Money & Banking

IL&FS reports whopping loss of Rs 22,527 crore in FY’19

Our Bureau Mumbai | Updated on December 04, 2019 Published on December 04, 2019

 

IL&FS has reported a net loss of Rs 22,527 crore during FY19 as against a net profit of Rs 333 crore reported in 2018.

Revenues came in at Rs 824 crore against Rs 1,734 crore posted in 2018 fiscal. These are the standalone audited results for the 2019 financial year.

In a statement, the Board said that it has adopted prudent provisioning on loans and impairment of investments, and took a conservative view on fair market value and recovery estimates. The infrastructure financing company which defaulted on its payments in September last year had to recast its books after the government took charge.

Total assets of IL&FS, which includes real estate, were at Rs 4,148 crore in March 2019, when compared to Rs 23,868 crore in 2018. Liabilities were higher at Rs 21,083 crore, as against Rs 18,276 crore as on March 31, 2018.

IL&FS which is staring at debt in excess of Rs 90,000 crore across 169 subsidiaries, has invited Expressions of Interest (EoI) for real estate space totalling 4.85 lakh square feet, as it looks to monetise its assets. This includes a mix of commercial and residential premises across Mumbai, Kolkata and Hyderabad.

Published on December 04, 2019
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