Naveen Jindal-led Jindal Steel and Power today reported marginal decline in consolidated net profit to Rs 891.80 crore for the quarter ended September 30,2011,due to increased expenditure on raw materials,interest outgo and a one-time exceptional item. The company,which had reported a net profit of Rs 894.24 crore for the same quarter a year ago,is looking to raise about Rs 2,500 crore by March,2012,JSPL Chief Financial Officer Sushil Maroo told reporters here. He added that,"the results have been good because there has been a 14 per cent rise in profits,minus exceptional items. This is better than the numbers of first quarter (of this fiscal)". Despite the rainy season and lower demand,the turnover of the company has grown by 44 per cent during July-September,Maroo further said. A company statement said net sales of the company stood at Rs 4,406.61 crore during the quarter under review,registering a growth of 43.14 per cent vis-a-vis Rs 3,077.95 crore it had reported during the same quarter last fiscal. Moreover,the expenditure on raw materials of the company shot up by over 105 per cent to Rs 1,318.82 crore during the July-September period as compared with Rs 642.35 crore. The outgo on exceptional items was Rs 74.17 crore,while the interest burden was Rs 125.52 crore on the company during the quarter. Revenues from steel business of the company increased by over 65 per cent at Rs 3,630.67 crore during the quarter. However,its revenues from the power business declined by over 7 per cent at Rs 965.76 crore. During the quarter,the company reported a increase of 42 per cent in its iron ore pellet production,while steel and power productions were up by 12 and 21 per cent,respectively. Talking about the outlook for the coming quarters,Maroo said steel prices are looking stable as the demand is expected to pick up in next two quarters. However,he expects merchant power tariffs to firm up by about 25 paise per unit in next one year. On standalone basis,the company's net profit declined by 17.23 per cent to Rs 395.79 crore vis-a-vis Rs 478.17 crore during the same period of FY11,largely due to one time exceptional item of Rs 147.75 crore. However,standalone net sales of the company went up by over 44 per cent at Rs 3,317.22 crore during the quarter under review. For the April-September period,the net standalone net profit of the company was Rs 865.95 crore,down by over 5 per cent,while its net sales were Rs 5,839.81 crore. During the quarter,JSPL's subsidiary reported a net profit of Rs 409.84 crore,while its turn over was Rs 737.92 crore,the company statement said. Maroo said the company is expecting to commission 950 to 1,350 MW of new power generation capacity by this fiscal-end. Company INFO More on JSPL Stocks More on JSPL
