JP Associates Q3 net down 64% at Rs 110.93 cr

Jaiprakash Associates today reported over 64 percent decline in standalone net profit at Rs 110.93 crore for its third quarter ended December 31, as interest burden increased by over 20 percent.

The Noida-based company had a net profit of Rs 309.77 crore in the October-December period of 2011-12. Its net sales, however, were up 15.32 percent at Rs 3,398.39 crore during the quarter vis-a-vis Rs 2,947.01 crore of the October-December period of FY'12, Jaiprakash Associates said in a filing to the BSE.

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The company's total expenditure, at Rs 2,817.14 crore, amounted to nearly 83 percent of its net sales during the quarter, while its interest outgo increased by 20.67 percent to Rs 532.70 crore.

Its other income, mainly interest on deposits, also declined by nearly 36 per cent to Rs 85.15 crore, impacting company's financial results for the quarter. Among the different business segments, revenues from the real estate rose by 99 percent to Rs 612.36 crore, while revenues from cement segment was up nearly 7 percent to Rs 1,474.73 crore in the quarter.

Revenues from construction segment were up 2.71 percent to Rs 1,275.71 crore during the quarter. The company scrip was down 0.55 percent at Rs 72.70 on the BSE.