Bankruptcy-hit Jaypee Infratech 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. Jaypee Infratech 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 company official said that revenue in year-ago period was negative because of revision in cost estimates for real estate projects. The National Company Law Tribunal (NCLT) had last year admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code. The tribunal had appointed Anuj Jain 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 real estate projects in Noida and Greater Noida.
Consequently, Lakshadweep emerged as a front runner 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, Axis 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 Yamuna Expressway connecting Noida-Agra.