The city-based Tide Water Oil has posted nearly 18 per cent drop in net profit at Rs 28 crore for the quarter ended March 31, 2018, compared with Rs 34 crore in the same period last year.
The board of directors of Tide Water has recommended a final dividend of Rs 100 a share (face value of Rs 5 per share) for 2017-18, subject to the approval of its shareholders.
Revenue from operations dipped by a mere one per cent to Rs 298 crore for the quarter under review. Post the implementation of GST in July 2017, revenue for the March quarter was reported as net of GST, whereas in the year-ago period excise duty was included.
“Accordingly, revenue from operations and other expenses for the quarter and year-ended March 31, 2018 are not comparable with the previous periods,” the company said.
Tide Water Oil scrip closed at Rs 6,170.05, 0.24 per cent up on the BSE, on Wednesday.