IL&FS Tamil Nadu Power turns operationally profitable in Oct-Nov

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Published: December 10, 2019 4:15:36 AM

The power arm of the troubled Infrastructure Leasing and Finance Company (IL&FS) recorded a PLF of 65% with generation of 4,567 million units during 8MFY20, compared with 55.2% PLF and 3,879 million units generation in 8MFY19.

IL&FS, IL&FS Tamil Nadu Power, PTC India, State Bank of India, Bank of Baroda, Union Bank of IndiaThe power generator reported revenue of Rs 336 crore and generated 735 million units of power in October.

IL&FS Tamil Nadu Power Company (ITPCL) turned operationally profitable in October and November of 2019 with an all-time high monthly plant load factor (PLF) of 82% in October and 80% in November, the company said in a statement.

The power arm of the troubled Infrastructure Leasing and Finance Company (IL&FS) recorded a PLF of 65% with generation of 4,567 million units during 8MFY20, compared with 55.2% PLF and 3,879 million units generation in 8MFY19. The power generator reported revenue of Rs 336 crore and generated 735 million units of power in October. In November, revenue stood at Rs 315 crore and generation was at 690 million units. In comparison, the firm suffered a full-year loss of Rs 238 crore in FY18. The FY19 results are yet to be declared.

The company is looking to restructure its Rs 5,557-crore debt with lenders but is finding it difficult as it has pending receivables worth more than Rs 1,400 crore from the Tamil Nadu Generation and Distribution Company and PTC India.

Sources close to the development told FE the company is in talks with lenders (Punjab National Bank, Union Bank of India, State Bank of India and Bank of Baroda) and is hopeful to restructure the debt by March 2020.

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