Swelect Energy Systems Posts Rs 14.87 Crore Loss For March Quarter

Swelect Sets Sights on Coimbatore to Make Solar Panels

Swelect Energy Systems has issued its financial results for the January to March Quarter of 2020, reporting a consolidated net loss of Rs 14.87 crore.

Indian solar module manufacturer Swelect Energy Systems has issued its financial results for the January to March Quarter of 2020, reporting a consolidated net loss of Rs 14.87 crore in the period.  The firm had a consolidated net profit of was Rs 4.47 crore in the quarter ended on March 31, 2019.

The firm also detailed that the total income of the company rose to Rs 69.18 crore in the January-March quarter from Rs 55.54 crore in the year-ago period.

The consolidated net loss is Rs 10.16 crore in 2019-20 while it had reported a consolidated net profit of Rs 6.82 crore in 2018-19. Total income was Rs 279.81 crore in 2019-20 against Rs 253.90 crore in 2018-19.

The company’s board in its meeting on July 8, 2020, recommended a final dividend of Rs 0.75 per share with a face value of Rs 10 each for 2019-20.

The board also reappointed A. Balan as the Joint Managing Director of the company for a period of five years with effect from October 3, 2020. The appointment shall be subject to the approval of shareholders at the ensuing Annual General Meeting.

The board also approved the resignation of P Jagan, Chief Financial Officer of the Company. Jagan had put in his papers on May 9, 2020. The board has requested him to complete the service period up to August 10, 2020.

In April, Swelect had become one of the very first solar players to resume operations at its solar photovoltaic (PV) modules manufacturing plant located in Bengaluru effective from April 25, 2020. Like most of the companies across the country, the firm had earlier in March shut down its operations post the government order for a lockdown amidst the spread of the coronavirus pandemic.

“As per the directions issued by the Joint Director, DIC, Bengaluru, the company has been permitted to resume its operation after following the guidelines issued by the central government during the COVID-19 pandemic,” the firm had issued in a statement.