Tata Chemicals reported a 30 per cent decline in consolidated profits at Rs 75 crore (Rs 108 crore) for the first quarter ended June 30, 2013. Total income rose seven per cent to Rs 3,332 crore (Rs 3,112 crore).
The Tata Chemicals management said the lower profits were due to higher energy prices and lower contribution from its subsidiaries. It further said the global chemicals performance was impacted due to softening demand, lower realisations and plant stoppages.
The company’s Managing Director R. Mukundan said the delayed subsidy receivable from the Government was likely to put pressure on profits in the coming quarters. The total subsidy receivable as on June 30 was Rs 1,160 crore.
Tata Chemicals said domestic businesses showed decent performance with the chemicals and consumer business portfolio registering satisfactory numbers. It said production at Haldia suffered due to non-availability of phosphoric acid in the first quarter.
Agri and trading fertiliser business volumes were impacted due to volatile exchange rates.
The company’s share price was down Rs 6, or 2.3 per cent, at Rs 259 at close at the BSE on Monday.