FUTURE JAIPRAKASH ASSOCIATES Directors Report

The Directors submit their report for the Financial Year ended 31st
March, 2015.


1.0 WORKING RESULTS


The working results of the Company for the year under report are as
under:-


(Rs,in Crores)


Financial year ended 31.03.2015 31.03.2014


Gross Revenue 11,185.73 13,327.02


Profit before Interest,
Depreciation & Tax 2,553.74 3,865.77


Less: Finance Costs 3,436.84 2,752.07


Less : Depreciation 948.89 773.55


Profit before Tax (1,831.99) 340.15


Less : Provision for Tax


- Current Tax - 44.72


- Deferred Tax (553.25) (118.46)


Total (553.25) 73.74


Profit after Tax (1,278.74) 413.89


Add : Profit brought
forward from 4,961.12 4,260.46

Previous Year


Profit available for
appropriation 3,682.38 4,674.35


Add :


- Provision for Dividend
Distribution Tax - 18.00
written -back


- Final Dividend Trans-
ferred from Trusts - 9.47
(in which Company is
sole beneficiary)


- Transfer from
Debenture Redemption 155.40 259.30


Reserve


Total addition 155.40 286.77


Balance carried to Balance Sheet 3,837.78 4,961.12


Basic Earnings Per Share
[Face value Rs. 2 (5.39) 1.87


per share] in Rupees


Diluted Earnings Per Share (5.10) 1.94


[Face value Rs, 2 per Share] in Rupees


The finance cost aggregating Rs, 3,436.84 crores and high provision for
depreciation aggregating Rs, 948.89 crores had been two major factors
leading to the deteriorating operating results of the Company during
the year under report.


In line with its publically stated policy, your Company remains focused
and committed on reduction of debt through sale of some of its assets,
to deleverage its Balance Sheet and enhance shareholders'' value.


The details of steps taken by the Company/its subsidiaries in this
regard are given below. The Restructuring Committee which includes
three of the Independent Directors on the Board continues to consider
various options to achieve the aforesaid objectives.


Disinvestment Initiatives


a. Sale of Cement Plants in Gujarat by JCCL


Cement Plants in Gujarat with a capacity of 4.80 MTPA have been
demerged by Jaypee Cement Corporation Limited (JCCL), a wholly owned
subsidiary of the Company through a Scheme of Arrangement to UltraTech
Cement Limited, a company of Aditya Birla Group, at an enterprise value
of Rs, 3,800 Crores besides the actual net working Capital. The said
process was consummated on 12th June 2014.


b. Sale of stake in Bokaro Jaypee Cement Limited


Further, the Company signed an agreement on 24th March 2014 with Dalmia
Cement (Bharat) Ltd. for sale of its entire 74% stake (9,89,01,000
equity shares owned by it) in Bokaro Jaypee Cement Limited, a Joint
Venture between the Company (JAL) and Steel Authority of India Limited
(SAIL), having a Plant with operating capacity of 2.10 MTPA, at a
consideration of Rs, 69.74 per share (against its cost of Rs, 18.57 per
share). The said transfer was consummated on 29th November 2014 with
the receipt of consideration of Rs, 667.57 Crore & transfer of the said
shares to Shri Rangam Securities & Holdings Limited, an
associate/affiliate of Dalmia Cement (Bharat) Limited.


c. Sale of Cement Grinding Unit at Panipat, Haryana,


Pursuant to approval of Board of Directors on 25th August 2014, the
Company signed a Business Transaction Agreement with Shree Cement
Limited, for sale of Company''s 1.5 MTPA Cement Grinding Unit in
Panipat, Haryana for a total consideration of Rs, 360 Crores approx.,
subject to adjustment for net working capital & Financial Indebtedness
taken over. The Transaction has been consummated at Rs, 358.22 Crores
on April 27, 2015 and will get reflected in the financial results for
the current year.


d. Sale of Cement Plants at Bela & Sidhi, M.P.


Pursuant to the approval given by Board of Directors on 23rd January
2015, the Company signed an Implementation Agreement with UltraTech
Cement Limited for transfer as slump exchange, of following:


Integrated Cement plant with clinker capacity of 2.1 MTPA & Cement
Grinding Capacity of 2.6 MTPA at Bela, M.P along with CPP of 25 MW;


Integrated Cement plant with clinker capacity of 3.1 MTPA & Cement
Grinding Capacity of 2.3 MTPA at Sidhi, M.P along with CPP of 155 MW;
for an enterprise value of Rs, 5,325 Crore, the said transfer is under
process.


e. Sale of Baspa-II & Karcham Wangtoo HEP by JPVL


Jaiprakash Power Ventures Limited (JPVL) signed an agreement with JSW
Energy Limited for sale of Baspa-II and Karcham Wangtoo Hydro Power
Plants. Pursuant to Order of Hon''ble High Court of Himachal Pradesh at
Shimla dated June 25, 2015, the said plants have been hived off on
September 8, 2015 by way of sale of entire shareholding in Himachal
Baspa Power Company Limited (a subsidiary of JPVL), at a value of
Rs.9700 Crores (excluding minor adjustment for working capital etc.).
The transaction has been consummated.


f. Sale of wind Power plants of 49 MW


Your Company on September 30, 2015 has agreed to hive off the entire 49
MW capacity of wind power plants being operated out of which 40.25 MW
was in Maharashtra (i.e 16.25 MW at Dhule & 32.75 MW at Sangli) and
8.75 MW in Gujarat (all at Kutch), on a slump sale basis. The
transaction has since been consummated and will get reflected in the
financial results of the current year.


Amalgamation of subsidiary company, Jaypee Sports International
Limited, into the Company:


Pursuant to Order dated 14th September 2015 of Hon''ble High Court of
Judicature at Allahabad, Jaypee Sports International Limited (JSIL) a
wholly owned subsidiary of your Company got merged into JAL. The said
Order/Scheme has become effective on 16th October 2015 i.e. the date
when it has been filed with the Registrar of Companies, U.P., the
Appointed Date of amalgamation being 1st April, 2014.


By virtue of the said amalgamation, all assets, liabilities, rights,
privileges, powers, authorities and obligations of the said JSIL have
become the assets, liabilities, rights, privileges, powers, authorities
and obligations of the Jaiprakash Associates Limited from the appointed
date, i.e. 1st April, 2014. As such the results of JSIL stand merged in
these financial statements of the Company.


2.0 DIVIDEND


Keeping in view the losses during the year and the need to conserve the
resources of the Company, the Board has decided not to recommend any
dividend for the financial year 2014-15.


3.0 CHANGES IN SHARE CAPITAL


The Paid up Share Capital of the Company on 1st April 2014 stood at Rs,
4,438,167,118 divided into 2,219,083,559 Equity Shares of Rs, 2 each.


During the year under report, the Company issued and allotted
213,373,416 Equity shares of Rs, 2 each under the Qualified
Institutions Placement issue on 10th July 2014 @ Rs, 70.27 per share
(including premium of Rs, 68.27 per equity share) to Qualified
Institutional Buyers.


Thus as on 31st March 2015, the paid-up Equity Share Capital of the
Company stood increased to Rs, 4,864,913,950 divided into 2,432,456,975
Equity Shares of Rs, 2/- each.


The Authorized Share Capital has increased from Rs, 2500 crore to Rs,
3500 crore pursuant to Scheme of Amalgamation of wholly owned
subsidiary, Jaypee Sports International Limited, into the Company from
01.04.2014.


4.0 FOREIGN CURRENCY CONVERTIBLE BONDS (FCCBs)


The Company presently has only one series of outstanding FCCBs i.e.
FCCB-IV issued on 7th September 2012 (total size USD 150 million) due
date 8th September 2017 with an outstanding size of USD 110.40 million.


