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Tata Chemicals on Monday reported a 52 per cent increase in its consolidated net profit to Rs 273 crore in the quarter ended September 30, 2017 as compared to Rs 180 crore in the year-ago period.
The company reported income from operations for the quarter under review on consolidated basis at Rs 3,462 crore, lower 0.7 per cent.
"Consequent to implementation of Goods and Service Tax (GST) from July 1, net income from operations is net off GST. On a like to like basis, the revenue from operations for Q2 FY18 (second quarter of 2017-18) is at Rs 1,598 crore, up by 2.6 per cent, as compared to Q2 FY17 (second quarter of 2016-17) Rs 1,557 crore (net off excise duty)," it said in a statement.
Commenting on the performance, company's Managing Director R. Mukundan said: "The quarter under review saw a steady performance from the Indian as well as global chemicals business, registering improved profitability owing to cost and operational efficiencies. We continue to direct our efforts towards growing market shares across product categories and furthering customer excellence in the farm business."
He said: "Our strategy remains to focus on the specialty chemicals and consumer food business as our key areas of growth, while maintaining leadership in the Inorganic chemicals business."
The group had entered into an agreement with Yara Fertilisers to transfer its urea business by way of a slump sale for a consideration of Rs 2,670 crore. "Final approval of the scheme of arrangement from the National Company Law Tribunal is awaited," it said.
The group also entered into a business transfer agreement on November 6, 2017 with IRC Agrochemicals Private Limited, a wholly owned subsidiary of Indorama Holdings BV, Netherlands, to transfer its phosphatic fertiliser business located at Haldia, by way of a slump sale for a consideration of Rs 375 crore.
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