Infrastructure conglomerate Jaiprakash Associates today reported 86.72 per cent decline in Q2 FY’11 standalone net profit to INR115.52 crore against the corresponding quarter last year.
It had registered a profit of INR870.19 crore during the same period in the previous year due to gains from sale of treasury stocks.
"The main reason for dipped net (profit) is that last year in the same quarter, we had got INR941.76 crore out of selling in treasury stocks. During the corresponding quarter this fiscal, there is no gain on the exceptional items," company’s Chief Financial Officer Rahul Kumar said.
Kumar, who was elevated on October 31, 2010 as a Director in the firm, said that had there been no gains on the exceptional items in the same quarter last year, Jaiprakash Associates would have been PBT (profit before tax) positive in July-September quarter of the current fiscal.