New Delhi: Jindal Steel and Power today reported nearly 13 percent decline in consolidated net profit at Rs 867.27 crore for the quarter ended December 31, 2012, as the company was hit by higher interest burden and decline in revenues from the power sales.
The Naveen Jindal-led steelmaker had reported a net profit of Rs 996.68 crore in the corresponding period of the previous fiscal. Its net sales, however, was up 7.55 per cent to Rs 4,683.91 crore during the quarter as compared to Rs 4,354.51 crore of the October-December period of FY’12, it said in a filing to the BSE.
Company’s expenses, at Rs 3391.02 crore, accounted for over 72 percent of its net sales, while its interest burden increased by 90.36 percent to Rs 274.62 crore during the quarter. Besides, its revenues from the power business declined by nearly 2 percent to Rs 1,133 crore. On the other hand, revenues from steel business were up 17.80 per cent at Rs 4,013.31 crore in the October-December quarter.
Shares of the company were being quoted at Rs 393 apiece on BSE at 14:20 hours, down 3.21 per cent from the previous close.