Jaypee Infratech Q1 net profit down 11.7% to Rs 210 cr

Net sales of the company, however, were up 9.94% to Rs 678.30 crore vs Rs 616.97 crore in April-June period of FY12

Jaypee Infratech today reported a decline of 11.71% in net profit to Rs 209.94 crore for the quarter ended June 30, 2012, largely due to increase in total expenditure.

The Jaypee Group, which is developing 165 km long Yamuna Expressway project connecting Noida and Agra, had reported a net profit of Rs 237.78 crore during the corresponding quarter of the previous fiscal.

Net sales of the company, however, were up 9.94% to Rs 678.30 crore during the quarter against Rs 616.97 crore in April-June period of FY12, it said in a filing to the BSE.

During the quarter, the company's total expenditure was Rs 406.81 crore, amounting to about 60% of the total income. However, it reported a lower finance cost at Rs 9.79 crore, and lower tax outgo at Rs 52.51 crore during the quarter.

"The Yamuna Expressway is ready for commercial operation. The expenditure incurred on the project up to June 30, 2012, aggregated to Rs 12,839 crore," it added.

Besides Yamuna Expressway, the Jaypee Group firm also has the rights to develop 25 million square meters of land along the Expressway at five locations for residential, commercial, amusement, industrial and institutional purposes.

Shares of the company today closed at Rs 53.85 apiece on the BSE, up 0.94% from the previous close.