+
Jaypee Infratech's net loss increased to Rs 601 crore in Q3 FY23
ECONOMY & POLICY

Jaypee Infratech's net loss increased to Rs 601 crore in Q3 FY23

Debt-ridden Jaypee Infratech, disclosed that its consolidated net loss for the third quarter of this fiscal year had increased to Rs 6.01 billion. It had a net loss of Rs 5.4 billion at the same time last year.

In the December quarter of this fiscal year, total revenue increased to Rs 3.12 billion from Rs 2.94 billion earlier.

The overall net loss for the months of April through December of this fiscal year was Rs 18.25 billion as opposed to Rs 16.83 billion during the same time last year.

In the first three quarters of this fiscal year, total income increased to Rs 9.46 billion from Rs 7.70 billion in the same period last year. The Yamuna Expressway Project, which connects Greater Noida and Agra, as well as the company's healthcare operations, both provide income for it.

Since August 2017, Jaypee Infratech has been subject to the Corporate Insolvency Resolution Process (CIRP).

The Mumbai-based Suraksha group's plan to acquire Jaypee Infratech and finish some 20,000 homes for resentful homebuyers was subject to a reserved decision by the National Company Law Tribunal (NCLT) in November of last year.

In June 2021, Suraksha Group gained consent from financial creditors and homebuyers to acquire Jaypee Infratech. This gave homebuyers renewed hope that they would soon be able to take ownership of their dream apartments in abandoned projects, mostly in Noida and Greater Noida.

Suraksha group won the bid in the fourth round of the competition to find a buyer for Jaypee Infratech with 98.66% of the vote, 0.12% more votes than NBCC.

Also read:
BFL Group sets a new high for innovative workspaces
Mohali development body to auction 77 properties


Debt-ridden Jaypee Infratech, disclosed that its consolidated net loss for the third quarter of this fiscal year had increased to Rs 6.01 billion. It had a net loss of Rs 5.4 billion at the same time last year. In the December quarter of this fiscal year, total revenue increased to Rs 3.12 billion from Rs 2.94 billion earlier. The overall net loss for the months of April through December of this fiscal year was Rs 18.25 billion as opposed to Rs 16.83 billion during the same time last year. In the first three quarters of this fiscal year, total income increased to Rs 9.46 billion from Rs 7.70 billion in the same period last year. The Yamuna Expressway Project, which connects Greater Noida and Agra, as well as the company's healthcare operations, both provide income for it. Since August 2017, Jaypee Infratech has been subject to the Corporate Insolvency Resolution Process (CIRP). The Mumbai-based Suraksha group's plan to acquire Jaypee Infratech and finish some 20,000 homes for resentful homebuyers was subject to a reserved decision by the National Company Law Tribunal (NCLT) in November of last year. In June 2021, Suraksha Group gained consent from financial creditors and homebuyers to acquire Jaypee Infratech. This gave homebuyers renewed hope that they would soon be able to take ownership of their dream apartments in abandoned projects, mostly in Noida and Greater Noida. Suraksha group won the bid in the fourth round of the competition to find a buyer for Jaypee Infratech with 98.66% of the vote, 0.12% more votes than NBCC. Also read: BFL Group sets a new high for innovative workspaces Mohali development body to auction 77 properties

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?