Jaiprakash Associates Limited = QUARTERLY RESULTS = Q3 FY 2012 = Q/E DEC,2011 = NET SALES UP 13% YoY; NPT DOWN BY 12% YoY

Jaiprakash Associates Limited

NSE Symbol        JPASSOCIAT

JP ASSOCIATES has declared its Q3 FY 2012 results  for q/e Dec,2011.

Net Sales in Q3 FY 12 stands at Rs.3257.93 Cr ; up by  6.21% from Q2 FY 12 (previous Qtr); up by  3.68% from Q1 FY 12 (1^st Qtr); and up by 12.59% from Q3 FY 11(Corresponding Qtr of previous Year).

Raw Materials  in Q3 FY 12 stands at Rs.2017.07 Cr; up by   23.51% from Q2 FY 12 (previous Qtr); up by  14.18% from Q1 FY 12 (1^st Qtr); and up by 19.92% from Q3 FY 11(Corresponding Qtr of previous Year).

Employees Cost in Q3 FY 12 stands at Rs. 192.49 Cr; up by   4.26% from Q2 FY 12 (previous Qtr); up by  10.4% from Q1 FY 12 (1^st Qtr); and up by   29.01% from Q3 FY 11(Corresponding Qtr of previous Year).

Depreciation in Q3 FY 12 stands at Rs.202.18 Cr; up by 14.81% from Q2 FY 12 (previous Qtr); up by 17.48% from Q1 FY 12 (1^st Qtr); and up by 31.14% from Q3 FY 11(Corresponding Qtr of previous Year).

Other Expenditure in Q3 FY 12 stands at Rs.564.19 Cr; up by 13.4% from Q2 FY 12 (previous Qtr); up by  24.82% from Q1 FY 12 (1^st Qtr); and up by 70.78% from Q3 FY 11(Corresponding Qtr of previous Year).

Total Expenditure in Q3 FY 12 stands at Rs.2691.61 Cr; up by     5.13% from Q2 FY 12 (previous Qtr); up by      4.44% from Q1 FY 12 (1^st Qtr); and up by 19.24% from Q3 FY 11(Corresponding Qtr of previous Year).

Profit from Operations  in Q3 FY 12 stands at Rs. 613.78 Cr; up by 7.29%  from Q2 FY 12 (previous Qtr); up by      2.18% from Q1 FY 12 (1^st Qtr); and down by      -11.23% from Q3 FY 11(Corresponding Qtr of previous Year).

Interest    in Q3 FY 12 stands at Rs.448.50 Cr; up by  10.77% from Q2 FY 12 (previous Qtr); up by 5.19% from Q1 FY 12 (1^st Qtr); and up by   32.62% from Q3 FY 11(Corresponding Qtr of previous Year).

Profit before tax in Q3 FY 12 stands at Rs.287.32 Cr; up by         28.94% from Q2 FY 12 (previous Qtr); up by      60% from Q1 FY 12 (1^st Qtr); and down by         -9.54% from Q3 FY 11(Corresponding Qtr of previous Year).

Net Profit in Q3 FY 12 stands at Rs.          204.95 Cr; up by   59.31% from Q2 FY 12 (previous Qtr); up by  91.47% from Q1 FY 12 (1^st Qtr); and down by    -11.91% from Q3 FY 11(Corresponding Qtr of previous Year).

Face Value is Rs.2 and  Paid Up Equity    is Rs.425.29

Basic EPS is Rs.0.96 for Q3 FY 12; Rs.      0.61 fro Q2 FY 12; Rs.0.5 for Q1 FY 12;Rs.1.1 for Q3 FY 11.

Annual EPS is likely to be around Rs.3.(against Rs.3.67 last year).

Current Market price is Rs.81.70 while the  52 week High /  low prices are Rs.102.55 and Rs.50.35 respectively.

PE Ratio works out to Rs.27.23

Other Aspects:

While the Cement & cement Products segment has registered good sales improvement, in the qtr and in the 9 month period, over corresponding periods of last year, Construction and Power have lagged behind periods of last year.

Real Estate also has lagged behind  last year.

The company says that – EBITDA for the Qtr is higher by Rs.86.09 Cr (increase of 10%) over LY Q3; However, due to incidence of interest and Depreciation, PBT and PAT are LOWER. But, results are much better than preceding Qtr.

Performance for 9 M/E Dec, 2011

Net Sales for 9 m/e Dec,2011 is Rs.9467.71 cr (9061.16 Cr LY)

Profit from operations  for 9 m/e Dec, 2011 is Rs.1786.54 cr (1830.56 Cr LY)

Profit Before Tax for 9 m/e Dec, 2011 is Rs.689.74 Cr (Rs.1366.63 Cr LY).

Net Profit for 9 m/e Dec, 2011 is Rs.440.64 Cr ( Rs.864.16 Cr LY).

Basic EPS for 9 m/e Dec, 2011 is Rs.2.07 (Rs.2.14 LY)

RESULTS TABLE (In lakhs of Rs)

JP Associates	31-Dec-11	30-Sep-11	%dif1	30-Jun-11	%dif2	31-Dec-10	%dif3
Net Sales	325793	306745	6.21	314233	3.68	289371	12.59
Other Operating Income	4746	6496	-26.94	3552	33.61	5494	-13.61
Increase in SIT/WIP	-28432	6903	-511.9	1218	-2434.3	-5857	385.44
Raw Materials	201707	163308	23.51	176650	14.18	168208	19.92
Employees Cost	19249	18462	4.26	17435	10.4	14921	29.01
Depreciation	20218	17610	14.81	17210	17.48	15417	31.14
Other Expenditure	56419	49752	13.4	45202	24.82	33037	70.78
Total Expenditure	269161	256035	5.13	257715	4.44	225726	19.24
Profit from Operations	61378	57206	7.29	60070	2.18	69139	-11.23
Other Income	12047	5602	115.05	541	2126.8	390	2988.97
Interest	44850	40490	10.77	42636	5.19	33818	32.62
Profit before tax	28732	22284	28.94	17958	60	35711	-19.54
Tax expense	8237	9419	-12.55	7254	13.55	12445	-33.81
Net Profit	20495	12865	59.31	10704	91.47	23266	-11.91
Face Value (In Rs	2	2	0	2	0	2	0
Paid Up Equity	42529	42529	0	42529	0	42529	0
Basic EPS	0.96	0.61	57.38	0.5	92	1.1	-12.73
Diluted EPS	0.93	0.58	60.34	0.48	93.75	1.05	-11.43
Public Holding (%)	53.17	53.12	0.09	53.18	-0.02	54.04	-1.61

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