The particulars about conversion, outstanding amount, coupon, listing
etc. of all past and present FCCBs are detailed in para 33 of the
Corporate Governance Report forming part of this Report.


5.0 EMPLOYEE STOCK PURCHASE SCHEME


As the Members are aware, "Jaypee Group ESPS, 2009 Trust" was created
in 2009 for administering the Stock Purchase Scheme of the Company
namely "Jaypee Employee Stock Purchase Scheme, 2009" for the ultimate
benefit of the employees (including Directors) of the Company and its
subsidiaries.


In terms of the Scheme, the Company issued and allotted 1.25 Crores
Equity Shares of Rs, 2 each @ Rs, 60 per share (including premium ofRs,
58 per share) to the said Trust on 14th December 2009. The said Trust
was also allotted 62,50,000 Equity Shares as Bonus Shares on its
holding, in terms of the Bonus Issue made by the Company on 19th
December 2009.


Since inception, the ''Jaypee Group ESPS, 2009 Trust'' has allocated/
transferred Equity Shares to the eligible persons under the scheme, as
under:


Particulars No. of No. of original No. of Total no.
Eligible Shares Bonus of shares
Persons (excluding Shares (including
Bonus) Bonus)


Total Shares 12,500,000 6,250,000 18,750,000
available
under ESPS
Scheme


Transferred/ 8,032 11,263,706 5,631,852 16,895,558
allocated
during
2010-11


Transferred/ 4 3550 1775 5,325
allocated
during
2011-12


Transferred/ - - - -
allocated
during
2012-13,
2013-14 &
2014-15


Balance
shares as 1,232,744 616,373 1,849,117
on 31.03.2015


During 2014-15, no further shares were allocated/ transferred by the
Trust.


Thus, a balance of 1,849,117 Equity Shares (including bonus shares) are
still lying with the Trust for transfer to the eligible persons in due
course.


It is confirmed that:


there is no employee who has been issued shares in any year amounting
to 5% or more shares issued during that year; and there is no employee
who is entitled to shares under the Scheme equal to or exceeding 1% of
the issued capital of the Company.



6.0 OPERATIONS


6.1 ENGINEERING DIVISION


6.1.1 Prequalification''s / Bids Under submission


During the year, your Company submitted prequalification applications
for the following Works:


(i) Execution of Civil, Hydro-Mechanical and Electro-Mechanical Works
of 390MW Kirthai-I Hydroelectric Project in Jammu & Kashmir. The
application has been submitted by the Consortium, with JAL as lead
member.


(ii) Construction of Head Race Tunnels (from RD 1780 onwards), Adit 2,
Surge Shafts, Pressure Shafts, Underground Power House, Transformers
Hall, Tail Race Tunnels and Pothead Yard etc. [Teesta-IV : LOT-2] of
520 MW Teesta Hydroelectric Project (Stage-IV) in the District North
Sikkim in the State of Sikkim.


(iii) Civil Structure and Track Work between Sahnewal Station and
Pilkhani Station (Approx. 175 Km route of Single Line) (Contract
Package 301) of Eastern Dedicated Freight Corridor Project.


(iv) Civil Structure and Track Work between Dadri Station and Khurja
Station (Approx. 46 Km route of Double Line) (Contract Package 302) of
Eastern Dedicated Freight Corridor Project.


(v) Construction of Dam, Intake and Underground Power House of 300 MW
Lakhwar Multi- Purpose Project in Uttarakhand.


(vi) Expression of Interest for Selection of Strategic Joint Venture
Partner by Druk Green Power Corporation Ltd. for the establishment of a
Hydropower Construction Company for executing works in Bhutan.


(vii) Expression of Interest for Selection of consortium partner of
Multipurpose Dam Projects in the Republic of Kenya


6.1.2 The Company has submitted Bid for the following Works:


(i) Execution of Civil and Hydro-Mechanical Works on EPC basis, of 118
MW Nikachhu Hydropower Project in Bhutan


(ii) Construction of Dindi Balancing Reservoir of SLBC Tunnel Scheme
across Dindi river near Mothia Thanda of Teldevarapalli (V), Chandampet
(M), Nalgonda District. in Andhra Pradesh.


However, the Company has not been the lowest bidder for the contract.


6.1.3 Your Company has been prequalified to participate in the tenders/
bids for the following works:


(i) Construction of Civil Works for Dam, River Diversion, Intake,
Adit-1, HRT up to RD 9500m including Pranmati Nallah Crossing and
Diversion Tunnel Gates (PACKAGE-I) of 252 MW Devasari Hydroelectric
Project, District Chamoli, Uttarakhand.


(ii) Construction of Civil Works of Adits-2, 3 & 4, HRT from RD 9500m
to RD 17906m, Pressure Shaft, Penstocks, Surge Shaft, Valve House,
Power House Complex and Tail Race Tunnel (PACKAGE-II) of 252 MW
Devasari Hydroelectric Project, District Chamoli, Uttarakhand.


(iii) Execution of Civil, Hydro-Mechanical and Electro-mechanical Works
on EPC basis, of 240 MW Kutehr Hydroelectric Project in Himachal
Pradesh. For this project the Company has been the lowest bidder.


6.1.4 Works in Progress


The Company is presently executing the works of the projects listed
below and the status of works is given below:



Sl. Name of Work/Project
No under execution Location of Contract Price
Work/ Project (Base Value)
(Rs, in crores)



Works pertaining to


1. Sardar Sarovar
(Narmada) Project Gujarat 624
(Revised)


2. Baglihar II HEP Jammu & 556
Kashmir (Revised


3. Turnkey construction of
Srisailam Left Bank Canal Telangana 1,925
Tunnel Scheme including
Head Regulator etc. of
State Tunnels Alimineti
Madhava Reddy Project


4. Ganga Expressway (Eight
lane, 1,047 km long) Uttar Pradesh 30,000
connecting Greater Noida
& Ballia and related
Project activities


5. Widening and face-lifting
of Vrindavan Parikrama Uttar Pradesh 32
Marg and construction of
Kesi Ghat Bridge on Bridge
Vrindavan Parikrama Marg


6. Construction of Diversion
Tunnel, Dam, Intake and Bhutan 1,224
Desilting Arrangement
including Hydro-mechanical
Works and Highway Tunnel
(Contract Package C-1) of
Punatsanchhu - II
Hydroelectric Project,


7. Construction of Head Race
Tunnel (from Surge Shaft Bhutan 856
end), Surge Shaft,
Butterfly Valve Chamber,
Pressure Shafts, Power
House and Tail Race Tunnel
including Hydro-Mechanical
Works (Contract Package
C-3) of Punatsanchhu - II
Hydroelectric Project.


8. Construction of Diversion
Tunnel, Dam, Spillway Bhutan 597
& Coffer Dams, Intake
Structure, Intake Tunnels,
Branch HRT, Silt Flushing
Tunnels, Vertical Shaft and
2 nos. Desilting Chambers
(Contract Package-C-1) of
Mangdechhu Hydroelectric
Project.


