Jindal Steel and Power has recorded an increase of 4% in its consolidated net profit, which stood at Rs 1,001.7 crore for the fourth quarter ended March 31.

The company's consolidated turnover for the three month period under review grew by 21% to Rs 3,854.54 crore.

JSPL's total expenditure remained at Rs 2,461.55 crore for Jan-Mar period as compared to Rs 1,919.89 crore during the same period of 2010.

Director and group CFO Sushil Maroo statedd, "The rise in the profit and the turnover is mainly because of the contribution from the steel business."

"Outlining the performance of the power business," he said, "The tax on power, on an average, for 2010-11 was at Rs 4.40 per unit and we expect the tax to be Rs 4 per unit for the current financial year."

Jindal Steel and Power is also eyeing to make an investment of Rs 9,000 crore for its various growth plans in the existing fiscal.

The big share of this capex will go to the power segment.

"We have three projects lined up in the current year and will spend Rs 7,000 crore for the power business," Maroo added.

Maroo also said that the company will begin selling iron ore from its Bolivian mines from the existing quarter itself and will also expend to establish a 5 million tonne pellet facility in the country.

"We will use internal accruals and some debt for the expansion plans," Maroo said.

JSPL is appending 1.5 million tonne plate mill to its already subsisting 3 million tonne steel capacitance and a two million tonne DRI facility by 2011 end.