Profitability analysis and financial highlights Jaiprakash Associates’ (JPA) return on average equity (ROAE) stands at 17.0%, despite return on net operating assets (RNOA) being at 9.4% (ROE analyser analyses the difference). RNOA was subdued due to high CWIP, at 50% of net operating assets (RNOA excluding CWIP was at 14.8%). Low-cost forex loans, accounting choice for foreign currency convertible bonds (FCCB), and capitalisation of interest of ~INR 2.8 bn has significantly contributed to low borrowing cost and, hence, ROE is unlikely to sustain.