JSPL shares tank 9% on sluggish Q4 earnings

Written by PTI | Mumbai | Updated: Apr 29 2014, 23:45pm hrs
Shares of Jindal Steel & Power Ltd today fell 9 per cent after it reported 28 per cent dip in consolidated net profit for the January-March quarter.

JSPL's stock plunged 7.41 per cent to close the day at Rs 253.20 on the BSE Sensex. During the day, the scrip tanked 9 per cent to Rs 248.65.

At the NSE Nifty, the stock declined by 9.01 per cent to Rs 249. JSPL was the worst performer among the 50-Nifty stocks.

On the volume front, 4.03 lakh shares of the company changed hands at the BSE, while over 35 lakh shares were traded at the NSE during the day.

JSPL clocked 28 per cent dip in consolidated net profit of Rs 402.5 crore for the January-March quarter due to higher depreciation and interest as well as lower sales.

The company had reported Rs 562 crore net profit for the fourth quarter of the previous fiscal, 2012-13.

On a consolidated basis, JSPL's interest and depreciation aggregated to Rs 3,330 crore in Q4, 2013-14, compared to Rs 2,397 crore in the previous fiscal.

The planned shutdown at the Raigarh plant of the company also impacted the production and resultant sales amounting to Rs 550-600 crore for the quarter alone.

JSPL reported 16 per cent dip in sales at 7.66 lakh tonnes (LT), compared to 9.08 LT a year earlier.