SPEL’s Board considered the Audited Financial Results for the FY 2020-21. Revenue from operations during the year was ₹15.92 Crores as against ₹36.54 Crores during the previous FY. The loss for FY 2020-21 was ₹8.64 Crores compared to the net profit of ₹1.05 Crores during FY 2019-20.

The lower revenue & losses were due to Covid & the related lockdown starting from Apr 2020. Unlike other countries, India did not classify the Semiconductor industry as an essential industry. These resulted in SPEL being able to operate only with restricted manpower till Oct 2020.

Production was also affected due to limited cargo flights which resulted in shortage of critical imported raw materials. Many of our Management, Key Personnel, Operating staff & their Families were adversely affected by the pandemic. The Banking system importantly also, didn’t provide the required assistance to mitigate the crisis.

Management has been working on additional funding to tide over the tight situation. The Promoters assistance in this regard has been hugely appreciated.