Jindal Steel and Power has reported over 35 per cent decline in its consolidated net profit to Rs 561.57 crore as the company was hit hard by rising expenses and interest costs.
The company had reported a net profit of Rs 867.27 crore in the corresponding period of the previous fiscal.
Net sales, however, increased by nearly 14 per cent to Rs 5,335.79 crore in the quarter vis-a-vis Rs 4,683.31 crore in the same period last fiscal, it said in a filing to the BSE.
Its total expenditure stood at Rs 4,136.57 crore, amounting to 77.52 per cent of the net sales.
Jindal Steel and Power's revenues from the steel business during the quarter rose by 9.15 per cent to Rs 4,380.70 crore, while the revenues from the power business was Rs 1,130.44 crore, up 5.84 per cent.
Its interest costs rose by over 56 per cent to Rs 429.65 crore as against Rs 274.62 crore of in the corresponding period.
Jindal Steel and Power's shares on Tuesday closed at Rs 258.65 on the Bombay Stock Exchange, up 1.91 per cent from its previous close.