Tata Chemicals today reported a 14 per cent fall in consolidated net profit at Rs 177.9 crore for the first quarter ended on June 30, 2017.
Tata Chemicals today reported a 14 per cent fall in consolidated net profit at Rs 177.9 crore for the first quarter ended on June 30, 2017. Its net profit stood at Rs 206.2 crore in the year-ago period, the company said in a regulatory filing. Total income fell to Rs 2,667.33 crore in the first quarter of this fiscal from Rs 3,340.13 crore in the corresponding period of previous year.
The company’s total comprehensive income fell by 53 per cent to Rs 298.23 crore in the latest quarter under review. In the year-ago period, the same stood at Rs 640 crore. Tata Chemicals is into salt, pulses, fertilisers, seeds and chemicals business. Tata Chemicals said the results were “adversely impacted” due to temporary closure of the Haldia operations (fertilisers segment) because of the ammonia pipeline relocation project and commissioning thereof as well as a notice issued by the Central Pollution Control Board.
The plant resumed normal operations from last month. “The quarter under review has seen a good performance from the Global Chemicals Business. Our sustained focus on improving operational performance and cost efficiencies has ensured margin gains inspite of a fire incident at Lostock,” Tata Chemicals Managing Director and CEO R Mukundan said. In the farm business, he said Rallis India and Metahelix continue to focus on achieving higher sales and margins.
“There was a temporary suspension of operations at Haldia in the first quarter due to the planned relocation of the ammonia pipeline and a notice from CPCB. However, plant operations have resumed and our focus will be on stabilising the plant operations there,” Mukundan said. The consumer products business continues to grow and Tata Salt maintains its market leader position. “Our strategy to continue to grow consumer business and speciality business is on track including investments in nutraceuticals and silica projects,” he said. Shares of the company ended 1.69 per cent down at Rs 596.75 on BSE.