues of Rs. 14.27 million in the quarter. Details: Financials The company continues to increase its investment in the business: in December, the company approved the raising of $8 million as part of its $20 million fund raising plan through the issue of convertible securities such as global depository receipts or foreign currency convertible bonds (FCCBs). Aksh planned to repay retail lenders for an earlier issue of FCCBs worth $7 million which are due in 2010, and is using $1 million for other purposes. Aksh had hived off its manufacturing operations into a subsidiary Aksh Technologies Ltd. Parent Company: Standalone Losses Reduced To Rs.20M Aksh Optifibre has reported an 86 percent year on year fall in net losses to Rs. 19.89 million in the quarter ended December 2009, though net sales have crashed to Rs. 14.27 million from Rs. 588.68 million…
