Jaiprakash Associates posts Q4 net loss at Rs 78.70 crore

Crisis-hit Jaiprakash Associates Ltd (JAL) has reported a standalone net loss of Rs 78.70 crore for the fourth quarter of 2017-18 against a loss of Rs 1,882.40 crore in the same quarter of previous fiscal.

The company in a regulatory filing noted that financial results for the last quarter and for full 2017-18 fiscal were not comparable with the year-ago period as it sold major part of its cement business to Birla group firm UltraTech Cement.

JAL posted a standalone net income of Rs 1,674.2 crore for the January-March quarter of 2017-18 as against Rs 1,834.11 crore in the year-ago period, according to the filing.

Expenses remained lower at Rs 1,750.60 crore when compared with Rs 3,046.30 crore in the said period.

For the full 2017-18 fiscal, JAL reported a consolidated net loss of Rs 2,596.62 crore as against net loss of Rs 9,412.59 crore in the previous year.

Net income was at Rs 7,906.92 crore in 2017-18 fiscal, as against Rs 14,403.88 crore in the previous year.

"... the results exclude the financial results for the identified cement plants transferred to UltraTech Cement by the company and its wholly owned subsidiary Jaypee Cement on June 29, 2017 and hence standalone figures for the three months and twelve months ended 31st March, 2018 and consolidated figures for the twelve month ended 31st March, 2018 are not comparable with the previous corresponding period," the company said in the filing.

Last year, JAL had sold its six integrated cement plants and five grinding units for a consideration of Rs 16,189 crore to the Kumar Mangalam Birla-led Ultratech.
Jaiprakash Associates, the flagship firm of the Jaypee Group, is into cement, construction, hospitality, power and real estate businesses. The company has divested its assets, including cement plants, to reduce debt.

Jaypee group is facing huge protest from home buyers due to significant delays in delivery of real estate projects.

To provide refunds to hassled home buyers, the Supreme Court on May 16 directed Jaiprakash Associates to deposit an additional Rs 1,000 crore with its Registry by June 15.

The company has already deposited Rs 750 crore with the Registry.

Last year, NCLT had admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech, a subsidiary of JAL, under the Insolvency and Bankruptcy Code.