Jaiprakash Associates net falls 48% in Q2

Net profit fell on rise in finance costs and muted sales
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First Published: Mon, Nov 12 2012. 08 58 PM IST
Net sales of the company rose 4% to `2,982.54 crore during the quarter. Photo:  Ramesh Pathania/Mint
Net sales of the company rose 4% to Rs.2,982.54 crore during the quarter. Photo: Ramesh Pathania/Mint
New Delhi: Leading infrastructure firm Jaiprakash Associates Ltd on Monday reported about 48% fall in its net profit to Rs.128 crore during the quarter ended 30 September on rise in finance costs and muted sales.
The company reported a net profit of Rs.248.74 crore during the corresponding quarter of the previous fiscal. Net sales of the company rose 4% to Rs.2,982.54 crore during the quarter as compared with Rs.2,867.24 crore in corresponding quarter in last fiscal, it said in a filing to BSE.
During the second quarter, company’s finance costs rose by over 23% to Rs.464.36 crore, while it reported an over 71% fall in other income (which mainly consists of interest earned on deposits) to Rs.22.33 crore.
Among the business segments of the company, cement posted a growth of nearly 23% to Rs.1,371.91 crore, while growth in the construction segment fell by over 17% to Rs.1,289.88 crore during the quarter.
Besides, its real estate business increased by over 32% to Rs.267.60 crore. Shares of the company closed on Monday at Rs.93.05 apiece on BSE, up 1.97% from the previous close. PTI
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First Published: Mon, Nov 12 2012. 08 58 PM IST
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