UNITED STATES
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CURRENT REPORT
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Item 2.02 Results of Operations and Financial Condition.
On October 27, 2023, NetSol Technologies, Inc.’s Pakistani subsidiary, NetSol Technologies, Ltd. posted the results of operations and financial conditions for first quarter ended September 30, 2023. The results are posted on the Pakistan Stock Exchange. These results represent only the results of one subsidiary of NetSol Technologies, Inc. and are not representative of the results of the NetSol Technologies, Inc. on a consolidated basis.
The information in this report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document field under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Exhibits
| 99.1 | Earnings Announcement for October 27, 2023, for NetSol Technologies Ltd. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document |
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NETSOL TECHNOLOGIES, INC. | ||
| Date: | October 27, 2023 | /s/ Najeeb Ghauri |
| NAJEEB GHAURI | ||
| Chief Executive Officer | ||
| Date: | October 27, 2023 | /s/ Roger Almond |
| ROGER ALMOND | ||
| Chief Financial Officer |
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EXHIBIT 99.1
NetSol Technologies Limited Pakistan, (“NetSol PK”), a majority owned subsidiary of NetSol Technologies, Inc. servicing the Asia-Pacific region, announced financial results for the quarter ended September 30, 2023.
Financial Highlights Q1, 2023-24
| ● | Net revenues increased to PKR 2,256 million compared to PKR 1,716 million in corresponding quarter of last fiscal year | |
| ● | Gross profit increased to PKR 901 million versus PKR 476 million in the same period of last fiscal year | |
| ● | Company posted a net profit of PKR 272 million or a profit of PKR 3.09 per diluted share compared to PKR 191 million last year or PKR 2.17 per diluted share |
Company posted revenues of PKR 2,256 million for the quarter ended September 30, 2023 compared with PKR 1,716 million in same quarter of last year. Gross profit clocked at PKR 901 million compared to PKR 476 million in the corresponding period. The Company posted a net profit after tax of PKR 272 million or a profit of PKR 3.09 per diluted share in comparison of PKR 191 million or PKR 2.17 per diluted share in the same quarter of fiscal year 2023.