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Jindal Steel and Power Limited (JSPL) on Wednesday reported 49.61 per cent drop in its consolidated net profit during July-September 2013-14.
The Congress politician cum businessman Naveen Jindal promoted JSPL announced consolidated net profit of Rs 452.07 crore for the second quarter ended September 30, 2013-14 against Rs 897.28 crore in the same months previous year.
The drop in earnings were caused largely due to 12-15 per cent in the price levels and interest and depreciation burden of investments made in Angul first phase steel plant and up gradation of Raigarh steel plant, JSPL said in a statement.
JSPL is all set to harvest the benefits of the new investments maturing into operational units from the start of fourth quarter, the company said.
The private steel and power company’s net sales of rose 7.43 per cent to Rs 4,949.03 crore (Rs 4,606.93 crore) during second quarter of current fiscal. However, its finance costs shoot up 139 per cent to Rs 380.47 crore (Rs 158.83 crore).
JSPL said that two million tonnes per annum (mtpa) in Oman expected to be commissioned by January 2014. At least, three units of second phase of Tamnar project will be commissioned by March 31.
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