Jaiprakash Associates reports falling profit in 4Q13

Jaiprakash Associates has reported profit after tax of Rs.100 crore for the January – March quarter. This reflects a decline of 18.7% y/y, which the company attributes to higher interest costs and lower revenues. The cement division contributed revenue of Rs.1645 crore – a 0.5% increase y/y – but earnings before interest and cost margin fell 700 basis points to 6.7%. Group-wide net sales fell 11.9% to Rs.3403 crore and operating profit fell 2.3% y/y to Rs.872 crore.

Jaiprakash Associates’ cement division contributes 45% to total revenue and the construction business contributes 40% of revenue.

Jaiprakash Associated has also confirmed the appointment of Shri Shiva Dixit as Director with effect from 27 May and the resignation of Shri R K Singh and Shri S D Nailwal.

Edited from various sources by Katherine Guenioui

Read the article online at: https://www.worldcement.com/asia-pacific-rim/28052014/jaiprakash_associates_releases_4q13_results_261/