Jindal Steel Q2 net profit up 2.5%
Jindal Steel and Power (JSPL) today reported a marginal growth of 2.5 per cent in consolidated net profit to Rs 897.28 crore for the quarter ended September 30, largely due to subdued steel demand during the quarter.
The Naveen Jindal-led company's consolidated net profit includes minority interest and share of profits in associates. During the corresponding quarter of the last fiscal, JSPL had reported a net profit of Rs 875.37 crore.
Net sales of the company was up 4.55 per cent to Rs 4,606.93 crore during the quarter against Rs 4,406.61 crore in the July-September period of FY12, it said in a filing to the BSE.
During the quarter, the company's expenses increased by nearly 9 per cent to Rs 3,327.63 crore, while its finance cost rose by over 26 per cent to Rs 158.83 crore. JSPL's tax outgo also increased by over 13 per cent to Rs 343.70 crore during the quarter.
In a separate statement, the company said its production of steel products grew by 10 per cent to 6.90 lakh tonnes (LT) during the quarter. Against this, sales growth of the company was 7 per cent as it managed to sell 6.39 LT steel products during the period under review.
Besides, the company's inventory of steel products increased by over 58 per cent to 4.99 LT during the quarter.
The company, however, reported a 54 per cent growth in power production to 1,457 million kWh, while its power sales was up 146 per cent to 547 million
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