IL&FS Transportation Networks Ltd suffers net loss of Rs 17,000 cr for FY20
New Delhi: IL&FS Transportation Networks Ltd suffered a standalone net loss of Rs Rs 17,000 crore for the fiscal ended March 2020. The company had recorded a standalone net profit of Rs 251 crore for the previous fiscal.
The standalone revenue from operation of the company nosedived to just Rs 179 crore for the fiscal ended March 2020 as compared to Rs 3,536 crore in the previous fiscal, the company said in a regulatory filing.
The company did not disclose quarterly figures. It did not disclobe the conslfdated figures either. The standalone total expenses for the fiscal ended march 2020 stood at Rs 3,014.37 crore as compared to Rs 4,377.69 crore in previous fiscal. The net liabilities of the company stood at Rs 13,884.41 crore as on 31 March 2019.
The company saw consistent downgrades in credit ratings since September 2018. This caused difficulties in company's ability to raise funds. Even the normal business operations have being severely limited, the company said.