Leading infrastructure firm Jaiprakash Associates today reported an over 48% decline in its net profit to Rs 128 crore during the quarter ended September 30, 2012, largely due to hefty increases in finance costs and muted sales.
The company had reported a net profit of Rs 248.74 crore during the corresponding quarter of the previous fiscal.
Net sales of the company was up 4% to Rs 2,982.54 crore during the quarter as compared Rs 2,867.24 crore of the July-September period of FY'12, it said in a filing to the BSE.
During the second quarter, company's finance costs increased by over 23% to Rs 464.36 crore, while it reported an over 71% decline in other income (which mainly consists of interest earned on deposits) to Rs 22.33 crore.
Among the business segments of the company, cement showed a growth of nearly 23% to Rs 1,371.91 crore, while construction segment was down by over 17% to Rs 1,289.88 crore during the quarter. Besides, its real estate business increased by over 32% to Rs 267.60 crore.
Shares of the company closed today at Rs 93.05 apiece on the BSE, up 1.97% from the previous close.