Tata Chemicals’ consolidated net profit in the March quarter was down by 63 per cent to ₹450 crore against ₹1,210 crore.
The company had logged in profit of ₹854 crore from sale of assets in the same quarter last year. Revenue from operations were up eight per cent at ₹,759 crore.
The company had declared a dividend of ₹12.50 per share.
Total expenses of the company were up nine per cent at ₹2,464 crore on higher energy cost.
Performance as expected
R Mukundan, Managing Director, Tata Chemicals said that despite challenges on the energy cost and overall plant’s fixed cost, the operational efficiency continues to grow and the performance was on expected lines.
He added, “There was an increase in variable cost of production owing to higher fuel costs. Our Nellore unit is on track and is at the final stage of commissioning. The Cuddalore plant is expected to start commercial production of Specialty Silica in the first half of this fiscal.”
New products
The year also witnessed pilot launch of new products under the Tata Sampann umbrella, such as “My Gudness, a Dal-icious Snack” – a high-protein snack and Jeera Sattu flour that is available in modern minded stores and online platforms. “We have also forayed into homecare segment with the pilot launch of Tata DX, a detergent brand which was tested in the West Bengal market that received a positive consumer response,” he said.
Gross government subsidy receivable was at ₹ 282 crore against ₹307 crore as of December quarter. Shares of the company were down three per cent at ₹557 on Friday.