JSPL Q1 profit up 28% at Rs 494 crore

Jindal Steel and Power (JSPL) today reported a 28.27% increase in its consolidated net profit at Rs 494.28 crore for the April-June quarter over the corresponding period a year ago.

The Naveen Jindal-led firm had reported a net profit of Rs 385.33 crore during the corresponding quarter of 2012-13.

The net sales registered a marginal decline of 4% to Rs 4,490.80 crore.

Other income, however, surged to 135% to Rs 49.47 crore, helping the company clock higher profit.

The other income was recorded at Rs 21.06 in the 2012-13 quarter previous fiscal while the net sales stood at Rs 4,680.41 crore in the June-ended quarter of the previous fiscal.

The steel maker's total income from operations marginally dropped to Rs 4,540.27 crore in the quarter ended June from Rs 4,701.47 crore in the same period a year ago, it said in a regulatory filing.

Total expenses of the company rose 5.6% during the qurter under review to Rs 3,656.74 crore from Rs 3,461.08 crore in the April-June quarter of 2012-13.

On standalone front, the company posted "a net profit of Rs 238.86 crore for the quarter ended June 30, 2013 as compared to Rs 12.42 crore for the quarter ended June 30, 2012, it said.

JSPL shares closed at Rs 202.25 apiece, up 1.45% from the previous close on the BSE.