Jindal Steel and Power Ltd shares dips over 5 per cent post Q2 earnings

MUMBAI: Shares of Jindal Steel and Power Ltd tumbled over 5 per cent today after the company reported 12 per cent fall in consolidated profit after tax for the July-September quarter.

Stock of the Naveen Jindal-led firm plunged 4.55 per cent to settle at Rs 162.40 on the BSE. During the day, it slumped 5.37 per cent to Rs 161.

At the NSE, the stock lost 5.17 per cent to end at Rs 161.35. JSPL was the top loser among 50-Nifty scrips. Tracking losses in these scrips, the company's market cap declined by Rs 708.96 crore to Rs 14,858.04 crore.

On the volume front, 10.58 lakh shares of the company changed hands at the BSE, while more than 90 lakh shares were traded at the NSE during the day.

Jindal Steel and Power Ltd yesterday said its consolidated profit after tax for the July-September quarter declined by 12 per cent to Rs 400 crore on higher depreciation and interest outgo.

The Naveen Jindal-led firm had reported Rs 455 crore PAT in the same quarter of the last fiscal.

"JSPL grew its consolidated second quarter turnover by 6 per cent year-on-year. EBITDA in Q2, FY'15 at consolidated level also increased by 10 per cent... However, due to 53 per cent increase in burden of interest and depreciation, PAT for Q2 FY'15 was lower by 12 per cent," JSPL had said in a statement.