Jindal Steel and Power Ltd (JSPL) has reported a 21 per cent rise in March quarter standalone profits at Rs 783.63 crore on higher sales. The company reported a 52 per cent rise in turnover at Rs 4,174 crore over the corresponding last quarter.

Consolidated net profit for the quarter grew 16 per cent to Rs 1161.55 crore, while the turnover was up 42 per cent to Rs 5,482 crore.

Sales of steel products grew 39 per cent during the quarter, while off-take of pellets and sponge iron was up more than 200 per cent during the quarter.

JSPL reported a two per cent rise in standalone net profit for fiscal 2012 to Rs 2110.65 crore, while its turnover increased 39 per cent to Rs 13,333.95 crore. Consolidated net profit for the year was up 5 per cent to Rs 4,002 crore and turnover stood at Rs 18,208 crore.

JSPL reported a final dividend of Rs 1.60 a share of Re 1 each for the year.

Mr Sushil Maroo, CFO, JSPL, said that the company plans to spend about Rs 10,000 crore towards capital expenditure during the financial year 2012-13.

Bulk of this capex would be invested in upcoming steel plants and power projects. “Much of this investment has already been tied up and we don't have any plans to raise funds over the next six months,” Mr Maroo said.

The company expects to invest about Rs 6,000 crore in steel capacity expansion and over Rs 3,000 crore in power capacity.

JSPL expects to commission its 3 million tonnes at year plant at Angul in Odisha in the current financial year. JSPL is expanding its steel capacity from the current 4 million tonnes to around 18 mt by 2016-17.

The power business reported a profit of Rs 1764.99 crore for fiscal 2012 on turnover of Rs 2979.67 crore.

The JSPL shares ended 1.41 per cent lower on the BSE at Rs 481.65 ahead of the results on Friday.

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