JP Associates to raise Rs 1800 cr via rights issue

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JP Associates to raise Rs 1800 cr via rights issue

Jaiprakash Associates has announced its second quarter numbers, which were way above estimates. Its Q2 net profit increased by 95.2% to Rs 203 crore from Rs 104 crore, YoY.

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By Raja Rajeshwari, CNBC-TV18

Jaiprakash Associates has announced its second quarter numbers, which were way above estimates. Its Q2 net profit increased by 95.2% to Rs 203 crore from Rs 104 crore, YoY.

Its net sales went up higher by 34% to Rs 1,182.5 crore as against Rs 882.4 crore in same quarter of last year.

CNBC-TV18 was expecting net sales of Rs 1096 crore and net profit of Rs 128 crore.

Other income stood at Rs 104 crore versus Rs 59.7 crore.

Huge leg up was seen from its real estate business. Revenues stood at Rs 28.50 crore and profit at Rs 10 crore versus NIL revenues and profits in Q2FY08.

Its construction business saw sharp jump in revenues and margins.

The company has decided to raise a sum of approximately Rs 1800 crore through the rights issue to meet the company's requirements of funds for its capex and other general corporate purposes including investments. This is instead of issuing further Warrants to the Promoters on Preferential basis.

Promoters have given a firm commitment to subscribe for the unsubscribed portion, if any, of the said Rights Issue.

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