Jaiprakash Q3 net down 12% on higher interest outgo

Jaiprakash Q3 net falls but sees strong growth

Jaiprakash Associates' net profit declined by 12% to Rs 205 crore in the third quarter of the current fiscal, mainly on higher interest outgo.

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The diversified company, having interest in cement, real estate, construction and power among others, had clocked Rs 233 crore net profit during the October-December quarter of last fiscal, it said in a filing to the BSE today.

"The EBIDTA for the quarter is higher by Rs 86 crore over the corresponding quarter of previous year. However, due to higher incidence of interest and depreciation, the PBT and PAT are lower compared to the corresponding quarter of previous year," Jaiprakash Associates said.

The interest outgo of the company rose to Rs 449 crore during the quarter compared to Rs 338 crore a year ago as a result of the tightening of the monetary policy by the Reserve Bank.

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Total income of the company, however, rose to Rs 3,305 crore against Rs 2,949 crore a year ago buoyed by good growth in sales from the cement and real estate businesses.

The contribution of construction vertical to the topline, however, dipped marginally to Rs 1,242 crore in the quarter compared to Rs 1,264 crore a year earlier.

The shares of the company were trading at Rs 78.70 apiece at the BSE in the afternoon trade, up 1.22% over the previous day's closing.