JSPL Q3 profit down 35% to Rs 562 cr

Hit by rising costs and interest outgo, Jindal Steel and Power on Tuesday sai that its consolidated net profit for the quarter ended December 2013 declined 35 per cent to Rs 561.57 crore for the quarter ended December 31, 2013.

The company expects an upsurge in Indian economy after a new government takes charge at the Centre post general elections as present macro-economic conditions are “somewhat uncertain”, Jindal Steel and Power’s (JSPL) Managing Director and CEO Ravi Uppal told reporters here.

“We do feel that after elections once the new government comes in there will be an upsurge in the economy. Even the World Bank and IMF have predicted that.... As you know, this year industrial growth is less than 1 per cent, so we do see that things will take off (after the new government takes charge),” he said.

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

Net sales in the quarter was up 14 per cent to Rs 5,335.79 crore vis-a-vis Rs 4,683.31 crore in the same period in 2012-13. Interest outgo  went up 56 per cent to Rs 429.65 crore. Uppal said that he is cautiously optimistic on revival of growth and steel demand in the present quarter due to political uncertainty.

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