Jaiprakash Associates Q2 net loss narrowed to Rs 186.48 cr

Debt-ridden Jaypee group's flagship firm Jaiprakash Associates today reported standalone net loss of Rs 186.48 crore for the quarter ended September on lower income.
Its net loss stood at Rs 781.20 crore in the year-ago period, the company said in a regulatory filing.
Jaiprakash Associates' total income declined to Rs 871.71 crore in the second quarter of this fiscal from Rs 1,437.09 crore in the corresponding period of the previous year.
The company, which is engaged in the businesses of construction, cement, real estate, hotel, sports and power among others, said that during the quarter ended September, it entered into contract for new work aggregating to Rs 983 crore with Water Resources Department, Madhya Pradesh government.

It also received letter of award aggregating to Rs 1,492 crore for execution of dam and hydro projects in Nepal.
As part of the debt restructuring exercise, the board in its meeting held on October 7 approved demerger of the undertaking comprising identified movable and immovable assets and liabilities (including estimated debt of Rs 11,834 crore) to be transferred to and vested in the wholly owned subsidiary Jaypee Infrastructure Development Ltd.

"The transaction is subject to regulatory approvals. The scheme has already been filed with the National Stock Exchange and BSE Ltd for their respective
approvals," the filing said.
Jaiprakash Associates said that the principal outstanding of privately held listed non-convertible debentures (NCDs) is fully secured by way of equitable mortgage/registered mortgage /hypothecation of fixed assets with security cover of more than 100 per cent.

Its subsidiary Jaypee Infratech Ltd is currently going through the insolvency process because of loan default.
Jaiprakash Associates has been asked to deposit Rs 2,000 crore by the Supreme Court.