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Jaypee Infratech Q4 net loss at Rs 480 cr, FY18 consolidated loss at Rs 1,921 cr

Press Trust of India  |  New Delhi 

Bankruptcy-hit today reported a standalone net loss of Rs 480.45 crore for the quarter ended March on lower sales.

Its net loss stood at Rs 667.55 crore in the year-ago period, the debt-ridden firm said in a regulatory filing.

Total income stood at Rs 258.02 crore in the fourth quarter of last fiscal from minus Rs 638.57 crore in the corresponding period of the previous year.

posted a standalone net loss of Rs 1,818.37 crore in the last fiscal as against a net loss of Rs 876.38 crore in the previous year.

Total income declined to minus Rs 62.25 crore in 2017-18 from Rs 965.88 crore in the previous year.

On consolidated basis, the company clocked a net loss of Rs 1,920.78 crore in the last fiscal as against Rs 989.13 crore in the previous year.

Total income fell to Rs 207.21 crore in 2017-18 from Rs 1,164.07 crore in the previous year.

A said that revenue in year-ago period was negative because of revision in cost estimates for

Law Tribunal (NCLT) had last year admitted the application by an IDBI Bank-led consortium, seeking resolution for under the Insolvency and Bankruptcy Code.

The tribunal had appointed as Interim Resolution Professional (IRP) to mange the company's business.

Later, Jain invited bids from investors interested in acquiring Jaypee Infratech and completing the stuck in Noida and Greater Noida.

Consequently, Lakshadweep emerged as a to acquire Jaypee Infratech with Rs 7,350 crore bid.

Earlier this month, lenders of Jaypee Infratech rejected the bid by Lakshadweep, the highest bidder for the company, as they found it inadequate.

The company has an outstanding debt of nearly Rs 9,800 crore, of which Rs 4,334 crore pertains to IDBI. Other lenders are -- IIFCL, LIC, SBI, Corporation Bank, Syndicate Bank, Bank Of Maharashtra, ICICI Bank, Union Bank, IFCI, J&K Bank, and Srei Equipment Finance Ltd.

Jaypee Infratech, which is a subsidiary of Jaypee groups flagship firm Jaiprakash Associates, is developing about 32,000 flats, of which it has delivered 9,500 apartments. For giving possession of another 4,500 flats, it has applied for occupancy certificates. It has also developed connecting Noida-

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 21:30 IST