JSPL Q3 standalone net profit declines to Rs 461 cr

NEW DELHI: Naveen Jindal-led Jindal Steel and Power (JSPL) today posted 8 per cent decline in standalone net profit at Rs 461 crore for the third quarter ended December 31, 2011, against Rs 501.9 crore for the same period last fiscal.

The total income of the company increased to Rs 3,318.5 crore during the period from Rs 2,418.5 crore in the same quarter last year, the company said in a statement.

The consolidated net profit of the group, however, went up to Rs 996.6 crore for the quarter under review, against Rs 935.4 crore in the year-ago period, it said.

JSPL also reported an increase in production of its major products. The production of steel products grew by 30 per cent, while pallets and power production registered a growth of 17 per cent and 29 per cent, respectively, it added.

The company reported 18 per cent growth in sales of steel products, and 124 per cent and 37 per cent rise in pallets and power sale, respectively, during the third quarter of 2011-12.

Meanwhile, JSPL today commissioned its fourth unit of 135 MW power plant in Raigarh in Chhattisgarh and second unit of 135 MW power plant at Angul in Orissa, the statement added.