Most state electricity boards (SEBs) continued to flounder in FY13 despite marginal improvements in commercial and technical losses, says a report compiled by Power Finance Corporation (PFC) based on its audits.
The aggregate net worth of SEBs turned negative to R46,169 crore in FY13 compared with R858 crore a year ago. “Net worth continues to be negative and has reduced to R81,369 crore as on March 31, 2013, due to losses incurred by utilities,” the PFC report said.
Even though the aggregate losses — without accounting for subsidy — widened further by 3% to R1,05,070 crore in FY 13, the performance improved significantly compared with the previous year, when the losses had increased nearly 36%. This was largely because some states earned profits or lessened losses, mitigating the larger losses posted by others.