JP Associates' Q2 profit nearly halved at Rs 68 crore

NEW DELHI: Infrastructure firm JP Associates today posted over 46 per cent drop in net profit to Rs 68 crore for the July-September quarter of this year due to higher finance costs.

The company, which has interests in areas like cement, construction and real estate, among others, had posted a net profit of Rs 128 crore in the same quarter last fiscal.

The finance costs of the company rose to Rs 654 crore during the quarter, from Rs 464 crore in the year ago period, the company said in a filing the BSE stock exchange.

It also reported "other income" of Rs 125 crore for the reporting quarter compared to just Rs 15 crore a year ago.

Total income of the company rose to Rs 3,176 crore during the reporting quarter from Rs 3,011 crore a year earlier.

Cement business contributed Rs 1,363 crore to the top-line while construction business added Rs 1,453 crore revenue. Real estate business contributed Rs 296 crore among others.

Expenses, on the other hand, rose to Rs 2,582 crore in the quarter from Rs 2,369 crore a year earlier.