Jaiprakash Associates posts Rs 285 crore loss for Q1 FY19
Debt-ridden Jaiprakash Associates Ltd (JAL) on Monday reported a standalone net loss of Rs 285.02 crore for the first quarter of this financial year. Its net profit stood at Rs 764.99 crore in the year-ago period, the company said in a regulatory filing. Total income also declined to Rs 1,700.40 crore during April-June period of 2018-19 fiscal from Rs 2,602.90 crore in the corresponding period of the previous year. The company incurred exceptional expenses of Rs 191.91 crore towards entry tax liability in Uttar Pradesh. "The company had challenged the levy of entry tax on account of various grounds. However, Supreme Court had dismissed all the Special leave petitions filed by several petitioners including the company on above matter. The liability on account of interest on entry tax, if any, is currently sub judice with High Court, Allahabad and hence unascertainable, at this stage," JAL said.
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