11 February 2019 Current Affairs:
India Ratings and Research reported that the Tamil Nadu Generation and Distribution Corporation Limited (Tangedco) has a widened loss in the financial year 2018 to Rs.7,582.56 crore from Rs.6,141.54 crore in the financial year 2017. Lower sale of power, drop in collection efficiency and higher cost of power led to the higher losses.
The financials sourced from Tangedco by India Ratings showed that the discom’s revenue from the sale of power declined 0.63% to Rs.43686.77 crore in FY18 from the previous year. Sale of power accounts for 78% of Tangedco’s total income.
Tangedco’s operating earnings before interest, tax, depreciation, and amortization (EBITDA) were negative Rs.607 crore in FY18, compared a positive level of Rs.2,325 crore in FY17.