Jaiprakash Associates Limited = RESULTS FOR = 4TH QTR, FY 2011 = GOOD PERFORMANCE

Jaiprakash Associates Limited

NSE Symbol             JPASSOCIAT

Jaiprakash Associates has  declared its stand alone Results for the 4^th Qtr of FY 2011.

Net Sales for Q4 FY 11 have increased to Rs.3905.32 cr –up by 34.96% from Q3 (Previous qtr); up by 30.47% from Q2; Up by 23.03% from Q1 ; and up by 36.91% from Q4 FY 10(corresponding qtr).

Total Expenditure     for Q4 FY 11 has increased to Rs.3282.27 cr more than proportionately with Sales – up by 45.41% from Q3; up by        33.3% from Q2; up by 22.36% from Q1 and up by 49.97% from Q4 FY 10.

Profit from Operations for Q4 FY 11 is Rs.699.96 cr – up by 1.24% from Q3; up by 14.94% from Q2; up by 31.56% from Q1; but DOWN by 9.72% from Q4 FY 10.

Profit  before tax      stands at Rs.387.60 cr for Q4 FY 11 – up by 8.54% from Q3; up by 33.83% from Q2; Down by 46.16% from Q1; and DOWN By 22.93% from Q4 FY 10.

Net Profit for Q4 FY 11 is Rs.301.95 cr – up by 29.78% from Q3; up by 161.38% from Q2; Down by 41.48% from Q1; But up by 193.1% from Q4 FY 10.This is due to Extraordinary Items of expenditure of Rs.211.94 and higher Tax expense of Rs. 187.94 cr in Q3 FY 10.

On a Face Value of Rs.2, the Basic EPS (after EI) is Rs.1.42 in Q4 FY 11; Rs.1.1 in Q3; Rs.0.54 in Q2; Rs.2.43 in Q1; and Rs.0.49 in Q4 FY 10.

Current Market Price is Rs.81.50. The annual EPS is likely to be around 5.49 (stand alone). On this basis – the PE Ratio is 14.85. Considering the Potential of Jaiprakash associates, this leaves good scope for price appreciation. It is a good Buy for medium / long term Investors.

Qtrly Results Table :

jaiprakash Assoc	31-Mar-11	31-Dec-10	30-Sep-10	30-Jun-10	31-Dec-09
Net Sales	390532	289371	299326	317419	285237
Other Operating Income	7691	5494	7796	4028	11146
Increase in SIT / WIP	-2075	-5857	-11641	3301	19478
Consumption of Raw Materials	240556	168208	190858	199353	149589
Employees Cost	15499	14921	14532	14648	10666
Depreciation	15065	15417	15278	15034	11094
Other Expenditure	59182	33037	37196	35907	28028
Total Expenditure	328227	225726	246223	268243	218855
Profit from Operations	69996	69139	60899	53204	77528
Other Income	9239	390	399	331	385
Interest	40475	33818	32335	32794	27623
Profit  before tax	38760	35711	28963	71989	50290
Tax expense	8565	12445	17411	20391	18794
Extraordinary Items	-	-	-	-	21194
Net Profit	30195	23266	11552	51598	10302
Face Value (In Rs	2	2	2	2	2
Paid Up Equity	42529	42529	42529	42493	42437
Basic EPS after EI	1.42	1.1	0.54	2.43	0.49
Diluted EPS after EI	1.37	1.05	0.52	2.33	0.49
Basic EPS before EI	1.42	1.1	0.54	2.43	1.49
Diluted EPS before EI	1.37	1.05	0.52	2.33	1.45
Public holding (%)	53.16	54.04	54.08	54.03	53.93

ANNOUNCEMENTS TO NSE

18-04-2011 Jaiprakash Associates Limited has informed the Exchange that out of the total FCCB-II Bonds having face value of Euro 165 million, Bonds having face value of Euro 163,294,000 were converted so far, leaving an outstanding balance of Euro 1,706,000.Further the Company has informed that on April 09, 2011, bond holders holding 1451 bonds having face value of Euro 1,451,000 had used there "OPTIONAL PUT RIGHT" in terms of Clause 8.6 of the offering circular dated March 06, 2006. The Company has remitted an amount of Euro 1,777,379.07 representing the 'Accredited Principal Amount' together with accrued but unpaid interest in terms of Clause 8.6.1 and 8.7 of the offering circular. With the aforesaid, the FCCB-II still outstanding have a face value of Euro 255,000 only.

