Jaypee Infratech’s net loss widens
Debt-ridden Jaypee Infratech on Saturday reported a net loss of Rs 448.09 crore for the quarter ended June. The company’s net loss stood at Rs 319.82 crore in the year ago period, the Noida-based realty firm said in a regulator filling.
Total income, however, rose to Rs 669.56 crore during April-June quarter of this fiscal from Rs 432.31 crore in the corresponding period of the previous year.
Jaypee Infratech went into insolvency in 2017 after the NCLT admitted an application by an IDBI Bank-led consortium seeking resolution of the firm.
During the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.