Growing burden of depreciation and interest costs incurred due to major capacity expansion projects undertaken by Jindal Steel and Power ltd (JSPl) during the current fiscal, led to a 36 per cent decline in its net profit for the third quarter at Rs 559.21 crore over Rs 869.94 crore of the corresponding period.
At the same time though the company's turnover witnessed a 12 per cent jump during the period ending December 30, 2013 at Rs 5,377.37 crore over Rs 4,801.63 crore of the corresponding period. This was mainly due to "five times growth in sales" during the third quarter compared to the corresponding period.
JSPl's Managing Director and CEO Ravi Uppal, while interacting with media person while highlighting the financial performance of the company, expressed hope that a new Government at the Centre after the upcoming lok Sabha polls should bring an upsurge in the economy.When prodded whether the company was not happy with the policy decisions of the UPA Government, Uppal diplomatically said that they did not want to comment on any specific political party.