Jindal Steel & Power announced its quarterly results on Tuesday and posted a smaller decline in quarterly profit than market expectations.

The Naveen Jindal-led posted marginal decline in consolidated net profit to Rs. 891.80 crore for the quarter compared to Rs. 894.24 crore for the same quarter a year ago. The decline is mainly due to increased expenditure on raw materials, interest payments as well as a one-time exceptional item.

The company said in statement that its net sales were at Rs. 4,406.61 crore during the quarter recorded a growth of a growth of 43.14 per cent from Rs. 3,077.95 crore reported in the same quarter previous year.

JSPL Chief Financial Officer Sushil Maroo has said that the company is aiming to raise about Rs. 2,500 crore by March, 2012. "The results have been good because there has been a 14 per cent rise in profits, minus exceptional items. This is better than the numbers of first quarter," he said.

He also said that the turnover of the company rose 44 per cent during July-September quarter despite the affects of rainy season and lower demand.