NEW DELHI: Crisis-hit Jaiprakash Associates’ standalone net loss narrowed to Rs 148.10 crore in the third quarter of current fiscal on lower finance cost and other expenses.
Its net loss stood at Rs 1,095.02 crore in the year-ago period, the debt-laden company said in a regulatory filing.
Total income (income from operations and other income) declined to Rs 1,139.21 crore during October-December period of this fiscal from Rs 1,648.87 crore in the corresponding period of the previous fiscal.
Jaiprakash Associates’ total expenses fell to Rs 1,276.16 crore from Rs 2,770.93 crore during the period under review.
Finance cost came down to Rs 208.42 crore from Rs 904.74 crore.
Jaiprakash Associates, the flagship firm of the Jaypee Group, is into cement, construction, hospitality, power and real estate businesses. The company has divested its assets, including cement plants, to reduce debt.
Jaypee group is facing huge protest from home buyers due to significant delays in delivery of real estate projects.
Jaypee Infratech has been taken over by a NCLT-appointed Insolvency Resolution Professional (IRP) for recovery of bad loans. The NCLT had admitted the application by an IDBI Bank- led consortium seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.
IRP Anuj Jain had on October 27 issued a public notice seeking applications from entities with regard to resolution of JIL. Several players have submitted expression of interest (EOIs).
The resolution plan needs to be approved by the creditors and the NCLT.
Jaypee Infratech, which is into road construction and real estate business, has constructed the Yamuna Expressway, connecting Delhi and Agra.
Source: Press Trust of India