9 Construction of Surge Shaft,
2 nos. Pressure Shafts, Bhutan 316
Bifurcation Pressure Shafts,
Cable cum Ventilation
Tunnel, Underground Power
House & Transformer
Caverns including Bus Duct,
Pothead Yard, TRT,
Branch Tunnel & Outlet
Portals for TRT (Contract
Package- C-3) of Mangdechhu
Hydroelectric Project;
and Construction of part
HRT and Adit-5


10. Refurbishing and Restoring
the Radial Gates and Gujarat 39
its appurtenant parts for
Sardar Sarovar (Narmada)
Project



Projects being Executed by
Jaiprakash - Gayatri Joint
Venture


1. Polavaram Project Right
Main Canal Package - 4 Andhra 301


2. Veligonda Feeder and
Teegaleru Canal Project-2 Andhra 343
Pradesh


3. Rajiv Sagar Lift Irrigation
Project (Dummugudem) Andhra 282
Pradesh


4. GNSS Main Canal from km.
119.000 to km 141.350 Andhra 112
including Construction of
CM & CD works Pradesh


Total 37,256


Sl. Name of Work/Project Nature of Value of work
No under execution work/project Completed
( excluding
escalation and
extra items)as
on 31.03.2015
(Rs, in crores)


Works pertaining to


1. Sardar Sarovar Power 532
(Narmada) Project Generation
(1200 MW)


2. Baglihar II HEP Power 511
Generation
(450 MW)


3. Turnkey construction of IRRIGATION 1,202
Srisailam Left Bank Canal Tunnels
Tunnel Scheme including
Head Regulator etc. of
State Tunnels Alimineti
Madhava Reddy Project


4. Ganga Expressway (Eight Expressway -
lane, 1,047 km long) Project
connecting Greater Noida
& Ballia and related
Project activities


5. Widening and face-lifting Road and 18
of Vrindavan Parikrama Bridge
Marg and construction of Works
Kesi Ghat Bridge on Bridge
Vrindavan Parikrama Marg


6. Construction of Diversion Power 717
Tunnel, Dam, Intake and Generation
Desilting Arrangement (1020MW)
including Hydro-mechanical
Works and Highway Tunnel
(Contract Package C-1) of
Punatsanchhu - II
Hydroelectric Project,


7. Construction of Head Race Power 280
Tunnel (from Surge Shaft Generation
end), Surge Shaft, (720MW)
Butterfly Valve Chamber,
Pressure Shafts, Power
House and Tail Race Tunnel
including Hydro-Mechanical
Works (Contract Package
C-3) of Punatsanchhu - II
Hydroelectric Project.


8. Construction of Diversion Power 225
Tunnel, Dam, Spillway Generation
& Coffer Dams, Intake (720MW)
Structure, Intake Tunnels,
Branch HRT, Silt Flushing
Tunnels, Vertical Shaft and
2 nos. Desilting Chambers
(Contract Package-C-1) of
Mangdechhu Hydroelectric
Project.

9 Construction of Surge Shaft, Power 174
2 nos. Pressure Shafts, Generation
Bifurcation Pressure Shafts, (720 MW)
Cable cum Ventilation
Tunnel, Underground Power 13
House & Transformer
Caverns including Bus Duct,
Pothead Yard, TRT,
Branch Tunnel & Outlet
Portals for TRT (Contract
Package- C-3) of Mangdechhu
Hydroelectric Project;
and Construction of part
HRT and Adit-5


10. Refurbishing and Restoring Power 11
the Radial Gates and Generation
its appurtenant parts for (1200MW)
Sardar Sarovar (Narmada)
Project



Projects being Executed by
Jaiprakash - Gayatri Joint
Venture


1. Polavaram Project Right Irrigation 200
Main Canal Package - 4 Canel


2. Veligonda Feeder and Irrigation 246
Teegaleru Canal Project-2 Canel


3. Rajiv Sagar Lift Irrigation Lift 227
Project (Dummugudem) Irrigation
Project


4. GNSS Main Canal from km. Irreigation -
119.000 to km 141.350 Canel
including Construction of
CM & CD works


Total 3,390 MW 4,356


The progress of on-going works is satisfactory except for project at S.
No. 4 due to non-availability of Environmental clearance.


In September 2015, your Company has been awarded the contract for
development of Six Lane Eastern Peripheral Expressway (NH No. NE II) in
the State of Uttar Pradesh - "Package III from Km 46.500 to Km 71.000"
on EPC mode Project from NHAI at a contract price of X 747 crores.



6.2 CEMENT DIVISION


6.2.1 Operations


The production and sale of Cement/ Clinker during the year, as compared
to the previous year, is as under:-


2014-15 2013-14
(MT) (MT)


Cement
12,778,182 12,870,840
Production (MT)


Clinker 10,441,570 10,157,991
Production (MT)


Cement and Clinker
Sale (MT)(including 13,879,978 14,014,577
Self-Consumption)


The Cement manufacturing capacity of the Group as a whole is 31.65 MTPA
(including 3.86 MTPA under implementation).


Plants in West Zone with a capacity of 4.80 MTPA have been hived off by
Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of
the Company through a Scheme of Arrangement to UltraTech Cement
Limited, a company of Aditya Birla Group in June 2014. Company''s stake
(74%) in Bokaro Jaypee Cement Limited, a Joint Venture between the
Company (JAL) and Steel Authority of India Limited (SAIL), having a
Plant with operating capacity of 2.10 MTPA has also been sold to Shri
Rangam Securities Limited, an associate/ affiliate of Dalmia Cement
(Bharat) Limited in November 2014.


Further Jaypee Panipat Cement Grinding unit in Haryana with a capacity
of 1.50 MTPA has been hived off to Shree Cement Limited on 27.04.2015.
Jaypee Bela Plant & Jaypee Sidhi Cement Plant in Madhya Pradesh with a
capacity of 4.90 MTPA are under the process of hive off to UltraTech
Cement Limited. .


Zone-wise operating capacity of Cement and Captive Power Plants in the
Cement Division of the Company as on 31.03.2015 are as under:-


Jaiprakash Associates Limited-


ZONE OPERATING CAPACITY TOTAL CAPTIVE
CEMENT UNDER CAPACITY THERMAL
CAPACITY IMPLE- POWER
MENTATION


MTPA MTPA MTPA MW


CENTRAL ZONE
(Jaypee Rewa
Plant, Jaypee
Bela Plant,
Jaypee Cement
Blending 9.25 - 9.25 244*
Unit, Jaypee
Ayodhya
Grinding
Operations,
Jaypee Sidhi
Cement Plant)


UP ZONE
(Dalla Cement
Factory,
Chunar Cement
Factory,
Jaypee 4.00 - 4.00 244*
Sikandrabad
Cement Grinding
Unit, Jaypee
Cement Ind.
Complex)


NORTH ZONE
(Jaypee
Himachal
Cement Plant,
Jaypee Bagheri
Cement Grinding
Unit, Jaypee 6.20 - 6.20 -
Panipat Cement
Grinding Unit,
Jaypee Roorkee
Cement Grinding
Unit)


TOTAL 19.45* - 19.45 488


* Includes 60 MW capacity at Sidhi and 120 MW at Churk under
implementation.


Jaypee Power Ventures Limited -


ZONE OPERATING CAPACITY TOTAL CAPTIVE
CEMENT UNDER CAPACITY THERMAL
CAPACITY IMPLE- POWER
MENTATION


MTPA MTPA MTPA MW


Jaypee Nigrie
Cement - 2.00 2.00 -
Grinding
Unit


Bhilai Jaypee Cement Limited -


ZONE OPERATING CAPACITY TOTAL CAPTIVE
CEMENT UNDER CAPACITY THERMAL
CAPACITY IMPLE- POWER
MENTATION


MTPA MTPA MTPA MW


Bhilai Jaypee 2.20 - 2.20 -
Cement Limited


Jaypee Cement Corporation Limited -


ZONE OPERATING CAPACITY TOTAL CAPTIVE
CEMENT UNDER CAPACITY THERMAL
CAPACITY IMPLE- POWER
MENTATION


MTPA MTPA MTPA MW


SOUTH ZONE 6.14 1.86* 8.00 120**
(Jaypee Balaji
Cement Plant,
Jaypee Shahbad
Cement Project)


GRAND TOTAL 27.79 3.86 31.65 608
(JAL INCL
JPVL, JVs
& JCCL)


Jaypee Shahbad cement Plant successfully commenced production for 1.14
MnTPA on 30.03.2015.



* 1.86 MTPA capacity at Jaypee Shahabad Cement Project under
implementation.


