Jaiprakash Associates today reported over 64 per cent decline in standalone net profit at Rs 110.93 crore for its third quarter ended December 31, 2012 as interest burden increased by over 20 per cent. The Noida-based company had a net profit of Rs 309.77 crore in the October-December period of 2011-12.

Its net sales, however, were up 15.32 per cent at Rs 3,398.39 crore during the quarter vis-a-vis Rs 2,947.01 crore of the October-December period of FY’12, Jaiprakash Associates said in a filing to the BSE.

The company’s total expenditure, at Rs 2,817.14 crore, amounted to nearly 83 per cent of its net sales during the quarter, while its interest outgo increased by 20.67 per cent to Rs 532.70 crore.

Its other income, mainly interest on deposits, also declined by nearly 36 per cent to Rs 85.15 crore, impacting company’s financial results for the quarter.

Among the different business segments, revenues from the real estate rose by 99 per cent to Rs 612.36 crore, while revenues from cement segment was up nearly 7 per cent to Rs 1,474.73 crore in the quarter.

Revenues from construction segment were up 2.71 per cent to Rs 1,275.71 crore during the quarter.

The company scrip was down 0.55 per cent at Rs 72.70 on the BSE.

(This article was published on February 11, 2013)
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