JP Infra eyes to double revenue by FY12;debuts at 9pc discount | mumbai | Hindustan Times
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JP Infra eyes to double revenue by FY12;debuts at 9pc discount

mumbai Updated: May 21, 2010 19:29 IST

Jaypee Infratech, a subsidiary of the diversified Jaiprakash Associates, which was listed on the bourses at a hefty 9 per cent discount today, said it is eyeing to double its revenues by the next fiscal.

JP Infra, which is constructing the 165-km-long Yamuna Expressway connecting Noida and the City of Taj, is also expecting Rs 516-crore from toll collection in its first year of commissioning in 2012, its chairman Manoj Gaur said.

"We are aiming at a revenue of Rs 2,500 crore in FY11 and in the next fiscal we expect to double it to Rs 5,000 crore," Gaur said, adding the company is eyeing a five-digit growth in revenues by 2015.

The Rs 9,739-crore Yamuna Expressway is likely to be operational by 2011, Gaur said. "We expect to garner Rs 516 crore in the form of toll collection in the first year of the commissioning of the Expressway. We are confident that this revenue would increase in future," Gaur said.

The company has been able to sell 1.3-million sqft land in its five integrated townships which are coming up alongside the Expressway, despite a choppy market. "In just 47 days between April and May, we have been able to sell 1.3-million sqft land as against 3.5 lakh sqft during the same period last year," Gaur said.

Jaypee Infratech today listed at a discount of nearly 9 per cent at Rs 93 on the BSE as against its issue price of Rs 102. Its shares, after a weak opening on the BSE, fell by nearly 12 per cent to touch a low of Rs 90 intra-day and settled the day with a steep fall of 10 per cent.

Similarly, on the NSE, the stock opened at Rs 98, down 4 per cent. The company listed 138.89 crore shares on both the bourses.