Jindal Steel and Power's net down 35 per cent at Rs 561.57 crore

Jindal Steel and Power on Tuesday reported an over 35 per cent decline in its consolidated net profit for the quarter ended December at Rs 561.57 crore as the company was hit hard by rising expenses and interest costs.

The company had reported a net profit of Rs 867.27 crore in the corresponding period of the previous fiscal year.

Net sales, however, increased by nearly 14 per cent to Rs 5,335.79 crore in the quarter vis-a-vis Rs 4,683.31 crore in the same period last fiscal, it said in a filing to the BSE.

Its total expenditure stood at Rs 4,136.57 crore, amounting to 77.52 per cent of the net sales.

The company's revenues from the steel business during the quarter rose by 9.15 per cent to Rs 4,380.70 crore, while the revenues from the power business was Rs 1,130.44 crore, up 5.84 per cent.

Its interest costs rose by over 56 per cent to Rs 429.65 crore as against Rs 274.62 crore of in the corresponding period.

Shares in Jindal Steel and power, on Tuesday, ended at Rs 258.65 apiece on the BSE, up 1.91 per cent from the previous close.