IL&FS reports net loss of ₹22,527 crore in FY191 min read . Updated: 04 Dec 2019, 08:28 PM IST
- IL&FS had reported a net profit of ₹333 crore in the previous year
- Total revenue for FY19 was ₹824 crore, against ₹1,734 crore in the previous year
The former infrastructure and lending behemoth that nearly brought down India’s financial system with its bankruptcy – Infrastructure Leasing and Financial Services (IL&FS) – reported a net loss of ₹22,527 crore in FY19. The company, which is currently led by a government-nominated board, reported standalone financial results for FY19 in a press release.
The company to a ₹19,430 crore impairment on its financial assets last fiscal. The company was able to scale down other expenses, even as its operating revenues crashed.
Total revenue for FY19 was ₹824 crore, against ₹1734 crore in the previous year. Interest income for the year was ₹519.85 crore, halving from ₹1019.3 crore in FY18.
IL&FS had reported a net profit of ₹333 crore in the previous year.
The company’s assets shrunk to ₹4148 crore in FY19, from ₹23,868 crore in the previous year. At the same time, liabilities rose to ₹21,083 crore in FY19, from ₹18,276 crore in the previous year.
The IL&FS group has debts of over ₹1 lakh crore. The Uday Kotak-led board, as part of the resolution plan for the group, has placed all of the group’s assets on the block. So far, it has only been able to sell wind power assets to a foreign partner Orix Corporation of Japan.
Of the 14 operating road assets that are up for sale, the company has said it has received binding bids for 5 roads. Last month, the company said that IL&FS Transportation Networks – which houses the road assets - has taken steps to set up an infrastructure investment trust (InvIT) in a bid to offload the company’s remaining 9 road assets that are not seeing much demand from investors.