Hit by higher interest burden and decline in revenues from the power sector, Jindal Steel and Power on Tuesday reported a 13% fall in consolidated net profit to Rs. 867.3 crore for the October-December quarter of the current fiscal, against Rs. 996.7 crore in the year-ago period.
"This time around we could not dispatch more than 81% of the total power we produce. The reasons were beyond our control, there were serious transmission problems ... The results of power segment were affected and led to impacting total performance," said Jindal Steel and Power managing director and CEO Ravi Uppal.
Besides, the company is going to raise $400 million through external commercial borrowings in next two months and is considering launching a 10-year bond issue in next six months, JSPL chief financial officer Sushil Maroo said. He, however, refused to disclose the size of the issue.
Powergrid Q3 net up 40%
New Delhi: State-run Power Grid Corporation of India on Tuesday recorded a 40% jump in net profit at Rs. 1,129 crore in the three months ended December 2012, on the back of increased transmission charges and receiving previous wage revision arrears.
It had a net profit of Rs. 809 crore in the year-ago period. Total income surged to Rs. 3,490 crore, compared to Rs. 2,577 crore a year ago. HT Correspondent
Oil India Ltd net dips 7.3%
New Delhi: State-owned Oil India Ltd on Tuesday recorded a 7.3% drop in its quarterly profit at Rs. 940.29 crore for the thrid quarter of the fiscal quarter ended December 2012.
The company had reported a net profit of Rs. 1013.98 crore in the corresponding period of the last fiscal. Total Income increased from Rs. 2825.54 crore for the quarter ended December 31, 2011 to Rs. 2902.5 crore for the quarter ended December 31, 2012. HT Correspondent
HPCL net down 95% to Rs. 147 cr
New Delhi: State-owned Hindustan Petroleum Corporation Ltd (HPCL) has reported an almost 95% drop in its net profit for the third quarter of the current fiscal at Rs. 147 crore as compared to Rs. 2,752 crore in the corresponding quarter of the last fiscal.
Meanwhile, HPCL could halt buying Iranian crude from June if insurers do not extend cover for processing oil from the sanctions-hit nation, said a senior company official on Tuesday.
"It is not only an economic valuation. There are other factors also like insurance and once we get clarity, then we will be able to decide whether we will be able to take Iranian crude or not," said head of refineries K Murali. HT Correspondent