LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

Jaiprakash Associates posts Rs 285 cr loss for Q1 FY19

Debt-ridden Jaiprakash Associates Ltd (JAL) today reported a standalone net loss of Rs 285.02 crore for the first quarter of this financial year. Its net profit stood at Rs 764.99 crore in the year-ago period, the company said in a regulatory filing

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Jaiprakash Associates posts Rs 285 cr loss for Q1 FY19
Total income also declined to Rs 1,700.40 crore during April-June period of 2018-19 fiscal from Rs 2,602.90 crore in the corresponding period of the previous year.
Written By: PTI
Updated: Mon, Jul 30, 2018
08:31 pm
PTI
RELATED NEWS
Jaiprakash Associates re-appoints Manoj Gaur as Exec Chairman, CEO for 3 yrs Jaiprakash Associates re-appoints Manoj Gaur as Exec Chairman, CEO for 3 yrs
Rakesh Jhunjhunwala changes portfolio; These stocks got Big Bull's thumbs up; reason to buy? Rakesh Jhunjhunwala changes portfolio; These stocks got Big Bull's thumbs up; reason to buy?
Jaiprakash Associates to appeal against NCLT order Jaiprakash Associates to appeal against NCLT order
SC asks Jaiprakash Associates to deposit Rs 1,000 crore by June 15 SC asks Jaiprakash Associates to deposit Rs 1,000 crore by June 15
Jaiprakash Associates case: Big relief for homebuyers, Supreme Court orders firm to deposit Rs 200 crore, sets deadline Jaiprakash Associates case: Big relief for homebuyers, Supreme Court orders firm to deposit Rs 200 crore, sets deadline

Debt-ridden Jaiprakash Associates Ltd (JAL) today reported a standalone net loss of Rs 285.02 crore for the first quarter of this financial year. Its net profit stood at Rs 764.99 crore in the year-ago period, the company said in a regulatory filing. Total income also declined to Rs 1,700.40 crore during April-June period of 2018-19 fiscal from Rs 2,602.90 crore in the corresponding period of the previous year. 

The company incurred exceptional expenses of Rs 191.91 crore towards entry tax liability in Uttar Pradesh.  "The company had challenged the levy of entry tax on account of various grounds. However, Supreme Court had dismissed all the Special leave petitions filed by several petitioners including the company on above matter. The liability on account of interest on entry tax, if any, is currently sub judice with High Court, Allahabad and hence unascertainable, at this stage," JAL said. 

Jaiprakash Associates, which is a flagship company of the crisis-hit Jaypee group, is into construction, cement, real estate, hospitality and power businesses. JAL has been selling its cement business to reduce debt.  Jaypee group is facing a huge crisis because of significant delay in completion of its real estate projects that forced buyers to approach courts seeking either flats or refund of their hard-earned money. 

JAL's subsidiary firm Jaypee Infratech is facing bankruptcy proceedings after it defaulted on Rs 526 crore loan to IDBI.  The National Company Law Tribunal (NCLT) in August last year admitted IDBI Bank's plea to initiate insolvency proceedings and appointed Anuj Jain as Interim Resolution Professional (IRP) to mange the company's business.  Later, the IRP invited bids from investors interested in acquiring Jaypee Infratech and completing the stuck real estate projects in Noida and Greater Noida. 

Consequently, Lakshadweep, a joint venture between the Sudhir Valia-led Suraksha Asset Reconstruction Company and Mumbai-based Dosti Realty, emerged as a front-runner to acquire Jaypee Infratech with Rs 7,350 crore bid. But, lenders rejected this bid as they found it inadequate. The lenders did not consider the bid of Jaypee's promoter Manoj Gaur who gave an offer of over Rs 10,000 crore to revive the group company. 

On the direction of the Supreme Court, JAL has already deposited Rs 750 crore in the court's Registry and the amount would be used for making refunds to home buyers. Jaypee Infratech, which is into road construction and real estate business, has constructed the Yamuna Expressway, connecting Delhi and Agra. In 2007, it started the development of 32,000 flats and plots in its township, Wish Town, in Noida. 

So far, 9,500 apartments have been delivered and application for getting occupancy certificates for giving possession of another 4,500 flats has been filed. The remaining 18,000 flats are proposed to be delivered by 2021.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Jaiprakash AssociatesJAL
RELATED NEWS
Jaiprakash Associates re-appoints Manoj Gaur as Exec Chairman, CEO for 3 yrs Jaiprakash Associates re-appoints Manoj Gaur as Exec Chairman, CEO for 3 yrs
Rakesh Jhunjhunwala changes portfolio; These stocks got Big Bull's thumbs up; reason to buy? Rakesh Jhunjhunwala changes portfolio; These stocks got Big Bull's thumbs up; reason to buy?
Jaiprakash Associates to appeal against NCLT order Jaiprakash Associates to appeal against NCLT order
SC asks Jaiprakash Associates to deposit Rs 1,000 crore by June 15 SC asks Jaiprakash Associates to deposit Rs 1,000 crore by June 15
Jaiprakash Associates case: Big relief for homebuyers, Supreme Court orders firm to deposit Rs 200 crore, sets deadline Jaiprakash Associates case: Big relief for homebuyers, Supreme Court orders firm to deposit Rs 200 crore, sets deadline

LATEST NEWS

Central government employees, pensioners? How this FM Nirmala Sitharaman latest news today may impact you | EXPLAINED

Naandhi Box Office Collections Worldwide: Shouting success! Blockbuster justice! Allari Naresh says thanks to fans for so much love

Tamil Nadu government employees retirement age hiked to 60 years

CBSE class 10 Syllabus reduced in this subject: Attention students! CBSE board exam 2021 syllabus has been cut for social science subject; Know how to download

Rajasthan RVUNL Recruitment 2021: Notification issued for vacancies in various posts! Check details here

This Rakesh Jhunjhunwala stocks portfolio is in the news - see strategy

Greaves Cotton: Sharekhan maintains Buy rating with the revised price target of Rs 150

GameStop stock doubles in afternoon; even Reddit is surprised

Iconic! Deepika Padukone to become Levi's global brand ambassador

NSE glitch: Anil Singhvi demands investigation on market action between 3-3:30 pm; asks who caused huge jump in Bank Nifty and Nifty when FIIs were net sellers?

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved