Jindal Steel dips on disappointing Q3 earnings
Q3 finance cost almost doubled to Rs 275 crore from Rs 144 crore in the same quarter of previous year.
Jindal Steel and Power has dipped over 3% to Rs 393 on reporting a higher-than-expected 14% year-on-year (yoy) drop in its consolidated net profit at Rs 870 crore for the third quarter ended December 2012 due to higher interest cost and lower other income.
Analysts, on an average, had expected profit of Rs 957 crore for the quarter. The company had recorded net profit of Rs 1,015 crore during the same quarter last year. “Net sales, however, were up 10% to Rs 4,802 crore on y-o-y basis,” Jindal Steel and Power said in a statement.
The company’s finance cost almost doubled to Rs 275 crore from Rs 144 crore over the previous year quarter.
The stock opened at Rs 402 and hit a low of Rs 391 after announcement of results on NSE. A combined 2.72 million shares have changed hands on the counter so far on NSE and BSE.
Analysts, on an average, had expected profit of Rs 957 crore for the quarter. The company had recorded net profit of Rs 1,015 crore during the same quarter last year. “Net sales, however, were up 10% to Rs 4,802 crore on y-o-y basis,” Jindal Steel and Power said in a statement.
The company’s finance cost almost doubled to Rs 275 crore from Rs 144 crore over the previous year quarter.
The stock opened at Rs 402 and hit a low of Rs 391 after announcement of results on NSE. A combined 2.72 million shares have changed hands on the counter so far on NSE and BSE.