The company, in a statement to the BSE, said, The funds are to be used for capital expenditure and working capital needs.
JP Associates shares on Monday were up 3.58% or Rs 4.50 to close at Rs 130.30 on the Bombay Stock Exchange. Meanwhile, the company also announced that it has reported a growth of 83.12 % in its net profit to Rs 385.32 crore for the fourth quarter ended March 31, 2009 against Rs 210.41 crore in the corresponding quarter last year.
The companys total income from operations jumped 59.94 % during the quarter at Rs 2,151.67 crore. Total income from operations for the corresponding quarter last fiscal was Rs 1,345.28 crore. For the fiscal 2008-2009, the companys net profit increased 44.54 % at Rs 881.22 crore as compared with Rs 609.67 crore recorded in 2007-2008.
Total income from operations for the last fiscal went up 44.54 % at Rs 6,015.26 crore, compared with Rs 4,161.38 crore in the previous financial year. JP Associates FY09 earning per share, EPS stood at Rs 7.44.
The company has also announced that the board of directors of the company at its meeting held on April 27, 2009, inter alia, declared the second interim dividend of Re 0.30 (15%) per equity share of Rs 2/- for the year 2008-2009. Manoj Gaur, executive chairman of Jaiprakash Associates, said the company is guiding Rs 11,000 crore revenues for financial year 2010. This will be distributed among the three divisions; viz;, cement, which would contribute almost Rs 5,500 crore; engineering and construction (E&C), comprising hydropower and expressway construction division, will contribute almost Rs 4,800 crore while real estate will give about Rs 1,000 crore.
Gaur added that the company expects to maintain profitability of about 29-31% on a gross operating margin (GOP) basis.
The company expects FY 2010 revenues to jump more than two-third, driven by growth in all of its three business segments of construction, cement and real estate, Its executive chairman said.
We are on way for 70 % -plus growth in FY10, Gaur told reporters. JP Associates in December last year said it will merge Jaypee Hotels, Jaiprakash Enterprises, JP Cement, and Gujarat Anjan with self.
Jaiprakash Associates said its board approved amalgamation of Jaypee Cement, Gujarat Anjan Cement, Jaypee Hotels and Jaiprakash Enterprises with the flagship company. As per the amalgamation plan, Jaiprakash Associates would issue one share of Rs 2 each to the shareholders of Jaypee Cement for every 10 shares of Rs 10 each held in the company. Also, Gujarat Anjan Cement shareholders would be offered one share of Rs 2 each in Jaiprakash Associates for every 11 shares of Rs 10 held in the subsidiary.