Swan Energy repays debt of Rs 40 crore towards its fund-based facilities of textile business Swan Energy Limited announced that it has made a repayment of debt of Rs 40 crore towards its entire fund-based facilities of textile unit to the consortium of banks led by Union Bank of India. The consortium of banks comprises Union Bank of India, Bank of Baroda, Punjab National Bank and Mehsana. “This move is a part of Swan Energy’s commitment to significantly reduce the debt position in its books. The debt repayment demonstrates Swan Energy’s goal to further strengthen the financial position by efficiently managing the financial obligations,” the company said in a statement. Swan Energy Limited has recently made a prepayment of Rs 300 crore debt for its Floating Storage and Regasification Unit (FSRU) Project. The company has made the debt prepayment out of its internal accruals through its subsidiary Triumph Offshore Private Limited (TOPL) to its consortium of senior lenders of FSRU Project. The FSRU vessel was commissioned in February 2023, which represents India’s first new build FSRU initiative, embodying Swan Energy’s leadership in ushering transformative developments in the LNG sector.
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.