Essar Steel reports Rs 4,229 cr EBITDA during insolvency period – Outlook India

New Delhi, May 19 Debt-ridden Essar Steel has registered an EBITDA (earnings before interest, tax, depreciation and amortization) of Rs 4,229 crore during its Corporate Insolvency Resolution period (over 600 days).

In an affidavit filed before the National Company Law Appellate Tribunal (NCLAT) last week, its resolution professional has informed that the company earned Rs 4,000 crore from its operations between August 2017 and February 2019. In addition, the RP also mentioned an earning of Rs 229 crore for March this year.

Moreover, this amount “excludes Rs 734 crore EBITDA utilised for Finance Costs (Financial Lease, LC/BG Charges to banks and finance charges on payables to suppliers etc) for maintaining the Corporate Debtor (Essar Ste…

Read the full article at: https://www.outlookindia.com/newsscroll/essar-steel-reports-rs-4229-cr-ebitda-during-insolvency-period/1537460

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