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Jaiprakash Associates’ Q1 net loss widens

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World Cement,

Bloomberg is reporting that Jaiprakash Associates has announced widening of its standalone net loss to Rs 603 crore for the quarter ending June 2016. The company had posted a net loss of Rs 482.4 crore in the corresponding period of the previous year.

Total income of the company on standalone basis fell 27.1% to Rs 1735 crore in the quarter under review from Rs 2380.6 crore a year ago. Its expenses dropped as well to Rs 1744.8 crore during the quarter under review from Rs 2300 crore.

Competition Commission in August had imposed a fine of Rs 1323.6 crore on Jaiprakash Associates Ltd. for cartelisation.

Jaypee Group has on a consolidated basis failed to repay Rs 2905.6 crore in principal amount to banks and another Rs 1558.93 crore in interest payments.

Earlier this year, in one of the biggest deals in the domestic cement industry, debt-ridden Jaypee Group had announced part sale of its cement business to Kumarmangalam Birla-led Ultratech for Rs 15 900 crore. The transaction will see Ultratech become possibly the biggest cement player in the country after gaining an overall capacity of 21.2 million tpy from Jaypee’s cement plants in five states and a grinding unit in Uttar Pradesh.

Edited from source by Joseph Green. Source: Bloomberg

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