JP Associates Q1 net up 141% on Rs 395cr exceptional gain
During Q1, sales of JP Associates rose around 11 percent Y-o-Y to Rs 3283 crore as demand picked up toward the end of the quarter.
July 29, 2013 / 21:44 IST
JP Associates posted almost three-fold year-on-year jump in Q1FY14 profit to Rs 334.5 crore on an exceptional gain of Rs 395 crore (on account of sales of JP Infra shares).
Sales have also gone up around 11 percent Y-o-Y to Rs 3283 crore as demand picked up toward the end of the quarter.While interest cost climbed 27 percent, cement margins declined over 200 bps to 11.2 percent Y-o-Y. Read This: Jaiprakash Associates may fall to Rs 34-35: MohindarShares of the firm were marginally down to Rs 41.70 post earnings announcement. The stock has however been under a lot of pressure – trading at new 52 week lows of Rs 40.4 which it made on July 26.It has come off significantly from the highs of Rs 106.8 seen in Dec 2012--- seeing a collapse of 42 percent in the last 1 year and 45 percent in the last 3 monthsAnalysts are concerned about price correction in medium term as the company is not seeing any meaningful growth in order book in EPC business and despite management clarification, media reports have been indicating that the cement stake sale – which is imperative to pare down debt, has been postponed for now. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
