Jaiprakash Associates slips on dismal Q3 results

Jaiprakash Associates fell 1.46% to Rs 23.55 at 10:43 IST on BSE after the company reported a net loss of Rs 116.09 crore in Q3 December 2014 compared with net loss of Rs 88.71 crore in Q3 December 2013.

The result was announced after market hours yesterday, 10 February 2015.

Meanwhile, the BSE Sensex was up 161.36 points, or 0.57%, to 28,516.98.

On BSE, so far 13.50 lakh shares were traded in the counter, compared with an average volume of 32.21 lakh shares in the past one quarter.

The stock hit a high of Rs 24.15 and a low of Rs 23.10 so far during the day. The stock hit a 52-week high of Rs 89.85 on 11 June 2014. The stock hit a 52-week low of Rs 23.05 on 23 December 2014.

The stock had underperformed the market over the past one month till 10 February 2015, falling 9.13% compared with 3.27% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 27.36% as against Sensex's 1.73% rise.

The mid-cap company has an equity capital of Rs 486.49 crore. Face value per share is Rs 2.

Jaiprakash Associates' net sales fell 18.5% to Rs 2557.81 crore in Q3 December 2014 over Q3 December 2013.

EBITDA (earnings before interest, taxes, depreciation and amortization) fell 39.53% to Rs 461.37 crore in Q3 December 2014 over Q3 December 2013.

The company reported an exceptional income of Rs 480.71 crore in Q3 December 2014 through profit on sale of shares.

During the quarter, Jaiprakash Associates sold 74% stake (9.89 crore shares) of Bokaro Jaypee Cement (a joint venture between Jaiprakesh Associates and Steel Authority of India) to Shree Rangam Securities & Holdings, an associates of Dairnia Cement (Bharat) for overall consideration of Rs 667.56 crore.

Jaiprakash Associates is a diversified infrastructure conglomerate with business interests in engineering & construction, cement, power, real estate, expressways, fertilizer, hospitality, healthcare, sports, information technology and education (not-for-profit).

Powered by Capital Market - Live News