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Sterling and Wilson Solar's net profits dips 62% to Rs 17.22 cr in June quarter

PTI     September 16, 2020

Sterling and Wilson Solar Ltd on Wednesday said its consolidated net profit dipped 62 per cent on a year-on-year basis to Rs 17.22 crore in the June quarter mainly due to lower revenues. The consolidated net profit of the company stood at Rs 46.01 crore in the quarter ended June 30, 2019, a BSE filing said.

The total income of the company fell to Rs 1,099.38 crore in the quarter under review, from Rs 1,309.34 crore a year ago, the filing said. In a separate filing, the company said the promoters of the firm -- Shapoorji Pallonji and Company Private Ltd (SPCPL) and Khurshed Daruvala -- have offered a total security on various assets aggregating to about Rs 1,200 crore, which is slightly higher than the aggregate outstanding loans against them.

The promoters requested the Board of Sterling and Wilson Solar to grant further extension of time up to September 30, 2021 to facilitate funding for repayment of the outstanding loans and assured the Board that they will continue to facilitate repayment over the course of the period up to September 30, 2021, it noted.

The audit committee and the Board of Directors at its meeting held on September 15, 2020 approved further extension of time up to September 30, 2021 to facilitate funding for the repayment of part of the June 2020 installment and the September 2020 installment of the loan.

The committee also decided to levy an additional interest spread of 400 basis points per annum over the average interest rate on borrowings as against the interest spread of 100 basis points per annum levied earlier. The promoters will pay interest on quarterly basis. Earlier, in June as well as in July, the promoters had sought for extension of time to facilitate the repayment of the June 2020 installment of Rs 500 crore.

The Board of Directors at its meeting held on July 7, 2020 had requested the promoters to provide necessary security in respect of the June 2020 Installment, and to revert back to the Board at the earliest. The company has been paid an amount of Rs 103 crore as on date out of June 2020 installment of Rs 500 crore, it added.

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