NEW DELHI : Rise in finance cost and depreciation weighed on Jindal Steel and Power Ltd’s earnings in Apr-Jun dragging its net profit down 15.4% on year to 4.18 bln rupees, mostly in line with estimates. Net sales of the Delhi-based company, however, grew 8.5% on year to 48.70 bln rupees. Sequentially, the profit grew 3.9% while net sales fell by almost the same quantum.
According to an average given by four brokerages, Jindal Steel and Power Ltd’s Apr-Jun consolidated bottomline was seen at 4.06 bln rupees, and sales were estimated at 50.19 bln rupees.
[alert type=”e.g. warning, danger, success, info” title=””]”…A major increase in depreciation and financing costs and restructuring costs of WCL (Wollongong Coal Ltd), Australia caused net profit at consolidated level to drop,” the company said.[/alert]