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| Jaiprakash Q1 net jumps four fold at Rs 491 cr |
| Press Trust of India / New Delhi Jul 26, 2009, 15:40 IST |
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Riding on growth in cement business, diversified group Jaiprakash Associates reported jump of nearly four fold in net profit at Rs 491.18 crore for the first quarter ended June 30.
The company had a net profit Rs 125.21 crore in the same quarter a year ago.
The group also announced investment plans worth Rs 20,000 crore in the power sector in the next five years.
"The overall performance of Jaiprakash Associates during the period under review recognises improved sentiments in all our businesses while the outlook in the cements and real estate business continues to remain buoyant," Jaiprakash Associates Executive Chairman Manoj Gaur said.
Total income rose by 77 per cent to Rs 2,116.86 crore in the latest quarter of current fiscal from Rs 1,194.43 crore of the same period a year earlier.
On its expansion plans, the company said there would be an investment of Rs 20,000 crore over the next five years, which will help the group to expand its power portfolio to over 7,000 Mw.
"There would be an investment of over Rs 20,000 crore over next 5 years and by 2014, the Group's power portfolio would be over 7,000 Mw," Gaur said.
The share of revenue from cement division (including cement products) during the quarter constituted 43 per cent of the revenue and engineering division (including wind power) contributed 51 per cent.
Revenue from real estate constituted four per cent, whereas hotel business contributed 2 per cent of total revenue.
On outlook, the company said it is in final stage of capacity expansions in cements business and expects to have combined cement capacity of 25 MTPA by the end of the current fiscal with 340 Mw captive power plants.
"By expanding the market reach and getting into capacity expansion for our cements business, we expect the cements business to register strong growth in the coming quarters, while in real estate business, the growth and profitability will be driven by new offerings," Gaur added.
Jaiprakash Group is a diversified infrastructure conglomerate and has presence in engineering and construction along with interests in the power, cement, hospitality, real estate and expressways.
On Friday, shares of Jaiprakash Associates closed at Rs 241.50, up 5.16 per cent from its previous close on the Bombay Stock Exchange.
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