XL Telecom net dips 90%

Hyderabad-based solar panel and solar cell maker, XL Telecom and Energy Limited, witnessed a steep decline of 90.35 per cent in its net profit to Rs 83.50 lakh for the third quarter ended December 31, 2008, as compared with Rs 8.66 crore during the same period a year ago. Net sales stood at Rs 102.15 crore for the quarter under review, as against Rs 150.45 crore, down 32.10 per cent . 

During the quarter ended December 2008, XL Telecom has pledged the promoters’ 1.45 million shares to Canara Bank as lender agent for the term loan consortium as a collateral security till the repayment of the term loan of Rs 189 crore to the company for setting up a solar cell line and a solar photovoltaic manufacturing facility at the Fabcity special economic zone in Hyderabad.

The company has also pledged the promoters’ 815,000 shares to IDBI for the term loan sanctioned to its as a collateral security, which will be released in April 2010 after repayment of Rs 3 crore outstanding as on December 2008, XL Telecom stated in a press release on Monday.