Consequently, the annual finance cost went up to Rs 337.57 crore from Rs 180.37 crore in 2017-18. During the year, McLeod Russel had extended advances totalling Rs 841.75 crore to certain promoter group companies as capital advances. The promoter group companies to whom such advances were given have substantially lent these onward to another promoter group company. 85.09 crore), respectively, are doubtful recoveries considering the financial condition of the promoter group companies and the other companies to whom these ICDs were given. Consequently, the non- current portion of loans and interest accrued thereon are overstated and loss for the year is understated by Rs 1,821.71 crore,” Deloitte said.

Source: The Telegraph June 30, 2019 22:07 UTC