JSPL Q3 net profit drops 36 percent

Naveen Jindal-led Jindal Steel and Power Limited (JSPL) Tuesday reported its consolidated net profit dropped 36 percent to Rs.559.21 crore for the third quarter ended December, largely due to increased interest payments, depreciation on account of its Angul steel plant and rise in finance costs.

JSPL had reported a net profit of Rs.869.94 crore in the same quarter of the previous fiscal.

The company's third quarter net was, however, a 23 percent increase over the prvious quarter, ending September 2013.

Turnover increased 12 percent to Rs.5,377.37 crore in Q3 December 2013 over Q3 December 2012.

The company's earnings before interest, tax, depreciation and amortisation (EBITDA) growth also fell five percent to Rs.1,700.69 crore for the quarter from Rs.1,789.66 crore in the same quarter last fiscal.

JSPL's revenues from the power business grew nine percent to Rs.605.81 crore in the quarter, over Rs.557.55 crore in the same quarter a year ago, on the back of increased generation and a huge rise in the plant load factor.

JSPL shares closed Monday at Rs.258.65 a share, 4.85 points or 1.91 percent higher than its previous close on the Bombay Stock Exchange.