Essar Steel reports ?4,229 cr EBITDA during insolvency

Debt-ridden Essar Steel has registered an EBITDA (earnings before interest, tax, depreciation and amortisation) of ?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, the resolution professional said the company earned ?4,000 crore from its operations between August 2017 and February 2019. In addition, the RP also mentioned an earning of ?229 crore for March this year. Moreover, this amount "excludes ?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 Steel) as a going concern," the affidavit said.