Jaiprakash Associates Q2 profit down over 48%

Leading infrastructure firm Jaiprakash Associates today reported an over 48 per cent decline in its net profit to Rs 128 crore during the quarter ended September 30, 2012, largely due to hefty increases in finance costs and muted sales.

The company had reported a net profit of Rs 248.74 crore during the corresponding quarter of the previous fiscal.

Net sales of the company was up 4 per cent to Rs 2,982.54 crore during the quarter as compared Rs 2,867.24 crore of the July-September period of FY'12, it said in a filing to the BSE.

During the second quarter, company's finance costs increased by over 23 per cent to Rs 464.36 crore, while it reported an over 71 per cent decline in other income (which mainly consists of interest earned on deposits) to Rs 22.33 crore.

Among the business segments of the company, cement showed a growth of nearly 23 per cent to Rs 1,371.91 crore, while construction segment was down by over 17 per cent to Rs 1,289.88 crore during the quarter. Besides, its real estate business increased by over 32 per cent to Rs 267.60 crore.

Shares of the company closed today at Rs 93.05 apiece on the BSE, up 1.97 per cent from the previous close.

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