** Includes 25 MW capacity at Jaypee Balaji Cement Plant and 60 MW at
Jaypee Shahabad Cement Project under implementation.


The Company has commenced operation of 60MW CPP at Jaypee Churk
Industrial Complex, Churk, Uttar Pradesh, at the end of March 2015.


During the financial year 2014-15, Productivity Indices of the
operating units of JAL (except JCCL & JV) were as under:


Sl Indices Lime stone Raw meal Clinker
No. Crushing Grinding Production
UNIT (MT) (MT) (MT)


1 Jaypee Rewa
Plant, Rewa 35,08,362 35,96,534 23,91,705
(MP)


2 Jaypee Bela
Plant, Bela 25,58,080 26,43,290 17,53,044
(MP)


3 Jaypee Ayodhya
Grinding
Operations,
Tanda (UP)


4 Jaypee Cement
Blending
Unit, Sadva
Khurd (UP)


5 Jaypee Cement
Grinding Unit,
Panipat
(Haryana)


6 Chunar Cement
Grinding Unit,
Chunar (UP)


7 Dalla Cement
Factory, 29,87,785 29,97,710 19,99,987
Dalla (UP)


8 Jaypee Sidhi
Cement Plant, 24,58,459 25,20,824 16,80,410
Baghwar (MP)


9 Jaypee Himachal
Cement 37,23,009 39,51,257 26,16,424
Plant - Baga


10 Jaypee Himachal
Cement Plant -
Bagheri


11 Jaypee Roorkee
Grinding Unit


12 Jaypee
Sikandrabad
Grinding Unit


TOTAL 1,52,35,395 1,57,10,615 1,04,41,570



Indices Cement Grinding Cement Despatch
including clinker sale


UNIT (MT) (MT)


Jaypee Rewa
Plant, Rewa 22,59,886 23,79,466
(MP)


Jaypee Bela
Plant, Bela 20,60,938 20,74,689
(MP)


Jaypee Ayodhya
Grinding 3,66,373 3,61,933
Operations,
Tanda (UP)


Jaypee Cement
Blending 1,37,413* 1,37,589*
Unit, Sadva
Khurd (UP)


Jaypee Cement
Grinding 2,68,797 2,69,752
Unit, Panipat
(Haryana)


Chunar Cement
Grinding 25,25,802 25,22,218
Unit, Chunar (UP)


Dalla Cement
Factory, 3,97,457 9,65,591
Dalla (UP)


Jaypee Sidhi
Cement Plant, 12,04,459 12,61,806
Baghwar (MP)


Jaypee Himachal
Cement 8,30,802 8,25,088
Plant - Baga


Jaypee Himachal
Cement 16,48,353 16,42,489
Plant - Bagheri


Jaypee Roorkee
Grinding 6,77,877 6,76,772
Unit


Jaypee
Sikandrabad 4,00,026 4,00,053
Grinding Unit


TOTAL 1,27,78,182 1,35,17,447



*Production and Despatch figures for JCBU (Blending unit) are
incremental.


6.2.2 Operational Performance (JAL)


6.3 HOTELS DIVISION


The Company owns and operates five luxury hotels in the Five Star
category, the finest Championship Golf Course, Integrated Sports
Complex and Town Centre strategically located for discerning business
and leisure travelers. Jaypee Vasant Continental with 119 rooms and
Jaypee Siddharth with 94 rooms in New Delhi. Jaypee Palace Hotel and
Convention Centre is the largest property located at Agra with an
inventory of 341 rooms with luxurious Presidential Suites and Jaypee
Residency Manor with Valley View Tower at Mussoorie has 135 rooms.
Jaypee Greens Golf & Spa Resort, Greater Noida is a prestigious &
Luxury Resort with 170 state of art rooms overlooking the Championship
18 hole Greg Norman Golf Course.


Jaypee Greens Golf & Spa Resort hosted several prestigious conferences
from India and abroad. The Resort hosted the conferences like Asian
Development Bank Conference 2013 in which Prime Ministers, Deputy Prime
Ministers and Finance Ministers of various countries participated along
with Heads of the National and International Banks.


Indian Green Building Council has conferred LEED certificate in "Gold
Category" to the Jaypee Residency Manor, Mussoorie and "Platinum
Category" to Jaypee Vasant Continental, New Delhi for energy &
environmental design of the building.


The Company''s Hotels at New Delhi, Agra and Mussoorie have been
accredited with ISO 9001 for Quality Management System (QMS), ISO 14001
for Environment Management System (EMS), ISO 22000 for Food Safety
Management System (FSMS) and Hazard Analysis and Critical Control Point
(HACCP).


The International tourist arrivals, worldwide have grown to 1138
million in 2014, and the forecast indicates a moderate pace of growth
from 3% to 4% in FY 2015.


Foreign tourist arrivals in India during 2014 was 74.62 Lacs as against
68.48 Lacs in FY 2013.


The business of the Hotel Division is poised for sustained growth and
the outlook is bright. The Company is confident to achieve better
quotient of customers'' satisfaction and to achieve higher growth
coupled with optimization of the resource utilization.


6.4 REAL ESTATE DIVISION


Jaypee Greens, Greater Noida


The Company''s prestigious project - Jaypee Greens, Greater Noida spread
across 452 acres is the maiden golf centric residential development.
The project integrates Luxury villas and Apartments with an 18 Hole
Greg Norman Signature golf course, 9 Hole chip & putt golf course,
landscaped parks and lakes along with an integrated sports complex, 60
acre Nature Reserve Park, a 5 star spa resort in collaboration with Six
Senses Spa of Thailand, Town Centre, In the current year the Company
offered possession of apartments in Castille, Star Court and Crescent
Court. It also introduced the ready to move in "Ashok residences"
apartments which have received an encouraging response.


Jaypee Greens Wish Town Noida


Jaypee Greens Wish Town Noida - being developed by the Jaypee Group is
a bench mark for extraordinary lifestyle experiences. Spread over 1063
acres, it offers wide range of residential options ranging from
independent homes to high-rise apartments and penthouses, along with
host of other amenities such as a 18+9 hole Graham Cooke designed golf
facilities, a 504 bed Super specialty Hospital, educational facilities
including the already operational Jaypee Public school and Jaypee
Institute of Information Technology (JIIT), landscaped parks and lakes
and upcoming recreational facilities, entertainment hubs and commercial
centers.


During the year the Company offered possession in majority of the
towers of Pavilion Court and close to 4000 apartments are nearing
possession in various project. This year also saw the launch of the
first commercial project "Wish Point" and it was well received with
majority of the project being sold out in this year itself.


Jaypee Greens AMAN


Jaypee Greens Aman at Sector 151, Noida is located on the Noida-Greater
Noida Expressway and offers 2 & 3 BHK apartments. Spread over 89 acres,
the project also comprises of Chip & Putt golf course, Gardens
,Walkways, Fountains, Sports facilities, Social amenities like Shopping
Complex, Social Club with Swimming pools, Gymnasiums, Primary and
Senior Secondary Schools, Creche, Kid''s play area, etc.


The Project is expected to commence offering possession of apartments
soon.


Jaypee Greens Sports City


Jaypee Greens Sports City located on the Yamuna Expressway spread over
5,000 acres, comprises India''s first International Motor racing track,
International standard cricket stadium, a long green boulevard and much
more. The Project is partly owned by erstwhile Jaypee Sports
International Ltd., a wholly owned subsidiary of your Company (since
been merged into your company) successfully hosted India''s First F1
race in October, 2011 followed by two more races in October, 2012 and
2013. The development of Sports City inter-alia comprises of various
thematic districts offering residential, sports, commercial and
institutional facilities. The commercial zone will offer well defined
areas for elaborate financial and civic centers, along with Residential
Districts which will have a vast range of products including villas,
town homes, residential plots and mid to high rise apartment blocks, to
suit the requirements of all.


