Jaiprakash Associates Q1 profit rises 5% to Rs 516 cr

NEW DELHI: Jaiprakash Associates on Friday posted a 5 percent rise in net profit to Rs 515.98 crore for the first quarter ended June 30, compared to the same period a year earlier.

The company had a net profit of Rs 491.18 crore in June quarter last fiscal.

Total income of the diversified business house surged nearly 52 percent to Rs 3,214.47 crore in the April-June period of the current financial year from Rs 2,116.86 crore in the same period a year ago.

Meanwhile, the company's board, in a meeting held today, has reconstituted the existing committee of directors to look into and suggest options for restructuring, Jaypee group firm said in a filing to the Bombay Stock Exchange.

Commenting on the business outlook for the group's businesses for FY'11, Manoj Gaur, Executive Chairman, JAL, said, "Buoyed by the large scale investment in the Infrastructure sector in India, the company is expected to register a stupendous growth in operating and financial performance over the next few years."

Shares of Jaiprakash Associates Ltd today declined 1.72 percent, the most in the Sensex pack, to close at Rs 128.90. Broader market benchmark the BSE Sensex ended 18 points higher at 18,131.