Jaypee Infratech Q4 net loss widens to Rs 115.62 cr

Jaypee Infratech today reported a consolidated net loss of Rs 115.62 crore for the quarter ended March mainly due slowdown in the real estate sector.
The company, which has secured a refinancing of Rs 6,500 crore loan from a consortium led by IDBI Bank, had posted a net loss of Rs 46.78 crore in the third quarter of the 2015-16 fiscal, it said in a regulatory filing.
Jaypee Infratech did not give the comparative figure of the year-ago period.
Income from operations rose to Rs 1,236.41 crore during January-March quarter from Rs 790.02 crore in the previous quarter of the 2015-16 fiscal.

On the annual basis, Jaypee Infratech's net loss stood at Rs 298.41 crore last fiscal aagainst a net profit of Rs 350.44 crore in the previous year.
Income from operations were down at Rs 2,888.32 crore in the 2015-16 fiscal from Rs 3254.88 crore in the previous year.

"During the year, due to slowdown in the economy and resultant subdued demand of real estate in the NCR region, the launch and sales of new projects, including bulk land, had been negatively impacted," the company said in the filing.
In notes of account, Jaypee Infratech's auditor pointed out that the company has defaulted in repayment of principal and interest to banks and lenders wherein the period of delay reneges from 2 days to 181 days which have, however, been subsequently made during the year.

During last fiscal, there has been refinancing of loans which has been approved by the lending banks/financial institution except LIC of India, the auditor said.
The auditor has given a details of overdue interest amounting to Rs 193 crore outstanding as of March 31, 2016 to different banks and financial institution.
It also said that the company owed Rs 300 crore as principal repayment of borrowing to LIC of India at the end of last fiscal.
The company said that a consortium of lenders led by IDBI Bank has approved refinancing of existing laon facility of Rs 6,550 crore. However, its request for refinancing of Rs 300 crore loan from LIC has not been approved yet.