While the Projects already launched by the Company, viz., Kassia, Kove,
Krowns and Country Home-I & II, Greencrest Homes, Buddh Circuit
studios, Naturvue Apartments, Udaan and Aman are under development, the
Company has during the year launched new products:, Sports Ville 
Expandable Villas and Tanishq Square- a unique Shop cum Office complex
of commercial plots, all of which received a very encouraging response
from Customers.


Backed by a strong team of Architects, Engineers, Sales and Marketing
professionals the Company is committed to deliver all of its projects
in the coming years.


6.5 SPORTS DIVISION


As mentioned above, the erstwhile Jaypee Sports International Limited
(JSIL) has been amalgamated into the Company on 16.10.2015 w.e.f.
01.04.2014 and now it is known as Jaypee International Sports, a
division of Jaiprakash Associates Limited.


JSIL was incorporated on 20th October, 2007. It was allotted around
1100 Ha. Of land for development of Special Development Zone (SDZ) with
sports as a core activity by Yamuna Expressway Industrial Development
Authority (YEA). This area is inclusive of 100 Ha of land to be used
for Abadi Development. The core activities are sports which inter-alia
include Motor Race Track, suitable for Holding Formula One race and
setting up a Cricket stadium of International Standard to accommodate
above 1,00,000 spectators and others.


The Motor Race Track known as Buddh International Circuit (BIC) was
completed well in time and JSIL successfully hosted the three Indian
Grand Prix held in October, 2011, October, 2012 & October, 2013. The
success of the event was acknowledged by winning of many awards and
accolades.


This division is trying its best to generate revenue by placing Buddh
International Circuit (BIC) as one stop destination for exhibitions,
shooting of movies, concerts, product launches and other promotional
entertainment activities.


To design the cricket stadium, M/s. ALA Architects were appointed and
the first phase of construction is likely to be completed soon.


It has also made significant progress in development of non core area
planned for group housing, plots, multi storey flats, commercial area,
institutional area, roads, open space and other social activities.


7.0 DIVERSIFICATION


A. WIND POWER PROJECT


The Company had been operating Wind Power Project of 49 MW (40.25 MW in
Maharashtra and 8.75 MW in Gujarat). Out of the aggregate capacity of
49 MW, 16.25 MW (13 generators each of 1.25 MW) was commissioned during
December 2006 to March 2007 at Dhule in Maharashtra. The remaining
32.75 MW was commissioned at Sangli, Maharashtra (24 MW- 16 generators
each of 1.5 MW) during September 2007 to March 2008 and at Kutchh,
Gujarat (8.75 MW- 7 generators each of 1.25 MW) in March 2008. The
electricity generated from the project is being sold to Maharashtra
State Electricity Distribution Company Ltd. (MSEDCL) in Maharashtra
and Gujarat Urja Vikas Nigam Limited (GUVNL) in Gujarat. The energy
sold and the revenue from sale of electricity during the year under
report were 78.12 Million units and Rs, 33.29 crores against 89.41
Million units and Rs, 37.15 crores respectively in the year 2013-14.


The Board has approved to hive off the said Wind Power Plants (entire
49 MW) on September 30, 2015 and the transaction has since been
consummated.


B. DEVELOPMENT OF COAL BLOCKS IN MADHYA PRADESH


The Company had been granted mining rights in Amelia (North),
Dongrital-II, Mandla (South) and Mandla (North) Coal Blocks located in
the State of Madhya Pradesh. Three separate joint-venture companies
were set-up for the first three Coal Blocks which had been allocated to
the Madhya Pradesh State Mining Corporation Ltd. (MPSMCL), with an
identical shareholding ratio of 51 : 49 between MPSMCL and company.
Coal mined from Amelia (North) and Dongrital-II Mines was for supply to
the 2 x 660 MW Super Critical Thermal Power Plant at Nigrie, M.P. being
set up by Jaiprakash Power Venture Ltd.(JPVL), a subsidiary of Company.
Mandla (North) Coal Block was for captive use of Coal for companies
Cement Plants.


After developing Amelia (North) Coal Block, the JVC namely MPJML had
started supply of Coal to the Nigrie Super Thermal Power Plant. The
remaining three Coal Blocks had also achieved substantial progress in
developing the mines and obtaining clearances / approvals.


On 24th September 2014, the Supreme Court of India through its
judgement had cancelled 204 Coal Blocks allocated between 1993 and
2011. Amelia (North), Dongrital- II, Mandla (North) and Mandla (South)
Coal Blocks were amongst the 204 Coal Blocks cancelled by the Supreme
Court. The Court however allowed 42 operational Coal Blocks including
Amelia (North) Coal Block to continue to operate till 31st March, 2015
by paying additional levy.


Subsequent to the Supreme Court judgement, the Nominated Authority of
the Ministry of Coal started the process for electronic auction of Coal
Blocks which had earlier been cancelled pursuant to Court order. In the
first phase of e-auction, JPVL has emerged successful by bagging Amelia
(North) Coal Mine, reserved for the power sector. The e-auction for
this Mine was done through reverse bidding process aimed at minimizing
impact on power tariff of the end use power plant.


Further, the Company has won Mandla (North) Coal Mine. In the second
phase, JCCL, wholly owned subsidiary of the Company, has been
successful in securing Mandla (South) Coal Mine. Both these mines were
earmarked by the Government for specific end use of iron & steel,
production of cement, and for captive use in the plants. Accordingly,
Coal mined from these two Mines would be for captive use of cement
plants of the respective Company The Company and JPVL have also signed
Coal Mine Development and Production Agreement (CMPDA) with the
Government for Mandla North and Amelia North Coal Mines respectively.


Third round of e-auction was held in the month of August 2015 and
Jaypee Cement Corporation Limited (JCCL), a subsidiary of the Company,
was declared successful bidder for Majra coal mine. Vesting order was
issued vide No. 104/34/2015/NA dated 30.09.2015


C. REFUSE DERIVED FUEL (RDF) FROM MUNICIPAL SOLID WASTE (MSW) AT
CHANDIGARH


The Plant is operating successfully taking daily garbage of the city of
Chandigarh as per agreement. The plant is serving the twin purpose of
keeping the city clean and to conserve the energy resources available
in the form of producing fuel called Refuse Derived Fuel (RDF). RDF (in
fluff form), the final product of the plant, is being disposed off
commercially as a good substitute of conventional fuel in the
industries and Power plants located around Chandigarh.


D. DIVERSIFICATION INITIATIVES


Company''s other diversification initiatives include setting-up of
pit-head based Thermal Power Station, Fertilizer business, Aviation
project and Healthcare, which are being implemented through different
subsidiaries of the Company. Details of the initiatives implemented
through subsidiaries are furnished under the heading ''Subsidiaries''.


8.0 SUBSIDIARIES


As on 31st March 2015, in terms of the provisions of Companies Act,
2013, your Company had following subsidiaries which are engaged in
different business activities:


1. Jaiprakash Power Ventures Limited


2. Jaypee Arunachal Power Limited


3. Jaypee Powergrid Limited


4. Sangam Power Generation Co. Limited


5. Prayagraj Power Generation Co. Limited


6. Jaypee Meghalaya Power Limited


7. Himachal Baspa Power Company Limited (no more a subsidiary of JPVL
w.e.f. 08.09.2015, and consequently of JAL also, as JPVL sold all its
shares in it on 08.09.2015. Since, it was a subsidiary of Company on
31.03.2015, its financial statements have been consolidated with the
financial statements of JAL, the Company.)


