SWELECT Energy Systems posts Rs 12 cr net profit in Mar quarter

SWELECT Energy Systems on Thursday posted a consolidated net profit of Rs 12.29 crore for the quarter ended March 31, 2022.

The company had reported a loss of Rs 4.46 crore in the quarter ended on March 31, 2021, a BSE filing said.

Total income in the January-March 2022 quarter rose to Rs 163.66 crore, from Rs 82.24 crore in the same period a year ago.

The company posted a consolidated net profit of Rs 32.41 crore in the fiscal year 2021-22, as against Rs 26.03 crore in 2020-21.

Total income in the FY22 rose to Rs 411.93 crore, from Rs 282.38 crore in 2020-21.

The Board of Directors have recommended a final dividend of Rs three per equity share (Face value of Rs 10 each) for the year ended March 31, 2022.

Based on the valuation report of the registered valuer, the Board of Directors have also approved the offer for conversion of Loan into 32,00,000 equity shares of Rs 10 each with premium of Rs 115 per equity share on rights basis made by Amex Alloys Private Ltd, Wholly-Owned Subsidiary (WOS) of the company for Rs 40 crore in respect of the outstanding loan amount due from the WOS.

The Board has recommended obtaining Shareholders approval for increasing the limit with respect to providing loan, guarantee and security under section 185 of the Companies Act, 2013 from Rs 200 crore to Rs 400 crore at the ensuing Annual General Meeting.

The 27th Annual General Meeting (AGM) of the shareholders of the Company is scheduled to be held on Thursday, July 28, 2022.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)