Annual Report for the Year 2024-25
Awaiting price reaction for this filing.
Jaiprakash Associates Ltd's 28th annual report covers FY25, during which the company was admitted into the Corporate Insolvency Resolution Process (CIRP) by the NCLT Allahabad Bench on 3 June 2024, following a petition by ICICI Bank under Section 7 of the IBC. Mr. Bhuvan Madan was appointed as the Resolution Professional, and the powers of the Board of Directors were suspended. Five resolution plans have been received and are currently under evaluation. The company reported a steeply widened net loss of Rs. 4,933.36 crore for FY25 (vs Rs. 1,339.93 crore loss in FY24), with revenue falling to Rs. 3,406.89 crore. Exceptional item losses of Rs. 3,787 crore included write-offs of trade receivables, investments in Jaypee Infratech Ltd, and impairment of fixed assets. No dividend has been recommended. Cement production fell sharply to 350,027 MT from 1,477,447 MT in the prior year. The order book for Engineering & Construction stands at approximately Rs. 18,300 crore.
Shareholders face continued uncertainty as the company remains under insolvency proceedings with no approved resolution plan yet; existing equity could face significant dilution or restructuring depending on the final resolution outcome. The Allahabad High Court's ruling upholding cancellation of the YEIDA Sports City land allotment is another setback for stakeholders.