By GuruvaishnaviJaypee Infratech Ltd., a local infrastructure development and real estate company, slipped after fiscal first quarter net profit dropped 43.2% on weak sales and higher finance costs.
Net profit fell to Rs 260.9 million in the three months ended Jun 30 compared to Rs 459.6 million in the corresponding period a year earlier, Jaypee Infratech said in a statement to the stock exchanges on Thursday after market hours.
The company's net sales slipped 27% to Rs 5.13 billion in the Apr-Jun period while finance costs climbed 9% to Rs 2.3 billion in the quarter from Rs 2.11 billion a year ago.
Other income of the company declined 72% to Rs 10.5 million in the first quarter.
At 10:50AM, Jaypee Infratech slipped 6% to Rs 14.85 on the Mumbai stock exchange.
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