 "Jindal Steel and Power tanks on weak Q4 earnings")
Jindal Steel and Power has tanked more than 9% to Rs 249 after reporting a sharp 47% year-on-year drop in consolidated net profit at Rs 403 crore for the quarter ended March 31, 2014 (Q4FY14).
The fall has been due to additional load of Rs 260 crore from combined impact of depreciation and interest. The company had posted a profit of Rs 760 crore in the year-ago quarter.
The company’s total turnover during the quarter under review declined 13% to Rs 5,103 crore from Rs 5,648 crore in the corresponding quarter of the previous fiscal.
Analysts on an average had expected profit of Rs 618 crore on net sales of Rs 5,748 crore for the quarter.
The EBITDA or operating margin has contracted by 239 basis points to 25.74% in Q4FY14 compared with the corresponding quarter of the previous fiscal.
The stock opened at Rs 275 and touched a low of Rs 248 on the NSE. A combined 3.93 million shares changed hands on the counter till late noon deals on the NSE and BSE.
The fall has been due to additional load of Rs 260 crore from combined impact of depreciation and interest. The company had posted a profit of Rs 760 crore in the year-ago quarter.
The company’s total turnover during the quarter under review declined 13% to Rs 5,103 crore from Rs 5,648 crore in the corresponding quarter of the previous fiscal.
Analysts on an average had expected profit of Rs 618 crore on net sales of Rs 5,748 crore for the quarter.
The EBITDA or operating margin has contracted by 239 basis points to 25.74% in Q4FY14 compared with the corresponding quarter of the previous fiscal.
The stock opened at Rs 275 and touched a low of Rs 248 on the NSE. A combined 3.93 million shares changed hands on the counter till late noon deals on the NSE and BSE.