IL&FS reports Rs 22,527 cr net loss for FY19; revenue of Rs Rs 824 cr

Cash-strapped Infrastructure Leasing & Financial Services (IL&FS) on Wednesday reported a standalone net loss of Rs 22,527 crore for the fiscal to March 2019, as against Rs 333 crore in the previous fiscal.

The scam-ridden infra lending major reported revenue of Rs 824 crore, massively down from Rs 1,734 crore in the previous year.

This is the first earnings announcement after the government sacked its board in October last year.

As of end March 2019, total assets stood at Rs 4,148 crore, a pale shadow of Rs 23,868 crore year-ago, a company statement said, adding its liabilities rose to Rs 21,083 crore from Rs 18,276 crore in FY18.

It said the board adopted prudent provisioning on loans/impairment for investments, besides taking a conservative view on fair market value and recovery estimates.

In October 2018, the government seized control of the debt-trapped company by superseding its board, and set up a new board led by Uday Kotak as the chairman.

The new board, as part of the overall resolution process for the IL&FS Group, has sold a number of assets to clear the dues and debt.

As of October 8, 2018, the group has an external fund based debt of Rs 94,216 crore and an additional non-fund based debt of Rs 5,139 crore.