Jaypee Infratech is trading lower by 5% to Rs 19.60 after reporting a sharp 61% year-on-year (yoy) decline in its standalone net profit at Rs 81 crore for the quarter ended June 30, 2013 (Q1) due to higher finance cost. The infrastructure development company had profit of Rs 210 crore in year ago quarter.
The company’s finance cost has surged over 23-fold to Rs 231 crore in April-June this fiscal from Rs 10 crore in the same period of 2012-13 fiscal, Jaypee Infratech said in a statement.
Total income from operations however, grew 13% at Rs 769 crore on yoy basis, it added.
The stock opened at Rs 20.10 and hit a new low of Rs 19.55 on BSE. A combined 237,756 shares changed hands on the counter till 1013 hours on BSE and NSE.
The company’s finance cost has surged over 23-fold to Rs 231 crore in April-June this fiscal from Rs 10 crore in the same period of 2012-13 fiscal, Jaypee Infratech said in a statement.
Total income from operations however, grew 13% at Rs 769 crore on yoy basis, it added.
The stock opened at Rs 20.10 and hit a new low of Rs 19.55 on BSE. A combined 237,756 shares changed hands on the counter till 1013 hours on BSE and NSE.
