Infrastructure conglomerate Jaiprakash Associates Ltd (JAL) has announced the results for the three month period ended December 31, 2008.

The flagship of Jaypee Group has posted a growth of six per cent (6%) in profit after tax (PAT) for the three month period, which stood at Rs 165.51 crore from Rs 155.8 crore the previous year.

There was an increase by 44.49 per cent to Rs 1,447.12 crore from Rs 1,001.57 crore the previous year in the total inclone of the company for the quarter.

Mr. Manoj Gaur, JAL Executive Chairman, said, “We have got good growth in the real estate segment with the mid-income housing priced between Rs 18 and Rs 50 lakh driving the growth.”

As far as the interest expenses of the bank are concerned, they grew marginally by 10.5% to Rs 491.83 cr. At the Bombay Stock Exchange, the bank scrip was up by 9.51% to Rs 156.

JAL engineering division, including realty, engineering and construction, power, hospitality contributed 57 per cent of the income at Rs 818.1 crore during the third quarter (Q3), whereas the cement division accounted 40 per cent at Rs 577.3 crore.

The company’s PAT had a rise by 24% to Rs 495.9 crore for the nine month ended December 31, as against Rs 399.26 crore in the same period a year ago.

As far as the total income of the company is concerned, it grew by 33.93 per cent to 3,921.87 crore, from Rs 2,928.36 crore the previous fiscal.

“As for the third quarter and nine months of current fiscal, the real estate division contributed 62 per cent out of the total revenues,” Mr. Gaur added.

JAL after seeking approval from its board of directors in a meeting held on December 22, 2008 okayed amalgamation of four of its divisions comprising Jaypee Hotels (JHL), Jaypee Cements (JCL), Gujarat Anjan Cement (GACL) and Jaiprakash Enterprises (JEL) with the public listed flagship company Jaiprakash Associates Ltd.

The merger, slated to be effective from April 1st 2008, after approval from Honorable High Court, will encompass the synergy in four of the subsidiaries and JAL.

At the Bombay Stock Exchange, the company scrip, on Friday (Jan 16) was up by 2.2% to Rs 66.10. The total volume of shares traded at the BSE was 5762474. Current EPS & P/E ratio stood at 5.88 and 11.24 respectively. The share price has seen a 52-week high of Rs 458.80 and a low of Rs 47.05 on BSE.