Jaiprakash Associates reported a 39 per cent fall in quarterly profit on one-time employee cost, but sales more than doubled and it forecast strong growth for the full year.

Jaiprakash is riding a revival in construction as Asia’s third-largest economy expands at a faster pace than the previous year.

"The company has done better than our expectation," said Shailesh Kanani, a Mumbai-based analyst with Angel Securities.

"Engineering and construction business is doing very well. Cement capacity has been expanded. They have done well even in the real estate business selling as much as Unitech (UNTE.BO) did in the past nine months," he said.