IL&FS reports net loss of Rs 22,527 crore for Financial Year 2019; company recorded loss of Rs 333 crore last year

Mumbai: 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. [caption id=“attachment_5251861” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] 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 In October 2018, the government seized control of the debt-trapped company and superseded its board led by Uday Kotak as the chairman.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 8 October, 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.