JSPL Q1 net plunges 58% to Rs 385 cr

However, total income increases 19% to Rs 4,719 cr

Jindal Steel and Power (JSPL) today reported a 58% decline in consoldiated net profit at Rs 385 crore for the quarter ended June 2012. It was Rs 919 crore in the same period a year ago.

However, JSPL's total income increased 19% to Rs 4,719 crore from Rs 3,971 crore in June 2011.

On standalone basis, the company's net profit dipped sharply to Rs 12.4 crore as against Rs 470 crore a year ago.

However, the total income rose 32% to Rs 3,331 crore from Rs 2,526 crore in June 2011.

The dip in net profit can be attributed to the fact that the company made a provision of Rs 574 crore during the quarter for its investment in Bolivia.

The company's stocks were trading 0.1% high at Rs 415 at the time of BSE closing on Tuesday.