8. Bina Power Supply Limited (the name of Himachal Karcham Power
Company Limited has since been changed to Bina Power Supply Limited
w.e.f. 28.09.2015)


9. Bhilai Jaypee Cement Limited


10. Gujarat Jaypee Cement & Infrastructure Limited


11. Jaypee Cement Corporation Limited


12. Jaypee Assam Cement Limited


13. Jaypee Infratech Limited


14. Jaypee Ganga Infrastructure Corporation Limited


15. Himalyan Expressway Limited


16. Jaypee Agra Vikas Limited


17. Jaypee Cement Cricket (India) Limited


18. Jaypee Cement Hockey (India) Limited


19. Jaypee Fertilizers & Industries Limited


20. Himalyaputra Aviation Limited


21. Jaypee Healthcare Limited


22. Jaiprakash Agri Intiatives Company Limited


Note-1: Bokaro Jaypee Cement Limited (BOJCL) ceased to be a subsidiary
of the Company w.e.f


29.11.2014, consequent to sale of its entire 74% stake in BOJCL (as
mentioned above in para 6.2.)


Note-2: Jaypee Sports International Limited, a wholly owned subsidiary
of your Company, amalgamated into JAL, the Company on 16.10.2015
pursuant to Order of Hon''ble High Court of Judicature at Allahabad
dated


14.09.2015, the appointed dated being 01.04.2014. Since the
amalgamation is with effect from 01.04.2014, in financial statements,
it has been treated as a division of the Company for financial year
2014-15.)


Due to merger of Jaypee Sports International Limited into the Company
and divestment in Himachal Baspa Power Company Limited, as on date of
signing of this report, your Company has 21 subsidiaries.



The status of the aforesaid subsidiaries is as under:


POWER AND RELATED BUSINESS


1. JAIPRAKASH POWER VENTURES LIMITED (JPVL)


As on 31st March 2015, JPVL had three operative Hydro Power Plants and
two operative Thermal Power Plants, namely:


i) 300 MW Jaypee Baspa-II Hydro Power Plant in Himachal Pradesh (since
hived off by JPVL on 8.09.2015);


ii) 400 MW Jaypee Vishnuprayag Hydro Power Plant in Uttarakhand;


iii) 1091 MW Jaypee Karcham Wangtoo Hydro Power Plant in Himachal
Pradesh (since hived off by JPVL on 08.09.2015);


iv) 500 MW - Phase I (of 1200 MW) Jaypee Bina Thermal Power Plant in
Madhya Pradesh; and


v) 1320 MW Jaypee Nigrie Super Thermal Power Plant in Nigrie, Distt.
Singrauli, Madhya Pradesh.


Besides the above mentioned power projects, JPVL has implemented Jaypee
Nigrie Cement Grinding Unit with capacity of 2 MTPA , the commissioning
activities of which has started and its commercial operations are
expected to commence shortly.


Following the cancellation of coal blocks in terms of judgment dated
25th August, 2014 read with order dated 25th September, 2014 of Hon''ble
Supreme Court of India, the Central Government conducted e-auction of
coal mines in which your Company participated and was allotted Amelia
(North) Coal Mine in Distt. Singrauli, Madhya Pradesh, during the
year.


The Plant Availability and Energy Generation of each of the Hydro Power
Plants & Thermal Power Plants for the Financial Year 2014-15 were as
under:


Plant Plant Net Saleable
Availability Energy
(%) Generation
(M. U.)


Jaypee BASPA-II
(300 MW) 99.84 1100.47


Jaypee
Vishnuprayag (400 99.13 1573.96
MW)


Jaypee Karcham
Wangtoo 99.65 3708.41
(1091MW)


500 MW - Phase I
(of 1200 92.47 2236.95


MW) Jaypee
Bina Thermal
Power Plant


1320 MW
Jaypee Nigrie 58.33 1800.27
Super Thermal
Power Plant


300 MW Jaypee Baspa-II Hydro Power Plant (since hived off by JPVL on
08.09.2015)


The average tariff for Baspa-II Hydro Power Plant for the year under
report, as per the Multi Year Tariff (MYT) Order dated 15th July, 2011,
Order dated 6th September, 2012 and in accordance with the Power
Purchase Agreement (PPA) works out to Rs, 2.77 per unit. The total
generation of energy during the year was 1256.96 MUs including 12% free
Power to State Electricity Board/Government of Himachal Pradesh and
also auxiliary consumption/transformer losses. The Net Saleable Energy
during the year was 1100.47 MUs, out of which 1056.92 MUs was Primary
Energy and 43.55 MUs was Secondary Energy.


400 MW Jaypee Vishnuprayag Hydro Power Plant


The average tariff during the year under report for 400 MW Vishnuprayag
Hydro Power Plant works out to Rs, 2.47 per unit. The total generation
of energy during the year was 1815.92 MUs (including 22.15 MUs deemed
generation) .The net saleable energy during the year was 1573.96 MUs
out of which Primary Energy was 1545.87 MUs and Secondary Energy was
28.09 MUs.


1091 MW Jaypee Karcham Wangtoo Hydro Power Plant (since hived off by
JPVL on 08.09.2015)


The average realization for the year under report works out to Rs, 3.93
per unit. The total generation of energy during the year was 4240.25
MUs including 531.84 MUs free Power to State Government and also
auxiliary consumption/transformer losses. The Net Saleable Energy
during the year was 3708.41 MUs.


The performance of the Company''s operative Hydro Power Plants, their
plant availability and the Energy Generation during the year under
report was satisfactory.


500 MW Phase I (of 1200 MW) Jaypee Bina Thermal Power Plant


Based on the tariff petition filed by JPVL, MPERC has approved final
tariff for Unit-I and Unit-II on 26th November, 2014. Your Company is
supplying 70% of the installed capacity on long-term basis to Govt. of
Madhya Pradesh/Madhya Pradesh Power Management Company Ltd., in terms
of the Power Purchase Agreement executed with them and balance of
installed capacity is being sold as merchant power.


The plant performance of 500 MW Jaypee Bina Thermal Power Plant from
1st April, 2014 to 31st March, 2015 was as under:



(Million Units)


FY 2014-15 Actual Generation


Gross Net Aux % PLF % PAF %
Saleable


Total 2444.74 2236.95 8.50 55.36 92.47


1320 MW Jaypee Nigrie Super Thermal Power Plant (JNSTPP)


Two units of 660 MW each have successfully achieved commercial
operation on 3rd September, 2014 and 21st February, 2015 respectively.
Further, as mentioned above, your Company has acquired coal mine at
Amelia (North) through e-auction conducted by Government of India for
meeting the coal requirement of JNSTPP. Madhya Pradesh Electricity
Regulatory Commission has approved the provisional blended tariff of
JNSTPP. Your Company is supplying 37.5% of the installed capacity on
long term basis to Government of Madhya Pradesh and Madhya Pradesh
Power Management Company Limited in terms of Power Purchase Agreement
executed with them and the balance capacity is sold on merchant basis.


(Million Units)


FY 2014-15 Actual Generation


Gross Net Aux % PLF % PAF %
Saleable


Total 1970.02 1800.27 7.84 38.03 58.33


Jaypee Nigrie Cement Grinding Unit at Nigrie


The commissioning activities of 2 MTPA Jaypee Nigrie Cement Grinding
Unit at Nigrie, Distt. Singrauli in Madhya Pradesh, having estimated
project cost of Rs, 335 crore has started and commercial operations are
expected to commence shortly. An expenditure of approximately Rs,
299.56 crore had been incurred till 31st March, 2015. The statutory
approvals required for the current stage of the project are in place.


Verified/Certified Emissions Reductions (VERs/CERs)


As already reported, 1091 MW Jaypee Karcham Hydro Power Plant has
already been registered by UNFCCC as a CDM Project w.e.f 1st January,
2013 for ten years up to 31st December, 2022. The Project has been
validated and verified by TUV NORD, Germany for issue of VERs for the
period from 13th May, 2011 to 11th April, 2012. The project is
validated by TUV NORD JI/CDM Certification Programme, Germany as
compliant with World Commission on Dams (WCD) Recommendations.


