Jindal Steel and Power today reported 49.62 per cent drop in consolidated net profit at Rs 452.07 crore for the second quarter ended September 30, 2013- 14, largely due to subdued sales and rise in finance costs.
The Naveen Jindal led company had reported net profit of Rs 897.28 crore in the July-September quarter of the previous fiscal, 2012-13.
Net sales of the company were up 7.43 per cent to Rs 4,949.03 crore during Q2, 2013-14 vis-a-vis Rs 4,606.93 crore in the year-ago period, JSPL said in a filing to the BSE.
Total expenditure of the company stood at Rs 3,960.84 crore and amounted to 80 per cent of its net sales. Besides, its finance costs rose by over 139 per cent to Rs 380.47 crore during the quarter from Rs 158.83 crore in the year-ago period.
Company's steel business recorded a growth of 8.89 per cent in revenues to Rs 4,135.26 crore. However, revenues from the power business was down 0.58 per cent to Rs 1,080.46 crore in the quarter.
The JSPL scrip closed at Rs 239.20 on the BSE, down 0.58 per cent.