Steel and power producer Monnet Ispat and Energy’s standalone net profit declined by 7.34 per cent at Rs 71.29 crore in the second quarter of the current fiscal on higher finance costs and tax expenses.

The company had reported Rs 76.94 crore net profit in the July-September quarter of the last fiscal, it said in a filing to the BSE.

Finance costs of the company went up to Rs 29.87 crore from Rs 11.64 a year ago. Tax expenses also increased to Rs 21.90 crore against Rs 18.88 crore during the corresponding quarter last fiscal.

Net income of the company during the quarter, however, went up to Rs 549.40 crore compared to Rs 458.55 crore in the year ago period.

Monnet said steel business contributed Rs 477.06 crore to the net income, while the rest came from the company’s power business.

Monnet Ispat and Energy’s shares settled at Rs 283.05 apiece today on the BSE, down 0.72 per cent over the previous closing.

(This article was published on November 15, 2012)
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