Jaypee Infratech second quarter loss widens to Rs 613.87 crore

Crisis-hit Jaypee Infratech Ltd (JIL) on Tuesday reported a consolidated net loss of Rs 613.87 crore for the quarter ending September on higher expenditure.

Its net loss stood at Rs 490.78 crore in the year-ago period.

Total income rose to Rs 252.11 crore in the second quarter of this fiscal year from Rs

202.54 crore in the corresponding period of the previous year, according to a regulatory filing.

The company's total expenses increased to Rs 865.98 crore during July-September quarter of this fiscal year from Rs 693.32 crore in the year-ago period.

In June, Suraksha group won the bid to acquire Jaypee Infratech, raising hopes of thousands of homebuyers that they may finally get possession of their flats after many years of delay.

This was the fourth round of bidding to find a buyer for JIL, which went into the Corporate Insolvency Resolution Process (CIRP) in August 2017.

After the CoC's (Committee of Creditors) approval, the Suraksha group's offer has to be cleared by the National Company Law Tribunal (NCLT).

A successful resolution of JIL will provide a big relief to over 20,000 homebuyers across various housing projects launched by the realty developer in Noida and Greater Noida (Uttar Pradesh).