State-run public sector oil major Indian Oil Corporation has seen a Rs 20,000 crore reduction in its net borrowing level (net debt) during the first quarter of the current financial year, according to the company’s chief financial officer Sandeep Kumar Gupta. A large part of this reduction has come from the settling of the government’s pending dues, he noted.
Speaking to analysts in a post earnings conference call, Gupta pointed out that the company’s borrowing levels have decreased by around Rs 14,000 crore compared to the end of the previous quarter. “(This) stands at Rs 72,227 crore as compared to Rs 86,359 crore as on March 31, 2019.
It may also be noted that this borrowing is inclusive of about Rs 4,000 crore, which is because of accounting of lease obligations pursuant to Ind AS 116. Read More
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