SWELECT Energy Systems posts Rs 14.87 cr loss for Jan-Mar

SWELECT Energy Systems on Wednesday reported a consolidated net loss of Rs 14.87 crore for the January-March quarter. The consolidated net profit of was Rs 4.47 crore in the quarter ended on March 31, 2019, according to a regulatory filing by the solar power systems company.

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 board in its meeting on Wednesday recommended a final dividend of Rs 0.75 per share with 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 approval of shareholders at the ensuing Annual General Meeting.

The board also approved resignation of P Jagan, Chief Financial Officer of the Company. Jagan had put in his papers on May 9, 2020.

The board at its meeting held on Wednesday accepted his resignation and requested him to complete the service period up to August 10, 2020.

Source: PTI

[jetpack_subscription_form subscribe_placeholder=”Enter your email address” show_subscribers_total=”false” button_on_newline=”false” submit_button_text=”Sign Up” custom_background_emailfield_color=”undefined” custom_background_button_color=”undefined” custom_text_button_color=”undefined” custom_font_size=”16″ custom_border_radius=”50″ custom_border_weight=”2″ custom_border_color=”#fcb900″ custom_padding=”15″ custom_spacing=”10″ submit_button_classes=”has-fcb-900-border-color has-background has-electric-grass-gradient-background” email_field_classes=”has-fcb-900-border-color” show_only_email_and_button=”true” ]