As for financial year 2013-14, JPVL had sold from time to time
34,79,664 VERs aggregating Rs, 28.95 crores in respect of Jaypee
Baspa-II Hydro Power Plant and 94,90,664 VERs aggregating Rs, 213.24
crores in respect of Jaypee Vishnuprayag Hydro Power Plant. No further


VERs could be sold in respect of the aforesaid plants during the
financial year 2014-15.


The financial position of JPVL for the financial year 2014-15 is given
as under :


(Rs, in Crore)


Year ended Year ended 31/03/2015 31/03/2014


(A) PROFITABILITY


1 Total Turnover during the 4,061.92 2,740.50
year


2 Total expenses (except 1,353.50 832.71
depreciation/ finance
costs)


3 Finance costs 2,117.55 1447.68


4 Depreciation & 465.28 446.59
amortization


5 Total Expenses (2+3+4) 3,936.33 2726.98


6 Exceptional/Extra-ordinary (4.46) 0.08
items


7 Profit before Tax 130.05 13.44


8 Profit after Tax 137.21 19.73


(B) LIABILITIES & ASSETS


1 Share Capital 2,938.00 2,938.00


2 Reserves & Surplus 3,441.43 3,391.71


3 Deferred Revenue 633.20 562.66


4 Non Current Liabilities 18,285.41 17,788.40


5 Current Liabilities 6,822.02 4,652.92


6 Total Equity & Liabilities 32,120.06 29,333.69
(1+2+3+4)


7 Non Current Assets 30,370.68 28,208.61


8 Current Assets 1,749.38 1,125.08


9 Total Assets (6+7) 32,120.06 29,333.69


2. JAYPEE ARUNACHAL POWER LIMITED (JAPL)


Jaypee Arunachal Power Limited (JAPL), a wholly owned subsidiary of
JPVL is implementing 2700 MW Lower Siang and 500 MW Hirong H.E.
Projects in the State of Arunachal Pradesh. Your Company along with its
associates will ultimately hold 89% of the Equity of JAPL and the
balance 11% will be held by the Government of Arunachal Pradesh.


As already reported, for the 2700 MW Lower Siang Hydro Electric
Project, CEA approval was obtained in February, 2010 and the
concurrence has been extended by CEA for another three years. Land
acquisition is in progress. In-principle Approval has been granted and
Power Purchase Agreements (PPAs) are to be submitted for final approval
with respect to the grant of Mega Power status of the project. Draft
Rehabilitation & Resettlement Plan has been submitted to the State
Government. The State Government has recommended the forest clearance
case to Ministry of Environment and Forest (MOEF) and the same is under
examination by Regional unit of MOEF since February, 2015.


For 500 MW Hirong Hydro Power Project, CEA has accorded Techno-Economic
Concurrence on 10th April, 2013. For the Environmental/Forest Clearance
of the Project, the EIA & EMP Reports have been submitted to MoEF. The
State Government has recommended the forest clearance case to Ministry
of Environment and Forest (MOEF) and the same is under examination by
Regional Unit of MOEF since February, 2015.


An aggregate amount of Rs, 228.29 crore has been spent on the Projects
up to 31st March, 2015.


The financial position of JAPL for the financial year 2014-15 is given
as under :


(Rs, in Crore)


Year ended Year ended
31/03/2015 31/03/2014


(A) PROFITABILITY


1 Total Turnover / 0.00 0.00
Expenditure during
the year


2 Profit Before/
after Tax 0.00 0.00


(B) LIABILITIES & ASSETS


1 Share Capital 228.27 228.23


2 Reserves & Surplus (2.25) (2.25)


3 Deferred Revenue 0.00 0.00


4 Non Current Liabilities 1.84 1.85

5 Total Equity & Liabilities 227.85 227.83
(1+2+3+4)


6 Non Current Assets 227.43 227.44


7 Current Assets 0.42 0.39


8 Total Assets (6+7) 227.85 227.83


3. JAYPEE POWERGRID LIMITED (JPL)


Jaypee Powergrid Limited (JPL), a joint venture of Jaiprakash Power
Ventures Limited and Power Grid Corporation of India Limited (a Central
Government Power Utility Undertaking) has set up 217 kms. long 400 kV
Quad Bundle Conductor Double Circuit Transmission Line for evacuation
of Power from the pothead yard of 1091 MW Karcham Wangtoo Plant in the
State of Himachal Pradesh to Abdullapur in the State of Haryana and
LILO with the existing Baspa- Jhakri Double circuit line. The
cumulative availability of transmission system for FY. 2014-15 was
99.98%. During the Financial Year 2014-15, JPL earned an aggregate
transmission tariff of Rs, 195.47 crore. JPL declared two interim
dividends aggregating to 13% during FY 2014-15 and paid dividend of Rs,
28.86 crore to the Company.


The financial position of JPL for the financial year 2014-15 is given
as under :


(Rs, in Crore)


Year ended Year ended
31/03/2015 31/03/2014


(A) PROFITABILITY


1 Total Turnover during 199.98 199.94
the year


2 Total expenses (except 7.35 7.12
depreciation/ finance
costs)


3 Finance costs 71.55 76.08


4 Depreciation & 52.77 52.44
amortization


5 Total Expenses (2+3+4) 131.67 135.65


6 Profit before Tax 68.31 64.29


7 Profit after Tax 68.31 53.78


(B) LIABILITIES & ASSETS


1 Share Capital 300.00 300.00


2 Reserves & Surplus 45.67 24.15


3 Non Current Liabilities 550.38 584.19


4 Current Liabilities 103.81 94.70


5 Total Equity & Liabilities 999.86 1,003.04
(1+2+3+4)


6 Non Current Assets 924.95 923.67


7 Current Assets 74.91 79.38


8 Total Assets (6+7) 999.86 1,003.04


4. SANGAM POWER GENERATION COMPANY LIMITED (SPGCL)


Sangam Power Generation Company Limited was acquired by JPVL from Uttar
Pradesh Power Corporation Limited (UPPCL) through competitive bidding
process, for the implementation of 1980 MW (3 x 660 MW) Thermal Power
Project in Tehsil Karchana of District Allahabad, Uttar Pradesh.


SPGCL executed Deed of Conveyance with Uttar Pradesh Power Corporation
Limited (UPPCL) but the District Administration could not hand over
physical possession of land to the company due to local villagers
agitation. As such, no physical activity could be started on the
ground. SPGCL has written to UPPCL and all procurers that the Power
Purchase Agreement is rendered void and cannot be enforced. As such,
the Company''s claims be settled amicably for closing the agreement(s).
As already reported, necessary supporting documents in support of the
company''s claim have been furnished to UPPCL which is under their
review.


An aggregate amount of Rs, 548.60 crore has been spent on the Projects
up to 31st March, 2015.



The financial position SPGCL for the financial year 2014-15 is given as
under:


(Rs, in Crore)


Year ended Year ended
31/03/2015 31/03/2014


(A) PROFITABILITY


1 Total Turnover during the year - -


2 Profit Before/after Tax - -


(B) LIABILITIES & ASSETS


1 Share Capital 551.98 551.98


2 Reserves & Surplus (0.07) (0.07)


3 Non Current Liabilities 0.01 0.03


4 Current Liabilities 0.02 0.40


5 Total Equity & Liabilities 551.94 552.35
(1+2+3+4)


6 Non Current Assets 542.88 541.88


7 Current Assets 9.06 10.47


8 Total Assets (6+7) 551.94 552.35


5. PRAYAGRAJ POWER GENERATION COMPANY LIMITED (PPGCL)


Prayagraj Power Generation Company Limited, acquired by JPVL, from
Uttar Pradesh Power Corporation Limited (UPPCL) through competitive
bidding process, is implementing 1980 MW (3x660 MW) Thermal Power
Project (with permission to add two additional generation units of
660MW each) in Tehsil Bara of District Allahabad, Uttar Pradesh.


