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

14 Feb 2023 CW Team

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.

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