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POWER FINANCE CORPORATION = RESULTS = FOR Q4 FY 2011 = SALES UP 26% NPT UP 1.33% YOY=

Power Finance Corporation Limited

NSE Symbol        PFC

Power Finance Corporation has announced its Q4 FY 2011 Results.

Net Sales is Rs.2617.35 cr – up by 1.62% from previous qtr of Q3 FY 11 and by 25.84% from corresponding qtr of Q4 FY 10.

Total Expenditure is Rs.13.37 cr – down by 76.52% from Q3 FY 11 and up by 24.13% from Q4 FY 10.

Profit from Operations is Rs.2603.98 cr – up by 3.38% from Q3 FY 11 and up by 25.85% from Q4 FY 10.

Profit before tax is Rs.819.42 cr – down by 9.1% from Q3 FY 11; and up by 11.47% from Q4 FY 10.

Net Profit is Rs.606.75 cr – down by 7.91% from Q3 FY 10; and up by 1.33% from Q4 FY 10.

Basic EPS is Rs.5.29 against a face Value of Rs.10 – compared to Rs.5.74 in Q3 FY 10 and Rs.5.22 in Q4 FY 10.

Basic EPS   for the 4 qtrs is Rs.5.29_+ Rs.5.74 + Rs.6.11 + Rs.5.68 = Rs.22.82. There is no improvement in profitability during the period, though sales has increased.

Current MP is Rs.237.So, PE Ratio is 10.39.

Results table :

P F C	31-Mar-11	31-Dec-10	31-Mar-10
Net Sales	261734.8	257569.34	207994.53
Net Sales	261734.8	1.62	25.84
Employees Cost	1777.06	1699.95	2885.23
Depreciation	139.25	124.1	109.4
Other Expenditure	-579.21	3870.57	-1917.42
Total Expenditure	1337.1	5694.62	1077.21
Total Expenditure	1337.1	-76.52	24.13
Profit from Operations	260397.7	251874.72	206917.32
Profit from Operations	260397.7	3.38	25.85
Other Income	606.83	546.87	2478.54
Interest	179062.75	162274	135884.24
Profit before tax	81941.78	90147.59	73511.62
Profit before tax	81941.78	-9.1	11.47
Tax expense	21266.8	24262.7	13632.02
Net Profit	60674.98	65884.89	59879.6
Net Profit	60674.98	-7.91	1.33
Face Value (In Rs	10	10	10
Paid Up Equity	114776.67	114776.67	114776.67
Basic EPS	5.29	5.74	5.22
Public holding (%)	10.22	10.22	10.22

ANNOUNCEMENTS TO NSE

19-04-2011        the standalone Results for the quarter ended on 31-MAR-2011 as follows: Net Sales of Rs. 261734.8 lacs for quarter ending on 31-MAR-2011 against Rs. 207994.53 lacs for the quarter ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 60674.98 lacs for the quarter ending on 31-MAR-2011 against Rs. 59879.6 lacs for the quarter ending on 31-MAR-2010.

04-04-2011        PFC Consulting Limited, which is a wholly owned subsidiary of the Company, has transferred on March 31, 2011, two of its wholly owned subsidiaries namely M/s Jabalpur Transmission Company Limited incorporated for facilitating development of Transmission Scheme "System Strengthening Common for Western Region (WR) & Northern Region (NR)" and M/s Bhopal Dhule Transmission Company Limited incorporated for facilitating development of Transmission Scheme "System Strengthening for Western Region (WR)" to 'M/s Sterlite Transmission Projects Private Limited" selected through "Tariff based Competitive-bidding Guidelines for Transmission Service" issued by Ministry of Power, Govt. of India.

01-04-2011        Power Finance Corporation Limited has informed the Exchange that Power Finance Corporation Ltd has incorporated a wholly-owned subsidiary Company namely Power Finance Corporation Green Energy Limited on March 30, 2011, to provide financial support for generating green (Renewable and Non-conventional sources of) energy.

18-03-2011        approved the Draft Red Herring Prospectus (DRHP) for the proposed Further Public Offer (FPO) comprising of a fresh issue of 17,21,65,005 equity shares (constituting 15% of the pre issue paid up capital) by the Company and an offer for sale of 5,73,88,335 equity shares (constituting 5% of the pre issue paid up capital) by the President of India, acting through the Ministry of Power, Government of India.

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