Power Purchase Agreement with UPPCL has been executed for 25 years for
90% Sale of Power with balance 10% to be sold on merchant basis.


Fuel Supply Agreement between PPGCL & NCL has been executed on 29th
August, 2013 for Coal linkages for Phase-I.


All Statutory/ Regulatory approvals required for the project are in
place. The supplies from BHEL for Boiler, Turbine and Generator for
Phase-I of the Project are in progress. All major packages have been
awarded and supply of materials is in progress.


The delay in receiving startup power has delayed the commissioning
activities of the power plant. Startup power was finally received on
10th November, 2014 and pre-commissioning activities related to Unit-1
have commenced thereafter.


The revised Project Cost of Rs, 13,870 crores, as approved by the
lenders, would be financed through Rs, 4,021 crores as equity and Rs,
9849 crore as Debt. PPGCL is in the process of arranging additional
debt requirement of Rs, 1,764 crores of the revised project cost. An
expenditure of approximately Rs,11,540 crore has been incurred on the
implementation of the Project up to 31st March, 2015.


Boiler light up of Unit-I has been achieved on 31 st March, 2015. At
the current stage of the implementation of the project, it is envisaged
to achieve COD of the project by January, 2016.


The financial position of PPGCL for the financial year 2014-15 is given
as under:


(Rs, in Crore)


Year ended Year ended
31/03/2015 31/03/2014


(A) PROFITABILITY


1 Total Turnover during the year - -


2 Profit Before / after Tax - -


(B) LIABILITIES & ASSETS


1 Share Capital 3123.19 2148.19


2 Reserves & Surplus (0.06) (0.06)


3 Non Current Liabilities 8413.36 6766.38


4 Current Liabilities 1036.99 1006.69


5 Total Equity & Liabilities 12573.48 10121.20
(1+2+3+4)


6 Non Current Assets 12192.91 9789.46


7 Current Assets 380.57 331.74


8 Total Assets (6+7) 12573.48 10121.20


6. JAYPEE MEGHALAYA POWER LIMITED (JMPL)


Jaypee Meghalaya Power Limited was incorporated by JPVL as its wholly
owned subsidiary to implement 270 MW Umngot H.E.P. in the Umngot River
Basin of Meghalaya and 450 MW Kynshi-II Hydro-Electric Power Projects
in the Kynshi River Basin on BOOT (Build, Own, Operate and Transfer)
basis. Your Company along with its associates will ultimately hold 74%
of the equity of JMPL and the balance 26% will be held by the
Government of Meghalaya.


With respect to 450 MW Kynshi-II the field work of survey &
investigation and EIA studies have already been completed. Drilling and
drifting in Power house area have been completed. The revised proposal
for Kynshi-II HEP with involvement of lesser forest area has been
submitted to State Government and Ministry of Environment and Forest
(MOEF). Based on the observation of the MOEF, Uranium Corporation of
India issued No Objection Certificate with respect to uranium deposit
in the vicinity of the Project. Accordingly revised proposal for
issuance of terms of reference for environment impact assessment
studies is under preparation. The control levels i.e. full reservoir
level & tail reservoir level for Kynshi-II Project have been approved
by State Government. Approval of Central Electricity Authority has been
accorded to the water availability series for power potential studies.


With respect to the 270 MW Umngot H.E.P, the State Government has
advised that the project will not be operational zed as per Memorandum
of Agreement till further orders. The matter is being pursued with the
State Government for permission to resume the works.


An aggregate amount of Rs, 8.50 crore has been spent on the Projects up
to 31st March, 2015.


The financial position of JMPL for the financial year 2014-15 is given
as under:


(Rs, in Crore)


Year ended Year ended
31/03/2015 31/03/2014


(A) PROFITABILITY


1 Total Turnover during the year - -


2 Profit Before / after Tax - -


(B) LIABILITIES & ASSETS


1 Share Capital 8.36 8.36


2 Reserves & Surplus (0.02) (0.02)


3 Non Current Liabilities


4 Current Liabilities 0.75 0.76


5 Total Equity & Liabilities 9.09 9.10
(1+2+3+4)


6 Non Current Assets 8.95 8.94


7 Current Assets 0.14 0.16


8 Total Assets (6+7) 9.09 9.10


7. HIMACHAL BASPA POWER COMPANY LIMITED (HBPCL)


Himachal Baspa Power Company Limited (HBPCL) was incorporated on 14th
March, 2014 and it had received Certificate of Commencement of Business
on 24th March, 2014. HBPCL is 99% subsidiary of the JPVL.


Pursuant to the Scheme of Arrangement between the JPVL and HBPCL, 300
MW Jaypee Baspa-II Hydro Power Plant and 1091 MW Jaypee Karcham Wangtoo
Hydro Power Plant were transferred to and vested in HBPCL w.e.f.
01.09.2015. JPVL has since sold its entire stake in HBPCL on 08.09.2015
and thus w.e.f. 08.09.2015, it is no more a subsidiary of JPVL as well
as of JAL.


The financial position of HBPCL for the financial year 2014-15 is given
as under:


(Rs, in Crore)


Year ended Year ended
31/03/2015 31/03/2014


(A) PROFITABILITY


1 Total Turnover during 0.02 -
the year


2 Total expenses 0.01 -


3 Exceptional/Extra-
ordinary items


4 Profit before Tax 0.01 -


5 Profit after Tax 0.00 -


(B) LIABILITIES & ASSETS


1 Share Capital 0.05 -


2 Reserves & Surplus 0.00 -


3 Non Current Liabilities


4 Current Liabilities 0.00 -


5 Total Equity & Liabilities 0.06 -
(1+2+3+4)


6 Non Current Assets


7 Current Assets 0.06 -


8 Total Assets (6+7) 0.06 -


8. BINA POWER SUPPLY LIMITED (BPSL)


Bina Power Supply Limited (BPSL) was originally incorporated as
Himachal Karcham Power Company Limited (HKPCL) on 14th March, 2014 and
it had received Certificate of Commencement of Business on 24th March,
2014. The name of HKPCL has since been changed to Bina Power Supply
Limited w.e.f. 28.09.2015.


It is a wholly owned subsidiary of the JPVL and it is not carrying on
any operations.


The financial position of BPSL for the financial year 2014-15 is given
as under:


(Rs, in Crore)


Year ended Year ended
31/03/2015 31/03/2014


(A) PROFITABILITY


1 Total Turnover during the
year


2 Total Expenses Turnover 0.01 -
during the year


3 Profit Before / after Tax (0.01) -


(B) LIABILITIES & ASSETS


1 Share Capital 0.05 -


2 Reserves & Surplus -0.01 -


3 Non Current Liabilities


4 Current Liabilities 0.00 __


5 Total Equity & Liabilities 0.04


(1+2+3+4)


6 Non Current Assets - -


7 Current Assets 0.04 -


8 Total Assets (6+7) 0.04 __

CEMENT BUSINESS


9. BHILAI JAYPEE CEMENT LIMITED (BJCL)


The Clinkerisation plant of BJCL, a joint venture between JAL & SAIL at
Satna continued to function satisfactorily. During the period under
report, the Company has achieved a gross turnover of Rs, 615.54 crore,
as against Rs, 697.78 crore during the Financial Year 2013-14.


The operations of the Company during the year resulted in an operating
profit of Rs, 39.42 crore as against Rs, 55.62 crore during the
previous year. After taking into account the impact of interest
(Rs,42.82 crore) and considering depreciation of Rs,

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