Jindal Steel's Q2 profit declines marginally

Jindal Steel and Power Limited (JSPL), a leading player in Steel, Power and Mining industry reported a marginal fall in its consolidated net profits for the second quarter FY12.

It's net profits declined from Rs 881.57 crore a year ago to Rs 875.38 crore during the quarter.

On a standalone basis, the company's net profit stood at Rs 395.79 crore during the quarter against Rs 478.17 crore corresponding quarter previous year.

While the revenues grew from Rs 2,291 crore a year ago to Rs 3,333 crore for the second quarter FY12.

The company reported a 43.5% rise in its consolidated revenues to Rs 4,423 crore.

The profits of the company were affected mainly due to rise in the cost of raw materials and write-off losses in mining and exploration activity.

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