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
Technology

HCL-Foxconn to invest Rs 37 billion in chip plant near Jewar airport

The Union Cabinet has approved the establishment of a new semiconductor unit near Jewar airport in Uttar Pradesh under the India Semiconductor Mission. This sixth plant, a joint venture between HCL and Foxconn, marks further progress in India’s semiconductor journey. The project will see an investment of Rs 37 billion.The facility will produce display driver chips for mobile phones, laptops, automobiles, PCs, and other digital devices. It is designed for a monthly capacity of 20,000 wafers and an output of 36 million units.Five semiconductor units are already in advanced stages of constructi..

Next Story
Real Estate

Brigade acquires Velachery land for Rs 16-billion project

Brigade Enterprises has acquired a 5.41-acre land parcel on Velachery Road, Chennai, through an outright purchase for Rs 4.417 billion. Located next to Phoenix Market City, the site will be developed into a premium residential project with a gross development value of approximately Rs 16 billion and a development potential of 0.8 million square feet.The project offers strategic access to both the OMR IT Corridor and Chennai’s Central Business District, promising strong connectivity and premium lifestyle offerings. Brigade plans to create signature residences focused on aesthetics, functional..

Next Story
Equipment

Liebherr marks 10,000th XPower wheel loader milestone

Liebherr-Werk Bischofshofen has rolled out its 10,000th XPower wheel loader, marking a major production milestone. The anniversary L 580 XPower model, featuring a power-split travel drive developed with ZF Friedrichshafen AG, was handed over to the BERGER Group in Passau.“The transmission from our partner ZF is a key component of the drivetrain in our XPower wheel loaders,” said Gerhard Pirnbacher, Head of Quality Management at Liebherr. “With an impressive total of around 64 million operating hours already clocked up by XPower models, this transmission has proven its exceptional robustn..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?