Jaiprakash Associates’ net profit falls 64% in Oct.-Dec. quarter

Jaiprakash Associates’ net profit falls 64% in Oct.-Dec. quarterNoida-based Jaiprakash Associates on Monday suffered a considerable decline in profits in its third quarter ended December 31, despite increase in sales.

The company's standalone net profit slipped 64 per cent year-on-year to Rs 110.93 crore in the October to December quarter, Rs 309.77 crore in the corresponding period of the previous year.

However, net sales jumped 15.32 per cent to Rs 3,398.39 crore during the three months under review, from Rs 2,947.01 crore in the October-December period of FY 2011-12.

Sales from construction segment increased 2.71 per cent to slightly more than Rs 1,275 crore during the three months.

In its quarterly filing with the Bombay Stock Exchange (BSE), Jaiprakash Associates also said that its total expenditure of Rs 2,817.14 crore amounted to around 83 per cent of its net sales during the quarter.

Interest outgo jumped 20.67 per cent year-on-year to settle at Rs 532.70 crore. The company's quarterly financial results were also impacted by decline in other income. Other income, particularly interest on deposits, slipped 36 per cent to Rs 85.15 crore during the three months.

The company scrip shed 0.55 per cent to Rs 72.70 a share in the after hours trading on the BSE.