Published on 5/12/2019 9:25:48 AM | Source: IANS

IL&FS records over Rs 22,000 cr loss in FY19

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Crisis-ridden IL&FS on Wednesday reported a net standalone loss of Rs 22,527 crore for the financial year 2018-19, compared to a net profit of Rs 333 crore during the previous year.

In a statement, the cash strapped lending major said: "The Board adopted prudent provisioning on loans/impairment of investments, and took a conservative view on fair market value and recovery estimates."

The company posted total revenue of Rs 824 crore during the period under review, as against Rs 1,734 crore in the previous year, it said.

As on March 31, 2019, total assets of the company stood at Rs 4,148 crore, as against Rs 23,868 crore as on March 31, 2018, while total liabilities by the end of FY 2018-19 stood at Rs 21,083 crore, as against Rs 18,276 crore a year ago.

IL&FS started making headlines after it started defaulting on its commercial papers last year, and resultant investigations have suggested massive misgovernance and corrupt practices by members of the erstwhile management.

The board later was superseded and is now headed by Uday Kotak.

IL&FS and its group companies are currently going through a resolution process in the National Company Law Appellate Tribunal (NCLAT).