Discoms’ dues to energy producers rise by 10% to Rs 82k cr at FY21-end


Harassed discoms can’t increase funds at cheaper charges, though rate of interest on the particular PFC-REC mortgage might be 150 bps greater than the speed at which they borrow.

State-run electrical energy distribution firms’ (discoms) ‘overdues’ — pending receivables of 45 days or extra — to energy producers stood at Rs 82,400 crore on the finish of March 2021, up 10.3% from a 12 months earlier.
Although the overdue quantity is expectedly decrease than the February determine of Rs 91,072 crore as a result of the discoms clear giant parts of dues within the final month of the fiscal, this time cash paid by them in March (Rs 30,438 crore) was 72% greater than the worth of invoices cleared in the identical month in FY20, reflecting that utilisation of the PFC-REC loans beneath the Rs 1.25-lakh-crore liquidity infusion scheme introduced by the Centre beneath the Atmanirbhar Bharat package deal to clear discom dues to electrical energy turbines.

Main states which owed the very best to energy turbines at FY21-end are Maharashtra (Rs 18,652 crore), Tamil Nadu (Rs 16,054 crore), Rajasthan (Rs 10,353 crore), Uttar Pradesh (Rs 5,688 crore) and Andhra Pradesh (Rs 5,127 crore). Based on ICICI Securities, as a lot as Rs 75,555 crore had been disbursed to the states by March-end beneath the scheme, and the above 5 states had been among the many bigger beneficiaries of the mortgage, with Maharashtra receiving Rs 2,500 crore, Tamil Nadu Rs 14,700 crore, Rajasthan Rs 2,032 crore, Uttar Pradesh Rs 27,9740 crore and Andhra Pradesh Rs 3,300 crore.

Among the many turbines which supplied their inputs within the energy ministry’s ‘Praapti’ portal, Adani Energy has the very best pending overdues of Rs 20,201 crore. NTPC’s overdues stood at Rs 7,827 crore whereas the identical for DVC was Rs 4,888 crore. Different non-public energy producers to which discoms owed essentially the most as overdues at March-end had been GMR Vitality (Rs 4,954.1 crore), Bajaj Lalitpur (Rs 4,817.1 crore), Tata Energy (Rs 2,447.2 crore), Sembcorp (Rs 2,375.8 crore). Adani’s renewable power arm Adani Inexperienced had extra receivables of Rs 1,559.8 crore.

Funding to discoms beneath the liquidity infusion scheme are designed to be executed in two tranches, each particular long-term transition loans of tenures as much as 10 years. The discharge of the primary part of the mortgage is contingent on the respective state authorities enterprise to clear the departmental dues to its discom, and putting in a reputable mechanism to launch the subsidies — meant for the customers however routed by means of the discoms — upfront.

The discoms may even must give you a plan, endorsed by the respective state governments, to scale back their losses. Harassed discoms can’t increase funds at cheaper charges, though rate of interest on the particular PFC-REC mortgage might be 150 bps greater than the speed at which they borrow.

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