Construction and cement firm Jaiprakash Associates today reported a 56.48 per cent decline in its standalone net profit at Rs 123.50 crore in the fourth quarter ended March, 2013 due to subdued sales. The Noida-based firm had reported a standalone net profit of Rs 283.81 crore during the same period of 2011—12.
Net sales of the company declined 4 per cent during the January-March quarter at Rs 3,864.19 crore vis-a-vis Rs 4,026.35 crore in the comparable period.
Total expenditure of the company was nearly 83 per cent of its net sales at Rs 3,204.27 crore during the quarter. Besides, its finance cost was Rs 549.03 crore.
The company did not publish consolidated fourth quarter results.
On a consolidated basis, Jaiprakash Associates’ net profit in the financial year ended March 2013 was down nearly 18 per cent at Rs 777.19 crore, largely due to over 46 per cent rise in interest outgo. In 2011-12, the company had reported a consolidated net profit of Rs 947.08 crore.
Besides, its consolidated net sales was up 27.55 per cent at Rs 18,970.82 crore in the last fiscal against Rs 14,873.50 crore of 2011—12.
Its consolidated long-term borrowings stood at Rs 53,237.76 crore as on March 2013. Short term borrowings of the company stood at Rs 2,140.10 crore at the end of last fiscal.
In its filing, Jaiprakash Associates also said that it had raised Rs 532.90 crore through Qualified Institutional Placement (QIP) route in the last quarter. The company issued 6,42,04,810 equity shares of Rs 2 each at an issue price of Rs 83 per share to Qualified Institutional Buyers.
Shares of the company closed today at Rs 75.60 on the BSE, up 0.53 per cent over the previous close.