Power biz gives 6% boost to JSPL's Q2 profit at Rs 808 cr

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NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)

Updated: 31/10/2009 | 06:00 PM IST

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Press Trust of India

Saturday, October 31, 2009 (New Delhi)

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Naveen Jindal-promoted Jindal Steel and Power on Saturday a 6.04 per cent rise in net profit for the second quarter at Rs 808.36 crore over the same period a year ago, mainly on account of improved performance of its power subsidiary, Jindal Power.

"As much as 70 per cent of the profit came from our power business under Jindal Power Ltd. It continues to boost the parent company's overall performance," JSPL Deputy Managing Director Sushil Maru said.

The company had a net profit of about Rs 762 crore in the quarter-ended September 30, 2008.

Total income declined to Rs 2,445.28 crore in the quarter under review as against Rs 2,859.15 crore in the same period previous fiscal.

On standalone basis, the company posted a net profit of Rs 305.01 crore in the July-September quarter, down 32.22 per cent against Rs 450 crore in the same period last fiscal.

However, Jindal Power had a 63 per cent growth in profit at around Rs 514 crore in Q2 of the current fiscal as compared to Rs 314 crore in the year-ago period.

JSPL aims to list the power subsidiary in the current fiscal. Its 1,350-MW captive power project in Chhattisgarh would be commissioned in a phased manner from January next year, Maru said.

The company has invested around Rs 8,000 crore in the venture for which financial closure has been achieved.

Work at its 2,400-MW Independent Power Project has also been expedited and is expected to be completed in next three years, Maru said.

The company already operates a 1,000 MW unit to feed its 3 million tonnes per annum (MTPA) steel plant at Raigarh in Chhattisgarh.

The company has also achieved financial closure for the Rs 13,000 crore IPP project.

Maru said that the steel demand scenario from sectors like infrastructure is encouraging and the company hopes for a better second half.

"Steel demand is looking brighter in the coming quarters. Prices would remain stable in the domestic market," he added. The company is undertaking phase-wise expansion projects of its steel mills to reach an overall production capacity of about 24-MTPA in next few years.

At present, the company hopes to double production capacity at its Chhattisgarh unit to 6-MTPA by 2014. JSPL has started work on the phase one of its 12-MTPA proposed unit in Orissa. It is also setting up a 6-MTPA plant in Jharkhand.